Managing money while abroad

Article courtesy of CashCourse.com

Money management abroad is essentially the same as money management at home. It boils down to having a budget, knowing how much money you have, and being careful with your spending so you don’t end up in debt (or in more debt than you can afford). Still, there are a few differences when overseas, such as getting comfortable using foreign currency and transferring money from home. In this section, we'll also talk about using credit cards, checks, and cash abroad and tips for handling money abroad.

Using foreign currency

It’s usually best to bring some local currency with you—enough for the first few days. You can do this at any bank that provides international services. While you’re abroad you can exchange U.S. dollars for the local currency at banks or exchange bureaus as you need it—but be careful not to exchange too much money toward the end of your trip. If you have to exchange the local currency back into U.S. dollars, you’ll be paying twice for exchange fees. Visit a foreign currency exchange rate site atwww.xe.com.

Transferring money from home to abroad

If you start to run out of money, there are two main ways to receive money from home—money that is wired to you or U.S. Postal Service international postal money orders.

• Wired money. Companies such as Western Union can wire money to most major cities. Be sure that you have the correct sort codes and address for wiring money to your abroad bank. This service is the fastest way to get money, but also more expensive.
• International Postal Money Orders. An International Postal Money Order can be cashed at the destination country’s post office locations.There are about 30 countries that accept the International Money Orders. Check the U.S. Postal ServiceWeb site for more information.

Credit cards, checks, and cash

Most major credit cards are accepted worldwide and many students prefer this option because it means carrying less foreign cash. However, you’ll need to make arrangements to pay your monthly credit card bill if you use this option. You could also use your debit/checking card abroad if your bank is part of the international network. Traveler’s checks are particularly helpful in countries where ATM access or credit card use is limited or unavailable. Most guide books will provide information on the accessibility of ATM’s and the preferred way to pay for items in each country. Cash can’t be replaced if it’s lost or stolen, so carrying large amounts of cash is discouraged. Carry what you need and no more.

Tips for handling money abroad

When traveling overseas, many of the same money handling strategies apply as in the United States. For example, don’t flaunt your cash by carrying large wads. Use caution at ATM machines so that strangers can’t watch you input your PIN number. But some cautions apply specifically for travel abroad:

• Limit the number of credit cards or ATM cards you carry. Bring the card only if you plan to use it while abroad.
• Exchange money only in banks or authorized exchange bureaus.
• Keep records of your traveler’s check numbers. If they get lost or stolen you will need this information to get them replaced.
• Use a money belt if you’re carrying large amounts of cash.
• If you carry a purse, never set it down while out in public. Not in a restaurant, not in a restroom, not in a store, not in a café. Hold on to it.

Managing stress while abroad

Traveling can be stressful at times and it is important to cope effectively with stress so that it doesn't become overwhelming and ruin your experience abroad.

Here are some examples of situations that may cause stress and how to deal with them:

Problem: Missing a train, plane, or bus when you need to get to your next destination and are on a tight schedule. This happens to many people while traveling and you can choose to let it ruin your day or you can choose to make the most of the experience.

Solution: Before doing anything, take a few deep breaths - it is important to relax so you can think more clearly about solving the problem. Next find out when the next train, plane, or bus leaves. You may have to purchase a brand new ticket (which may be stressful financially) or find an alternative route (i.e., taking a bus instead of train). While you are waiting for the next plane/train/bus, think about how grateful you are for traveling or take some time to think about all of the fun experiences you've had in the past week or two. Taking time to reflect and practice gratitude will help you get past the negativity of the experience by enjoying all of the positive things that you have enjoyed from traveling.
*If you have 3-4 extra hours of waiting, go explore the city even more or enjoy one last meal before you head to your next destination.

Problem: Getting lost.

Solution: Getting lost is part of the fun of traveling! Think about all of the great things that happen when you get lost - you may find a new restaurant, meet new people, find a hidden part of the city, or discover a beautiful view point on a hike.

When you encounter a stressful situation while traveling, relax, meditate, express gratitude, or do whatever works best to calm yourself (and get rid of all of those knots in your stomach and racing thoughts in your head).

Remember, the is no need to worry about a situation you can't control. If you are stuck in traffic, waiting in long lines in the airport, or your bus breaks down, take a moment to realize there is nothing you can do to change the situation and that stressing will only worsen the situation.

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Here are some more tips for meditating during a stressful traveling situation from eHow.com:

Step 1:
Let your whole body go loose for a while, relaxing any areas of tension, and take a couple of deep breaths.

