Ryan Elantri is an economics and Mandarin Chinese major at Penn State University. He has already studied in China, plans to pursue a career in international business and finance following graduation, and hopes to work with companies and investors from around the world. It’s important to keep a good handle on your finances all the time, but it is never more important than when you are traveling. Here are some tips to make sure you keep things in check, no matter where you are in the world.
- Make the best use of your smartphone. There are many apps that will allow you to see the balances in your accounts and on your cards. This is really important, because one of the biggest reasons that people overspend is because they think they have more in their account than they actually do.
- Keep your money as safe as possible. This means that you should make sure not to carry all of it on you when you go out, and if you can, have both cards and cash available. That way, if you are robbed, you won’t be completely penniless in a foreign country.
- Set a daily and weekly budget, and break it down into categories if you can. Give yourself allotments for food, shopping, toiletries, transit, and any other necessities you think you will be spending money on. Breaking things down can make it much easier for you to manage your money.