{"id":11733,"date":"2018-09-24T09:36:48","date_gmt":"2018-09-24T13:36:48","guid":{"rendered":"https:\/\/www.theprofessionalhobo.com\/?p=11733"},"modified":"2024-06-18T07:35:37","modified_gmt":"2024-06-18T11:35:37","slug":"managing-your-money","status":"publish","type":"post","link":"https:\/\/www.theprofessionalhobo.com\/managing-your-money\/","title":{"rendered":"How to Manage Your Money: The Ultimate Guide to Financial Planning for Travelers"},"content":{"rendered":"\n<p><span style=\"font-weight: 400;\">Being a long-term or full-time traveler throws a whole new set of complications into the already daunting task of how to manage your money.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">In this guide, I cover the basics of financial planning and money management for travelers, all the way from setting a budget, saving money, and dealing with your assets like real estate before you leave, to managing your money while you\u2019re on the road, to advanced topics like retirement planning, debt management, and investment techniques. <\/span><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-medium\"><img loading=\"lazy\" decoding=\"async\" width=\"353\" height=\"600\" src=\"https:\/\/www.theprofessionalhobo.com\/wp-content\/uploads\/2019\/02\/financial-planning-for-travelers-long-term-expat-353x600.jpg\" alt=\"Financial planning is always sticky, but when you're traveling the world? This guide gives you everything you need to manage your money on the road. #FullTimeTravel #TravelPlanning #BudgetTravel #TravelTips #FinancialTravelTips #TravelMoneyAdvice #SaveMoneyTraveling #MakingMoneyWhileTraveling #ExpatLife\" class=\"wp-image-12116\" srcset=\"https:\/\/www.theprofessionalhobo.com\/wp-content\/uploads\/2019\/02\/financial-planning-for-travelers-long-term-expat-353x600.jpg 353w, https:\/\/www.theprofessionalhobo.com\/wp-content\/uploads\/2019\/02\/financial-planning-for-travelers-long-term-expat-602x1024.jpg 602w, https:\/\/www.theprofessionalhobo.com\/wp-content\/uploads\/2019\/02\/financial-planning-for-travelers-long-term-expat.jpg 735w\" sizes=\"auto, (max-width: 353px) 100vw, 353px\" \/><\/figure>\n<\/div>\n\n\n<p><b>Table of Contents<\/b><\/p>\n\n\n\n<p><a href=\"#budget\"><span style=\"font-weight: 400;\">Chapter 1: How to Assess Your Financial Situation Before You Leave and Determine Your Travel Budget<\/span><\/a><\/p>\n\n\n\n<p><a href=\"#manage-finances\"><span style=\"font-weight: 400;\">Chapter 2: How to Organize and Manage Your Finances While Traveling<\/span><\/a><\/p>\n\n\n\n<p><a href=\"#debt\"><span style=\"font-weight: 400;\">Chapter 3: How to Handle Debt When You Want to Travel<\/span><\/a><\/p>\n\n\n\n<p><a href=\"#retirement\"><span style=\"font-weight: 400;\">Chapter 4: How to Save for Retirement While Traveling<\/span><\/a><\/p>\n\n\n\n<p><a href=\"#sharing\"><span style=\"font-weight: 400;\">Chapter 5: Your Money and Others: Things to Consider When Others Are Involved<\/span><\/a><br \/><br \/><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"budget\"><b>Chapter 1: How to Assess Your Financial Situation Before You Leave and Determine Your Travel Budget<\/b><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">If you don\u2019t have a good grasp of your financial situation before you depart for your travels, it\u2019s likely to unravel on you when you\u2019re on the road. Take it from me, I\u2019ve seen it happen &#8211; and you don\u2019t want that. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">In this chapter we talk about how to determine your travel budget, tips to keep expenses low if you\u2019re on a strict budget, and how to decide what to do with your house while you\u2019re abroad.<\/span><br \/><br \/><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">How Much Money Do You Need to Travel the World?<\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">Here we go; the million dollar question (<\/span><i><span style=\"font-weight: 400;\">for which hopefully the answer isn\u2019t \u201ca million dollars\u201d<\/span><\/i><span style=\"font-weight: 400;\">): <\/span><b>How much money do you need to start traveling?<\/b><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">If I could give you a number, I would.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Unfortunately, it\u2019s not that easy.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Instead, here are some questions to ask yourself that will help you define your travels, set a travel budget, and figure out how much to start with:<\/span><br \/><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">Define Your Trip<\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><b>How long will my trip be?<\/b><\/li>\n\n\n\n<li><b>Where am I going? <\/b><span style=\"font-weight: 400;\">(Pay attention to the cost of living\/traveling through those countries. Websites like <\/span><a rel=\"noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.budgetyourtrip.com\/\" target=\"_blank\"><span style=\"font-weight: 400;\">Budget Your Trip<\/span><\/a><span style=\"font-weight: 400;\"> can help you estimate these expenses.)<\/span><\/li>\n\n\n\n<li><b>Where am I starting? <\/b><span style=\"font-weight: 400;\">(People who live in Australia and New Zealand, for example, need to pay a lot to go abroad due to their relative isolation, but can also get great deals on <\/span><a rel=\"noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.bootsnall.com\/rtw\/\" target=\"_blank\"><span style=\"font-weight: 400;\">Round-The-World (RTW)<\/span><\/a><span style=\"font-weight: 400;\"> tickets, which are usually least expensive when starting there.)<\/span><\/li>\n\n\n\n<li><b>What do I want to do?<\/b><span style=\"font-weight: 400;\"> (Volunteering can reduce your expenses; skydiving won\u2019t.)<\/span><\/li>\n\n\n\n<li><b>Why am I going?<\/b><span style=\"font-weight: 400;\"> Are you expecting all-inclusive vacations in Europe, or rustic home-stays, or are you on a mission to conquer mountains, or do you want to hit the backpacker trail?)<\/span><br \/><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">Assess Your Income<\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><b>Do I have a business to provide an income along the way?<\/b><span style=\"font-weight: 400;\"> (If so, what do you need \u2013 financially and logistically \u2013 to operate this business?) <\/span><i><span style=\"font-weight: 400;\">See also <\/span><\/i><a href=\"https:\/\/www.theprofessionalhobo.com\/location-independent\/\"><i><span style=\"font-weight: 400;\">The Beginner\u2019s Guide to Going Location Independent<\/span><\/i><\/a><i><span style=\"font-weight: 400;\">.<\/span><\/i><\/li>\n\n\n\n<li><b>Am I eligible for a <a href=\"https:\/\/www.theprofessionalhobo.com\/make-money-while-traveling\/#working-holiday-visa\">Working Holiday Visa<\/a>?<\/b><\/li>\n\n\n\n<li><b>How long will it take me to find a job?<\/b><span style=\"font-weight: 400;\"> (This depends on your skills and how in-demand they are where you\u2019re going, and whether or not you can work legally.)<\/span><\/li>\n\n\n\n<li><b>Is my trip short enough that I can do it on savings alone? <\/b><span style=\"font-weight: 400;\">(If your trip is under six months, worrying about getting work along the way will infringe on your travel experience. If you can, do it on savings and \u201csave\u201d yourself the hassle.)<\/span><br \/><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">Remember Insurance &amp; Emergencies<\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><b>How much is <a href=\"https:\/\/www.theprofessionalhobo.com\/travel-insurance-guide\/\">travel insurance coverage<\/a>?<\/b><\/li>\n\n\n\n<li><b>For my emergency fund, how much do I need to get home in a pinch?<\/b><br \/><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">Define Your Ideal Travels Before You Leave<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">My partner who I started traveling with wasn\u2019t in a stellar financial situation. We left before he reached his savings goal (and with some lingering debts to boot), on the premise that he could find work along the way. Although he was periodically able to do so, finding jobs was tougher than anticipated.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Despite my financial planning background, we had trouble predicting what our travels would cost (in 2006 there weren\u2019t nearly the online tools available that there are today), and thus how much money we needed to hit the road. So we threw our hands up and just took the leap of faith we knew we had to, and figured we\u2019d learn how to swim once we were in the water.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Which we did. But the water ran deep, and it made for some trying times.<\/span><\/p>\n\n\n\n<p><b>It takes time to define your ideal travels and put a general price tag to it.<\/b><span style=\"font-weight: 400;\"> But it\u2019s 100% worthwhile, and can also be a fun exercise in dreaming about what you want to do and where. <\/span><\/p>\n\n\n\n<p><i><span style=\"font-weight: 400;\">Things may change along the way, but as long as you have the money \u2013 or the ongoing income \u2013 to keep up with Plan A, then Plan B can be tweaked accordingly.<\/span><\/i><br \/><br \/><\/p>\n\n\n\n<p class=\"has-text-align-left has-normal-font-size\"><strong>NEXT UP: Once you have established your travel budget, you may need to reduce your expenses to save money! Check out these <a href=\"https:\/\/www.theprofessionalhobo.com\/how-to-save-money-to-travel-by-drastically-cutting-expenses\/\">creative strategies for reducing your fixed expenses<\/a> and save up to $4,000\/year extra. <\/strong><br \/><br \/><br \/><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">Tips to Stay Within a Strict Travel Budget<\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">A reader once wrote me with the following question:<\/span><\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><i><span style=\"font-weight: 400;\">I read an article you wrote about being able to travel for <\/span><\/i><a href=\"https:\/\/www.theprofessionalhobo.com\/my-cost-of-full-time-travel-in-2010-less-than-you-may-think\/\"><i><span style=\"font-weight: 400;\">1 year for $17,000<\/span><\/i><\/a><i><span style=\"font-weight: 400;\">. <\/span><\/i><\/p>\n\n\n\n<p><i><span style=\"font-weight: 400;\">My idea is to do long-term work exchange, maximum 2-3 different places, possibly not too far from each other and only the ones which offer accommodation and food. My goal is to spend no more than $6,000\/year. Is this totally unrealistic?