Flight to Everest, Rafting the Nile, American Food – HOW DO YOU CHOOSE?
Occasionally on the Race, you will have days off and opportunities to do something epic that you’ll never forget (like jump off a bridge over the Nile, or take a ride on the world’s tallest rope swing…)
So, how does a Racer budget for such epicness, you ask??
Here’s some information regarding money on the World Race to address the most frequently asked questions.
FAQ #1: How much personal spending money should I bring?
The best way to determine the answer to that is to look at your current spending habits.
Are you a saver, or do you tend to spend what you have? Try to think about what will be important to you out on the field. Are you going to want to take advantage of opportunities for excursions on days off, or would you prefer to spend your money on Diet Coke and Peanut M&Ms whenever you find them? Do you want to collect souveniers or send packages back to the States?
There are a lot of factors to consider when budgeting your personal funds for the Race, but here’s a good starting point to guage what you’ll need:
For the Conservative Racer: $0-$900
It is technically possible to get through the whole WR without spending any of your own money, but it’s not recommended that you attempt to do so. There will inevitably be things that you will want or need to get through the year.
However, you can get by on very little if you stick to a strict budget and pracitice excellent self discipline (self control is, after all, a fruit of the Spirit)! While a year of saying no to a lot of extras can be very challenging, it can also be one of the most freeing experiences of your life.
For the Average Racer: $1000-$1400
Most Racers budget for about $100-$120 a month. While you won’t be able to indulge in every opportunity you come across, you’ll still be able to get American food every now and then, take a tour of the Pi Pi Islands in Thailand if the opportunity arises, and pick up some new threads along the along the way.
The best way to approach this is to save up some months and plan to spend extra in others. For instance, try to spend little in Moldova (where there’s not much extra to do, anyway) so that you can have more financial liberty in Thailand (where you’ll want it!)
Again, you’ll have to practice discipline, but this a great year to learn just how little you can live on and be happy with.
For the “YOLO” Racer: $1500+
If you’re the type who has never really stayed within a buget, and don’t plan to start now, then you’ll need the extra cash to account for that. If you want to seize every opprtunity that comes your way and don’t want to be hindered by lack of finances, and if you know that you just cannot handle a steady diet of rice and beans, you’ll need to bulk up your checking account.
FAQ #2: How do I handle and access my personal money on the Race?
Should I bring cash on the Race? ?What are some options besides carrying cash? ? ?
It’s a good idea to have a small stash of US cash that is well hidden, but it’s not recommended that you carry all of your personal money in cash as that is a very easy to way to have it lost or stolen. Here are some good options:
Personal Checking Account:
Most everywhere you go businesses will take Visa. You can use your normal Visa debit or credit card to pay directly or to pull money from an ATM just like you do here in the states. You should talk to a representative from your local bank and ask what their international banking policies are. Some banks have a lot of fees but some have very minimal fees. Find out how your bank operates and then you can decide if you want to use what you have or go with a different option.?
*Be sure to talk to your bank and notify them of the specific countries you will be traveling to. This will ensure that they don’t freeze your account when they see transactions occurring in foreign countries.
Charles Schwab
Many Racers also choose to open a Charles Schwab account and it comes highly recommended! They are great for international transactions. You can give them a call or stop by a local branch to ask more questions and get yourself set up.
http://www.schwab.com/public/schwab/banking_lending
