words Alan Woods
Whether you hope to visit sunny Spain with the family in the coming months or you are required to take a business trip to the United States, extending the reach of your travel cash is always a priority. How can this be accomplished while still maintaining the ability to enjoy your time abroad?
Know the Predominant Exchange Rates
The first concept to appreciate how the exchange rates between two different currencies may impact your travel arrangements. Let us imagine for a moment that you plan on travelling to Paris. A weaker pound (as is the case in relation to the recent Brexit vote) will impact its equivalent value in euros. As daily currency exchange rates fluctuate keeping abreast of their present and predicted levels is critical.
Also known as contracts for difference, CFDs are another means to increase your financial liquidity before a holiday. The main benefit of a CFD is that you will be able to speculate on the price of a share whether it rises or falls. So, you can turn a profit in the event that a specific asset performs negatively (assuming that you have predicted its movement in the correct direction). If this sounds appealing, travellers can learn about CFDs here.
Others may wish to take a foray into the world of currency markets. Their primary benefit revolves around the sheer liquidity that the trader is able to experience. Forex trades are often employed by those who are looking for short-term returns. These profits can then be allocated towards travel expenses and similar concerns. Another advantage of this method is that the Forex markets are open 24 hours a day due to their global reach. Some even choose to execute trades with their smartphones while abroad for live Forex rates.
Notwithstanding financial and investing suggestions, there are other means to secure a cost-effective holiday. Assuming that you are planning a holiday and that you have leeway in terms of departure dates, it is always best to look for deals outside of the prime tourist season. Thanks to the basic rule of supply and demand, tickets and accommodations will naturally be more expensive around the holidays and during the summer months. There are times when you can literally save thousands of pounds by scheduling a holiday in the off season.
All-Inclusive Travel Packages
All-inclusive travel deals are becoming increasingly popular methods to maximise a limited budget. As they are associated with a single price, you will be able to accurately calculate your expenses. These bundles often include factors such as:
- The price of airline tickets.
- Room and board.
- Dining at approved restaurants.
- Guided tours to nearby tourist attractions.
- Cash back travel deals.
These are also excellent alternatives if you plan to travel with your family, as group discounts may be available.
Maximising your travel funds is much easier than you think. These suggestions will provide you with an ample amount of financial “breathing room” and as a result, you can fully enjoy your time away from home.