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Daily Banking

How to Travel on a Budget

November 2, 2022
6
min read

Thinking of going on a trip? Don’t forget to include these expenses in your budget. Use our 5 tips to save money, and make the most of your trip, without breaking the bank.

Planning a trip can be stressful, especially if you’re trying to do it on budget. After you have decided on your destination, the planning and budgeting process begins.

Travel can be a wonderful and memorable experience, but an unexpected expense on the road can be hard on your budget. Knowing what you can afford and what fees to expect can go a long way in alleviating the financial stress a trip can bring.

Here, we share shares some expenses you should consider and how to make the most of your travel budget.

4 Travel Expenses to Include in Your Budget

Exchange Fees

Whether you’re changing Canadian dollars into the currency of your destination or using your credit or ATM card, you will have to pay currency exchange fees or foreign transaction fees. So if you’re planning to use your credit or ATM card during your trip, look up the foreign transaction fees before you go and keep them in mind when making your budget.

Be sure to set up a travel advisory alert on your Cambrian account. To create an advisory, log into your Cambrian Online Banking account, click “Account Services,” then click “Travel Advisory.” Next, fill out the form, and ensure you check mark which ATM cards you will be travelling with.

Pro Tip: If you are travelling with cash and you need to convert Canadian dollars into the currency of your destination, exchange your dollars outside the airport for better rates. Identify a reputable foreign exchange service at your destination before you arrive to ensure you get the best possible exchange rate and make the most of your hard-earned cash.

Cellphone Roaming Fees

If you’re leaving the country, remember that your cellphone provider will charge you roaming fees if you use your cell phone. So turn off data and put your phone on airplane mode to avoid fees. Connect to the hotel or restaurant wifi or use your phone (don’t use public networks to conduct online banking).

If you need to use your phone while you’re away, check with your cellphone provider to see what travel plans they offer to avoid huge fees.

Souvenirs and Excursions

Once you’ve made it to your destination, you may want to go shopping for keepsakes or participate in a group excursion.

These expenses can add up quickly while you’re away, so it’s best to plan for them and have some money set aside so you won’t feel the financial pinch once you return home.

Depending on your destination, you can find local tours and excursions online before your trip. This way, you will know the exact amount to budget for trip activities.

Emergencies

Life happens, and it’s important to plan ahead for emergencies when you’re on vacation. A trip to the hospital or replacing a lost or stolen passport can be expensive.

Consider purchasing travel medical coverage before going away if you need to visit the hospital on your trip. And keep a scanned copy of your passport and other travel documents accessible to make it easier to replace them if they’re lost or stolen.

5 Money-Saving Tips When Planning a Trip

Now that you know what to include in your budget, here are some strategies to make the most of your travel budget:

Travel mid-week

Travelling on a Tuesday or Wednesday can land you cheaper airfare. When searching for your flights, try looking at your options a few days before or after your desired departure date. If you can be flexible and leave earlier or later, it could save you some money on your flight.

Pick an off-season destination

Fewer people are interested in travelling to traditional winter weather destinations in the summer. By booking your vacation to Mexico or the Caribbean in the summer, you may get a great deal.

Plan your destination around your budget

Let your budget choose your destination and maximize your travel funds. By searching for destinations based on your budget, you may find a great location you had not previously considered for a budget-friendly price.

Stay close to home

Renting a campsite within a few hours of home can be less expensive than flying to your destination. If you don’t have camping equipment, see if you can borrow some from family or friends. Not interested in sleeping in a tent? Cabin rentals can be pretty affordable, especially if you’re on a group vacation.

Prepare your meals

Eating out for every meal on your vacation can hit your budget hard. Even preparing one meal a day yourself can help you save some money. Pick up some fruit or vegetables and ingredients for sandwiches, and pack yourself a lunch before heading out for the day. Consider staying at a hotel that includes breakfast and happy hour specials.

You don’t need to break the bank to travel. Proper planning and budgeting will simplify the process and make it more affordable for you and your family

Today’s Rates

*All rates and yields subject to change without notice.
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