Navigating Expenses on the Move: Tips for Traveling or Busy Professionals

Navigating Expenses on the Move: Tips for Traveling or Busy Professionals

Read time: 5 mins

Hi all, it’s Min again.

I just want to share today that life on the road can be exhilarating, filled with new adventures and experiences at every turn. But, amidst the excitement, there’s one thing that often gets overlooked — our expenses. Whether you’ve recently switched jobs or are constantly on the move for work, staying on top of bill payments and expenses is crucial. In this blog, I want to share with you what I’ve learned about expenses while constantly being on the go for the last 4 months.

Bills Don’t Take a Vacation

 Switching jobs or embarking on a new career path doesn’t mean you’re off the hook when it comes to bill payments. Rent, utilities, subscriptions — they all still need to be taken care of, even if you’re jet-setting across the globe. It’s essential to establish a system for managing and paying bills, regardless of your location or occupation. 

For anyone who decided to take a little break before moving forward with another opportunities, just make sure you save certain amounts to cover for necessaries, mainly, your monthly bill payments. Sorry friends, becoming an adult comes with territories and this is one ground you need to make sure you can cover. 

The Perils of Constant Travel 

When you’re constantly on the go like I am (I’m only at home roughly one week per month), it’s easy to lose track of expenses amidst the whirlwind of new destinations and experiences. From meals on the run to impromptu transportation costs, the expenses can quickly add up. Without a solid plan in place, it’s all too easy to overspend or forget about essential payments.

The nice thing about my new position is there are major costs that are covered by the company such as flights, hotels, rental cars and most meals. But, I don’t want to take that for granted and spend on whatever (a fancy dinner for example). It is still company card and I still have to report expenses if I use that card. Rather, I will use my own card if I want to spend on extra things if I’m going on trips. The amount can be insignificant compared to what the company pays for, but they do add up. Always remember: small expenses are what will suck your bank account dry slowly. The trick is knowing what to spend on.

Tackling Expense Tracking 

Keeping track of expenses while on the move requires diligence and organization. Start by creating a digital or physical log where you can record all your expenditures. Whether it’s a fancy app or a simple spreadsheet, find a method that works for you and stick to it. Or better yet, get my free Expenses Tracker Notion Template 😉. Make it a habit to log your expenses weekly, reviewing your spending and identifying areas where you can cut back.

I have some questions regarding these templates, which is automatically logging your expense the moment you spend money if you use your card. At first, I find that a very nice idea. But on second thought, I realize that when you have to log your expenses manually, you’ll start to find the trend and become more conscious on your own spending.

Weekly Expense Check-Ins 

In the fast-paced world of travel, consistency is key. Set aside time each week to review your expenses and assess your financial health. Look for any discrepancies or areas where you may have overspent. Use this time to adjust your budget and make any necessary changes to your spending habits. By staying proactive and vigilant, you can avoid financial surprises down the road.

Another nice thing about doing this is that it actually helps you stay on top of your bills too. If I log my expenses at the first week of the month and find I spent way too little, than I know I missed some bill payments since I have a car and student loan payments to make.

So there you have it. Managing expenses while traveling can be challenging, but it’s not impossible. With a little foresight and discipline, you can stay on top of your finances and enjoy the freedom of life on the road. Remember, it’s all about finding a system that works for you (whether you are constantly on the go or being extremely busy) and sticking to it. So, here’s to smooth travels and savvy spending!