Tips for Managing Your Money On The Road

Everyone says they want to travel, but few do so why is that? When pressed for an answer, most invariably mention its perceived excessive costs. With a strict discipline when it comes to saving and some smart, creative planning, you can wander the world for months at a time without worrying much about your nest egg or your expenses back home.

In this article, we’ll drop a few tips that will help you manage your cash on the road like a pro.

Sign up for online banking

This may sound like a stupid tip, as most of us manage our financial lives online these days. However, there are still a few holdouts who do not trust accessing their bank data through the internet. This fear is quite understandable, but know that most bank websites do value security the most, so in the unlikely event of loss, you can file for a claim, and they can investigate any anomalies on your behalf. These banks also have logs that can check where and which IP Address your account has been accessed from.

Having access to online banking while traveling is a must. By logging on to your account online, you can keep track of your balance and pay your bills. It can also help you budget how much you are overspending, and how much balance is left. Remember: keeping a close eye on your balance is key. You’ll never know if someone wants to skim your cards using ATM machines that you may have used.

With the advantages of online banking, you can also easily transfer money from one account to another. In case you are working on the road, it is easier to replenish your bank account balance through the use of PayPal and through Zelle (if you are based in the United States).

Automate your bills and investments

Set up your credit cards, utility bills, and other expenses to auto pay from your bank account for the full value every month. That way, even if you are out enjoying the beaches of Thailand, know that you can still avoid late charges and your balance will be fully paid of.

Set your investments into reinvest every month so your investments are constantly growing even if you may not have enough income coming in as when you used to have a desk job. If you have a side hustle that involves online work, make sure that the payments go through PayPal, which you can then transfer the proceeds onto your bank account.

The goal is trying to be sustainable in terms of earning and spending when you are out on the road for a long time, whether you have quit your job and gone traveling around the world or you are a digital nomad.

Staying on top of your finances and getting organized is the key to having fun while adulting at the same time.

Draw up a budget relative to each region you visit

Before you depart, do extensive research on the cost of food, accommodation, transport, and activities in the places you plan to visit. This will allow you to set savings goals while you are still in your day job, and it will give you reassurance that you’ll have plenty of money through the duration of your trip.

If you are going to multiple places with varying costs of living, do not apply the same travel budget to both spots. As an example, you won’t budget 1EUR in Paris for a loaf of bread, as compared to 1EUR in Eastern Europe. The prices of goods and services vary a lot if you are going to high cost of living areas vs low cost of living areas (i.e. Thailand is cheaper than Australia).

Research is invaluable, so you don’t get bill shock whenever you are in a different region.

The Art of Doing Nothing

Some nights, though, you’ll need to be boring and stay in – going out and traveling isn’t cheap, and compound that by the number of days you are out and about, exploring the world, well, that adds up.

Some nights, you just want to stay in your accommodation, be it a hotel, a hostel, or an AirBnB. On these nights, it helps to have cheap ways to entertain yourself – thankfully, for the internet, it has enough things to keep you engaged. Whether you read blogs, want to earn more money online, use the internet to watch shows, you are spoiled for choice.

If you are looking for a casino for Canadians, there are plenty of options available on the web – all you have to do is find the one that offers the games and bonuses you like, deposit a bankroll, and you’ll have a ready made entertainment option.

Don’t get us wrong, some people actually earn a little bit of a living by gambling online, but like anything else, moderation is key. Know when to quit, and do not spend more than your discretionary budget for speculative means of earning more money. Otherwise, you may end up in debt, and have to cut your trip short and go home back to your ‘normal’ life.