Top ways to look after your holiday money

Going on holiday for so many of us is such an important part of the year, but that holiday we have is largely dictated by our financial capabilities and budget. While you may have already booked your flights and planned your outfits, there is something that we tend to leave until the very last minute: travel money. So many people get into the bad habit of getting their travel money from their nearest post office and then continue to take money out when we need it while we’re abroad. Here at LoanPig, we want to take the time to walk your through some great alternatives to managing your travel money that will prevent you from incurring additional charges and making the most of your hard earned cash!

Plan ahead

Something that we would always recommend is taking the time to sort out your money a good time prior to your travels as, quite simply, currency can be very expensive if you choose to purchase it at the airport. Similarly, you should sort out your hotel and flights early and be sure to compare your prices online and find the best deals that will offer you more bang for your buck and give you more to spend on cocktails and souvenirs!

Avoid credit cards

Unless you have a credit card that you specifically selected for its ability to offer great rates when spending abroad, it is typically recommended that you avoid using your credit card on holiday. Many cards tend to add lots of interest to spending overseas, so be sure you spend wisely and switch your payment method if possible.

Consider a prepaid card

A prepaid travel card works in the same way as a bank card and can be loaded up with currency before you travel. This card not only saves you from carrying around lots of cash while you travel but also helps to regulate your spending. Once you fill up the card with your prepaid amount you should work towards ensuring that you don’t go over your budget. Just be sure to read the terms carefully before you apply for your card and keep your eye out for interest rates.

Flexible loans

If you are going away on a last minute trip and are struggling to find the time to save money to put towards your trip, something that you can use to keep your holiday funds in place and your bills paid is a flexible loan. A flexible loan can be used to boost your monthly earnings and you can pay off in instalments at a later date, making it easy to pay off once you have returned.

Do not pay in pounds

Sometimes it can be tempting when given the opportunity to pay your bills in pounds when you’re in a bar or restaurant abroad, but you should always try to avoid doing so. The risk with this is that the establishment you are in will use their own exchange rate to convert your bill into pounds ,which could see you missing out on paying a fair price.

Keep to a workable budget

The key to successful spending and looking after your money abroad is through budgeting and pre-planning your expenditure. Calculate how much you are likely to spend each day and take enough money with to cover these costs as well as a little extra in case of emergencies. Avoid making pricey withdrawals and try to not withdraw too much so that you aren’t left with excess spending money at the end of the trip.