Dec

6

7 tips to manage your cash when traveling - a guest post

Filed Under banking and economics, guest posts | 25 Comments

I didn’t quite get time to put this guest post up before I left for DC, but it is ace. If you’d like to write a guest post for plonkee money, drop me a line.

A personal finance and life blogger from metropolitan New York, bripblap is extremely well travelled. Enjoy his tips below and subscribe to his excellent feed.
American Express - don’t leave home without it! That may be one of the most famous phrases in advertising history, but it tapped into a deep fear for most travelers: the fear of being stranded in the distant unknown parts of the world without ready access to their money. What are some simple tricks to use to safeguard access to your money when traveling?

1. If you are traveling to very remote areas, make sure you have plenty of cash. The parts of the world that don’t accept credit cards or debit cards are dwindling, but there are still places. Keep plenty of cash, but keep it spread amongst your wallet, your luggage and even a bit hidden somewhere else. I used to prefer to keep some spare money hidden in my toiletry bag on the theory that nobody is going to check there.

2. Carry dollars. Despite the fact that the dollar is terribly weak right now, it is still the most accepted currency in the world. Carry $100 bills; these are far easier to exchange, ironically enough, overseas than in the US. If you are coming from another country (you’re a European traveler, etc.) I would still recommend carrying US dollars. Don’t count on your drachmas or forints being accepted everywhere.

3. Keep a list of your credit card numbers and customer service - and give a copy to someone at home. There is nothing like having your wallet stolen overseas. However, you want to be able to quickly cancel them if you do lose them or have them stolen, and the easiest way is to have a separate “panic card” ready. Give one to a friend at home in case your panic card is stolen, too.

4. Debit cards are convenient, but pricey. When I started traveling in the early 90s, debit cards were almost worthless when traveling. As time has passed, though, they have become far more useful. Be careful when changing money, though - you may pay a fee to your bank and the local bank. In addition, you may get hit with an exceptionally unfriendly exchange rate.

5. Go gray. I can’t emphasize enough that you should stay in compliance with the laws of the countries you visit, which often prohibit individual currency exchanges. Depending on the country you visit, though, you may find significantly better exchange rates dealing with individuals than with banks or exchanges. In developing countries with high inflation rates local people will often be willing to give you better rates simply to protect their earnings by converting them to dollars. I would not recommend exchanging with locals, however, unless laws (and safety) permit.

6. Get rid of change. Spend your change as fast as you get it, and small bills, too. These are often difficult - if not impossible - to exchange on your return. Try to spend all of your local currency before you leave the country. Exchanging your money to local money and then back to your money is a terrible waste. Try to spend down to 0 before you leave; put your last few expenses on a credit card.

7. The most important money tip when traveling, of course, is to keep it and yourself safe. Never flash large sums, never discuss how much you have, keep it well hidden and ensure you know how you could get ‘emergency money’ if you needed it (for example, where ATMs are that accept your bank’s ATM network).

Fun (and safe) travels!

Dec

4

political boycott? - a guest post

Filed Under guest posts, philosophical | 13 Comments

Thanks to guest blogger rocketc who normally writes on rocket finance for this contribution. He’s one of my favourite bloggers, and a regular commentator here, so I’d suggest that you subscribe to his feed and check out what else he has to say.

Hopefully this post is not too “Americentric” for plonkee’s readership –

The December 2007 issue of Money Magazine recently highlighted a question from a reader about patronage and politics in a column on ethics. It seems that this reader works out at a gym where the owner was a financial contributor to a presidential candidate that the reader strongly opposed. The reader’s question boiled down to whether or not he should support a business where a portion of his fees would end up in the coffers of a politician with whom he had a sharp disagreement. The reader’s alternatives were to discontinue working out or drive an hour away to another gym.

On one hand, the question seems silly – why would anyone take the time to write a national magazine about such and inconsequential matter? Who cares what a retailer does with our cash? Does anybody really take the time to figure out the politics of every business we visit? It is for this reason that I am not a big fan of boycotts – you can find something you don’t like about every single business out there – if you look hard enough. And with whom are we to agree – the CEO, the board of directors, the store manager, the register clerk? Any pressure to patronize businesses with whom we agree 100% seems to be artificial and needless.

