Budget: Set a budget based on where you are going, how long you will be there and whether the country is 1st, 2nd or 3rd world. Obviously, first world countries are the most expensive (Europe, Canada, USA). Second world countries are a bit harder to define, but are usually somewhat developed (Mexico, Eastern Europe, China, Egypt). Third world countries are the cheapest but most difficult places to travel (most of Africa, Bolivia, Peru).

Get it as you go: You rarely need to buy foreign currency ahead of your travels as you’ll find that, at home, it is sold at what is likely to be the worse rate possible. You may want to have enough to get a bus or taxi from the airport to your hotel/hostel but no more. And even that can be had through an ATM at the airport. We traveled for 26 months around the world without purchasing currency in advance, nor travelers’ checks. Instead, we relied on ATMs where we got money in the local denomination and our USA credit union gave us the best exchange rates we found anywhere. The one caveat here is that you should check whether ATMs exist in far-flung locations (surprisingly enough, they usually do).

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