<\/span><\/i><\/p>\n<\/blockquote>\n\n\n\n<p><span style=\"font-weight: 400;\">This is a great question. You could probably keep your travel budget that low, providing you do a few things:<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">1) <\/span><b>Don\u2019t travel internationally (stay on your continent).<\/b><span style=\"font-weight: 400;\"> The farther you go, the more you\u2019ll pay to get there (and back). A return flight from North America to Asia or Australasia is $1,000 \u2013 $1,500 \u2013 that\u2019s up to 25% of your annual budget right there.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">2) <\/span><b>Volunteer at places that provide both accommodation and meals.<\/b><span style=\"font-weight: 400;\"> These tend to be out-of-the-way locations, often quite rural, so you don\u2019t really have a chance to spend money on anything other than food and accommodation \u2013 which is covered. (In my experience if I\u2019m in a city, I spend more money). <\/span><i><span style=\"font-weight: 400;\">See also: <\/span><\/i><a href=\"https:\/\/www.theprofessionalhobo.com\/travel-tips-resources\/get-free-accommodation-around-world\/\"><i><span style=\"font-weight: 400;\">How to Get Free Accommodation Around the World<\/span><\/i><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">3) <\/span><b>Travel slooooooooowly. <\/b><span style=\"font-weight: 400;\">A minimum of 2-3 months in each destination is good, and like you say, if they\u2019re pretty close to together you\u2019ll save further travel expenses. <\/span><i><span style=\"font-weight: 400;\">See also: <\/span><\/i><a href=\"https:\/\/www.theprofessionalhobo.com\/1-reason-love-slow-travel\/\"><i><span style=\"font-weight: 400;\">The #1 Reason Why I Love Slow Travel<\/span><\/i><\/a><i><span style=\"font-weight: 400;\">.<\/span><\/i><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">If you are <\/span><a href=\"https:\/\/www.theprofessionalhobo.com\/the-creative-guide-to-free-or-cheap-accommodation\/\"><span style=\"font-weight: 400;\">volunteering in exchange for food\/accommodation<\/span><\/a><span style=\"font-weight: 400;\">, your only expenses will be toiletries and personal effects, extras like drinks or trips into town (depending on where you are), and \u2013 this one\u2019s a biggie \u2013 the travel expenses you incur between volunteer gigs. This is where you\u2019ll rack up accommodation, food, and transportation expenses that can easily get out of hand, especially if you are coming out of 2-3 months of rural life and are suddenly in a city trying to recoup, restock, and rejig.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">My cost of full-time travel is certainly not the same as other people\u2019s costs, and this reader was not the first person to ask me if it can be done for under $10,000. It\u2019s a matter of personal priorities, travel goals, and lifestyle choices. (<em>Read: <a href=\"https:\/\/www.theprofessionalhobo.com\/how-to-create-a-long-term-travel-budget-financially-sustainable-travel\/\">Financially Sustainable Travel: How to Create Your Own Long-Term Travel Budget<\/a>)<\/em><\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Check out the down-and-dirty details of my exact cost of full-time travel in my <\/span><a href=\"https:\/\/www.theprofessionalhobo.com\/category\/annual-expense-income-reviews\/\"><span style=\"font-weight: 400;\">annual expense and income reports<\/span><\/a><span style=\"font-weight: 400;\">!<\/span><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-medium\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"399\" src=\"https:\/\/www.theprofessionalhobo.com\/wp-content\/uploads\/2018\/09\/how-to-manage-your-money-selling-your-house-to-travel-600x399.jpg\" alt=\"how to manage your money - selling your house to travel\" class=\"wp-image-11734\" srcset=\"https:\/\/www.theprofessionalhobo.com\/wp-content\/uploads\/2018\/09\/how-to-manage-your-money-selling-your-house-to-travel-600x399.jpg 600w, https:\/\/www.theprofessionalhobo.com\/wp-content\/uploads\/2018\/09\/how-to-manage-your-money-selling-your-house-to-travel-300x200.jpg 300w, https:\/\/www.theprofessionalhobo.com\/wp-content\/uploads\/2018\/09\/how-to-manage-your-money-selling-your-house-to-travel-768x510.jpg 768w, https:\/\/www.theprofessionalhobo.com\/wp-content\/uploads\/2018\/09\/how-to-manage-your-money-selling-your-house-to-travel-1024x680.jpg 1024w, https:\/\/www.theprofessionalhobo.com\/wp-content\/uploads\/2018\/09\/how-to-manage-your-money-selling-your-house-to-travel.jpg 1920w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/figure>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">What to Do With Your House While You Travel<\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">If you rent your current place of accommodation, your decision will be whether to sublet, leave it empty, or move out. Criteria for this decision may include how long you\u2019re traveling for, whether there\u2019s a penalty for breaking your lease, and whether your lease permits subletting. (Most leases expressly forbid using services like AirBnB). <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">If you own your house, it\u2019s a wee bit more involved, but the options are similar: rent it out while you travel, or sell it before you leave.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">To help you decide which option is best for you here are some things to consider:<\/span><br \/><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">Renting Your House Out While You Travel<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">There&#8217;s a lot to think about when renting your house out while you travel. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">You\u2019ll need to either hire a property management company or get friends\/family to manage the tenants for you. (For example: if tenants leave or there are repairs, you don\u2019t want to be getting overseas phone calls &#8211; you need somebody on the ground to take care of these things as they arise, and to search for new tenants if needs be). <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">You also need to be comfortable with someone else living in your home while you\u2019re abroad &#8211; for some people, this is too stressful. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">If you can see your way to doing it though, it\u2019s a very wise strategy, since <\/span><b>you will have an appreciating asset to come home to; one that has also been generating a passive income for you while you travel.<\/b><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Speaking of passive income, if the house is fully paid off, the rent money can be used to cover off property taxes and other home-ownership expenses, and the rest can pad your travels. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">If you still owe money on your mortgage, then the rent money can be used to continue to pay it off, no sweat.<\/span><br \/><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">Selling Your House Before You Travel<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">Selling your house can have just as many things to consider before you pull the trigger.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">For example, what is the current real estate market doing in your neighbourhood and surroundings? <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">If you can sell the house for a gain over what you bought it at, it may be worthwhile to do so and solidify your gains. (Don\u2019t forget to factor in the <\/span><a href=\"https:\/\/www.theprofessionalhobo.com\/filing-taxes-as-a-digital-nomad-everything-you-need-to-know\/\"><span style=\"font-weight: 400;\">tax consequences<\/span><\/a><span style=\"font-weight: 400;\"> \u2013 if any \u2013 of doing so, depending on where you live). Yes, you will miss out on any future gains in value by selling, but if you know your market you\u2019ll know whether the projected gains will be worthwhile for you.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Here are some other reasons to consider selling your property: <\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span style=\"font-weight: 400;\">You were planning on downsizing anyway<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">You can&#8217;t afford to pay the mortgage while you&#8217;re away (even with rental income, or if you&#8217;re unwilling\/unable to rent)<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">You don&#8217;t want to be concerned about it while you&#8217;re abroad<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">You need the money for something else (consider where you&#8217;ll live later on, and how you&#8217;ll afford it if you spend the property sale proceeds)<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">It&#8217;s a market timing opportunity (be careful of timing markets; even if you lock in inflated gains with the sale, nothing is guaranteed \u2013 including where the market is headed)<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">You want to relocate, but don&#8217;t know where to yet<\/span><\/li>\n<\/ul>\n\n\n\n<p><span style=\"font-weight: 400;\">If you sell the house, you also need to think about how much money you want available for when you return. You may want to buy another house (and furnish it, along with all the other costs that can come with buying a house). <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">If this is the case, beware of spending too much (if any) of the house proceeds on your travels. <\/span><b>Stash away the amount you want to keep for your return in a separate account or investment so you won\u2019t be tempted to spend it on impulse abroad. <\/b><i><span style=\"font-weight: 400;\">(More on investment choices and vehicles in Chapter 2)<\/span><\/i><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">I personally chose to sell the lot to keep my options open on the road, and I\u2019m happy I did it this way, since my travels are open-ended. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">But it all boils down to you, where you live, how long you plan to be away, and what \u201csecurity\u201d means to you.