Step 2:
Accept that you have now done all you can, to make up to get there on time. There is nothing more you can do to make you get there any faster.

Step 3:
Focus on your breathing, and visualize the anxiety or worries, simply floating away with each exhalation. Don’t follow it, just let it go.

Step 4:
Each time the anxiety tries to come back, gently silence it, by bringing your mind back to its inner calm and peace. If the chatter persists, try repeating the inner “PEACE” with each exhalation.

Step 5:
Visualization can transport your mind to the most tranquil of scenes in an instant.

Occupational Wellness & Traveling

Traveling even looks good on your resume. Many business recruiters look for people who have traveled because it shows that they are open-minded, interested in the bigger picture, and able to cope with any situation.

You may even be asked at an interview or on your graduate school application to describe an experience in your life where you learned about diversity or dealt with obstacles. You can bring up your travel experiences (which the interviewers will probably want to hear more about) and demonstrate that you are a well-rounded, cultured individual.

Important skills gained from studying abroad:

Flexibility
Flexibility is one of the most common, yet hardest, skill to learn when traveling. During your trip, you may miss an important bus or train that was supposed to get you to your next destination at a certain time. You may end up booking a hotel online and getting to the country only to realize that the hotel no longer exists. This is when you should take a deep breath, find the next bus or train or a new hotel, and spend your free time exploring the city. It is generally hard for people to learn to be adaptable and flexible when they are set on certain time schedules, have agendas to follow, and are in a foreign country where everything is completely different. However, learning to use the mishaps as a chance to discover different parts of the city or meet new people can be a very beneficial skill.

Communication
Another skill that you will most likely need to learn in a foreign country (unless they speak your native language with the same accent) is communication. I recommend looking up the 10 or 15 most common phrases and memorizing them during your flight. When I visited Italy, I was able to use a good amount of Spanish to get around. However, I had learned some common Italian phrases, such as “Where is,” “How much,” “I would like,” “Please,” and “Thank You/You’re Welcome.” The locals generally enjoy the fact that you are trying to speak their language because you are showing an effort to learn about their culture. They may even help you with your conversation skills or teach you new words.

Time Management
Time management means you are using every bit of time effectively, and this is extremely important when traveling.

This may be your only opportunity to ever visit a this country and if you spend your afternoons watching TV or sleeping, you could be missing out on numerous opportunities. If you are on a tour then you will have to adhere to the tour guide’s daily agenda. However, there is usually an hour or two of free time (if not, you may have to use lunch/dinner time) where you can go out and explore the area on your own or with a friend. Spend as much time as possible exploring when you are visiting a certain site and use the time spent on trains and planes to catch up on rest or ponder. If you are traveling without a tour, then time management will take on a whole different meaning. It will be up to you to catch the bus at the right time, even if it leaves an hour early than expected.

Traveling will improve your ability to create agendas, follow schedules, and use every minute of every day experiencing life instead of letting it pass by.

Physical Wellness Tips: Eating & Exercising

Traveling and studying abroad are life-changing, eye-opening, inspiring experiences. It is important to take care of your physical well-being so that you can make the most out of your travels. Nothing is worse than missing the Bastille Day fireworks at the Eiffel Tower or a jungle safari because you didn't eat or drink water all day and were too exhausted to get out of bed.

1. Eat Well: This is surprisingly easy in foreign countries - as long as you stay away from McDonalds and the other American fast food restaurants popping up all over the world. Test out the new cuisine, ask a local what his/her favorite food to eat is, or try a new dish every day.

Being in a foreign country is not an excuse to skip the recommended 5 fruits and vegetables a day. Go to a local farmer's market or mini-market and pick up some fruits or veggies to carry with you as snacks to munch on throughout the day. They are very cheap, and usually, very delicious!

Eat a well-balanced meal. Check out our plate method video, hosted by UC San Diego's HDH Registered Dietitian, Becky McDivitt, for an example of how your plate should look at each meal.



2. Exercise: Aim to get the recommended 30 minutes of moderate to vigorous activity most days of the week (USDA.gov). It may seem harder to exercise when you are abroad - you might not know the walking/running routes, how to sign up for a team sport, or you may be too busy adjusting to life abroad. So, find a workout partner (roommate/travel buddy) and test out a local sport (soccer in Latin America, hiking/skiing in Switzerland, surfing in Australia). Or go for a walk/run around the city - it's a good way to stay in shape and learn more about the city at the same time.