While travelling, we all our want our money to stretch as far as possible.

In addition to the amount you´re able to save from your pay-check and your travel budget, there are other factors like hotel availability, flight deals, exchange rates and currency conversion which determines how far your money will go.

It Depends On The Type of Holiday

More than anything, just how far your travel money can stretch depends on the type of holiday you´re planning.

If your goal is to spend a week or two staying in luxury in, say, Greece or Portugal, your money concerns are likely to be more about what hotel star rating you can afford, what restaurants to dine at, and how many cocktails you can have without having to worry about your bank balance.

If, however, your plan is to throw on a backpack and travel for several months, then making your money stretch as far as possible is more important.

Travelling For Several Months

If it´s a dream of yours to travel, nothing stands in your way but your own will. Saving money for an overseas adventure is not as hard as you may think. Thousands of people set sail overseas every year.

If your goal is to travel for several months, which countries you plan on visiting will dictate how far your money goes, so choose your destinations wisely.

It probably comes as no surprise to learn that there are certain destinations where it´s possible to live and travel for an entire month for less money than you probably spend on rent each month.

For example, in much of Asia and South America, you can live on for a day for the same price as lunch in the US, UK, or Europe.

How Much Money You Will Need

How much money you need to save for your trip depends on many factors such as the duration of your travels, but also your interests, and planned activities.

As a general guide, however, most travellers would agree that backpacking with a budget of £30 / €30 per day for meals and accommodation is possible in places such as Thailand, Peru, Vietnam, Indonesia, Ecuador, Sri Lanka, Guatemala, India, Russia, and Algeria to name but a few.

If your dream is to backpack throughout North America, Europe, or Australia, then you´re looking at a very different budget where anything upward of £120 / €120 is required.

Saving For Your Big Trip

So, if your goal is to save money and travel, the first step of your journey begins with FerratumBank.

At FerratumBank, we have designed a powerful mobile banking savings tool aimed to help you achieve your savings goal. It takes just 8-minutes to open a FerratumBank account.

Download the app, and start saving today. Open up FerratumBank Savings Goals within the app, and then create and name your goal. Once you’ve named your goal, set your target. When would you like to achieve the goal? In other words, when do you plan on travelling? Six months, twelve months?

Next, decide how much money you´ll need to save to achieve that goal and set up weekly or monthly recurring transfers. We´ll then do the rest! Watch the progress metre and see yourself getting closer and closer to your goal.

Making Your Money Stretch

In addition to the choice of destination, there are a few other handy ways to make your travel money stretch.

For example, with a FerratumBank account, you can manage up to seven different currencies and easily transfer funds between accounts in real-time. This means you can forget about expensive currency exchanges and spend like a local.

Within the app, you will also find a handy currency converter.

Finally, when you withdraw local currency from an ATM, your first four withdrawals are free (note: some ATM carriers may charge a fee for use of their machine).

So, what are you waiting for? Take the first step today.

Blog articles are not legal information and should not be seen as legal advice. You should consult our legal documents and list of price for specific information. For any questions, please contact our customer support at customersupport@ferratumbank.com