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">And don\u2019t forget: if you are traveling for a fixed time period and you want your home (and perhaps even pets) to be well-loved in your absence, you can consider <\/span><a href=\"https:\/\/www.theprofessionalhobo.com\/the-creative-guide-to-free-or-cheap-accommodation\/\"><span style=\"font-weight: 400;\">getting house-sitters or doing a home exchange<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><\/p>\n\n\n\n<p><a href=\"#top\">Back to Top^<\/a><br \/><br \/><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"manage-finances\"><b>Chapter 2: How to Organize &amp; Manage Your Finances While Traveling<\/b><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">Financial planning and managing your finances is about more than just your budget and how you carry\/access\/spend your money <em>(which I cover in detail in my <\/em><\/span><em><a href=\"https:\/\/www.theprofessionalhobo.com\/travel-money-guide\/\"><span style=\"font-weight: 400;\">Ultimate Guide to Traveling With Money<\/span><\/a><\/em><span style=\"font-weight: 400;\"><em>)<\/em>. It\u2019s also important to consider the bigger picture and how your money is being saved and invested while you travel. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">In this chapter, we talk about all the different accounts you might need to organize and grow your finances while you travel, as well as how to keep an eye on them in the day-to-day and in the longer term.<\/span><br \/><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">Choosing The Right Bank For You<\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">In my <\/span><a href=\"https:\/\/www.theprofessionalhobo.com\/travel-money-guide\/\"><span style=\"font-weight: 400;\">Ultimate Guide to Traveling With Money<\/span><\/a><span style=\"font-weight: 400;\">, I discuss using ATMs, debit cards, and credit cards on the road.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">But what about <\/span><i><span style=\"font-weight: 400;\">banking<\/span><\/i><span style=\"font-weight: 400;\"> on the road? For example, what banking institution do you start with?<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Vague Answer: It depends on where you\u2019re from. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">While I\u2019m hesitant to recommend specific institutions since your country of origin has a lot to do with what\u2019s available, here are some criteria for choosing a bank account that will serve you well while you travel:<\/span><br \/><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><b>The more branches they have around the world, the better.<\/b><\/h4>\n\n\n\n<p><span style=\"font-weight: 400;\">Generally if you use an ATM associated with your home bank, the withdrawal fees will be minimal if anything, and the scope of services will be more comprehensive. HSBC tends to be a favourite among travelers for this reason, with more ATMs around the world than most \u2013 if not all \u2013 other banks.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">However, don\u2019t expect the bank abroad to be able to manage all the things you might do at a bank at home; just because it has the same name doesn\u2019t mean it\u2019s 100% connected. &nbsp;<\/span><br \/><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><b>Keep monthly fees low.<\/b><\/h4>\n\n\n\n<p><span style=\"font-weight: 400;\">When choosing the specific bank account within any institution, you obviously don\u2019t want to pay an exorbitant monthly fee. (In fact, paying nothing is even better). <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Some bank accounts waive the fees if you maintain a certain minimum balance; but make sure the minimum balance in question isn\u2019t too high, since your financial risk is higher if your <\/span><a href=\"https:\/\/www.theprofessionalhobo.com\/travel-money-guide\/#debit_card\"><span style=\"font-weight: 400;\">debit card<\/span><\/a><span style=\"font-weight: 400;\"> is stolen and your account cleaned out. To minimize the risk of having your account cleaned out, you can also set maximum daily and weekly withdrawal limits for your account. &nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Then again, sometimes paying a small monthly fee and getting a certain number of transactions for free is worthwhile. This will depend on your personal banking style; how many ATM withdrawals or debit transactions you expect to make, whether or not you write cheques, etc.<\/span><br \/><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><b>Go paperless, and sign up for online banking.<\/b><\/h4>\n\n\n\n<p><span style=\"font-weight: 400;\">Managing banking online is essential for travelers, and there\u2019s no point in paper statements coming to an address you\u2019re not occupying. &nbsp;<\/span><br \/><br \/><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">What I do:<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">I\u2019ve stuck with the same bank since childhood, and regardless of whether it\u2019s the best bank to use for travel, it serves me pretty well. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">I have the \u201call-inclusive\u201d account service option, which gives me unlimited free foreign ATM withdrawals and other perks. I save on the $30\/monthly fee by maintaining a minimum balance of $5,000 (which may seem like a lot, but saving $30\/month is worth it, and the $5,000 minimum balance serves as my emergency fund). &nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">And I am able to do all my banking online, which is a must for getting paid and maintaining a <\/span><a href=\"https:\/\/www.theprofessionalhobo.com\/location-independent\/\"><span style=\"font-weight: 400;\">location independent business<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">But remember: whenever you access your bank accounts online, <\/span><a href=\"https:\/\/www.theprofessionalhobo.com\/travel-security\/#vpn\"><span style=\"font-weight: 400;\">be sure to use a VPN<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-medium\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"391\" src=\"https:\/\/www.theprofessionalhobo.com\/wp-content\/uploads\/2018\/09\/online-banking-for-travelers-how-to-manage-your-money-600x391.jpg\" alt=\"online banking for travelers - how to manage your money\" class=\"wp-image-11735\" srcset=\"https:\/\/www.theprofessionalhobo.com\/wp-content\/uploads\/2018\/09\/online-banking-for-travelers-how-to-manage-your-money-600x391.jpg 600w, https:\/\/www.theprofessionalhobo.com\/wp-content\/uploads\/2018\/09\/online-banking-for-travelers-how-to-manage-your-money-768x500.jpg 768w, https:\/\/www.theprofessionalhobo.com\/wp-content\/uploads\/2018\/09\/online-banking-for-travelers-how-to-manage-your-money-1024x667.jpg 1024w, https:\/\/www.theprofessionalhobo.com\/wp-content\/uploads\/2018\/09\/online-banking-for-travelers-how-to-manage-your-money.jpg 2000w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/figure>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">Managing Your Online Savings Accounts While Traveling<\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">Generally speaking, your travel savings (in both accumulation and redemption modes) should be invested very conservatively, since you\u2019ll have a relatively short time frame to needing the money, and can\u2019t afford to lose value in a market fluctuation. <\/span><\/p>\n\n\n\n<p><b>Online high-interest savings accounts<\/b><span style=\"font-weight: 400;\"> are ideal for this purpose.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">They offer better yields than regular bank checking\/savings accounts, they\u2019re more secure (since debit card access is often restricted or impossible), and they are great vehicles for saving money to travel.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Here are some tips for using a high-interest savings account to save for travel, and accessing that money while you\u2019re traveling.<\/span><br \/><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">Saving for Travel<\/span><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><b>Make it Automatic<\/b><\/h4>\n\n\n\n<p><span style=\"font-weight: 400;\">While you\u2019re in accumulation mode, set up an automatic transfer of money from your bank account to your travel savings account. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">If you set it up to coincide with your paychecks, you\u2019ll be effectively \u201cpaying yourself first\u201d. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">And if you\u2019re really dedicated to saving for travel, you can take any surplus funds after your bills are paid and manually transfer that over to your travel savings account, too!<\/span><br \/><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">Accessing Savings While Traveling<\/span><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><b>Give it a Few Days<\/b><\/h4>\n\n\n\n<p><span style=\"font-weight: 400;\">One of the things I like about keeping my travel savings tucked away in a separate high-interest online savings account is that I can\u2019t access it instantly. So if I end up in a sticky situation and my ATM card is <\/span><a href=\"https:\/\/www.theprofessionalhobo.com\/travel-security\/#manage_finances\"><span style=\"font-weight: 400;\">compromised<\/span><\/a><span style=\"font-weight: 400;\">, my financial liability is limited to the minimum balance I keep in my bank account (and my preset withdrawal limits).<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">But the flip side is when I <\/span><b>need<\/b><span style=\"font-weight: 400;\"> money from my travel savings account, it takes a few days for it to transfer through to my bank account. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Although I\u2019ve never had any trouble with this, it does take a little forethought and preparation to ensure the funds are there when you need them.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">If you anticipate needing a regular stream of income from your travel savings account, you can set up an automatic redemption plan, just as you did while accumulating. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Most banks have money market accounts, or some kind of high-interest savings account you can use. I like using Tangerine for my high-interest travel savings, and have had no complaints.