I think plonkee’s boycott of chocolate is a slightly different issue because it is based on objective, concrete wrongdoing on the part of the manufacturers. The question I want to ask is, do you ever boycott a company based solely on the political views of the owner?

I tried to think of any businesses where I withhold my business based on the political views of the company and I came up with the following:

Ben and Jerry’s Ice Cream – The owners of this outfit are two of the most liberal guys around. I can’t stand the thought of giving them any money. But this isn’t a real boycott, I can’t afford B and J’s ice cream in the first place and all ice cream tastes the same to me anyway. I am just as happy with the $2, ½ gallon carton of ice milk from the supermarket as I am with any kind of premium brand.

Citgo Gasoline – Since it is owned by the Hugo Chavez’ leftist government in Venezuela. But then, I don’t think we have a Citgo in our city…

When it comes to boycotts – I guess I stand on principle – unless it’s inconvenient.

I sure hope my political viewpoints are compatible with Starbucks…

[plonkee’s note – not only do I think that ice cream should be made into a major food group, I’m a fan of the sort of liberal politics that the Ben and Jerry’s founders espouse and that rocketc dislikes so much. Rocketc assures me that he won’t boycott my blog based on my political views, and likewise, I won’t boycott his blog because we disagree about politics, and religion, and…]

Dec

3

5 frugal ways to beat the holiday blues - a guest post

Filed Under frugal, guest posts | 4 Comments

The following is a guest post by Lynnae from Being Frugal.net, a blog about frugal living and getting out of debt. If you enjoyed this post, subscribe to Being Frugal’s RSS feed.

Many people have a difficult time with the holidays. Perhaps you’ve lost someone dear to you in the last year. Or maybe you’re living far from relatives. Whatever the reason, there are ways you can cope with the holiday blues without breaking the bank.

1. Put on some upbeat holiday music. I have a really hard time being sad when I’m listening to happy music. Go ahead. Dance if you like. If you’re home alone, nobody will see you. If you’re at home with the kids, they’ll enjoy the fun. Pretty soon you may find yourself crumpled on the floor, laughing so hard you can’t breathe.

2. Keep a gratitude journal. Keeping a record of the little things you’re thankful for makes it easier to remember that life isn’t all bad. Even if the only gratitude you can muster is for a couple of hours of sunshine, it’s something positive. And the more you seek out things to be grateful for, the easier it is to be content, even if your situation isn’t ideal this year.

3. Remember that it’s just one holiday. Things are bound to change by next year. Last year we had possibly the worst holiday season of our lives. My father-in-law entered the hospital on Thanksgiving morning with breathing problems, and he passed away on December 8th. So in the midst of the holidays we were planning a funeral and celebrating Christmas without one of our parents for the first time. It helped to remember that we weren’t the only people in the world who had been faced with this situation, and that many people survive grief during the holidays. We face another challenge this year, facing the first anniversary of my father-in-law’s death, but things are definitely a little bit easier this year. And I suspect each passing year will continue to get easier.

4. Shake things up. If you’ve always had a big ham dinner at noon on Christmas, and you’re facing Christmas alone this year, go to a friend’s house and have turkey. Or have Christmas dinner at 5:00. Unwrap gifts on Christmas Eve if you’re used to opening them on Christmas morning. By not following your usual traditions, it will be easier to forget about what you’re missing. On the other hand, if you find comfort from traditions you’ve always followed, by all means follow them.

5. Give back. There’s no better way to get out of a holiday funk than to focus on other people. Serve food at a soup kitchen. Volunteer at a Toys for Tots distribution center. Charities always need help during the holidays. Find a charity you support, and volunteer. You will feel good by giving back to the community.

However you deal with the holidays, remember the holiday season is temporary. In a short month, life will get back to it’s normal routine. And if you ever feel like you can’t deal with the holidays at all, seeking some help from your family physician or psychologist is a must.

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