Embarking on an adventure around the globe is one of the most exciting and rewarding things a person can do. Your travel adventures will undoubtedly be full of great stories, but they will also be full of mistakes, which can often turn into pretty expensive mistakes if you don’t know what you’re doing. Money management skills are crucial to ensure your travels go as smoothly as possible.
Setting aside the logistical challenge of using currency for a dozen different countries, you’ll also need to make sure your cash is safe, secure, and protected from the eye-watering fees that travellers often fall victim to. Here’s everything you need to know about managing your money when you’re travelling the world.
The Currency Question
One of the biggest travel money pitfalls is when it comes to currency. If you’re on an American road trip or travelling around the Eurozone, this won’t be a problem. However, if you’re doing a typical backpacker trip through Southeast Asia or South America, then you’ll likely need to use up to a dozen different currencies and you’ll often have to pay in cash. You should always get some currency for your destination before flying, but don’t go crazy. Get yourself a travel money card that allows you to top it up from your bank account and withdraw local currency at local ATMs. Also, consider using traveller’s cheques.
Insurance Pays
Nobody’s travels go perfectly, and that’s part of the fun. However, not being protected from a nasty case of mugging, pick-pocketing, or just an accident that results in the loss of your wallet can really ruin the experience. Always take out proper insurance on your money and belongings before you travel. Leading providers these days offer comprehensive around-the-world insurance that caters specifically to backpackers for as little as $200 for a year, and it is most definitely worth every single penny.
Use Digital Wallets
Fortunately, our smartphones are always here to help us out. The use of digital currency wallets can be a lifesaver if you’re on the road as a safe place to store your money and avoid having to pay exchange fees that foreign and domestic banks will try and charge. Even paying for your entertainment while on the road can be done safely with e-wallets these days. If you’re on a 10-hour bus journey and want to pass the time by playing some online blackjack, you can use an iDebit wallet to keep your money safe and pay for entertainment on the go. Stay clued up by checking out a full list of Casinos that accept iDebit before you go.
Spend it Well
Perhaps most importantly, you need to spend your money wisely! This means avoiding wasting your money on tourist traps and being aware of the tricks that are used to rip naive travellers off. Don’t let anyone you don’t know take you to a bar or restaurant that they recommend, as this can often result in a scam. Always haggle with traders in marketplaces as the first price they quote for something is rarely even close to what they’ll accept. Also, remember to read up on the local tipping customs for each country you visit as you don’t want to offend.
Once you have a smart money strategy, you can travel with peace of mind, so follow these tips to make sure all the things that matter go smoothly.
