It’s every traveler’s worst nightmare, and for our digital nomad family of four, it became a stark reality: running out of money in a foreign country. I’ve been there, staring at an empty ATM, the pit in my stomach growing with each failed transaction. It’s a terrifying experience, especially when you have two little ones looking up at you, but surprisingly, it also became one of the most profound learning opportunities of our lives. While I wouldn’t wish it on anyone, our experience of traveling broke and running out of money abroad taught us 10 invaluable lessons that have shaped how we travel today.
The Moment It Hit: Our Family’s Reality Check
I remember it vividly. We were in a small town in Southeast Asia, planning our next move, and I went to withdraw cash for our guesthouse and food. Card declined. Tried another. Declined. Panic started to set in. We had a small amount of local currency left, enough for maybe one more meal, and no immediate way to access more funds. Our carefully planned budget had somehow gone awry, and we were stranded.
This wasn’t just about me anymore; it was about my family. The weight of that responsibility was immense. But out of that challenging situation came some of our most important travel wisdom.
That moment at the ATM was a harsh but necessary wake-up call.
Lesson 1: Cash is King (and Diversification is Queen for a Family)
I learned this the hard way. Relying solely on credit cards or a single debit card is a recipe for disaster. ATMs can be scarce, cards can get blocked, or machines can simply eat your card. Now, we always carry a decent amount of local currency, a backup credit card, and a backup debit card from a different bank. We stash them in separate, secure places – some with me, some with Tabitha, some hidden in our luggage. This redundancy is vital for a family.
Lesson 2: Emergency Funds Are Non-Negotiable (Especially with Kids)
Before this experience, our emergency fund was more of a suggestion than a strict rule. Now, it’s sacred. We have a dedicated fund (at least $3,000-$5,000 for our family) accessible for true emergencies like a lost passport, an unexpected flight home, or, yes, running out of money. This fund is separate from our travel budget and is only touched in dire situations. It’s our family’s safety net.
Lesson 3: Know Your Bank’s International Policies (and Tell Them Everything)
My bank, bless its heart, decided my foreign transactions were suspicious and froze my card without warning. I spent hours on expensive international calls trying to resolve it, all while trying to keep the kids entertained and unaware of the stress. Before you leave, inform all your banks of your travel dates and destinations. Ask about their fraud detection policies, international transaction fees, and how to unblock a card from abroad. We now use banks known for their travel-friendly policies, like Charles Schwab Investor Checking for ATM fee reimbursements worldwide.
Lesson 4: The True Value of Travel Insurance (It’s Not Just for Medical)
While travel insurance won’t typically cover running out of spending money, it’s crucial for other emergencies that can quickly drain your funds, like medical emergencies, lost luggage, or trip cancellations. Having it can prevent a bad situation from becoming catastrophic. We use SafetyWing for our family’s nomad insurance, which covers us globally.
Lesson 5: Embrace Resourcefulness (and Humility) as a Family
When you’re broke, you get creative. We learned to:
- Work for Accommodation: Tabitha and I looked into options like Worldpackers or Workaway where we could exchange a few hours of work for a free stay. While we didn’t end up needing it in that specific instance, it opened our eyes to possibilities.
- Barter Skills: I considered offering my web design skills in exchange for food or lodging. It’s amazing what you can do when pushed.
- Ask for Help: This was the hardest. But sometimes, a kind stranger or fellow traveler can offer a meal or a small loan. It taught us humility and the immense kindness of others. We had a fellow traveler offer us some local currency to get by until our funds were accessible.
We didn’t have to do this, but knowing options like working for accommodation exist is incredibly empowering.
Lesson 6: Budgeting Becomes a Daily Obsession (for the Whole Family)
Before, budgeting was a loose guideline. After, it became a meticulous, daily ritual. Every single penny was accounted for. This hyper-awareness of spending is a habit we’ve maintained, and it’s made us much smarter travelers. We even involve the kids, teaching them about the value of money and how every decision impacts our ability to keep traveling.
Lesson 7: The Kindness of Strangers is Real (and Profound)
When you’re vulnerable, you often find the best in humanity. The guesthouse owner who offered us an extra night on credit, the fellow traveler who shared their food, the local who offered directions and a smile when we were at our lowest. These acts of kindness were more valuable than any money. It reinforced our belief in the good in the world.
Lesson 8: You’re More Resilient Than You Think (Especially as Parents)
Facing a crisis alone in a foreign land, with your children depending on you, forces you to tap into reserves of strength you didn’t know you had. It builds problem-solving skills, independence, and an incredible sense of self-reliance. You learn to adapt, improvise, and overcome. We emerged from that experience stronger as a couple and more confident as parents.
Lesson 9: The Importance of a Support System Back Home (Our Lifeline)
While we tried to handle things ourselves, knowing we had family and friends we could call upon for help (even if it was just moral support or a small wire transfer) was a lifeline. We made sure someone back home knew our itinerary and how to reach us, and we set up a clear communication plan for emergencies. This is crucial for any traveling family.
Lesson 10: Travel is a Privilege, Not a Right (and We’re Grateful)
This experience instilled in us a profound appreciation for the privilege of travel. It’s easy to take for granted the ability to move freely, access money, and have a comfortable place to sleep. Running out of money was a stark reminder of how quickly that privilege can be stripped away, and it made us more grateful and conscious travelers. We now approach every journey with a deeper sense of appreciation and responsibility.
How to Avoid Running Out of Money (or Survive It) as a Digital Nomad Family
- Create a Realistic Budget: Research costs thoroughly for your destination, adding a buffer for unexpected expenses.
- Track Your Spending Daily: Use an app like TravelSpend or a simple spreadsheet. Consistency is key.
- Have Multiple Payment Methods: Debit cards, credit cards, and some cash, all from different banks and stashed in separate places.
- Build an Emergency Fund: Dedicated for travel emergencies, easily accessible but separate from your daily spending.
- Inform Your Bank: About your travel plans and ensure they have your updated contact information.
- Consider Travel Insurance: For major unexpected events. We highly recommend SafetyWing.
- Know Local Resources: Research your embassy/consulate’s contact info and local emergency numbers.
- Learn Basic Phrases: Especially related to money and emergencies in the local language.
Running out of money abroad is a tough lesson, but it’s one that teaches you more about yourself, your family, and the world than any guidebook ever could. It strips away the superficial and forces you to confront reality, ultimately making you a stronger, wiser, and more appreciative traveler. While I hope your family never has to experience it, if you do, remember these lessons, and know that you have the resilience to get through it. Safe travels!
Leave a Reply