Tips for managing money while traveling

 Tips for managing money while traveling

Managing money while traveling Whether it's for a weekend in Europe or an adventure on the other side of the world, managing money is clearly not the favorite activity of travelers. However, knowing how to juggle currencies and stick to a budget will allow you to enjoy your trip without worrying (too much) about your wallet. Here are some tips for managing your money while traveling.

Establish and manage a budget

Before leaving, the first thing to do is spend a few hours in front of your screen to gather as much information as possible on the standard of living in your destination country. What is the average price for a dinner in the restaurant, for a room in the city center? You will answer all these questions by browsing forums dedicated to travel, on hotel booking sites, on social networks or on the excellent trip planner A Contresens.

Your budget will also depend on your mode of travel (luxury hotel, shared dormitory or tent under the stars?) and the activities you plan to do on site (hikes and free tours or museums and shopping?).

All this data will give you a first idea of ​​your budget. It is probably easier, to arrive at a figure on paper, to classify future expenses into items: Transport, housing, activities, catering, etc.

When establishing your budget, be careful not to fall into the trap of developing countries! If your destination is a country where the standard of living is low, it is customary to say that life there costs nothing. This is true if you are able to actually live there like all natives, but this is actually rarely the case. So don't be too optimistic.

In order to know if your forecasts were correct, do not hesitate to write down your expenses during your stay in a small notebook. This will allow you to check if you are still within the set range or if you need to adjust your spending.

Before leaving

If you leave the euro zone, the first thing to do is to consult the exchange rate of the currency of the country in which you go (the Oanda site gives you a precise exchange rate which adapts according to the rate of commission, it even offers a handy free smartphone app). Then, contact your bank to find out more about the conditions for credit card payments and what fees will be charged for cash withdrawals (fees vary from simple to triple, outside the EU, depending on the establishment). Some banks offer free withdrawals from their partner banks around the world, others a limited but free number of withdrawals anywhere on the planet... it's up to you to discuss with your advisor and choose the option that seems best to you. more suited to your needs.

It is important to notify your bank of your departure abroad, giving details of your destination and the duration of your stay. Thus, your adviser will not be surprised to see cash withdrawals on the other side of the world, and will not block your card! This simple little gesture will save you a lot of trouble!

It is recommended not to leave with too much money in cash so as not to find yourself out of money in the event of theft, but still enough to be able to spend the first few days without asking too many questions. Similarly, to obtain this cash, you can order foreign currency from your bank before departure, change at an exchange office in your country of origin or even draw money as soon as you arrive at the airport. A quick study on the availability of currencies near you (US dollars are not changed as easily as Colombian pesos!) and the commission rates of your bank and the various exchange offices will allow you to choose the option. most practical and economical. Remember to check with your advisor, because some banks do not charge a commission when you have an account with them.

It can also be interesting to take part of your budget in travelers checks. Indeed these are easily changed and will be refunded in case of loss or theft. For this reason it is essential to note the serial numbers of the checks (as well as those used) which will be requested in the event of a problem. Be careful though, some destinations do not accept this method of payment, remember to inquire beforehand.

 

 So, in addition to your classic card, do not hesitate to get a withdrawal card and open an online bank account, because the card is free. Do not forget to write down the credit card numbers as well as the telephone numbers to call in case of loss or theft.

Money on you

Of course, the age-old question quickly comes back: What to do with my money? A unanimous answer to this question: Do not put all your eggs in one basket!

The most logical thing is to take only the money you need for the day with you and leave the rest in a safe place in your backpack or at the hotel.

We advise you to always have your money in two different places: the first with small denominations, to pay for drinks, restaurants and taxis, and the other for larger expenses. This avoids taking out a large wad of banknotes at any time, and thus attracting the attention of pickpockets. Likewise, we advise you to take one of your credit cards with you and leave the other at the hotel.

You can also get before leaving a money-hiding belt or perhaps more effective, a belly pocket that you can put under your shirt (but also around the thigh or in the back). Another solution is to have a small invisible pocket sewn inside your pants, sweater…. Generally speaking, don't put all your money in one place, but distribute it among your affairs as you see fit.

In countries where you are afraid of theft, do not hesitate to bring a fake wallet where you have slipped a few old loyalty cards and a small amount of money, which will allow you to give the change to a possible pickpocket .

One last tip

Managing your money while traveling also means keeping a small reserve in case something goes wrong. In this area, health concerns are well placed to ruin your vacation, and empty your wallet at the same time. Indeed, your budget can melt like snow in the sun if you have to spend a few days in the hospital, or even worse be repatriated urgently, anywhere in the world. To prevent this risk and leave with peace of mind, consider taking out travel insurance that will cover your health costs on site. With good travel insurance, no more unpleasant surprises and holes in your budget!

Once these money matters are settled, all you have to do is enjoy this long-awaited vacation! And you, do you have any other tips to share for managing your money while traveling?