Planning an around the world trip is easier than you think but probably the most important part is organizing your money situation. I am going to be covering a couple things in this blog, how much you need for a year and how to avoid wasting your money abroad. This will be updated as I travel for new ways to save or avoid blowing that precious money.
First off, how much do you need in an around the world trip? I’ve read that about £20,000 or $25,000 is what you need in total for a year. This covers everything from long haul flights to hostels to the occasional nice hotel to those organized day trips to the organized several day trips to trains planes and automobiles. Obviously this number will be higher if you spend more time in Western Countries conversely drop it if you are only in the third world. A couple things I have noticed that if are in western countries, try not to burn your luxury hotel days there, for example dorm stays in London and Paris will save you money while bumping up to a 5 star hotel in the country of Georgia or India isn’t going to break the bank. Also instead of Hotels, check for nice AirBnBs in big or small cities. You might be surprised what it will cost you for a flat with a hot tub for a couple nights. Be Food and Caffeine conscience. Having worked in finance I hate reading articles from CNBC/Bloomberg on how to save you money by avoiding your daily coffee purchase but at the end of the day its not bad advice. See if your hostel has coffee or tea, pocketing some for later might not be completely kosher but might also save you some money.
Cards – Debit, Credit, and Apps. Keep in mind you probably hold most if not all of your money in a single currency. While abroad you will be pulling out money from atms in different currencies and using credit cards in foreign countries. Be aware of ATM fees, Foreign currency transaction fees, and Currency exchange rates. All are different and can add up. Even if your cards don’t charge additional fees for charging on different currencies (For example, chase sapphire) your bank is probably screwing you on the FX rate they apply to the transaction. This is unavoidable in most situations and it might be better than you get at an airplane FX counter but Apps I have found can save you. I use Revolut and the FX rate they apply isn’t terrible. You can deposit money from your Debit to your Revolut account and change it currencies in the app. You can also get an ATM (contactless) card that will save you from ATM fees. This seems to avoid most ways banks fuck you over.
More to come here..
Culture Capital 