Working out how to manage your money while abroad can be stressful. If you’re away for a long time, it’s near enough impossible to factor how much you should take. In reality, few of us like to think of being frugal abroad. It’s the one time of year when we can kick back and spend what we want. Not to mention that we need money for food, drinks, and essential day to day items. As such, it’s not unusual for vacation funds to run dry.
The good news is, most banks now allow us to use debit cards from a variety of countries. If you’re with a bank like HSBC, you can head to any cash point. There may be a charge for doing so, but it’s a security net many holiday makers need.
But, if you aren’t careful, this could lead to trouble. One minute, you’re taking out fresh money each day and enjoying a carefree time away. The next, your card’s declined because you’ve bled your account dry. Only, you have five days left of your holiday, and no money left to use! It happens more often than you’d think, and it’s essential to prepare for the eventuality. Which is why we’re going to look at what to do if you’re left abroad with a penny.
Find a way to borrow the money
Your priority should be borrowing money. Obviously, that’s not as easy while you’re abroad, but it’s still possible. Your best bet would be to call home and have a family member send you enough to get you by. With online banking, they can send money to your account straight away. Hence, you can carry on your vacation, and repay them when you return.
If there’s a time zone difference, you may not be able to get hold of anyone. In that instance, you could turn to a company like Pretty Penny Loans, who offer small-scale loans which go straight to your account. But, make sure to contact someone back home as soon as you can. That way, you can repay the loan fast, and save yourself paying high-interest rates.
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Use your credit card
Credit cards are problematic for a variety of reasons. But, they could well save your vacation in this instance. Though your account may be dry, your credit card holds the potential for extra spending. And, there’s no reason you shouldn’t use it. Bear in mind, though, that you need to be sensible. Keep receipts so that you know exactly what to pay back when you get home. It’s the best way to keep yourself clear of debt!
Budget for the rest of your trip
Whether you’re using borrowed money or a credit card, it’s essential you budget for the remainder of your journey. Cut out the pricey cocktails and the expensive meals. Set yourself a budget each day, and stick to it. That way, you can continue to enjoy yourself, safe in the knowledge that you have enough money to last the duration.