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Travel & Money
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Whether you’re setting off on your OE or taking a short break s omewhere tropical, careful planning can mean the difference between an amazing experience and the worst time of your life.
This is especially true when it comes to money so we’ve looked at the whole process from saving enough to go, figuring out how best to manage it when you’re away to keeping it safe when you’re there.
 Getting Enough
Before you start planning your dream trip there’s always that horrible reality that has to be dealt with… finances! If you’re dreaming of a week of five star luxury but your bank account dictates a dorm room in a backpacker hostel it’s time to work out a budget and savings plan.
Westpac have some great tools to help you figure out how much you’ll need, how much you can save and how long it’ll take to reach those goals. Just click here to start doing your sums.
As a guide, if you’re heading to the UK you’ll need at least $6,000, excluding airfares, to get you started. Obviously if you’re just taking a holiday the cost will vary greatly depending on how far you’re going and what sort of an experience you plan to have. Keep in mind it’s always better to have a bit more money than you think you’ll need, rather than risk finding yourself broke and stranded somewhere.
 Managing it When You’re Away
Figuring out the best way to deal with your money when you’re travelling can be tricky when there are so many options out there. Which one you choose will depend on a range of factors, including where you’re going, how long you’re away for and what you’re doing while you’re there.
Obviously if you’re moving overseas to work you’ll need to look into setting up an overseas bank account. Westpac have some info on doing this here.
But if you’re just heading off for a holiday your main options are credit cards, travellers cheques or Westpac’s new debit card, which works like an Eftpos card, but can be used anywhere (worldwide) that Visa is accepted. The only difference from a credit card? It’s linked to a bank account, so you can only spend what you have, which is great if you find it a little too easy to get into debt. This card is also a fantastic little tool for online shopping as well (or booking that beautiful hotel you found on the net!).
Keeping it Safe
 You’ve saved the money, figured out the best way to use it overseas and now you’re on a plane to your dream destination, but you can’t quite stop thinking about money yet.
As a tourist, you’re guaranteed to get ripped off a little along your way, but while paying more than the locals is one thing, getting your money stolen is a whole other issue. Make sure you follow these three tips to ensure the only money you waste is on fantastic clothes, not on a stolen credit card.
Tip One: Make a photocopy of any bank cards, the info page of your passport, plane tickets and other important documents. Leave one copy with someone at home and keep the other one somewhere separate in your bags. Don’t forget to include contact details so you know who to call if your cards or travellers cheques are stolen.
Tip Two: Don’t put all your eggs in one basket. If your money, cards and ID are in one place and you’re the victim of theft, you’re going to loose them all. A good idea is to carry limited cash on you and keep your credit/ debit card safe in a money bag that goes under your clothes or stuff some spare money in your sock.
Tip Three: Keep your money with you. Don’t pack cash or bank cards into your checked luggage, it’s much safer to bring it on the plane with you. The same goes when you reach your destination – it’s not smart to leave money in your hotel room unless it’s securely located in a safe.
Tip Four: If you can’t afford travel insurance, you really need to think about whether you can afford to travel! Travel insurance doesn’t normally cost a lot, but you really will find it priceless if something goes wrong (i.e. you get really sick or all your luggage goes missing!). Get some ideas about options here.
Gemma |
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