Rachel Surman • Sep 26, 2017
Is anyone else dreading the colder weather, or is it just us? Just the thought of pulling out those winter boots for another long, cold, five-month-long winter makes us want to crawl into our beds and (maybe) never come out.
So why not throw your winter jacket back in the closet in protest, and book yourself a vacation this winter? If money is the answer, and for a lot of us it is, then don’t worry. This is precisely why Borrowell has teamed up with Koho, a new financial mobile app, to give you the best advice for traveling on a budget this winter!
1. Do your research
Travel is something the Borrowell team is passionate about, so we crowd-sourced knowledge and got some great advice about getting away on a budget.
Have you ever booked a trip through a hotel or airline directly because they promised “guaranteed lowest rates” only to see a cheaper price elsewhere? Instead, take advantage of travel price comparison websites, like Hopperor KAYAK. These apps work by searching other sites to find the cheapest travel and accommodation options.
Many people believe the best way to book a trip is through the hotel or airline company directly because they will get better service. However, if you’re more concerned with saving money than having the best view at your hotel – then booking through a third party website makes a lot more sense.
2. Make a budget and stick to it
Making a budget for your travels may seem daunting, especially for those who hate planning, but it’s worth it. We’ve all been there – you’re so excited to be in this cool new place that you end up spending way too much.
Creating a budget, and sticking to it, is a great way to stay on top of your finances while you’re away. First, you can make a budget for how much you can spend on the big things, like flights and accommodations. Next, you can do this for transportation, then for all the delicious food and drinks you’ll get to enjoy.
Using financial management apps, such as Koho, can help you track your spending and stick to your budget when you’re off having the time of your life.
3. Get a flexible financial account
Having a flexible financial account is a must when traveling on a budget! This is what makes having a Koho account for your next trip so important. With Koho, you get a Koho account, a Koho Visa Card, and the mobile app.
To create your account, simply send your first $20 e-Transfer to load your account. Once you’ve done this, you’re ready for your Koho Visa Card, which you’ll receive in the mail. The Koho Visa Card is every traveler’s dream. It’s prepaid (so you stick to your budget outlined above) and is accepted wherever Visa is, so you’ll only ever spend what’s in your account.
Also, you can download the mobile app that’s available for both IOS and Android. The app is key for traveling because the visa card works in sync with the mobile app, meaning you’ll get real-time insights on all of your transactions.
4. Keep currency in mind
This is a common issue that people often forget about while enjoying their time away. Who wants to be doing mental math the whole time, trying to figure how much your meal is in your own currency? Using Koho when traveling outside of Canada takes the guesswork out of trying to figure out how much money you’ve spent.
Using the Koho Visa and the Koho app, you’ll be able to see your transactions in real-time, converted into Canadian dollars. This helps keep the fun on-track and on-budget, so you don’t overspend.
And if you do accidentally overspend…
While all of these tips and tricks are helpful, there’s always the lingering question: what if I overspend? Or worse, what if there was ever an emergency? This is where a Borrowell loan looks a lot friendlier than expensive credit card debt.
Aside from offering just free credit scores, Borrowell is also in the business of providing customers with unsecured loans to pay off credit card debt. Or, even better, a Borrowell loancan be used to prevent getting into expensive credit card debt. Borrowell offers loans from $1,000-$35,000, at rates that are typically much lower than credit card rates.
We hope these tips help so you can take a sunny vacation and escape the Great Canadian Winter – at least for a little while! To learn more about Koho, please visit their website here. For more travel tips from Koho, check out their blog here!
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