Managing Funds
Having initially created a preliminary budget, you are already on the right path to living within your means during your global experience. Staying on budget is vital to the overall success of your experience as it decreases stress and keeps you safe and secure. There are many other practical budgetary elements to consider, however.
Research your host country’s currency and their exchange rates. It may be best to exchange American dollars for the foreign currency prior to departure. Be wary of airport exchange counters and exchange counters at touristy spots.
Contact your bank and credit card company prior to departure, and notify them of the countries you are visiting and when. Otherwise, your bank and credit card company will lock down your card(s) due to suspicious activity. When using an ATM abroad, be aware that there are international fees.
Although you should include an emergency fund and some extra cushion in your budget, it’s a good idea to have a contingency plan in the event that you run short on money. Research various banking apps that allow money to be transferred electronically (i.e. PayPal, Venmo, Zelle etc.). Don’t keep all of your money and cards in one place in the event that you get pickpocketed or lose your wallet.