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Whether you are on a short-term holiday or a long-term backpacking trip, it is important that you take control of your financial situation. Otherwise, you could find yourself with a nasty surprise when you check your bank account once you arrive back home again. Though it is easy to get caught up on your adventure, taking a few simple steps to better manage your finances doesn’t have to be all that challenging. Here are just a few simple pieces of advice which can provide you with a major helping hand.
Create a Budget
Unless you are in a very privileged position, you won’t be able to spend like there is no tomorrow while you are travelling. It is a good idea to set yourself a daily budget which you stick to while you are on the road. Obviously, this all depends on how expensive the country that you are visiting is. It is worth doing some research beforehand. It may also be worth setting yourself an emergency fund to dip into in case anything goes wrong along the way.
Keep Track of Your Bank Balance and Other Investments
It is so much easier to keep track of your bank balance than it once was thanks to internet banking. While you are on the road, make a point of checking in from time to time to ensure that there are no unexpected charges or other complications causing you problems. If you have any other investments that you need to account for such as fundrise fees, take the time to check up on these as well. The last thing that you need is for anything to go wrong while you are travelling and you don’t find out until your get back.
Give Yourself Multiple Payment Options
Many countries around the world still deal primarily in cash, so it is a good idea to have some available. You can also keep better track of your spending this way. But it is always useful to have a couple of credit or debit cards with you – especially ones which don’t charge you fees for foreign transactions. You could even look into the travellers’ card option. Don’t store everything in one place in case it gets lost or stolen and you need a backup plan.
Understand the Exchange Rate and Hidden Fees
A lot of travellers suffer as they don’t know the exchange rate of the country that they are in and end up getting ripped off at a bad currency exchange shop. Others get hit with hidden ATM or card machine fees. It is the people who are ignorant of these extra charges who will be the ones who get hit the hardest.
Budgeting while you are on the road is one of the most important and useful tricks that you can learn for your travelling life. These are just a few of the ways that you can get a better handle on your money when you are out globetrotting.
Do you use an app for tracking your budgets, and if so, which one? And which payment options do you use?