Packing up a 70-litre backpack and heading off into the sunset can be a life changing experience. Living ‘on the road’, not knowing with any real certainty where you will be next week is exciting but also challenging and can make budgeting almost impossible. Who knows what opportunities may come up or what problems you’ll need to overcome. Having a flexible and as large a budget as possible is key to really enjoying every moment. However, none of us is made of money so we need to be careful where we spend it, especially when we give up our day jobs and live life out of a bag.
However, savvy travelers are able to make their money stretch a long way. By making certain choices, traveling in certain ways and generally thinking economically you too can make your money last on your journey the long-way round.
Keep up to Date with Foreign Currency Exchange Rates
Traveling from country to country can mean you get a little confused with just how much your pounds are worth. People tend to think that neighbouring countries have similar rates of exchange with British Pounds, but this isn’t always the case. For example, for every £1 in Chile you’ll get roughly 777 Chilean Pesos, but just across the border in Argentina you’ll get seven Argentine Pesos for your Pound. Knowing the latest exchange rate means you’ll avoid getting stung with huge taxi fares and over-priced trinkets. You can convert USD to GBP as well as hundreds of other currencies on Currencies Direct and you can even track changes in the exchange rate so you can stay up to date with the latest values.
The Importance of USD
Speaking of US Dollars, it’s always handy to have USD in your wallet as in many countries, particularly in Africa, American Dollars are more valuable than local currency and can mean you’ll get better deals on accommodation and food plus they can even help you get out of tricky situations. You can convert USD to GDP all over the world, but it’s better to exchange this currency in the UK before you leave, as you’re more likely to get a better rate.
Draw up a Budget
Before you leave work out how much you have to spend each day. Include a maximum amount and the amount you’d ideally like to spend. Keep records on how much you’re spending each day. By keeping day-to-day spending way below your maximum you will then have money to spare when a truly amazing experience presents itself.