Cutting unnecessary costs is a priority for every business. While we still cultivate images of business travellers sipping champagne all the way up in first class, nowadays they’re more likely to be flying coach on a budget carrier, and pocketing the free peanuts for future snacking. It’s not as extravagant as it used to be, and businesses are trying to be more frugal than ever these days.
Managing travel expenses is a skill honed by years on the road. Luckily for you, we’ve prepared a crash course to make sure you’re ready to keep your finances in check on your next trip.
Make economical decisions
Buy flexible tickets
You can start before you even get to your next destination. As a frequent flier, it often happens that you get roped into last-minute engagements and need to re-book your flight earlier or later than scheduled, and it’s a more common dilemma than you think. It’s sometimes wise to pay the fee increase for a flexible ticket, so you don’t get bogged down in cancellation or no-show charges.
Use smaller airports
Pro-tip: If possible, book a flight operating to a smaller airport. While landing at LAX may sound a whole lot nicer, arriving at John Wayne 35 minutes away from LAX is a whole lot cheaper. Airlines offer smaller fares to alternative airports, and getting in and out of smaller airports is quicker too!
Skip the hotel restaurant
Don’t let the jet lag burn a hole in your pocket! Restaurants inside hotels are notorious for expensive menus and frankly, ridiculous surcharges. A quick walk across the street is sure to supply you with an equally (if not more) delicious meal, for at least half the price. Go get your money’s worth- yes, it’s worth the exertion!
Manage your paper trail
Label your receipts
Your receipts will be key in creating your expense report and should be handled safely and carefully. It is also a sure fact that you will forget the details of your purchases when you get home, so it helps to label them and jot down the main facts then and there, which will help organize them when you get back.
Download Trail Wallet
The wonders of technology never cease to amaze. Trail Wallet is an expense tracker app that allows the user to control finances, set budgets and monitor spending. It is a great digital tool for those who frequently over-spend and need to be better with managing their money, or even for those who often misplace paper receipts.
Separate credit cards
If you’re a seasoned road warrior looking ahead at several more years on the circuit, then you should invest in separate accounts and credit cards, one for personal, and one for business use. It makes managing expenses so much easier and automatically organizes your finances, eliminating any possible overlap.
Small mistakes can cost you big money, so make sure you keep within the budget and keep your documents organized. It’ll pay off in the end!