Taking a gap year when finishing school or university is a popular choice among many people, but managing funds when travelling from country to country is no easy feat.
With possible destinations ranging from South America to Australia, Thailand or even Europe, travellers can have the world at their finger tips.
Where they choose to go is entirely up to them and there are modes of transport to take them on their way.
But going from country to country is not without issues – especially when it comes to money.
Using many different currencies
Currencies vary by country and it’s highly unlikely that someone will withdraw everything they need in advance.
Not only is this risky but it also increases the chances of losing the funds on the way – so an alternative option such as a prepaid card could be a better solution.
It could be loaded up – and indeed topped up if necessary – and then used for purchases of goods and services, as well as for withdrawing money.
For anyone looking to budget, only the funds on the card can be spent, meaning it’s possible to enjoy a trip safe in the knowledge that the money is there to finance it.
Costs to consider
When abroad there are plenty of opportunities to spend – some of which are essential and others which are not.
Things like accommodation and food need to take priority while excursions and social activities will also quickly mount up – it’s important to remember how long a trip is lasting and not to spend everything in the first few days.
Setting a certain amount aside for certain locations is a good way to stay in control of your money, while part-time jobs can help to top-up funds if staying in a particular location for a long time.
Having a phone when travelling can be important for staying in touch with relatives and friends, but paying the bills will also need to be factored in.
Picking up local SIM cards and updating friends of a change of number is one such way to prevent costs from spiralling out of control.
Keeping an eye on finances
Part of the gap year experience will be based on what any individual can afford to do, so constantly reviewing finances will be important.
Mobile banking is one such way to keep an eye on an account and it also provides a simple way to stay in contact with the bank – especially if they attempt to block an account.
With a prepaid card, updates and alerts can also be sent to a mobile phone or via the internet so it’s possible to stay on top of money, anywhere in the world.