Broke Abroad: What To Do If You Run Out Of Travel Money

Thursday, January 18, 2018

Running out of money is every traveler’s worst nightmare. How am I going to get home? How am I going to afford a hostel? How will I party tonight without any cash?! To an average person, this problem seems trivial yet it’s the end of the world when you are alone in a foreign country. How you react may affect your life for a long time to come, which is why it’s vital not to make a mistake. To help, underneath are four options which will make the process simpler.

Define ‘Broke’

Some people say and think they have no money and their bank account says differently. Unless there is a zero, or worse a minus, then you still have the cash with which to play. The first step is to create a budget to ensure that the money goes as far as possible before it reaches its limit. Then, you have to consider any payments and purchases which are unnecessary. Living a frugal life is about questioning prices at every opportunity. Finally, shop around for the best deals and never accept a charge without haggling.

Get A Loan

Don’t dismiss this out of hand as a rash decision. The truth is that a bank loan is dangerous if you let the situation escalate. However, there are advances which may suit your needs down to the ground. If you can find one and secure it, you won’t have to deal with the emotional turmoil of coming home prematurely. Before you can apply for loan, it’s essential to figure out the pros and cons. there are many options, but a credit card with 0% interest on purchases and balance transfers is usually a fantastic backup plan. With credit, you can buy now and pay the balance back later.

Beg For A Job

Paid positions aren’t easy to come by because that isn’t the traveler lifestyle. So, you have to think about the conditions of the job before you start applying. Think about your biggest expense – is it accommodation? If so, try and find a role at a hostel which lets you work for free yet it covers the cost of a bed. The great thing about hostel work is the fact it can cut the cost of other expense too. Typically, there’s a food allowance and the guys and girls behind the bar will give you free drinks.

Plead For Help

The final option is the Bank of Mom and Dad. Sometimes, they will be willing to fund your travels and other times they won’t. All you can do is put on your best phone voice and bat your eyelids as much as possible. If you’re lucky, a rich buddy might be willing to lend you the money to keep the band together. Sadly, this technique includes a lot of begging and it isn’t good for the ego. But, a traveler has to do what a traveler has to do to see the world.

Hopefully, you’ll never need to use any of the above. If you do, be savvy and don’t negotiate a bad deal.

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"Not all those who wander are lost."
- J. R. R. Tolkien

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