Wise x Joe Thomas’ guide to the ultimate stag or hen do

Budgeting without breakdowns

This might not be the sexiest part of the trip, but we know that money is something people are particularly stressed about when it comes to staging and henning.

Wise’s research found that setting a budget that suits everyone was the top struggle for those who have had to organise a stag or hen party in the past – affecting 30 per cent of previous organisers.

Managing money in a big group for a stag or hen do abroad can be tricky, particularly if you’re being asked to pay for things in a different currency before the trip. But with some careful planning and organisation to ensure everyone pays their fair share and expenses are managed effectively - it doesn’t have to be a stressful experience.

Here’s 10 tips to help you manage money when you are organising a stag or hen do:

1. Set a budget

• Determine a budget early on for the entire trip, including accommodation, travel, activities, food, and a contingency fund.
• Ensure everyone in the group feels comfortable with the budget and not dictated to. It’s nice to offer for people to reach out to you directly as the organiser if they are concerned by the total cost. Conversations about money can be uncomfortable, so be considerate and honest.
• Fair distribution: Agree on how expenses will be shared. For example, will the group be covering the costs of the bride / groom? Does everyone feel comfortable with this? Make sure this is all clearly communicated upfront.
• Variations in budget: Consider that not everyone may have the same budget. Be flexible in activities and accommodations to cater to different financial situations.

2. Get deposits from your group before booking

• Ask each member of the group to pay a deposit upfront to secure flights, accommodation and any booked activities to ensure you don’t end up being out of pocket.
• Set a deadline for these deposit payments to ensure everyone commits to the trip early on.

3. Create a dedicated pot

• It’s a good idea to create a pot for paying expenses before and during the trip. Keep everyone informed of how this is looking and any expenses paid in bill splitting apps like Splitwise, Tricount or Settle up. Then, you can use accounts such as Wise or Monzo to send payment request links to your friends with the amount you're owed, or to pay them directly from the app in their chosen currency. Alternatively, a responsible member of the group can set up a pot specifically for the trip and top up their Wise card for expenses in other currencies, and then you can all pay them back once you're all home.

4. Don’t get caught out by Dynamic Currency Conversion when purchasing flights

• The first stage of booking your holiday should be the fun part, getting you all excited for the sunshine and good times. However, many airlines and accommodation booking websites will rip you off through ‘Dynamic Currency Conversion’.

• On the final ‘checkout’ page when booking your flights or accommodation, you might find the currency is converted from pounds to euros or vice versa. Airlines and providers will call this ‘Dynamic Currency’ and tell passengers it’s a ‘guaranteed exchange rate’. Here, you are not getting the real exchange rate but instead a bad exchange rate, which includes a markup.

• You should always compare the rate given by any provider on Google or Reuters to figure out the extra charges.

• If you are using a digital provider like Wise or Monzo that gives a good exchange rate, you should always tick the option of accepting your financial services provider’s exchange rate, as this will give you the best deal.

5. Track expenses

• Use a shared Google spreadsheet or similar tool to track expenses. Include columns for each member’s contributions, payments made, and remaining balances.
• Receipts: Keep receipts for all payments and transactions to reconcile expenses at the end of the trip.
  At the end of the trip, it can be a nice idea to look at any leftover money in your pot and spend it all on the last day.

6. Communication

• Regular updates: Provide regular updates to the group about expenses, payments due and what you’ve got left in your pot.
• Group Discussions: Have open discussions about the budget, any adjustments needed, and upcoming payments. Make sure everyone in the group feels comfortable with the total costs.

7. Emergency Fund

• Contingency plan: Keep a contingency fund for unexpected expenses or emergencies that may arise during the trip that the group will need to pay for.

8 . Look into the fees charged by your bank for using a credit or debit card

• Debit or credit cards can be the most convenient and safe option to spend while you’re away, but using them can be expensive. Banks will often charge hefty transaction fees when spending in another currency and can also charge overseas withdrawal fees if you take out any money from an ATM.
• Make sure you know what fees and charges your bank applies to your card before you go, to make sure your money goes further. In the UK, our research* found that it’s up to 87% cheaper to spend with a Wise card abroad, compared to high street banks, if you’re spending £1000.

9. Avoid unfair exchange rates when withdrawing cash from ATMs

• All cash withdrawals, no matter their size, are exchanged based on the wholesale - the real - exchange rate of the day. If you’re not careful though, you can pay fees that will cancel out any savings.
  Most bank ATMs charge fees. In some cases, these fees are only charged if you aren’t a member of that particular bank. To help avoid these fees, check what foreign banks your local bank partners with.
• With digital providers like Wise you get some fee free withdrawals every month, and low fees after that. Do your homework on the various fees charged, and your balance will thank you later.

10. Always pay in the local currency

• When you are paying for things abroad, you may be asked whether you want to pay in sterling, or in the local currency. If you are using a provider that gives you a true exchange rate, like Wise or Monzo, always select to pay in the local currency, using your own provider’s exchange rate.

And, finally: If you are travelling to a stag or hen abroad this summer, use Wise. We give you the exchange rate you see on Google and charge only a clear, transparent fee, so that you can keep your cash for the fun things you actually want to spend money on.

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