Saving Up

No, we are not independently wealthy, despite the fact we went to Princeton!

It's hard for most people to accrue savings in general, let alone for an extended trip around the world. There's no right way that works for everyone, but David Bach wrote a couple of great books on saving for the future. The "Pay Yourself First" concept he discusses is what helped two extremely poor college students with negligible income save enough in 2 years to pay for our travels. If we can do it, so can you!

The Automatic Millionaire by David Bach
Smart Couples Finish Rich by David Bach

One thing that really helped us get in the saving mood was to set up an automatic savings plan with a "high-interest" savings account (between 4-5%) from a bank such as ING Direct. Their Orange Savings Account is built for just this sort of thing.

Accessing Your Money

There's the obvious credit triumvirate: American Express, Visa, and Mastercard. One suggestion is to start a new accounts specifically for trip expenditures, and then link it with your old established bank account. Then you can transfer small amounts of money based on your budget/schedule into the new account via the web while you're traveling at predefined intervals. This way if someone steals your bank card, or if a merchant makes an illegal extra impression of your card, they can't get away with ALL of your savings, and your established account is unaffected. It's critical that your PIN number for ATM cards is only 4 numbers (not 6, as many are in the US), and that the PIN contains no zeros and no letters. Talk to your bank for more details.

Budgeting

Your budget is a very personal decision. It is very possible to get by in many parts of the world on less than $10-15 USD/day (e.g. India), but the question remains... do you want to? If you're traveling with someone else, talk to them in advance about your ideal budget. You may end up separating later on if you want to go the budget route and they are set on the Hyatt. There's a great section on deciding your budget in the Rough Guide's First Time Around the World guidebook. They just came out with a new edition!

Working Abroad

If the money runs out you can always do as the natives do and get a job. There are a lot of great websites to find work such as Anywork, Anywhere and Transitions Abroad. You can teach English, you can do volunteer work, you can become a tour guide, you can get a work visa for a more substantial and "official" (read: legal) job overseas, the list goes on. Also, if you have an alumni network through your high school or college, utilize the network and contact alumni whereever you will be heading and you may find temporary or longer term work abroad.