The best apps for saving money for a trip make saving easy and spending it abroad even easier. Holiday money used to be complicated. Now there are some incredible apps that can help you save money for your next trip.
The reason it can be so hard to save money for a trip is because it can be difficult to separate your everyday money from your holiday fund. Let’s be honest, opening a traditional ‘savings’ account is laborious. It involves boring forms and tedious processes to move money from one account to the other. It seems pointless, when you feel like you’re saving for something as trivial as a city break.
Now you can open a saving jar in seconds. You can start saving money for a trip instantly. Even better, you can do it in a currency of your choosing. Going to Spain? Then save in Euros. Going to Thailand? Save in Baht. It’s your choice. Then when you get there, you can spend on a debit card, simple and cashless, like the locals. The best apps for saving money for a trip include:
Revolut | Send and request money with a tap, split bills easily with anyone in 200+ countries.
Monese | Get GBP, EUR and RON accounts in minutes with great exchange rates, instant top-ups, built-in Bills & Purchase Protection, and simple credit.
Wise | Transfer with just a few clicks and send money around the world. No hidden fees. No bad exchange rates or surprises. Start today. Send money abroad. Fast, Cheap and Secure. Online Money Transfers.
Disclaimer: This is not financial advice and your are responsible for your own financial decisions. This post may contain affiliate links.
Track Your Spending & Expenses
To start budgeting for a trip, you need to understand where you money is going each month. This means you need to start tracking your expenditure and knowing where you are spending your money.
Incumbent banks are awful at providing you with clear insights on your spending. I have found my bank is often inaccurate in it’s attempts to even categorise my spending. This is why you need to know the best apps for saving money for a trip!
I would recommend that consider budgeting apps. There is one particularly great app for couples. You can connect your banking app to get real-time insights on your spending. You don’t have to stick with the same old incumbent banks when it comes to saving money. There are loads of innovative companies using ground-breaking financial technology (Fintech).
These new banks instantly give you the breakdown of your spending, as you spend it. This allows you to separate your expenses and cut back on your discretionary outgoings. As it happens these Fintechs also have the best apps for saving money for a trip. Wise seamlessly integrates tracking your spending into it’s agile and modern app.
Why You Should Save Money Into A Separate Jar
Once you free up some extra money every month, you can siphon it off into a designated savings account. This separates your savings from your everyday spending, so that you don’t accidentally spend it!
Once it’s in a separate account it’s much easier to avoid spending it. You are more likely to stay on track for your holiday. I would also suggest that you automate a monthly transfer into this account.
Once you know how much you want to save each month, set up a direct debit from your current account to your designated savings account. That way you save without having to think about it. With Wise you can open an account within minutes. Once you have done that you can add a savings jar and save in over 200 different currencies.
Whilst you can save in your trusted home currency, you can also choose to save in a currency of your choice. That way, you can ready to start spending like a local as soon as you arrive at your destination. On the other hand, you can quickly convert it at the airport, or as you need it!
Wise is one of the best apps for saving money for a trip. You can seamlessly save money and spend it in the currency of your choice. It’s simple and easy to ring-fence your money for your next holiday.
Start Saving Instantly With Your Wise Account
Wise is definitely one of the best apps for saving money for a trip. This is because I could easily send money to my Wise account where I was saving for my holiday. On a recent trip to Budapest, I’d expected to spend around £40 a day.
As it happens It ended up being a little more. Wise is such a flexible app to use that I could convert money from GBP to HUF within seconds. This is the reason Wise is one the best apps for saving money for a trip.
You can save and can keep your money in GBP and convert it as you need. If you are in a restaurant and need a little extra money, you can convert it in seconds. This means you can essentially budget as you go. This is in stark contrast, to the dark days of converting far too much money and then wasting money on fees to convert it back.
…and Spend Like A Local
When you get your Wise account, it means no more trips to the bank for rip-off exchange rates. You don’t have to worry about converting your money into a specific currency at the time of your holiday. You just turn up and spend like a local.
No need to fiddle around with finding the right cash. Which was much more difficult back when I visited in 2013. This is because the exchange rate is about 450 HUF to GBP. Often a dinner will be around 15,000 or 20,000 HUF. Tricky.
This doesn’t mean that you can’t withdraw cash. That’s because there is some very straightforward pricing when it comes to cash withdrawals abroad.
First 2 ATM withdrawals up to £200 / month
ATM withdrawals over £200 / month is 1.75%
Over 2 ATM withdrawals / month is 50p / withdrawal
Why Wise Is One Of The Best Apps For Saving Money For A Trip
To conclude, this is why Wise is one of the best apps for saving money for a trip. Here’s a list of reasons you should spend a few minutes getting your Wise account.
Spend in multiple currencies: better exchange rate and lower fees than your bank.
You’re always in control: Freeze and unfreeze your card whenever you like. And with PIN reminders and instant transaction notifications, you can stay in the know.
Works worldwide: Use your card in more than 200 countries and withdraw money from 2.3 million ATMs. Tap or swipe anywhere — and use Google Pay and Apple Pay in supported countries.
All you need to do to get set up and start spending in minutes is:
Register in minutes: Sign up online, or with their app with an email address, or a Google, Facebook or Apple account.
Verify your identity: All you need to receive money or order a card is your government ID.
Top up your account: You can add money using your bank account, Apple Pay, credit/debit card.
Share your account details to get paid, or spend around the world with your debit card.
hi there, great article. also another tip that will help travellers is this app ATM Fee Saver – it helps find the fee-free or lower fee ATMs in many countries, and gives withdrawal limits too in some 30-40 countries! i used it many times and saved a bunch on fees!! you can add that to the list too, defo worth trying out!
Hi Jess, thanks for your comment for for sharing the other app! I will check it out.