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Travel Budgeting

Tips for Saving on Travel

1. Be realistic about what you can afford – Hey, we all want an amazing, no-holds-barred vacation, but choosing a trip you cannot afford will likely add more stress to your life. After all, what is the point of taking time to relax if you will be paying for it for several months after the trip?

2. Create a trip budget – To avoid overspending, plan ahead and try to anticipate the cost of your trip. You need to calculate the costs for accommodation, transport, food, entertainment and other miscellaneous items for each person. Do the total estimated costs exceed the money you have set aside for the trip?

3. Shop around – There are many online travel sites that allow you to compare costs for airline tickets and accommodation. It is a savvy traveler's world - take advantage!

4. Protect yourself – If you are ordering tickets online, make sure the sites you are using are legitimate. If you buy from travel agents who are members of the Travel Industry Compensation Fund Management Board in Hong Kong, you may receive refunds in the event of a default by the travel agent. The Hong Kong government also advises residents who make overseas trips to obtain travel insurance.

5. Expect the unexpected – Credit cards get lost. Flights get delayed. Storms arrive unexpectedly. Keep unknowns in mind when planning your trip, and set aside an extra 10 to 15% of your travel budget for emergencies or surprises.

6. Safeguard your identity – Once on your trip, keep your passport, driver's license and credit cards in a safe place away from view. Also make sure to make photocopies in case of theft. If you do become a victim of identity theft, read our tips for restoring your identity here.

Top Travel Resources
Whatever type of travel you are considering, here are some ideas for getting the most out of your trip without breaking the bank.

Source: GovHK, Travel Industry Compensation Fund Management Board