Budgeting

How much you bring depends on how you like to live. If you are planning to travel for a year, £3,500 to £5,000 is a conservative estimate of how much you’ll need. Obviously this figure is going to change depending on how much you like lentils and how willing you are to sleep in grotty hotels. Budget by:

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• Daily expenditure: work out an approximate amount-per-day by looking through a good travel guide book at the cost of food, transport, accommodation, night life, souvenirs and “can't miss” items. There's no point in going to Ayres Rock and not paying to get into the park to see it. Check the rate of exchange in the front of the book and compare it with the daily rate in the newspaper, as rates do change and often.
  
• Then add 10%: this should cover all but the most expensive emergencies, which should be covered by your insurance.
  
• Work the student angle: if you produce a valid student ID card, places such as Thomas Exchange will give you your foreign currency and travellers’ cheques commission free. Check with your bank too. If you have a student account, there’s a good chance you’ll get commission-free cheques and exchange. 
  
• Choose your destination carefully: some places are cheaper than others. Asia costs much less than the US, so work out how long you can afford to stay in each place.
  
• No dirty money: Don't accept torn or filthy notes, especially in South America or Eastern Europe. The locals won't touch them and you'll end with money you can't spend.
  
• Get an ISIC Student Discount Card: it will save you money. Get deals on local transport, bars, theatres, cinemas – you name it - in over 50 countries. They also offer 24-hour advice if you get into legal or medical difficulties. It's only £5 for a year and you can get them from your Student Union.
  
• Work it: consider working your way. Money from casual bar or temp work can make the difference between an OK trip and a great trip. Make sure that you have the right sort of visa, the necessary skills and will be arriving at the right time of year for seasonal work.
  
• Don't carry all your money on you: it's just too risky. Take some as travellers’ cheques (don’t forget to write down their numbers and pack them separately); some as US dollars (the world’s currency); and take some out of the hole in the wall (the planet is increasingly networked and your humble debit card will see you right in some surprising places.)
  
• Check your bills: some locals think you are stupid and may add a few imaginery items to your bill or run your card through the machine more than once. Make sure the numbers add up.
  
• Open a bank account: but only if you’re going to be there for more than a few months.
  
• Get money wired to you: if you run out of money, you can beg someone at home to put some more in your account or you can get it wired to you via Thomas Cook or American Express. It should cost about £25 to do.
  
• Keep a reserve: always keep back enough money to get you home.

For crucial travel advice on what is required for different countries, updated medical information, how to prepare for your travels, a list of consulates and embassies and what to if something goes wrong while you’re on holiday, check the Foreign and Commonwealth Office website.