<\/span><br \/><\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Special Deal for <a href=\"https:\/\/www.theprofessionalhobo.com\/welcome-professional-hobo\/\">Professional Hobo <\/a>Readers in Canada<\/h4>\n\n\n\n<p>Tangerine (formerly ING) wants to give you a bonus for opening your own savings account! When you open an account with a minimum $250 balance, they\u2019ll give you up to a $50 bonus. It\u2019s like an instantaneous 20% return on your money!<\/p>\n\n\n\n<p><strong>To take advantage of this offer, simply&nbsp;<\/strong><a rel=\"noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.tangerine.ca\/en\/referafriend\/index.html\" target=\"_blank\"><strong>open an account<\/strong><\/a><strong>&nbsp;with this link and enter the following \u201cOrange Key\u201d when prompted:<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>15312741S1<\/strong><\/p>\n\n\n\n<p><em>Note: This may or may not work for readers of different countries (I\u2019m not sure, but it\u2019s possibly only a Canadian\/U.S. discount code). But for the bonus money, it\u2019s worth a shot!<\/em><br \/><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">Other Tips for Managing Your Online Savings Account On The Road<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">Here are some tips for using and managing your online savings accounts effectively as <a href=\"https:\/\/www.theprofessionalhobo.com\/what-makes-you-a-traveler\/\">a traveler:<\/a><\/span><br \/><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><b>Two-Factor Authentication<\/b><\/h4>\n\n\n\n<p><span style=\"font-weight: 400;\">Having an extra layer of security during the login process is ideal. The harder it is for people to hack into your accounts, the better.<\/span><br \/><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><b>No Fees<\/b><\/h4>\n\n\n\n<p><span style=\"font-weight: 400;\">Online savings accounts have pared-down services (since everything is online); thus the fees should be similarly pared-down. All you should need to do with your travel savings account is move funds to and fro between your bank account \u2013 which should never carry a fee.<\/span><br \/><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><b>Check With Your Bank<\/b><\/h4>\n\n\n\n<p><span style=\"font-weight: 400;\">Your bank might offer a high-interest online savings account, which will make it even easier to transfer funds between accounts. (But again \u2013 check for fees!)<\/span><br \/><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><b>Set up Dedicated Accounts<\/b><\/h4>\n\n\n\n<p><span style=\"font-weight: 400;\">I have an online savings account for my taxes, one for savings, and one as a \u201cslush fund\u201d where I invest extra earnings from my higher-income months (to use as needed during lower-income months).<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Compartmentalizing each savings goal helps you track your progress better. More on this concept in the next section.<\/span><br \/><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><b>Watch Your Balance<\/b><\/h4>\n\n\n\n<p><span style=\"font-weight: 400;\">If you have a lot of money in your online savings account (and you don\u2019t have an immediate need for it all), consider moving some of it into a longer-term investment that will get you a better return. You don\u2019t have to go crazy and risk it all (or any of it), but if you can afford to let it sit for a while, consider bonds (if you want a guarantee) or low-risk mutual funds. More on this below. &nbsp;<\/span><br \/><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><b>Don\u2019t Forget to Use a VPN<\/b><\/h4>\n\n\n\n<p><span style=\"font-weight: 400;\">I can\u2019t emphasize this enough; a VPN is an absolute essential while you travel, especially when it comes to accessing websites with sensitive or private information. <\/span><a href=\"https:\/\/www.theprofessionalhobo.com\/travel-security\/#vpn\"><span style=\"font-weight: 400;\">Here\u2019s everything you need to know<\/span><\/a><span style=\"font-weight: 400;\">, along with my personal recommendations and tips for use. <\/span><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-medium\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"400\" src=\"https:\/\/www.theprofessionalhobo.com\/wp-content\/uploads\/2018\/09\/financial-planning-tips-for-travelers-investing-600x400.jpg\" alt=\"financial planning tips for travelers - investing\" class=\"wp-image-11736\" srcset=\"https:\/\/www.theprofessionalhobo.com\/wp-content\/uploads\/2018\/09\/financial-planning-tips-for-travelers-investing-600x400.jpg 600w, https:\/\/www.theprofessionalhobo.com\/wp-content\/uploads\/2018\/09\/financial-planning-tips-for-travelers-investing-300x200.jpg 300w, https:\/\/www.theprofessionalhobo.com\/wp-content\/uploads\/2018\/09\/financial-planning-tips-for-travelers-investing-768x512.jpg 768w, https:\/\/www.theprofessionalhobo.com\/wp-content\/uploads\/2018\/09\/financial-planning-tips-for-travelers-investing-1024x683.jpg 1024w, https:\/\/www.theprofessionalhobo.com\/wp-content\/uploads\/2018\/09\/financial-planning-tips-for-travelers-investing.jpg 2000w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/figure>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">Where to Invest Your Travel (and Other) Savings<\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">Where do you invest your travel savings when you\u2019re accumulating money for a big trip? How do you invest and draw down on it while you\u2019re on the road? And what about other savings, like retirement, or the proceeds of the sale of your house?<\/span><\/p>\n\n\n\n<p><b>Welcome to the wonderful world of asset allocation.<\/b><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">There is no template answer to these questions. <\/span><b>Your personal asset allocation plan depends on your age, time frame, goals, income needs, and stomach for volatility.<\/b><span style=\"font-weight: 400;\"> And depending on your goals (you can have multiple investment goals, independent of one another), you might have different asset allocation plans for different investments.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Here is my asset allocation plan:<\/span><br \/><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">Travel Savings: \u201cCash\u201d<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">This is a high-interest guaranteed savings account that I draw on when needed, or add to if my income exceeds my expenses, as it often does. <\/span><br \/><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">Household Sale Proceeds: Moderate Conservative<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">I initially invested the proceeds from selling everything I owned in a Conservative account, so that I\u2019d have the money available to me whenever I wanted to set up a place again. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">But a few years into my full-time travels, I realized I wouldn\u2019t likely be \u201c<\/span><a href=\"https:\/\/www.theprofessionalhobo.com\/why-settle-down-is-a-bad-word-or-not\/\"><span style=\"font-weight: 400;\">settling down<\/span><\/a><span style=\"font-weight: 400;\">\u201d any time soon, so I increased the risk profile of the account to Moderate Conservative to take advantage of some potentially higher growth.<\/span><br \/><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">Retirement Savings: Moderate Aggressive<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">All of my working life before I started traveling full-time, I saved a percentage of my pay for retirement. Although I joke that I \u201cretired\u201d at the age of 30 to pursue my full-time travel dreams, this money remains tucked away for a time when I\u2019m unable (or unwilling) to work or earn an income. <\/span><i><span style=\"font-weight: 400;\">(More on this in Chapter 4)<\/span><\/i><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">I have some registered (called RRSPs in Canada) and non-registered money invested under the retirement umbrella, but since I anticipate my golden years are a few decades away yet, I\u2019ve invested it moderate aggressively to take advantage of long-term average returns (despite short-term fluctuations).<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">If you\u2019re not sure what constitutes various investment profiles like \u201cmoderate aggressive\u201d or \u201cmoderate conservative\u201d, check out my article <\/span><a rel=\"noopener\" href=\"https:\/\/www.creditwalk.ca\/dear-nora-why-asset-allocation-is-critical-to-your-travel-plans\/\" target=\"_blank\"><span style=\"font-weight: 400;\">Why Asset Allocation is Critical to Your Travel Plans<\/span><\/a><span style=\"font-weight: 400;\"> for a comprehensive introduction to Asset Allocation, along with some profile examples so you can figure out where you fit into the mix. <\/span><br \/><br \/><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">Having an Emergency Fund While Traveling<\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">Stuff happens while we\u2019re on the road. I\u2019ve been caught in the midst of natural disasters (three, to be exact), been in hospitals (too many for my liking), had laptops destroyed, and worn through <\/span><a href=\"https:\/\/www.theprofessionalhobo.com\/wheeled-backpacks-why-theyre-the-best-and-tips-for-buying-one\/\"><span style=\"font-weight: 400;\">travel gear<\/span><\/a><span style=\"font-weight: 400;\"> that needed immediate replacement regardless of whether it was convenient or cost-effective at the time.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">And though (knock on wood) it hasn\u2019t happened to me, there are also times when \u2013 no matter where you are, or what you\u2019re doing \u2013 you need to go home. Immediately.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Sometimes, you simply must dip into your wallet whether or not you want to.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Whether or not you <\/span><i><span style=\"font-weight: 400;\">can<\/span><\/i><span style=\"font-weight: 400;\"> is not a question that comes into play. You have to.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">For these instances, having an emergency fund will be useful.<\/span><br \/><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">How Much to Have<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">My rule of thumb for an emergency fund is to have the ability to get on a plane from anywhere in the world to home on a moment\u2019s notice. If you have enough money to do that, you probably have enough money to cover off just about any emergency that comes your way.