What to Know About Managing Money Before Traveling or Living Abroad

13 snips

Jan 13, 2025

Explore money management strategies for travelers and expats, tackling the intricacies of credit card debt and international banking. Learn effective repayment tactics while navigating rising debt trends. Discover essential tips for managing finances abroad, including avoiding high fees and selecting the right credit cards. The conversation also dives into the emotional impacts of debt, focusing on proactive repayment and prioritizing financial goals. Finally, gain insights into navigating taxes and the benefits of professional assistance for expatriates.

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INSIGHT

Debt Increase Drivers

Credit card debt is up slightly year over year, but overall debt is rising.
Rising living costs, outpacing income growth, contribute to increased reliance on credit cards for necessities.

ADVICE

Debt Management Strategies

Prioritize high-interest debt and consider emotional factors when choosing a repayment strategy.
Explore balance transfer cards, personal loans, or professional help if needed.

INSIGHT

Debt and Income

Many people delay debt repayment until earning more, even high earners.
This delay can hinder other financial goals; prioritize high-interest debt repayment.

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Learn actionable strategies to tackle credit card debt and ways to manage your money while traveling or living abroad.

How can you manage your money while living abroad? What are the best strategies to pay off credit card debt? Hosts Sean Pyles and Sara Rathner discuss managing finances while living outside the US and practical tips for tackling credit card debt to help you make smarter financial decisions. They begin with a discussion of credit card debt trends in the US, with tips on understanding why debt is rising, exploring repayment strategies, and avoiding common pitfalls like high interest rates and emotional overspending.

Then, host Elizabeth Ayoola joins Sara to discuss some of the challenges of managing money abroad. They’re joined by NerdWallet writer Craig Joseph and producer Tess Vigeland, who share their experiences living abroad and the things they wish they’d known before moving to another country. They discuss navigating international banking fees, using tools like Wise and multi-currency accounts, and finding credit cards and banks that suit expat needs. They also cover what to keep in mind when filing taxes while living overseas, ensuring you’re prepared for IRS requirements and making the most of your money while enjoying life abroad.

Our Credit Card Nerds put in the research to break down the best no balance transfer fee credit cards, including what each card offers and the fine print that accompanies each one: https://www.nerdwallet.com/article/credit-cards/best-no-balance-transfer-fee-credit-cards

Compare credit cards with NerdWallet’s free credit card comparison tool: https://www.nerdwallet.com/compare/credit-cards

In their conversation, the Nerds discuss: managing money abroad, how to transfer money abroad, avoiding international banking fees, filing taxes abroad, paying off credit card debt, debt repayment strategies, avoiding foreign transaction fees, Wise multi-currency accounts, balance transfer credit cards, international banking tips, expat financial planning, reducing debt stress, paying off high interest credit card debt, emotional side of debt, choosing the best credit card for travel, US expat finances, foreign bank accounts, transferring money internationally, managing expat taxes, multi-currency accounts, credit card debt trends, saving on bank fees, ATM reimbursement tips, tax planning for expats, how to open a bank account abroad, budgeting for living overseas, avoiding wire transfer fees, building credit abroad, expat financial mistakes, international money transfer apps, and international financial tools.

To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email podcast@nerdwallet.com.

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