Managing your money in a new country that you have not been to can be a daunting task, but with a plan in place you can take the anxiety out of financial hiccups and get back to enjoying your slow travel experience. Keep reading for finance tips to help you stay on track when living abroad.
- Shop around for flight deals. Skyscanner is my go-to search engine for booking flights because they compare flights and websites around the world to get you the best deal. Have patience when you are looking for flights and keep an open mind to get creative on bringing down costs with extended layovers.
- Be knowledgeable of exchange rates and taxes. Read up on the best strategy for transferring money from your home country based on the exchange rates available, especially if you are making a large transfer to get you started. If you are staying for more than a few months, it may be favorable to open an account at a local bank to cut down on fees. Research finance tips for your specific travel destination and job situation and determine the best course of action for your situation. Additionally, it’s important to keep up with tax payments of your home country and be aware of any tax pay implications in your destination country.
- Create a budget. This may not be the most fun part of your slow travel planning, but it will save you a lot of stress and headaches down the road. It will also take the thought out of financial planning once you are at your destination – leaving more time to enjoy your trip. Whether you are working remotely or taking time off, giving yourself a daily or weekly allowance is helpful to stay on track. There are lots of free budget planners online that can make this process a bit more enjoyable. Once your financial travel plan is in place, it’s a good idea to set up any recurring bills on auto-pay so you can remove the stress of keeping track of due dates while you are traveling.
- Rack up the points. Travel credit cards can be a great perk to earn free flights, cash back, hotel stays and more when used appropriately. In other words – don’t carry a balance and pay monthly interest. When you’re making large purchases such as flights and overnight stays, points will accumulate quickly. If you feel you can handle the discipline of a credit card and paying it off each month, it’s worth comparing different travel cards to find what would give you the most benefit.
- Consider Additional Insurance. Check out travel and expat insurance options to make sure you are covered in the case of theft, health care needs, medications, etc. There are options for travelers that are easily transferred from country to country.
A detailed plan in place may take some time to develop, but it is well worth it to help you enjoy your trip without any worries or questions about how your money is being spent.
If you want clarity on your next steps and create the right action plan for your new chapter, let’s chat!