<\/span><br \/><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">How to Save\/Invest It<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">Most of us don\u2019t have a few thousand dollars kicking around \u201cjust in case\u201d. If you do, great. Set it aside in a separate dedicated travel savings account reserved for emergencies, and you\u2019re golden.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">If you don\u2019t have that sort of extra cash, an alternative is to carry a <\/span><a href=\"https:\/\/www.theprofessionalhobo.com\/travel-money-guide\/#credit_card\"><span style=\"font-weight: 400;\">credit card<\/span><\/a><span style=\"font-weight: 400;\"> with enough room to deal with emergencies, and never to spend beyond this emergency threshold. (If you carry a dedicated emergency credit card, make sure you still use it from time to time to avoid having it cancelled out from under you for non-use). <\/span><br \/><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">Hedging your Bets<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">There are ways you can hedge your bets and reduce possible emergency expenses (or at least be able to deal with them effectively). For example, <\/span><a href=\"https:\/\/www.theprofessionalhobo.com\/travel-insurance-guide\/\"><span style=\"font-weight: 400;\">travel insurance<\/span><\/a><span style=\"font-weight: 400;\"> will ensure you aren\u2019t saddled with unexpected medical bills. This has come in handy for me on more than one occasion.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">It\u2019s also a good idea to <\/span><a href=\"https:\/\/www.theprofessionalhobo.com\/travel-money-guide\/#how_many\"><span style=\"font-weight: 400;\">carry more than one credit or debit card<\/span><\/a><span style=\"font-weight: 400;\">, in case one is compromised and you need access to cash quickly.<\/span><br \/><br \/><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">Tracking Expenses While Traveling<\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">Sticking to a budget while traveling is considerably more difficult than when you\u2019re at home and have relatively fixed expenses. On the road, anything goes, and your spending can fluctuate wildly from day to day. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">So, if you have a budget, the only way to know whether you\u2019re on-target is to track your expenses. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">I\u2019ve been tracking my expenses for years. It\u2019s the first thing you do if you\u2019re establishing a budget (in any circumstances, not just travel), and the only way to analyze how you\u2019re spending so you can make adjustments if necessary. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">And while tracking expenses may seem like a drag, it doesn\u2019t have to be. Enter: TravelSpend.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The Best Travel Budget App: TravelSpend<\/h3>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignleft size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"200\" height=\"191\" src=\"https:\/\/www.theprofessionalhobo.com\/wp-content\/uploads\/2021\/09\/Trail-Wallet.jpg\" alt=\"trail wallet - the best travel budget app\" class=\"wp-image-14257\" srcset=\"https:\/\/www.theprofessionalhobo.com\/wp-content\/uploads\/2021\/09\/Trail-Wallet.jpg 200w, https:\/\/www.theprofessionalhobo.com\/wp-content\/uploads\/2021\/09\/Trail-Wallet-150x143.jpg 150w\" sizes=\"auto, (max-width: 200px) 100vw, 200px\" \/><\/figure>\n<\/div>\n\n\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/travel-spend.com\" target=\"_blank\" rel=\"noreferrer noopener\">TravelSpend<\/a> is available on iOS and Android. It&#8217;s quick, intuitive, and has <\/span><b>easily customizable categories<\/b><span style=\"font-weight: 400;\"> so you can organize and record your expenses in a way that makes sense to you. You can add expenses on the go (online or offline) and foreign currencies are <\/span><b>automatically converted to your home currency<\/b><span style=\"font-weight: 400;\">. You can compare your actual spending with your travel budget as you go so you can stay on track. <\/span><\/p>\n\n\n\n<p>And if you&#8217;re traveling with somebody, you can sync and share the budget and expenses with them, split costs, and more. <span style=\"font-weight: 400;\"> <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">You can <\/span><b>export the information to a spreadsheet<\/b><span style=\"font-weight: 400;\"> for manipulation \u2013 a feature I treasure in compiling my annual cost of full-time travel posts. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">An Android-only alternative to TravelSpend is called <a aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.hopwalletapp.com\/\" target=\"_blank\" rel=\"noopener\">Hop Wallet<\/a>.<\/span><\/p>\n\n\n\n<p>Lastly, if you&#8217;re traveling as a group and sharing expenses, then <a aria-label=\"Splittr (opens in a new tab)\" href=\"https:\/\/www.splittr.io\/\" target=\"_blank\" rel=\"noopener\">Splittr<\/a> or <a href=\"https:\/\/www.splitwise.com\" target=\"_blank\" rel=\"noreferrer noopener\">Splitwise<\/a> is essential. I discuss it more in the section about managing finances as a couple, below. I&#8217;ve used both, and they&#8217;re great. <br \/><br \/><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">How to Conduct a Semi-Annual Financial Review<\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">When I started traveling full-time, it was with a partner who was in a different financial situation to me. We managed our finances separately, but we each knew what the other had. While his savings were pretty small, he expected to get work along the way (which he did, but only to an extent). <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">We didn\u2019t do semi-annual financial reviews. We totally should have &#8211; because it would have saved me from shock when my partner sheepishly admitted that he had run completely out of money\u2026.in Australia, on the other side of the world. It was not one of our finest moments. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Regardless of whether you travel solo or as a couple \u2013 performing a semi-annual financial review is a necessary exercise to ensure your travels are <\/span><a href=\"https:\/\/www.theprofessionalhobo.com\/how-to-create-a-long-term-travel-budget-financially-sustainable-travel\/\"><span style=\"font-weight: 400;\">financially sustainable<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\"> It may sound foreboding, but it doesn\u2019t have to be. In organizing your finances for the road, as we\u2019ve done so far, you already have a clear picture of your financial situation as well as some semblance of a travel budget and expense history.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">With this information in hand, simply sit down (together, if you\u2019re a couple) every six months and take stock.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Some questions to answer:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span style=\"font-weight: 400;\">How much income have you earned?<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Will your income change in the next six months?<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">How much money have you spent?<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Have you dipped into your savings? If so, how much?<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">If you continue to spend at this rate, what will happen in the next six months?<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Are there any upcoming purchases or expenses you need to prepare for?<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Are your <\/span><a href=\"https:\/\/www.theprofessionalhobo.com\/travel-insurance-guide\/\"><span style=\"font-weight: 400;\">insurance policies<\/span><\/a><span style=\"font-weight: 400;\"> in order?<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Are your passports, drivers licenses, and any other <a href=\"https:\/\/www.theprofessionalhobo.com\/things-before-traveling-abroad\/\">official documents<\/a> coming up for renewal? If so, do you have a plan for renewing them from abroad or returning home to take care of it? <\/span><\/li>\n<\/ul>\n\n\n\n<p><span style=\"font-weight: 400;\">These basic questions may lead to further discussion or development, or it may be a simple \u201ccheck, check, check, we\u2019re good\u201d affair, done before the wine you poured has even aired.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Either way, doing this every six months will help you keep an eye on your finances and the big picture of where it\u2019s going.<\/span><\/p>\n\n\n\n<p><a href=\"#top\">Back to Top^<\/a><br \/><br \/><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"debt\"><strong>Chapter 3: How to Handle Debt When You Want to Travel<\/strong><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">I regularly get emails from readers who are eager to hit the road and travel full-time (or long-term), but are contending with various forms of debt, from student loans to credit cards to mortgages.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">In this chapter, I give my general advice around this particular financial issue, as well as some tips for setting effective debt management goals. <\/span><br \/><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">My Advice About Debt and Long-Term Travel<\/span><\/h3>\n\n\n\n<p><b>In order to embrace full-time or long-term travel as a lifestyle, it\u2019s best to be debt-free. <\/b><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Unless you have a regular stream of income that can more-than-cover regular debt payments, it will be a perpetual thorn in your side as you travel.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">My advice \u2013 as tough as it might be \u2013 is to get your financial house in order <\/span><i><span style=\"font-weight: 400;\">before<\/span><\/i><span style=\"font-weight: 400;\"> you travel. This means eliminating your debt, or establishing a guaranteed stream of income that can make payments on your debt while you travel.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Why?<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Creating and adhering to a budget when you travel is tricky business, and many people who take long-term trips or sabbaticals return home with maxed out credit cards. