Personal money is … obviously… a very personal topic. I have emailed with a few of you about this, but thought I would share my thoughts with everyone.
FIRST – examine yourself… your personality type, your needs, your wants. Answer these questions:
- Do I have unique needs that must be taken care of? For example, do I have sensitive skin that requires more products or do I have dietary requirements that will mean I must purchase a specific type or quantity of food for me?
- Do I enjoy collecting things? Am I a “shopper”? You may have a desire to cut back on materialism, but if you are a collector, you will find many MANY things you want to purchase. Examine what kind of balance you want to put in your life in this area. Also… the more things you purchase, the more things you will have to carry. If you enjoy collecting, you will also need money to ship things home.
- What kinds of things might I need to purchase for personal comfort? For example, if I am stressed would a visit to a local coffee shop for some alone time help? If I am homesick, would a meal from McDonald’s help? If I need to discuss things, would some extra time on the internet or a Skype call home help? Am I simply an ice cream fanatic? Will I really enjoy visiting local museums or amusement parks on my free time?
The more questions you answer yes to here, the more personal money you will need. I personally answer yes to about 50% of these questions and pushed myself to live much more simpler than I did in America. I lived on a budget of $75 personal money per month. The majority of which was spent on internet time and shipping things home.
To have your money accessible, all you need is a bank account with a debit card. The card should be connected with a major credit card company. Visa and Mastercard seemed to work everywhere we went. When you arrive in a country, visit an ATM and take out that month’s budget in cash. You want to take out large chunks of money at a time as foreign ATM fees add up quickly. If you have a family connection to the military, USAA will give a bank account with no foreign ATM fees. Remember, spread your money out over multiple locations to prevent theft.
Do not bring cash or traveller’s checks. The exchange rate you will get is outrageous. The exchange rate from your bank will be much better.
