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Budgeting

Posted on 01 December 2009 by Sasha

Travelling is quite an expensive endeavour even before you leave. Consider the cost of flights, insurance and essential travel gear such as luggage etc. Whilst travelling your costs will include accommodation, transport, food, attractions and entertainment.

It’s important to start saving for your trip as early as possible. Remember once you add exchange rates into the equation your dollar may not stretch nearly as far as it does at home.

BUDGET BUDGET BUDGET!!!

While saving for your trip you should assess your spending habits and see where you can adjust your budget to make room for more saving. You will be surprised to find how much money you can save from cutting out a few luxuries such as buying lunch out a few times a week or renting a DVD rather than going to the movies. You could also look for more work if you want to save up a lot of money in a short space of time. If you have more time to save, open a high interest savings account offered by most banks. These savings accounts are great because you accumulate money in interest. The more money you have in your account the more interest you will accumulate which is basically money for free!!!

While travelling set a budget and stick to it. Make sure the budget you set is realistic and has some leeway for emergency’s and for other activities you didn’t originally consider. The best way to create a realistic budget is to create a daily budget that factor in day to day expenses. It’s important to budget slightly more then you think you are likely to spend to cover those hidden costs that may arise.

Use the Travelex Budget Calculator to assist you with working out your travel budget. It includes common expenses for major destinations around the world.

Travel Loan

If you have saved & saved budgeted & budgeted and you still haven’t quite reached your goal of saving enough for your trip then an option to look into is getting a travel loan.   Keep in mind that you will still have to pay for it eventually so only get a loan to fund what you need, don’t go overboard or you will overspend on things that aren’t essential for your travels.  For more info about travel loans speak to an expert at Loans Online.

Working Abroad

If you’re planning on working abroad you still need to save up before you go. You need to pay for your flights, insurance and your work visa. If you have a job lined up before you go make sure you have enough money saved to get through at least the first month. If your planning on looking for a job once your abroad make sure you have enough money for at least a couple of months until you find a job.

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