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">The last thing you need is to<\/span><i><span style=\"font-weight: 400;\"> start out<\/span><\/i><span style=\"font-weight: 400;\"> on this note. It restricts your freedom on the road, and could create big problems for you if something happens that affects your ability to continue to pay your debt or requires extra money that you don\u2019t have.<\/span><br \/><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">How to Set a Debt Goal and Keep It<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">Merely setting a goal to get out of debt is dangerous. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Depending on the amount of debt in question, the goal might appear almost insurmountable, with no real reward at the end of the day. And struggling to achieve an ultimate goal of having nothing (but at least not owing anything) \u2013 is far from exciting or glamourous.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">So it\u2019s no surprise that motivation wanes when we\u2019re getting out of debt.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">The trick is to keep your eye on the positive side of the scale. <\/span><br \/><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><b>Aim Further Than Being Debt-Free<\/b><\/h4>\n\n\n\n<p><span style=\"font-weight: 400;\">Don\u2019t just envision getting out of debt \u2013 it\u2019s not an exciting enough goal in and of itself to keep you motivated. Instead, <\/span><b>set the bar higher<\/b><span style=\"font-weight: 400;\">. For example, you could make the goal <\/span><i><span style=\"font-weight: 400;\">having \u201cx\u201d dollars saved to start your travels<\/span><\/i><span style=\"font-weight: 400;\">. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">It might extend the timeline of your goal, but the idea \u2013 the vision, the excitement \u2013 of knowing you\u2019ll be traveling at the end of this debt slog, can keep you going.<\/span><br \/><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><b>Set Rewards Along The Way<\/b><\/h4>\n\n\n\n<p><span style=\"font-weight: 400;\">The longer-term your goal is, the harder it will be to achieve it without getting sidetracked. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">So although it may initially sound counter-intuitive, create rewards that you can enjoy when you reach and surpass certain debt-reduction goals.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">While this reward may involve a backwards slide initially because you\u2019re spending money on your reward, if the milestone and reward you set is alluring enough, it may just be what is required to keep you on track on a course you may otherwise not have the discipline to maintain.<\/span><\/p>\n\n\n\n<p><a href=\"#top\">Back to Top^<\/a><br \/><br \/><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-medium\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"527\" src=\"https:\/\/www.theprofessionalhobo.com\/wp-content\/uploads\/2018\/09\/rawpixel-617380-unsplash-600x527.jpg\" alt=\"how to save for retirement while traveling\" class=\"wp-image-11738\" srcset=\"https:\/\/www.theprofessionalhobo.com\/wp-content\/uploads\/2018\/09\/rawpixel-617380-unsplash-600x527.jpg 600w, https:\/\/www.theprofessionalhobo.com\/wp-content\/uploads\/2018\/09\/rawpixel-617380-unsplash-768x674.jpg 768w, https:\/\/www.theprofessionalhobo.com\/wp-content\/uploads\/2018\/09\/rawpixel-617380-unsplash-1024x899.jpg 1024w, https:\/\/www.theprofessionalhobo.com\/wp-content\/uploads\/2018\/09\/rawpixel-617380-unsplash.jpg 2000w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/figure>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\" id=\"retirement\"><strong>Chapter 4: How to Save for Retirement While Traveling Full-Time<\/strong><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">How do you plan for retirement as a full-time or long-term traveler? Is it responsible to make that <\/span><a href=\"https:\/\/www.theprofessionalhobo.com\/how-responsible-is-a-leap-of-faith\/\"><span style=\"font-weight: 400;\">leap of faith<\/span><\/a><span style=\"font-weight: 400;\"> into a new life without taking the full picture into account?<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">With all the other financial considerations and expenses you have to watch while traveling long-term, it can be hard to think about saving for the retirement. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">But it\u2019s still important to plan for the future. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">In this chapter, I discuss the principles of planning for retirement in today\u2019s world, and what it even is (especially for the full-time traveler), as well as strategies for investing in your own retirement fund while you travel.<\/span><br \/><br \/><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">Different Ways to Plan for the Future<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">I believe that the principles of (and necessity for) retirement planning are sound, regardless of who you are and what your lifestyle is. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">We need to cover off eventualities (which may hit us both prior to and within our \u201cretirement\u201d years) that could affect our ability to earn money and cover expenses.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">You can do this in a number of ways \u2013 regardless of whether you travel:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span style=\"font-weight: 400;\">Earn more than you spend, and save\/invest the difference.<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Invest in <\/span><a href=\"https:\/\/www.theprofessionalhobo.com\/expat-insurance-travel-insurance-for-full-time-and-long-term-travelers\/\"><span style=\"font-weight: 400;\">health insurance<\/span><\/a><span style=\"font-weight: 400;\"> so a medical emergency doesn\u2019t bankrupt you \u2013 now or later.<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Consider other forms of insurance (like <\/span><a rel=\"noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.wisebread.com\/critical-illness-insurance-for-wise-bloggers\" target=\"_blank\"><span style=\"font-weight: 400;\">Critical Illness <\/span><\/a><span style=\"font-weight: 400;\">or Life Insurance) to cover off personal or family needs in times of medical crisis. <\/span><i><span style=\"font-weight: 400;\">(Remember with these kinds of insurance, when you realize you need it you\u2019ll be too late; get it while you\u2019re young and healthy for low guaranteed premiums). <\/span><\/i><br \/><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">What is Retirement?<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">The very definition of \u201cretirement\u201d is changing. Each emerging generation is generally living longer, with energy and resources to do more at \u201cretirement age\u201d than our parents or grandparents were generally able to.<\/span><\/p>\n\n\n\n<p><b>What do retired people <\/b><b><i>do<\/i><\/b><b>, anyway?<\/b><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Or rather, what will <\/span><i><span style=\"font-weight: 400;\">you<\/span><\/i><span style=\"font-weight: 400;\"> do when you\u2019re retired?<\/span><\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em><b>Retirement<\/b><span style=\"font-weight: 400;\"> [ri-tahyuhr-muhnt]: The act of retiring or the state of being retired; removal or withdrawal from service, office, or business.<\/span><\/em><\/p>\n<\/blockquote>\n\n\n\n<p><span style=\"font-weight: 400;\">I believe \u201cretirement\u201d is something of an antiquated term, since so many \u201cretired\u201d people actually still work \u2013 but more in the realm of their passions, and for desire as opposed to necessity.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">You might even refer to the new retirement as \u201cre-engagement\u201d.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">By this new definition, I \u201cretired\u201d at the age of 30; or rather I \u201cre-engaged\u201d by pursuing my dreams of full-time travel and parlayed my expertise into a new career as a writer to financially sustain my dreams.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">But as I also realized (<\/span><a href=\"https:\/\/www.theprofessionalhobo.com\/crash-bam-how-my-life-changed-in-a-second\/\"><span style=\"font-weight: 400;\">when my life changed in a second<\/span><\/a><span style=\"font-weight: 400;\">), life happens while you\u2019re busy making plans, and <\/span><b>even if you do everything right, sometimes an early \u201cretirement\u201d could be thrust upon you.<\/b><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">After all this waffling, you might be a little confused about retirement.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Join the club. So am I.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">What I want to challenge, is the very definition of retirement, and<\/span><b> how we can responsibly plan for the future while paying attention to the quality of our lives in the here and now.<\/b><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Do I still need to plan for a future when I might not be able or willing to work \u2013 regardless of whether it\u2019s for desire or necessity?<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Of course. And I have.<\/span><br \/><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">Yes, I Save for Retirement<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">I regularly get questions from readers about how \u2013 or if \u2013 I save for retirement while traveling full-time, especially with a varying freelance income. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Although the paradigm of full-time travel is often one of shedding conventional mechanisms \u2013 including saving for retirement \u2013 I have indeed continued to save and invest for that rainy day when I might not be willing or able to work.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">However, with a freelance income that varies month to month, I\u2019ve not been able to save in the conventional (and recommended) way of making regular automatic contributions. Instead, I manage my monthly income and expenses, and invest accordingly.<\/span><br \/><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">Retirement Fund vs. Emergency Fund<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">When I mention a rainy day when I might not be willing or able to work, this is two-fold.