Managing Your Money on the Road

01/18/16 • 35 min

Many of our interviewees have become accidental permanent nomads, starting off on a gap year with no plans then deciding to become a fulltime traveler. The next issue is always then income – how to fund the new lifestyle in place.

Chris Stevens had completed a degree on photography back in England before he decided to head away. While traveling through Australia he met up with a guy who had built a successful travel blog who showed Chris how he could build his own online business. He had already trained as a surf instructor and had been earning an income doing that while traveling around. With the benefit of his photography training, surfing instructions and his new established blog Chris was soon able to sustain himself in a variety of ways on the road.

We caught up with him in Vietnam where he shared his story of travel, how he measures his costs and the different ways he can make a living while on the road.

You’ll find Chris at http://www.epicgapyear.com http://www.backpackerbanter.com

What I learned from talking to Chris:

Be cheeky. Chris has established some good brand relationships just by asking, which can not only provide an income source but some free travel opportunities as well. As he says they can only say no.
He is meticulous in measuring costs and like Norbert Figueroa uses the Trail Wallet app to measure expenses. He manages to balance out costs between two of his more favored destinations – Asia and Australia. His costs for 2014 averaged out at $US9000 for the year ignoring airfares but even with flights he can generally stay under $US40 per day which is his target.
Having multiple bank accounts and payment options is important as is diversifying his income. Chris has both British and Australian bank accounts meaning he’s not vulnerable or reliant on one place. He’s not a big fan of credit cards but receives a lot of his online income via Paypal which he can then transfer to a debit cash card for use abroad. Americans traveling can take advantage of having a Charles Schwab account which makes travel easier.
If setting up a travel blog be patient. You don’t always get immediate results and unfortunately many throw the towel in before things start to kick in.

We caught up with him in Vietnam where he shared his story of travel, how he measures his costs and the different ways he can make a living while on the road.

You’ll find Chris at http://www.epicgapyear.com http://www.backpackerbanter.com

What I learned from talking to Chris:

Be cheeky. Chris has established some good brand relationships just by asking, which can not only provide an income source but some free travel opportunities as well. As he says they can only say no.
He is meticulous in measuring costs and like Norbert Figueroa uses the Trail Wallet app to measure expenses. He manages to balance out costs between two of his more favored destinations – Asia and Australia. His costs for 2014 averaged out at $US9000 for the year ignoring airfares but even with flights he can generally stay under $US40 per day which is his target.
Having multiple bank accounts and payment options is important as is diversifying his income. Chris has both British and Australian bank accounts meaning he’s not vulnerable or reliant on one place. He’s not a big fan of credit cards but receives a lot of his online income via Paypal which he can then transfer to a debit cash card for use abroad. Americans traveling can take advantage of having a Charles Schwab account which makes travel easier.
If setting up a travel blog be patient. You don’t always get immediate results and unfortunately many throw the towel in before things start to kick in.

Previous Episode

Living and teaching in China

Back in 2007 Ian Clavis was working in IT in London. The Liverpool native was becoming tired and bored with city life in England and when a friend suggested he could get a position teaching English in China Ian jumped at the chance.

7 years on Ian has made a home for himself in Chengdu, China a large city of over 10 million people near the border with Tibet where he has a Chinese wife and the recent addition of a young son.

I caught up with Ian to discuss life as an expat in China and were surprised to find a country that was far more lenient with foreigners than what I had expected.

If you’re interested in moving to China check out Ian’s blog at https://ianclavis.wordpress.com or you can listen to his podcast where he offers advice on living in China at https://itunes.apple.com/gb/podcast/tic-china/id1048429938

What I learned from Ian:

China is more relaxed with westerners than I had expected. Ian is pretty much free to do what he likes there and doesn’t encounter any issues with the authorities. Many people work in China without the appropriate visas but seem to encounter few problems – especially when working online. There are internet restrictions but like Josh Cahill Ian is able to work around that with a VPN.
Recent changes to travel visas now mean that Australians and US citizens can effectively stay 10 years allowing for leaving the country every 90 days. A quick trip to Hong Kong and back is usually enough to satisfy these requirements.
Health care is poor with a shortage of resources. Fortunately private health is good and very affordable. The recent birth of Ian’s son, including 12 months of follow up care only cost $US3000 in total.
Care should be taken when purchasing property. If buying new most places come unfinished and the electrics would need to be redone. Expect to have to finish it off yourself as the standard and pride in workmanship sounds close to non-existent! That said foreigners are now able to buy properties and take out mortgages directly.

Next Episode

Why Eastern Europe Will Be the Next Travel Hotspot

In the search for the next travel destination many names and places are thrown around. From Asia to South America various publications try and pick the next place that people should start visiting.

In today’s interview we talk with well-known travel blogger Barbara Weibel about Eastern Europe, an area often left off the travel radar. We talk about her favorite city Budapest and one of her favorite countries Croatia, but we also explore a few places often neglected in travel discussions including Albania, Rumania and Bulgaria to name a few.

Barbara joins us for our first live stream video interview to discuss these countries. You can follow her blog at www.holeinthedonut.com or subscribe to join our next live stream chat at https://blab.im/theexpatchat

What I learned from talking to Barbara:

Parts of Eastern Europe still lack some of the infrastructure of it’s western cousin but it doesn’t mean it lacks for culture or sophistication. Concerts and performances are available for cents on the dollar and cities like Budapest allow you to enjoy Michelin star restaurants for well under $US100.
Barbara is able to average around $US30 per day living costs in Eastern Europe, far more affordable than Western Europe. Apartments in cities like Budapest can be had for under $US400 and many cities offer free walking tours from locals who can tell you the best things to see and do.
Barbara recommends bus travel in Eastern Europe. Unlike the west train travel is archaic, slow and unhygienic. Buses travel quicker are more comfortable and often offer free wifi.
Talking to locals will enhance your travel experience. Even if you’re staying in top hotels and taking tours step outside the normal boundaries and see who you can meet. Some of Barbara’s best experiences have come from the generosity of strangers who often go out of their way to share the true culture of their communities.