Running out of money mid-trip is every traveler’s worst nightmare. Whether you are on a short holiday or a lengthy trip to various different countries, traveling on your own or with friends and family, running out of funds for your trip can be a stressful and even frightening experience. But even with stringent planning, anything could happen which could lead to you finding yourself in a foreign country without any money. So, what is the best thing to do to avoid this situation?
#1. Have Travel Insurance
Having a good travel insurance policy will make it easier for you to claim any money back that you spend on emergency situations. For example, if you are sick or injured when traveling and need to pay hospital bills, these will be covered by your travel insurance and will not leave you out of pocket. However, bear in mind that not all travel insurance policies are created equal, so make sure to read the small print — if you are planning any extreme sports, for example, not all policies will cover for injuries as a result of this. And, it is always best to get specialized insurance if you have any pre-existing medical conditions before traveling.
#2. Stick to a Budget
Whilst it is not always possible if the unexpected happens, sticking to a strict budget is the easiest way to ensure that you do not run out of money on your trip. It is a good idea to do some research before you set off, so that you can get a clearer idea of how much you can expect things such as trips and tours, eating out, and shopping for souvenirs to cost in your destination. Then, you can better determine how much money you will need to see, do, and buy everything that you want to, whilst still being able to have some cash set aside for emergencies.
#3. Trust Someone With Emergency Cash
We have all dipped into the emergency stash from time to time, so if you do not trust yourself to leave your emergency cash alone, then it may be a good idea to leave it with somebody that you trust back home. Then, if you find yourself stuck travelling with no money to continue your trip, your friend or relative will be able to send you the cash that you left with them. This can usually be easily done via bank transfer or they could choose to use a service that allows them to send money online to another country quickly.
#4. Find Employment
If you are traveling for quite some time, it may be possible to find employment that will pay you with room and board at the very least. Hostels all around the world are a great place to start, as they are always looking for staff members who will work for them in return for somewhere to stay, which is a great option if you are out of money and cannot afford accommodation. If you need cash, there are several other options to look into, too. You may be able to teach English as a second language, work online, wait tables, bartend, and much more. Just make sure that you have the proper visa and documentation for the country that you are visiting.
#5. Take a Back-Up Card
What if you have money to spend, but lose access to it whilst traveling? Losing or having your bank card stolen can be a really stressful situation and it is not always easy to access a new one since they tend to be sent out to your home address. Even if you could get somebody to send you your card once it arrives, it will take a while. So, have a back-up with you — a credit card or a pre-paid travel currency card are great ideas.
Have you ever run out of or lost access to your money when traveling? We would love to hear from you in the comments.