<\/span><\/p>\n\n\n\n<p><b>In the immediate sense, this could be an incident<\/b><span style=\"font-weight: 400;\"> like an accident (<\/span><a href=\"https:\/\/www.theprofessionalhobo.com\/cutting-losses-im-losing-order-win\/\"><span style=\"font-weight: 400;\">been there<\/span><\/a><span style=\"font-weight: 400;\">) or illness (<\/span><a href=\"https:\/\/www.theprofessionalhobo.com\/being-thankful-in-grenada\/\"><span style=\"font-weight: 400;\">been there too<\/span><\/a><span style=\"font-weight: 400;\">) that affects my income, or a family emergency that requires me to return to Canada in a pinch. For this, I have an emergency fund that is an easily-accessible (but not too accessible!) high-interest travel savings account (like I say in Chapter 2).<\/span><\/p>\n\n\n\n<p><b>Then in the big picture sense, there\u2019s retirement<\/b><span style=\"font-weight: 400;\">: that eventual time in my life when I just can\u2019t (or won\u2019t) work any more. Because that is a few decades away yet, I invest my retirement fund in a long-term savings plan that is geared for growth.<\/span><br \/><br \/><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">How I Save for Retirement on Variable Income<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">How do you save for retirement when your income changes all the time? Here\u2019s how I &#8211; and other freelancers and entrepreneurs &#8211; do it. <\/span><br \/><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><b>Monthly Management<\/b><\/h4>\n\n\n\n<p><span style=\"font-weight: 400;\">Each month I reconcile my expenses versus income, and I transfer whatever is left over to my high-interest savings account slush fund. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">This becomes an automatic buffer against a future month when my expenses might exceed my income.<\/span><br \/><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><b>Annual Reconciliation<\/b><\/h4>\n\n\n\n<p><span style=\"font-weight: 400;\">Then, at the end of the year, I review my slush fund account. I withdraw any significant excess and invest it in my retirement fund.<\/span><br \/><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><b>But\u2026.I Have a Base of Savings<\/b><\/h4>\n\n\n\n<p><span style=\"font-weight: 400;\">The financial planner in me wouldn\u2019t normally recommend this strategy of saving leftovers for retirement, since generally speaking, for most people, we spend what we have and there\u2019s rarely anything left over for such intangible things as retirement investments.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">However, because I served in the traditional work force until the age of 30 and saved for retirement religiously from the age of 18, I started traveling full-time with a healthy retirement savings account. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">It\u2019s invested for long-term growth, and with a few decades of compound growth, it should be a nice tidy sum when I eventually need to draw a retirement income. Periodic annual contributions to my retirement savings while I travel are a bonus.<\/span><br \/><br \/><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">Another Strategy to Save for Retirement on a Variable Income<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">For those who don\u2019t already have a healthy retirement savings, I would suggest a more scientific and disciplined approach to saving for retirement, and a commitment thereof. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">You don\u2019t plan to fail, but you can fail to plan. And it would really suck for you to learn this lesson in your golden years with nobody to help you and nothing to support you.<\/span><\/p>\n\n\n\n<p><b>Here\u2019s a step-by-step strategy to save for retirement with a variable income (as most full-time\/long-term travelers tend to have):<\/b><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Decide what percentage of your annual income you can afford to save. <\/strong><i><span style=\"font-weight: 400;\">(For example, let\u2019s say you tend to make $50,000 a year, and you plan to save 10% for retirement).<\/span><\/i><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Look at your monthly income history and <strong>determine your lowest predictable income month<\/strong>. <\/span><i><span style=\"font-weight: 400;\">(For example, maybe you usually make around $5,000 a month, but sometimes you make as low as $2,000 a month).<\/span><\/i><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\"><strong>Set up an automatic monthly savings plan to invest 10% of your lowest income month every month<\/strong>, as a baseline contribution. <\/span><i><span style=\"font-weight: 400;\">(In our example, this means a $200 per month contribution). <\/span><\/i><\/li>\n\n\n\n<li><strong>Make manual contributions of 10% of your income over and above your lowest income base line. <\/strong><i><span style=\"font-weight: 400;\">(In our example, on a $5,000 month, you would make a manual contribution of $300 in addition to the automatic $200, to total 10% of $5,000).<\/span><\/i><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\"><strong>Review the plan annually<\/strong> to make sure your automatic contributions still reflect your average lowest income months. <\/span><i><span style=\"font-weight: 400;\">(For example, if at the end of the year, you notice that you haven\u2019t had a $2,000 month in a while, and your new lowest predictable monthly income is $3,000. This means you\u2019d increase your automatic contribution to 10% of $3,000, which is $300).<\/span><\/i><\/li>\n<\/ol>\n\n\n\n<p><a href=\"#top\">Back to Top^<\/a><br \/><br \/><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-medium\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"429\" src=\"https:\/\/www.theprofessionalhobo.com\/wp-content\/uploads\/2018\/09\/farsai-c-585357-unsplash-600x429.jpg\" alt=\"how much money do you need to travel the world - how to manage your money as a couple\" class=\"wp-image-11739\" srcset=\"https:\/\/www.theprofessionalhobo.com\/wp-content\/uploads\/2018\/09\/farsai-c-585357-unsplash-600x429.jpg 600w, https:\/\/www.theprofessionalhobo.com\/wp-content\/uploads\/2018\/09\/farsai-c-585357-unsplash-768x549.jpg 768w, https:\/\/www.theprofessionalhobo.com\/wp-content\/uploads\/2018\/09\/farsai-c-585357-unsplash-1024x731.jpg 1024w, https:\/\/www.theprofessionalhobo.com\/wp-content\/uploads\/2018\/09\/farsai-c-585357-unsplash.jpg 1920w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/figure>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\" id=\"sharing\"><b>Chapter 5: Your Money and Others: Things to Consider When Others Are Involved<\/b><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">If managing finances as a solo traveler isn\u2019t hairy enough, things can get downright messy when other people are involved.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Maybe you plan on <\/span><a href=\"https:\/\/www.theprofessionalhobo.com\/sordid-attempts-finding-love-on-the-road\/\"><span style=\"font-weight: 400;\">traveling with a romantic partner<\/span><\/a><span style=\"font-weight: 400;\">, or perhaps a friend you made on the road asks to borrow some cash from you. These have the potential to become uncomfortable situations that grow into bigger financial problems.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">In this chapter, I will touch on some things to be aware of in both situations so that you can make the right decisions for you. <\/span><br \/><br \/><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">How to Manage Your Money as a Couple on the Road <\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">Financial planning doesn\u2019t have to be the kiss of death to your romantic relationship. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">But it\u2019s important to be aware that when you are traveling and living together 24-7, stressors are high and small problems can escalate quickly.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Here are some factors to be aware of:<\/span><br \/><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">Inequality of Finances<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">Rarely are both parties to a couple on equal financial footing \u2013 from savings, to income, to debt load. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Thus, under any circumstances \u2013 and exacerbated by life on the road \u2013 feelings of resentment and inequality can rear up. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Understanding this, try to talk about it; acknowledging the white elephant in the room often reduces its power.<\/span><br \/><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">Job Opportunities<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">Unless you share complementary skills with your partner, you might wrestle with a push\/pull of conflicting job opportunities and requirements. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">I was with a guy who became \u201cgrounded\u201d by a job that he threw himself into on the road, which contradicted my passion \u2013 and career necessity \u2013 for traveling. (<\/span><a href=\"https:\/\/www.theprofessionalhobo.com\/breaking-up-while-traveling\/\"><span style=\"font-weight: 400;\">It didn\u2019t last<\/span><\/a><span style=\"font-weight: 400;\">).<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Neither side is to blame \u2013 we each had to do what we had to do to pay the bills. But it wasn\u2019t a good match, as his skills (and desires) weren\u2019t conducive to a nomadic lifestyle.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">I had another partner who didn\u2019t understand what it takes to run a <\/span><a href=\"https:\/\/www.theprofessionalhobo.com\/location-independent\/\"><span style=\"font-weight: 400;\">location independent<\/span><\/a><span style=\"font-weight: 400;\"> business; he regularly accused me of \u201cplaying on my computer\u201d. It was tough to hear, because I was paying the bills for both of us at the time. <\/span><br \/><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">Spending Habits<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">If differing (and damaging) spending habits are difficult to deal with at home, they\u2019re devastating on the road. