Frequent readers of this blog may have noticed that most of my travel is international in nature. While domestic travel is good, international travel brings along its own set of excitement and challenges. Traveling to a country where the people don’t look like you, speak like you or live like you is a great learning experience. However, it can be a bit intimidating financially, given the multitude of factors at play. So, how can one make sure that one travels the world with aplomb, while still keeping a tight grip on finances?
Travel the world on a budget
Use your miles and points
This goes without saying. However, in certain cases, using your miles and points tactfully can give you some amazing experiences. For example, we could book a two bedroom suite at the Hyatt Regency Phuket, Thailand in 2022 for just 18,000 World of Hyatt points per night. In addition, we also got lounge access, which included breakfast, tea/coffee, evening snack and early dinner. Back then, the room rate per night was well over $400.
Similarly, you can capitalize on points transfer bonuses or use distance based charts tactfully to travel farther by using fewer airline miles.
Be detail oriented
Here’s where you need to be really tactful by working on the minutia. Which modes of transport will I need to use to get around the city? Do I need to rent a car? Can I use public transport like a bus or a train?
Now why is this important? Many of us simply don’t map out the minute details. If you rent a car, you have to add on other costs like gas, insurance and parking. Things can always go awry when you travel. However, by focusing on the minute details can go a long way in saving costs.
For example, when we were in New Zealand during our trip in 2016, our costs added up as we rented cars in Auckland and Queenstown. However, when we traveled to Bali in the same year, we could hire a car and driver from the hotel to get around the cit and it would still fit well in our budget. Every country has its own requirements and pros and cons with modes of transportation. Things can get cheaper or very expensive very quickly if the details are not focused upon.
Choose the ideal destination
This brings me to the next point. Choose your destination wisely. In my opinion, I’ve had some really memorable trips traveling around the Indian subcontinent and South East Asia. During shoulder season, you can often get a beachfront suite for as low as $200. Some of my most memorable trips have been around the Asian continent, including but not limited to Singapore, Malaysia, Vietnam, Srilanka, Indonesia and India.
Get your Foreign Exchange game sorted out in advance
You need to sort this out before you leave your home country. How do you plan to pay for stuff? Some countries in the world only accept cash for small payments. In certain countries, it’s all digital. You need to figure out the lay of the land before you leave your home country. Here’s what I do. Depending on the country, your tactics may vary in proportion.
- Carry local currency cash before leaving as an emergency fund if nothing works (small amount).
- Decide well in advance which 3 cards I’m going to use during the trip. For most international trips, I rely less on Amex and focus more on Visa and MasterCard, given Amex’s issues with being accepted worldwide.
- Make sure I carry a debit/ATM card which doesn’t incur hefty fees, in case I need to withdraw cash from an ATM
Choose the correct hotel type
This can go a long way in keeping your trip within a tight budget. Even if you’re booking your stay with hotel points, opt for a hotel that has a kitchenette and a microwave in the room. This can go a long way in helping you cut costs.
In the past, I’ve simply booked a Hyatt House or a Residence Inn by Marriott type of property, then simply gone grocery shopping and picked up some snacks, ramen noddles and protein bars. Instead of having $40 meal at the restaurant at your hotel, you can consider these options on the go.
Buy tickets in advance/ free activities
More often than not, you’ll end up paying more at the gate for any activity or sightseeing excursion if you buy tickets at the gate. If your plans are well set in advance, consider buying online or even leverage corporate discounts if possible. Quite often, these discounts can save 10-20% in costs.
Buy Passes instead of tickets
If your destination has great access to public transport, then you must consider buying rail or bus passes in advance. These can go a long way in helping you save money instead of buying individual tickets.
Eat local
If you decide to eat out, then it’s best to eat at a local eatery. During our last trip to Hanoi, Vietnam, we were staying at the Hilton Garden Inn, Hanoi. While breakfast was included, we had our lunch and dinner at local eateries. We found some amazing options, eating sumptuous meals for as low as $5, or drinking local coffee for $1.
So, instead of sticking to the confines of your hotel, step out of your comfort zone and eat local.
The Pundit’s Mantra
I’d love for you readers to chime in. Thanks to miles and points, I’ve been able to traverse six continents over the last 10 years, more often than not, flying in a premium cabin and staying at an aspirational property.
However, this game gives us enough leeway to make some amazing trips on a budget.
Which is your favorite go to advice for traveling the world on a budget? Tell us in the comments section.
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