Going travelling or on an extended holiday? Then you might find this guide helpful…
Avoid Banking Fees
You may want to consider opening a bank account with low or no international fees, such as Starling. This means you can take money out abroad without it breaking your bank balance!
This is particularly important when travelling for extended periods, as it means you don’t have to take out all the money you’ll need beforehand and so don’t risk travelling with lots of cash!
You should also let your bank know in advance that you will be travelling to avoid having your card blocked due to suspicious activity.
Set a Budget
Yes, I know, we love to bring up budgeting… but it is very important! When travelling, you may wish to consider setting up a weekly budget so that you don’t run out of money towards the end.
Make sure you have more than enough money to travel and leave a safety net amount of money in case of any unexpected expenses.
Leave Money for Subscriptions
If you have any subscriptions that will continue to come out of your account, such as your mobile phone bill, make sure you leave enough money for it at all times. You don’t want to return home to a diminished credit score after all!
Car Insurance
You should also ensure there’s enough money in your account to cover your car insurance if this will automatically renew whilst you’re away.
It’s important to remember here that you must have car insurance if you own a vehicle, regardless of whether it’s parked on the road or not.
If you’re going away for a long time, you may wish to reduce your level of cover, seeing as though you won’t be driving the car. If you have fully comprehensive insurance that is due to automatically renew when you’re away, you may want to consider moving to a policy which only covers Third Party or Third Party Fire and Theft.
Travel Insurance
Whilst on the topic of insurance, we must discuss travel insurance. Travel insurance is particularly important when going away for long periods of time. Here are some things travel insurance may cover:
- Medical costs…we’re lucky to have the NHS in this country; in many other countries, medical treatment can be expensive. Travel insurance can cover the cost of this treatment so that you aren’t left out of pocket
- Repatriation… where they pay to fly you back home to the UK if you are seriously ill or injured
- Cancelation cover… if you need to cancel your trip for a reason covered by your policy, you can claim your money back
- Baggage cover… to replace any personal belongings if they are lost or damaged whilst you’re away
- Missed transport or delayed departure for reasons beyond your control… e.g, if your flight gets cancelled
You should look into which of these your policy covers and compare providers to work out what’s best for you.
Vaccinations
Before travelling, you should consider any vaccinations you might need. To do this, you may want to check out:
You may have to pay for some of your vaccinations so it’s important that you factor in their cost to your budget. However, some you can get for free on the NHS, so take full advantage of this to save money.
Pre-Paid SIM Cards
Pre-paid sim cards are worth considering so that you can data roam and make phone calls whilst away without facing astronomical fees. Whilst this may not seem important, being able to access data means you can go on Google Maps if you get lost or find a number for a taxi firm. It can help keep you safe.