By Taneia Bhardwaj
Solo travel is an exhilarating and unique experience. According to Airbnb data, around 30% of Indian female travellers hit the road solo, exploring both international and domestic destinations. To make your journey smooth and stress-free, mastering money management is crucial. Here are some top tips to help you stay savvy, secure, and completely in control as you explore the world.
Plan Your Budget Before You Go
Start your trip with a solid plan. Estimate your daily expenses—accommodation, food, transportation, activities, and a little extra for those spontaneous splurges and souvenirs. Don’t forget to budget for travel insurance to cover any surprises. A well-thought-out budget helps you manage your finances effectively and enjoy your trip stress-free.
Embrace the “Less is More” Approach
Travel smart by embracing the ‘less is more’ mindset with your cash. As a traveller, minimising vulnerability is key. To stay secure on the go, carry only what you need for the day and store it in different safe spots. Some options worth considering:
- A hidden money belt under your clothes
- A secure, slash-proof bag with lockable zippers
- A decoy wallet with just enough cash for daily expenses
- This strategy helps you outsmart pickpockets and reduces risk if you ever find yourself in a tough spot. Remember, your safety comes first.
Build a Financial Safety Net
Have a trusted person as your go-to for emergency funds. For international transfers, the use of dedicated platforms is a great option – they’re fast, low-cost, and use the mid-market exchange rate. This allows you to access money quickly and affordably when needed. Plus, if you’re visiting friends abroad, you can transfer money to them, and they can withdraw cash in the local currency for you, helping you dodge expensive ATM fees and poor exchange rates. It’s also a convenient way to repay friends for any expenses.
Dodge the Drain of Hidden Fees
Before you swipe, get wise about your bank card fees. Scout out cards with crystal-clear foreign transaction charges and straightforward exchange rates. Hidden fees can sneak in when dealing with different currencies, whether you’re making a purchase or pulling cash from an ATM. So, take a moment to read the fine print and avoid any nasty surprises.
And watch out for dynamic currency conversion (DCC). That’s when merchants offer to charge you in your home currency instead of the local one. It might seem convenient, but DCC usually comes with steep fees and a lousy exchange rate. The smart move? Refuse DCC and always pay in the local currency when you’re travelling.
Stay Sharp Against Local Scams
Every place has its hustlers, and they are getting smarter. Before you set foot in a new city, do your homework on the tourist traps. Knowing the tricks ahead of time is your best defence against getting played and keeping your wallet safe.
Master Local Public Transport
Public transport is a budget-friendly way to explore a new city. Skip the taxis, and get to know the local buses, metros, or trains instead. Many cities offer day passes or travel cards that can save you cash if you’re planning to cover a lot of ground.
Opt for Off-Peak Travel
Travelling during off-peak seasons can slash costs on flights, hotels and attractions. Do some research to find the sweet spot when the weather’s still great, but the crowds have thinned out. This approach not only stretches your budget but also gives you a more authentic, less crowded experience.
Stay Connected on a Budget
Ditch pricey international roaming fees by picking up a local SIM card or using an eSIM for data and calls at local rates. Many airports and city hubs have SIM cards ready for you, or you can easily order an eSIM online before your trip.
Armed with these tips, you’ll solo travel like a pro. Get ready for your next adventure with a smart plan and a well-managed budget. Safe travels and enjoy the journey!
-The author is the India Expansion Lead at fintech firm Wise. Views expressed are personal.
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