While the amount of Brits travelling abroad declined in the wake of the great recession, this number has increased as the economic climate has improved.
In total, there were 72.8 million overseas visits made by UK residents in 2017, with this number having increased by 3% on the previous years’ figures. A growing number of Brits are also investing in luxury and all-inclusive trips at present, as households continue to defy the realities of Brexit and stagnant economic growth.
If you’re going to book such a trip, however, you’ll need to save money and reduce your overall spend.
Here’s how you can achieve this:
Secure the Right Type of Credit Card
When you head overseas, one of the biggest financial concerns revolves around the use of your domestic bank accounts and credit cards.
You can negate this to some degree by notifying your bank that you’re heading overseas, as this will prevent excess charges being applied and transactions being halted for fear of fraud.
You should also look to take out a specialist credit card specifically for your travels, as there is currently a wide range of options available. One of the best options is to secure a card with no foreign transaction fee, as this will reduce your overall spend considerably and minimise the amount of interest payable.
With this type of approach, you can manage your finances more effectively and save considerable sums of cash.
Prioritise your Spending
No dream holiday is ever created equal, as while some long to lounge on the beach others prefer to seek out the local tourist attractions and hotspots.
With this in mind, you’ll need to prioritise your spending precisely when heading overseas, as this enables you to enjoy a lavish and luxurious trip without spending outside of your means.
Be sure to make a list of the things that you want to do while abroad, listing their cost before placing them in order of importance.
This may seem a little structured for a fun adventure abroad, but it’s crucial if you’re to enjoy a luxury, sun-kissed holiday without breaking the bank.
Leverage Local Knowledge to Reduce your Spending
Whenever you head abroad, you quickly notice that the popular tourist hotspot are among the most expensive places to visit.
This is understandable, as proprietors are always likely to charge a premium given that tourists are generous spenders and determined to enjoy themselves while on holiday.
You can avoid this by leveraging regional knowledge and identifying authentic bars and restaurants that are tailored for local clientele. This way, you’ll benefit from the best and most competitive prices, while also enjoying a more authentic and immersive holiday experience overall.
To earn this insight, don’t be afraid to ask the staff at your hotel where they like to hang out, while also engaging with locals to find out where the best hotspots are. You never know, you might even make a few new friends in the process!
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