If you’ve been itching to get away, but are afraid that this will mean less money for your retirement planning, there is good news; you don’t have to sacrifice your enjoyment of life in order to retire comfortably. You can travel many ways on a budget besides getting those free off-peak vouchers or remaining at home for a ‘staycation’.
Check Where You Change
Choosing to wait until you’re at the airport to change your money over can not only be inconvenient; it can also be costly. Instead, plan ahead and visit your local bank to arrange for your currency exchange. While you will still pay a fee, it will be much lower than what the foreign exchange booth at the airport will ding you for. Lower fees will mean either more cash to spend on your vacation, or a bit extra to donate to your retirement pool.
Overseas Travel and Travel Cards
Yes, you can travel overseas on a budget, but the card you choose to take with you will make a big difference to how much money you spend. Taking the EFTPOS card you normally use at home is not recommended, as using it overseas can mean unwelcome fees each time a transaction occurs. Granted, these fees may be small, but they can add up quickly when you’re on vacation.
Instead, consider a card designed specifically for travel. You will find there are many to choose from, and so comparing as many offers as possible will help you to choose the right one for your travel needs. Some things to watch for are those cards offering reward points, multiple currencies, short delay funds transfers, and low fees.
Speaking of funds transfers, quantity matters with travel cards. Instead of withdrawing your money from an ATM on several occasions, loading money onto your card regularly and frequently exchanging money, withdraw a large amount. This way, you will save money on transaction fees.
While leftovers may be something to look forward to at your dinner table at home, they are the last thing you want with your foreign money. Having leftover currency and then not exchanging it can mean you are missing out on extra cash that could be put toward your retirement planning, or even another trip so that you don’t have to pay out of pocket.
If you’re hungry to know more about how to enjoy your travel experience while sticking to your retirement budget, we have all you need to know. Simply contact one of our professionals today about how to make the most of the money that you put toward your retirement dreams.
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