Tips for Travelling with Money

Most of the people are still inhabit of visiting a travelling spot with a significant amount of money. This is because they are yet to be savvy with credit-debit card use and so take risk of carrying money with them. The biggest disadvantage of such practice is there is a heavy chance of pick-pocketing. Another problem is carrying money in pocket often pushes one to overspend as they fail to make every minute assessment of how much they are left with.

When you are travelling with money, make sure that you are carrying a heavy sum neither in your pocket nor wallet. Develop the habit of card-dependence. Also, avoid crowded places as there is a chance of theft. It is never wise to be careless especially when you are outside of your hotel room. Tuck your wallet in such a place from where it will not come out if you stoop.Tips for Travelling with Money

And it hardly needs any mention that you must not trust anybody easily as it is an unknown place and you will come across only unknown people.

Here are some simple money saving tips for your trip:

Food is the first of the most basic necessities in our life. It will be the first thing that you will spend on. Avoid well-decorated dining zone and instead drop in a roadside restaurant, Believe me, you will get a variety of delicious delicacies there and those will come cheap on the pocket, making a good amount of saving on your travel expenses. If you are visiting a place famous for its sea, you are more likely to see an array of restaurants lining up on the seashore. Just imagine you are dining on the beach, with raging waves smiting on the shore only a little away from where you are sitting…..it will give you Goosebumps!

Contact a genuine tour operator. Reputed travel agencies will get you cheap deals as they have a good business rapport with hotels. If you are travelling with your kids, there are chances that expenses will go up. And if you stay in a luxury hotel, expenses will soar up. Want to trim your accommodation budget? Choose a low-cost hotel.

It is a common habit for the travellers to go on a shopping spree during their trip. It is okay to spend money on a few items but it will be most unwise to stop at every shop and buy everything that you come across. Never buy things at a tagged price, instead bargain. This way, you will be left with a lot of money despite spending a lot of souvenirs.

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5 Things You Should Know Before You Plan to Cover the Costs through Wedding Loan

Getting married anytime soon?

The most important thing about the wedding is how you’re going to cover the costs. And if you’re planning to take a wedding loan to cover the costs then hold on and give a heed to the 5 necessary things to consider. According to the survey by the Knot, the national average cost of a wedding is $33k. But you don’t have to match that figure to have an awesome wedding; instead, you can make your wedding a wonderful experience at any budget and without going for a wedding loan.

Financial Planning for Marriage

There are 3 key strategies to follow:

  • Fix a budget and stick to it
  • Set priorities
  • Start saving as soon as you say those 3 magical words

We share with you 5 things to consider before you plan to cover the costs of your wedding through a wedding loan.

5 Things to consider before you go for a wedding loan:

Wedding loans– what is it?

In general, a “wedding loan” doesn’t exist and all you can do is just take a personal loan for your wedding. Most people either choose to go for a credit card purchase or a wedding loan. In either way, you are kicking off your marriage with a future of debts.

How much money does a wedding loan offer?

Okay, if you still want to opt for a wedding loan then you would want to know how much money you can get with such a loan. The loan amount can range from $1000 to $50,000. There are lots of online companies which offer loan without any prepayment penalties such as Upstart.

Process and documents required to get a wedding loan

If you’re planning to take a personal loan to cover up your wedding costs, then there are a couple of things you need to consider. How eligible are you for the loan and what factors influence your affordability?

Here’s what you need to get a personal loan to cover your wedding costs:

  • A good credit score and rating

The first thing that would affect your loan affordability is your credit score. How?

Your credit score is a number that defines how you manage your finances, debts etc. This number is calculated based on the following factors:

  1. Your payment history
  2. Your debt history and your current debts
  • What type of credits you have
  1. For how long your credit accounts have been used
  2. Your credit limits and how much you’re using

In general, having a score above 700 is considered a good credit score. Not sure what is your score? There are lots of online calculators to know your credit score.

  • All other requisite documents

Apart from your credit score, you will have to produce all the necessary documents to apply for a loan such as:

  1. Your proof of income
  2. Bank statements
  • Any debt statements such as mortgage, student loan, home loan etc.

The institution where you apply for a loan might have specific requirements, qualification etc. You need to find it out from that institution for the details.

Should you go for it?

As in the case when you don’t have enough cash to cover the wedding cost, you opt to go for a credit card or a personal loan. Be it anything, you are starting your new phase with a debt-full future. And thus, the decision should be made by discussing with your partner as its going to affect your financial decisions after marriage. It’s a call to be taken by both of you whether you want your phase to begin with a financial crunch just after you come back from your honeymoon. If you choose to have a financially balanced future, then there are alternate ways in which you can have a wonderful wedding at the cost you want.

Are there any alternate ways to cover the costs?

Let us have a look at the alternate ways available to cover the cost of your wedding without opting for a wedding loan or credit card:

  • Best thing to do is get married when you’re well prepared not only emotionally but financially as well. Take time and start saving for the big day
  • Have an out of season wedding or a Saturday wedding
  • Cut costs on the photoshoot, décor, cake, guests etc.
  • Wedding location & reception: Pick a municipal park, beach, a backyard theme etc. as the big day location.
  • Choose a simple food menu in place of exotic cuisines
  • DIY options for car décor, cake and other essentials

Summing up:

Budgeting for your wedding can be an arduous task. But instead of going for a wedding loan, you can always consider other ways to save costs and still have a dream wedding.

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