It’s Not A Vacation – Bootstrapping Your Business Travel Budget

Posted on Oct 12 2017 - 10:29pm by Editorial Staff

A business trip is ultimately designed to increase profits within the company, so spending cash like there’s no tomorrow is ill-advised. The way to prevent over-expenditure is to create and stick to a budget. This budget can help you allocate money for various purposes, especially if you are away for any length of time.

Once you have drawn up your allocated costs for various means and have your budget in place, you then need to apply sufficient discipline to stick with it.

Here are some of the more typical costs associated with a business trip that you will need to take into account when creating your budget.

Housing

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While it may be tempting to stay in the most luxurious of hotels, modest accommodation is typically more appropriate for a business trip. There may be occasions when staying in such accommodation is fitting, especially for shorter trips, but otherwise, it would be wise to look at alternatives: Airbnb, for example.

Spending downtime in accommodation while being abroad, especially when not staying in one of the larger cities, can be mind-numbing. However, most accommodation offers wifi, which can make life more interesting. Being online can help you connect with friends and family, or keep your mind occupied through other means, such as watching your favourite binge-worthy show on Netflix, or having fun with slotgames. Shows such as Ozark, House of Cards and Stranger Things are shows that are tailor-made to while away hours on the road, whilst online casinos provide a safe way of playing fun games like Thunder Bird and Wizard of Gems online. These are certainly fun ways to spend some free time after a series of business meetings, in this day and age, dependable wifi is vital.

Food

When abroad or on the road, one of the biggest temptations is to dine out every night. However, it is also one of the quickest ways to eat into your budget. You will save money by shopping at a local supermarket and utilising whatever facilities are available at your accommodation.

When travelling internationally, there are numerous others associated costs to take into account. You need not only to consider what you will be spending your hard-earned income on, but fees that you may be charged just for spending cash abroad. Finding an affordable flight and budget-friendly accommodation is one thing, but reducing the costs of exchange fees and foreign transaction fees is more complex.

Other factors to consider within your budget include ATMs and debit cards, an area that commonly trips up business travellers.

ATMs and debit cards

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ATM transactions can be more costly than you may think. You are charged three separate fees in any one transaction. You may be charged by your bank for a currency conversion fee, as well as a foreign international fee. The ATM will also likely take a piece of your hard-earned income. Speak with your bank before you travel to ensure that you’re fully briefed on fees for a range of scenarios.

Debit cards, while advantageous in some respects, are less safe than credit cards. Your bank account could potentially be drained by thieves in just hours, before you realize that you are no longer in possession of your card. Pickpockets operate at large airports and are adept at swiping cards from unsuspecting business travellers. So be sure to pack your credit card before leaving to rush off for the airport.

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Editorial Staff

Editorial Staff at I2Mag is a team of subject experts led by Karan Chopra.