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">With all the senses being teased on the road, it\u2019s easy to get caught up in the moment and spend money inappropriately or unnecessarily. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Years ago, I wrote a story about <\/span><a href=\"https:\/\/www.wisebread.com\/taco-tuesday-the-inner-mechanics-of-budgeting-on-vacation\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Taco Tuesday, and the Inner Mechanics of Budgeting on Vacation<\/span><\/a><span style=\"font-weight: 400;\">. The underlying principles of this case study apply today. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Differing goals and lack of communication\/comprehension of the budget can compound different approaches to spending money, and can cause some pretty big problems for managing finances as a couple.<\/span><br \/><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">Tracking Expenses as a Couple<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">If you each maintain separate bank accounts and pay for different things, how do you know if you\u2019re spending equally (or proportionately to your income)? <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">I\u2019ve fought with partners who have claimed they\u2019ve far outspent me, but the argument didn\u2019t last long; as soon as I whipped out the travel expenses I\u2019d tracked all along, tempers quelled and we talked about the actual budget and who\u2019s paying for what.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">When traveling with partners or friends, I&#8217;ve used two apps: <a aria-label=\"Splittr (opens in a new tab)\" rel=\"noopener\" href=\"https:\/\/www.splittr.io\/\" target=\"_blank\">Splittr<\/a>, and <a href=\"https:\/\/www.splitwise.com\" target=\"_blank\" rel=\"noreferrer noopener\">Splitwise<\/a>. (Both are very user-friendly; though I&#8217;d say Splitwise is just a hair better). We can create whatever custom spending categories make sense for us, and each time one of us spends money, we enter it into the app. <\/span><br \/>The default setting is to split expenses 50\/50, but if for whatever reason any given expense should be split differently, it&#8217;s easy to adjust. <\/p>\n\n\n\n<p>Both apps keep a running tally of how much we each have spent, and how much is owed to the person who spent more money. We either do a bank transfer to make things even the end of the month, or we simply adjust who pays for the majority of things to even out the difference. <br \/><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">Management Responsibilities<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">Sometimes one partner is more adept at managing the finances. Through the course of developing the relationship, they naturally take over ongoing management responsibilities. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Although this may be a reasonable division of labour, it can also create feelings of burden on the money-manager, and feelings of inadequacy on the passive partner. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">And if the passive partner isn\u2019t kept in the loop, they can\u2019t be blamed for overspending. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Having a monthly financial meeting to review expenditures together can help keep communication open and both partners in the loop. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Managing finances as a couple isn\u2019t easy, regardless of the circumstances. In my relationships, conversations about money have ranged from incredibly difficult to uncomfortably necessary \u2013 but never easy \u2013 to have. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Ultimately it boils down to communication \u2013 which is easy to prescribe, and difficult to practice. <\/span><br \/><br \/><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">Lending Money to Friends on the Road<\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">You make many friends on the road. They\u2019re travelers you\u2019ve met along the way, and locals you\u2019ve bonded with. You enjoy wonderful times together.<\/span><\/p>\n\n\n\n<p><i><span style=\"font-weight: 400;\">That is, until they ask you for money.<\/span><\/i><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Lending money to friends is tricky business regardless of whether you are traveling, and can get in the way of an otherwise lovely friendship.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">On the road it\u2019s even more complicated.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Here are some of the problems with lending money to people while you travel, and questions you should ask before opening your wallet:<\/span><br \/><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">Cultural and Language Differences<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">Be they travelers from other countries, or locals of a country you\u2019re visiting, everybody has different ingrained ideas about money and finance. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Thus it\u2019s easy for the \u201cterms\u201d of a loan to be misinterpreted \u2013 and further mangled with language barriers. <\/span><\/p>\n\n\n\n<p><b>Is everybody on the same page?<\/b><br \/><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">Time Sensitive<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">Friendships come and go quickly on the road, largely due to the logistics of travel itself. <\/span><\/p>\n\n\n\n<p><b>Could somebody be asking you for money knowing you\u2019ll be on your way soon with the hopes of dodging you until then?<\/b><br \/><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">Economic Rifts<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">Lending money to friends immediately highlights financial disparities between parties, which can make things awkward. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">This economic rift is even more pronounced when you are in a developing country living a western currency lifestyle. <\/span><\/p>\n\n\n\n<p><b>Will lending money to a local friend create bigger barriers?<\/b><br \/><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">Targeting<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">If you lend money to somebody and word gets around, you may now be seen as a source of cash. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">This makes you a bigger target for not only fickle friendships and loan requests, but also theft. <\/span><\/p>\n\n\n\n<p><b>Are you being targeted?<\/b><br \/><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">Scams<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">I\u2019ve known very smart savvy travelers get scammed out of their money by fellow travelers with polished routines designed to part you with your cash. It all starts with a loan request.<\/span><\/p>\n\n\n\n<p><b>Does this situation feel fishy?<\/b><br \/><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Here\u2019s a more detailed post about lending to and borrowing from friends that gives both parties some good questions to ask:<\/span><\/p>\n\n\n\n<p><a rel=\"noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.wisebread.com\/borrowing-from-friends-the-friendship-killer\" target=\"_blank\"><span style=\"font-weight: 400;\">Borrowing From Friends: The Friendship Killer<\/span><\/a><br \/><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">Bah Humbug! Okay, Go Ahead\u2026<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">Now, I may seem like a Scrooge, but now that I\u2019ve got all the icky stuff out of the way let me also add:<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">If your travel budget allows you to help a friend in need and you won\u2019t starve without the money (and you won\u2019t be upset if they don\u2019t repay you), then you are a commendable, generous person, and a good friend indeed.<\/span><\/p>\n\n\n\n<p><a href=\"#top\">Back to Top^<\/a><br \/><br \/><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Conclusion<\/strong><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">So there you have it! That\u2019s my Ultimate Guide to Financial Planning for Travelers.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Was there anything you hadn\u2019t thought of before? Do you maybe have different strategies for some of the things I suggested? <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">I\u2019d love to hear about them in the comments below!<\/span><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-medium\"><img loading=\"lazy\" decoding=\"async\" width=\"400\" height=\"600\" src=\"https:\/\/www.theprofessionalhobo.com\/wp-content\/uploads\/2018\/09\/Managing-Your-Money-400x600.jpg\" alt=\"This is financial planning 101 for travelers! A guide to managing your money while you travel so you can be smart, safe, and savvy. #financialplanning #moneymanagement #travelmoney #TheProfessionalHobo #travellifestyle #travel #full-timetravel #longtermtravel #travelsavings #emergencyfund\" class=\"wp-image-12687\" srcset=\"https:\/\/www.theprofessionalhobo.com\/wp-content\/uploads\/2018\/09\/Managing-Your-Money-400x600.jpg 400w, https:\/\/www.theprofessionalhobo.com\/wp-content\/uploads\/2018\/09\/Managing-Your-Money-683x1024.jpg 683w, https:\/\/www.theprofessionalhobo.com\/wp-content\/uploads\/2018\/09\/Managing-Your-Money.jpg 735w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\" \/><figcaption class=\"wp-element-caption\">There&#8217;s a lot of info here. Pin this article for future reference! <\/figcaption><\/figure>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Debt management, organization of finances, saving for retirement, asset allocation, and more: Financial planning is always sticky, but when you&#8217;re traveling the world? Eek. This guide gives you everything you need to manage your money on the road.<\/p>\n","protected":false},"author":1,"featured_media":11751,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[604,1337],"tags":[],"class_list":["post-11733","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-travel-tips","category-travel-lifestyle-guides","resize-featured-image"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How to Manage Your Money: A Guide to Financial Planning for Travelers<\/title>\n<meta name=\"description\" content=\"Financial planning is tough when you&#039;re traveling the world. 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