This post was last updated on December 3rd, 2013
Whether you’re a budget backpacker or a luxury travel connoisseur, chances are you need a reliable way to control and manage your finances when travelling. As long-term travelers ourselves, it is critical that we always have a way to pay bills back home and stay knowledgeable about our savings while on the road. Here are some of the things we’ve learned to keep up to date with our finances:
Use online banking
Traveling the world has never been easier, largely in part to widespread Internet access. No matter where you are, there is almost always a 3G or Wi-Fi connection close by. To make sure you know the state of your finances, check your current account online. The last thing you want is to max out your credit card on that luxury resort and spa. Remember that staying knowledgeable about your finances is only a click away. You can also use online banking to assist in paying bills while traveling; we suggest setting up automatic bill payments to set your mind at ease.
Make a weekly budget
Rather than budgeting for an entire trip, break your budget into one-week increments. If you have extra money one week, you can splurge or save it for the following week’s budget. If you come up short on Friday, know you’ll be living on the cheap for the weekend. Some days you will spend much more than other days; having a weekly budget allows for flux. However, to make this system work, never take ‘money’ from the upcoming week’s budget.
Never travel with too much cash
You never know what might happen, and although you’re not likely to be robbed or pick-pocketed abroad, it is better to be on the safe side. Never travel with too much cash or too many credit cards. Not only is it easier to go over your budget with extra money in hand, you also put yourself at a risk. Keep an emergency fund, and remember that you can always take money out of an ATM from your savings and checking accounts back home.
How do you manage your finances while abroad? Share your top tips in the comments below!