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Travel Budget, Money Matters, Financial Talk Mom, can I borrow ten grand?! Gimme yo mastercard! How the heck can I pay for my trip?! Ideas for making money. How much dough do I need?

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Old 01-07-2007, 03:08 AM   #1
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Is it better to first convert AUD to USD then to euro, will it make much of a difference, planing on taking $30,000AUD.
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Old 01-07-2007, 03:17 AM   #2
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I don't know much about money but according to xe.com:
30,000.00 AUD=23,393.64 USD=17,974.39 EUR
30,000.00 AUD=17,974.38 EUR
sounds like an awful lot of trouble for one cent more. but I'm probably looking at this way too simply. I don't understand how changing it to US first will make a difference?
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Old 01-07-2007, 03:47 AM   #3
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Convert the whole thing before you go? Not sure if that extra step will be worth while, not te mention that some places charge a small fee for each conversion. In that case, it won't make sense at all.

I am in Spain right now and here's what I am doing. I take cash from my checking account only when I need it through ATM machines.

I pay as much as I can with my "mileage" credit cards. I get the equivalent of one airline mile per every dollar I spend. I will pay my card with the cash that I would have taken on the trip.

So, for example, if I'm gonna spend $4,000 in cash this month, I may as well get 4,000 miles for it. Sometimes they give you 2 miles for evey dollar or some other kinds of specials

In addition, using my credit card for most purchases (gas, groceries, Christmas presents, restaurants, clothes, movies, anything...), I will get the TRUE exchange rate for that day (it fluctuates minutely every business day).

So, my advice is to keep the 30k as "cash reserves" and withdrawl the money sparingly. Get a mileage credit card and build the miles up for FREE flights in the future if you'll be spending money anyways.

Let's put it this way, for your $30,000 of spending cash, that is equivalent to 30k-60k of airline miles. You can get a free ticket to travel within the USA with 25,000 miles and to fly to Europe from Los Angeles it takes 40,000- 60,000 miles to fly for free (depending on the credit card).

A list of cards that offer miles- http://www.creditcards.com/airline-miles.php



DO NOT DO IT, if you are not responsible in paying off your creditors or do not know how to manage your money. This will only build up your debt and you will drain your cash reserves as well. Not a nice place to be in....
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Old 01-07-2007, 04:09 AM   #4
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I only just passed economics this semester so I'm no expert but assuming you're an Aussie you might want to check out the Commonwealth Bank's travellers cash card. www.travellerscash.com.au

It's like a prepaid credit card but it locks in the exchange rate when you put the money on the card.

Good Luck

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