Contingency Funds (Savings when you need them) while Backpacking Around Australia

Contingency Funds for the Backpacker in Australia

Anything can happen when you're backpacking around Australia and if something goes wrong, having some contingency funds (backup money) will enable you to act quickly when you need to get things sorted out.

In the case of an emergency (i.e, your money gets lost or stolen) or even if you simply over spend and just wind up broke, you will need access to money, accommodation, food, transport & identification documents to get everything back on track.

So the idea is to create a pool of resources which you can use as and when you need it. This means spreading your money out in different forms (cash, debit card, credit card, travellers cheques) and keeping them in different places (money belt, backpack, with a friend or your appointed person) incase one or more of them is unavailable.

This will enable you to survive while you get things in order (i.e, arranging replacement bank cards, finding work, reclaim travellers cheques etc...). Working with your appointed person (read the Essentials for Backpacking Australia - Appointed Person - Help from home article) you can get things done quickly and easily as long as you have made a contingency plan.

Creating a contingency plan for backpacking in Australia

The following questions will give you an idea of the kind of things you need to be thinking about when you're creating your plan. Look at each question and consider for a moment how they apply to you...

  • What steps can I take to ensure I will always have access to money?

  • How much money will I need to set aside incase of an emergency?

  • How can I book accommodation, buy shopping and access identification documents when I need them?

  • Is there anything I can do now to protect myself when I arrive?

In this section we discuss the answers to these questions and take a look at how to create a contengency plan.

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