Americans spend an average of $4,700 on vacations each year, the Bureau of Labor Statistics reveals. Travel is typically expensive and when you’re on the road for months at a time, you need to know how to make your money last. Rest assured, there are ways you can keep costs down while traveling, access your funds cheaply and safely, and ensure a safety net in case of emergency.
Smart car finance
Many people rely on a car for traveling, but they’re obviously an expensive investment. Americans borrow $31,099 on average for a new car (averaging a $515 monthly payment) and $21,375 for a used car (equaling $398 a month). You can find a suitable and affordable car loan by exploring industry resources such as MyAutoLoan Car Loans Review for 2019. You’ll get access to a wide variety of car loans from multiple lenders — regardless of your credit score. You can then choose a car, loan, and repayment plan, which fits in with your budget on the road.
Use credit cards
Credit cards make it easy to spend and save money when traveling — you’ll never have to worry about running out of funds. They also provide benefits and protection you don’t get with cash. If you lose your card (or it gets stolen), you can contact the card provider for a replacement and emergency cash to tide you over. You also won’t be held accountable for any fraudulent charges made. You’ll have access to a 24/7 hotline which provides numerous time- and money-saving services, including: travel planning, ticket replacement, lost-luggage help, translation services, emergency medical transport, medical referrals, and professional legal help.
Withdraw cash wisely
If you prefer using cash to pay, it’s important you find the best currency exchange rate when abroad. If you’re not careful, you can end up wasting money you could otherwise put towards travel. Go online and look up specialist currency providers to find the best deal. You can have the cash delivered to your address (or choose to click and collect from the store). Whatever you do, never buy foreign currency at airports, because you’ll likely be ripped off. One study found exchanging $400 at the airport only gives you €360 in return.
Long-term travel is an enriching and fulfilling experience. If you have a trip planned, it’s essential that you know how you’re going to manage your money. Being proactive and prepared can help you keep costs down on the road.