Traveling Cheap for the Young and Broke – Step V
If you have been following my last few posts, hopefully you are starting to get a picture of how much time you have, getting organized with a few tools, considered connecting with family and friends along the way and ultimately defined your purpose for this trip.
The next important part in planning an awesome adventure is figuring out how you will be paying for it. First things first, set up a totally separate account.
Consider opening an online account that will be easy to move money between your other accounts and easily monitor. I have a “fun money” account at one bank and have my PayPal account connected to it.
If you choose to use Airbnb, Lyft, Uber, travel discount sites or other sharing services, link them to your travel account. This will keep a wall between your primary account and the one you’ll be using on the road. If your account gets compromised, a debit card gets lost or a hold is placed on a purchase, it won’t affect your regular bills and cashflow.
Keep in mind that it usually takes 24-48 business hours for funds to transfer from one account to another, unless it’s within the same company. One thing I like about PayPal is that it can be linked through a debit card and the fund transfers are immediate. Weekends and holidays can be incredibly tricky, so be sure to think things through and be prepared with other options.
STEP 5: Set up a separate bank account that is easy to access and transfer funds while traveling. No checks. No paper statements. NO OVERDRAFT PROTECTION – spend only what you have. Yes on a debit card and mobile app.
It’s coming together! Looking forward to hearing your questions and thoughts! Cheers!!