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.
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?
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

 
 

Visa Money Card

With the Visa Money Card you preload the card with a certain dollar amount and then treat it just like you would a regular debit or credit card. If the card is lost or stolen, you only lose the value that is on your card since it is not attached to a personal account.
If you run out of money or get low, you can call and have more money transferred onto it. Talk to your local bank about getting set up with one of these cards or you can get one online.
http://usa.visa.com/personal/cards/prepaid/prepaid-card-faq.html


First thing's first: Do NOT default on your students loans. It's not biblical, and it's irresponsible, and it will add stress that you were not designed to carry to your Race. Make sure you have a plan in place for your loans to be paid on time while you are gone, or apply to have them deferred for the time you will be out of the country. Contact your loan holder to see what their policies are regarding deferment – you may be able to have your payments postponed or decreased for duration of the Race, but you'll never know if you don't look into it!
How do I handle my taxes and other bills while on the Race? 


The best way to do this is to establish a Power of Attorney who can take care of things while you are away. Find someone that you can trust and get them set up with the necessary paperwork. Do NOT wait until the last minute to do this since there can be several steps involved and you don’t want to be rushed or stressed.
Some websites that you might find helpful: 

http://www.ehow.com/how_4500955_set-up-power-attorney.html


http://www.legalzoom.com/power-of-attorney/power-of-attorney-overview.html

FAQ #4: What did YOU do about money on the Race?
We've got a huge network of alumni Racers who have been there and done that, and we've compiled just a few tips from them about their experiences on the field. So, without further ado:
Real Money Advice from Real Racers!

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Create a budget and STICK TO IT!
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When you first arrive in a country, pull out the money you want for that month and then only spend what you have. This will help you stay within budget and avoid frequent ATM fees.
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To reduce the temptation of buying up every pretty or cool trinket in sight, choose one small item that you can collect from each country such as earrings, bracelets, stickers, or patches.
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Spend less in some countries so that you can spend more in others. For instance, only spend $25 in Swaziland so that you can take advantage of some amazing opportunities in the Philippines.
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Practice self control with the little expenses like Coke and candy. It's easy to "nickel and dime" yourself into an empty bank account.
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Be okay with the personal money that you have and don't compare to what other people have. Comparison is the death of joy and gratitude.
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Ask the Lord what His expectations are for you these 11 months. It is His money so it's never a bad idea to ask Him how you should spend it.
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Try to spend your money on experiences instead of coffee or candy. You really CAN live without those things! If the chance to take a safari comes up, you'll want the budget to do it.
- Consider how your spending habits look to your ministry contacts and the local community. Do you look like a person who is trying to relate to the hearts of the people and be a part of their culture? Or do you appear to be a rich American on a cool trip? If you show off the fact that you have money, that is often what people will want from you rather than the Jesus inside you.
**If you have more questions about personal spending money on the World Race, reach out to your Mobilizer! We're more than happy to help and to share our experiences, like the video below, with you!
