Managing your money abroad: DOs and DON’Ts

Traveling is an adventure. We buy a ticket, we try to pack light, not too sure of what is waiting for us at the other side of world. We hope for the best, expect the worst and, full of excitement, we hop on a plane, looking at the window, contemplating the clouds, wishing that we could lay on them sometimes. As much as I love living for the moment and welcoming new adventures, there are some stuff that we need to be careful about while we go abroad. Among the list, there is our money.

I can think of a few times where bad financial planning has been a mistake during my travels. However, after a few times, you learn from your mistakes and you become wiser! Isn’t it what life is all about? Learning and improving?

So first things first

SAFETY

You probably heard the expression “Don’t put all of your eggs in the same basket”. Well, this is probably the best advice for someone who is traveling abroad. As much as you try to avoid losing things, stealing happens. I remember the day my wallet got stolen right when I was about to leave Italy for Amsterdam. Thank God I went out the night before and put some cards in my jacket but it was still not a fun thing to experience.

While traveling abroad practice risk diversification! Have 3 different kinds of wallet and put your cards a little everywhere. Always carry the smaller one with you. You could put one of the others in your bag, another one in your carry-on. You get the picture. Just do your best not to have everything in the same place and make sure you have copies of important documents. Also, things like your passport shouldn’t be somewhere easy to find and don’t ever leave money in the luggage that will go under the plane.

NEVER EXCHANGE ALL OF YOUR MONEY

While arriving at your destination you will need to change currency right away for diverse reasons (Taxi, Buses, Food…) Never under any circumstances change all of your money on the same day. Change an amount that will be necessary for the next 2 days. You might be surprise and find a small place next to your hotel that offers a much better rate than the airport!

ALWAYS KEEP SOME MONEY IN YOUR SAVINGS

Don’t carry all of your cash with you. Yes having a credit card must be managedΒ sometimes to limit expenses BUT it is absolutely necessary! Not only will it save you for last minute expenses but it helps you keep your money in a safe place! My advice is to keep it with you at all times. Don’t leave it in your luggage at your hostel/hotel! Do your best to balance things. Some money in the wallet, some on the card.You can never be too careful while traveling.

DON’T ACCEPT SERVICES FROM THE AIRPORT

Let’s face it, we arrive at the airport and we just want to accept what they offer because we don’t know the country and we want to rest! In my experience, airport services go up to 4 times the local prices. When arriving in Thailand I accepted their shuttle service for 150 batts only to realize after that I could’ve walked a little and found a tuktuk for about 30 batts! Local is the way to go, not fancy services!

ASK FOR HALF OF WHAT THEY PROPOSE

Locals know that you are not from here, don’t try to fool them. However, you can always pretend that you’ve visited the city before and that you’ve never been asked such prices! Act smart

THINK LIKE A LOCAL

Don’t spend money just because ‘It is only 2 dollars!’ NO. It might just be 2 dollars but it sure is worth less than that in the country.Don’t let the currencies fool you. Pay what it’s worth.

Last but not least

ALWAYS TRAVEL WITH MORE THAN WHAT YOU THINK YOU’LL NEED

A famous travel quote says to pack half of the clothes we think we will need and take twice the money with us! It is true!

I hope these 7 tips helped and that you will comment bellow to share some experiences with me

xoxo

A travel lover

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