Foreign Currency

3 Ways to Manage your Money Overseas

Who doesn’t love escaping the boundaries and limitations of real life; the grind, the rage, the irritating afternoon tirades of your boss and the popcorn crunching desk neighbour who looks over your shoulder and comments on flight prices, based on one time in Europe. Speaking of flight prices, you’ve only just booked your tickets and finalised accommodation, plotting out festival stops and wild nights, quiet days by the Seine or winding tours of monuments often documented in photographs, Facebook feeds and tour booklets. Before you come down with a case of the travel goggles, think about how you’re going to manage the limited cache of coin burning up your savings account.

Leave Your Local Sim Card At Home

It’s no secret running up a phone bill at the best of times can really eat away at your savings, especially when the triple digit charge arrives and you pour over the details, convinced they’ve surely got it all wrong. International roaming is a service available through most providers – what they leave out is the rort of inflated charges and data scares. Save yourself the stress of snippet conversations and stay in touch with your nearest and dearest without watching the minute hand by investing in a travel sim card. Travel sims are tailor made for intrepid junkies, offering unbeatable rates on data and call plans – add a visit to the TravelSim website to your to do list before you leave and get sorted.

Mix It Up

Depending on where you’re jetting off to, carrying local currency, home currency and credit cards will help prepare you for various situation that may arise. Using a Visa or Mastercard may be tempting, especially when travelling in the US or European isles, but do your research first – how much will you be charged as an extra fee? Research the availability of ATM’s that will accept a bank card and shop around on exchange centres – the best rate is not always available at the airport. If you’re nervous about theft, using a pre-paid travel credit card can save you headaches and paranoid glances. Make sure to carry cash and cards in different places on your body and be aware of how much you have; try not to pull out big notes.

Plan and Plan Again

Creating a travel budget will allow you to spend within your means at any given location; unfortunately, you won’t be able to make up a loss or opulent night out on the town (unless you’re working or took paid leave). Keep in mind money won’t be replenished and prices can vary from physical locations to online bookings. Research, organise your time and set aside an emergency slush fund, either in a separate bank account or in an online savings account, pulling in interest until it’s absolutely needed. Eat local, eat street and take chances.

Travel doesn’t have to a laundry list of expenses and horror stories. With a little forethought, you can create a series of contingencies and strategies to ensure you return fresh on Monday morning, ready to bore the office with YOUR adventure tales.

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