5 tips for tracking expenses while traveling

When I was sipping a drink on a private beach resort recently, I felt completely relaxed and I forgot about my worldly troubles. In this paradise, it was tempting to let go and splurge on things like cocktails, jet ski rentals, and massages.

But I brought myself down to earth and stayed within reason. I reminded myself that travel expenses will follow me home, and finances never truly take a vacation.

It may not be the most fun thing to keep track of expenses while traveling, but it is responsible habit. I think about it as a positive long-term habit, like flossing or exercising daily. By entering all the expenses in my free expense tracker, I avoid gaps in my finances and give myself a realistic view of my money situation.

Plus, tracking travel expenses is not that hard, if you keep yourself organized. I have picked up a few tricks from years of tracking expenses for personal vacations and business trips. Here are some of the tips that help me track expenses while traveling.

1. Use credit cards where possible

Credit cards are my best friend while traveling. When I charge a meal on credit, I am sure that I will get a receipt that I can save and enter when I return from vacation.

Even if I forget to save the receipt, the purchase will show up in my credit card statement, so I can remember to enter the expense at that time.

This makes credit cards extra useful while traveling. And while we are on the topic, check out my travel tips for credit cards.

2. Ask for receipts and save them

Credit cards are not going to be accepted everywhere, so you will need a system to record cash expenses.

I try to ask for receipts for cab rides and meals. More often than not, they are happy to give something because they expect business travelers to need receipts. I like the physical paper to remind me to record the expense later.

3. If you can’t get a receipt, jot it down on another receipt

Still, there are times you simply cannot get a receipt. There are things like cash tips or street food purchases that do not come with a paper trail.

In that case, I jot down those expenses in the margin of receipts that I already have. At the end of every day, I try to think about where I spent cash, and I will write in those expenses.

When I come home, that same receipt will help me remember to enter all those expenses.

4. Save receipts in an envelope, folder or suitcase

When I am not traveling, I just put my receipts into my wallet and enter them when I go home.

But when I traveling, this system would fail as I would end up with more receipts than my wallet can hold.

So I have come up with a small refinement while traveling. During each day, I do store my receipts in my wallet. But every day I empty my wallet out and transfer those receipts into an envelope, folder or a pocket of my suitcase.

When I return from my vacation, all my receipts are organized in one spot, and I can quickly enter all those expenses.

5. Make daily notes in your phone

This is an alternate method that some of my friends like. They would rather not have to deal with receipts, so they just make a note in their smartphones about each expense.

This system can work well if all you have is a texting plan too. I will sometimes text a note to my Google Voice number, and that sends a copy of the message as an email to me. The email serves as a record in the same way that a paper receipt does.

You can even go one step further and go for a mobile expense tracking app. Personally I have not tried any of them, but if you have, please let me know in the comments any that are useful.

What are your tips for tracking expenses while traveling?

I’m always looking for good ideas, and you guys always offer smart suggestions. Help us out with your tips by leaving a comment.