When you travel often, you learn a lot about the value of money. Material things often become less meaningful and you focus on collecting treasured memories. However, the unfortunate fact is that you need money to travel, and therefore travelers tend to gain a lot of knowledge on the topic (if you want to learn more about money check out this information from Wealthify). So, what does traveling teach us about money?
#How to budget
Sensible travellers want to get the most from their money, and this means learning how to budget. Whilst you could splash the cash easily on a five-star hotel for a week, it’s important to remember that money often needs to last a long time and pay for food, activities and accommodation. This means establishing your budget and setting aside money for each day. You need to learn how to prioritise your spending and make smart, rational decisions. Don’t forget to treat yourself sometimes, too. It’s not worth staying in unpleasant, unhygienic or unsafe places just for the sake of saving a couple of pounds.
#Keeping it safe
Travellers often stay in hostels and don’t bring many possessions with them when they hop from place to place. So, many travellers become skilled in the art of hiding their money. Busy areas with lots of tourists can be full of pickpockets or scam artists who like to trick naive travellers, so it’s important to be careful with your money and not have it on show. This means separating your money into different areas – perhaps keeping some in a bum bag that you wear underneath your clothes, or in your socks or shoes. You may also wish to leave some money in your room in a locked safe. Whatever your tricks, most travellers will learn a great deal about keeping their money safe. Without it, you’ll struggle.
#Currencies and exchange rates
When you regularly travel, you learn about different currencies and exchange rates. Depending on the countries you go to, different currencies can be quite confusing and alien. European cities like Budapest, for example, use Hungarian Forints, and one British Pound equates to around four hundred of these. Or the US Dollar equals 300. It can take a while to get your head around the difference. You can also choose whether to pay in forints or euros, which can be confusing – however, it generally works out cheaper to pay in forints. Many travellers struggle with this at first but quickly become great at working out exchange rates and understanding how to get the most from their money. It’s a great skill to have.
Many travellers also learn how to earn a living from travelling. If you’re going away for long periods of time, the money you’ve saved might not last very long, so you may need to consider ways to create money. Jobs such as au pairing, house sitting, fruit picking or teaching can be great earners that teach valuable skills and feel very rewarding. Who says you can’t make a living from travel?