Money Management Tips For Backpacking In Australia

Money Management for the Backpacker in Australia

When you're planning a backpacking trip to Australia, knowing how to sensibly manage your money is one of the most important aspects. You will need to know how to open an Australian bank account, transfer money, proctect yourself in a financial emergency and of course, how to budget for your trip (i.e, cost of living in Australia).

To help you get started, we have written lots of brilliant articles/guides about managing your money for backpacking in Australia and how to budget correctly for your adventure.

Backpacking in Australia is the experience of a life time!!! If you are in the initial stages of getting funds together for your trip... SAVE, SAVE, SAVE! Remember, the more money you save in now, the sooner you can be out there enjoying all the amazing things Australia has to offer.

So while saving, try not to spend money on unnecessary things, like big bash weekends or shopping sprees when it can go towards your Australian trip of Awesomeness!!!

Ok let's have a look at a quick break down of the articles in this section...

  • Australian Bank Accounts Explained
    This article is all about opening an Australian bank account with the best features for backpacking around Australia. You will learn how to open your account before you go, what the best options are for backpackers in Australia and how to keep your new details safe from harm.

    We also discuss how to use EFTPOS (electronic funds transfer at point of sale) in Australia and the best way to 'activate' your account when you arrive (i.e, what ID you will need and what to do if you are staying at a hostel).

  • Backpacker's Budget - Cost Of living In Australia
    Learn how to calculate you backpacking budget for Australia! This article covers the cost of living in Australia and how to get up to date prices of accommodation, food, shopping, activites and transport so you can budget wisely for your trip.

    We also take you step by step through the budgeting process and highlight many things people usually forget when working out the costs.

  • Contingency Funds - Savings when you need them
    To protect yourself in a financial emergency (i.e, your backpack is lost or stolen), a contingency fund will enable you to support yourself while you get things sorted out.

    Contingency is about being able to access emergency money if you run into trouble, especially when you have lost all your usual ways to get funds (i.e, lost bank cards, cash, travellers cheques). In this article we see how to get accommodation, food/shopping and money for transport (even if you loose absolutely everything!).

  • E.F.T - Transferring Money To An Australian Bank Account
    Electronic funds transfer or E.F.T is how you will be transferring most of your holiday funds into your new Australian bank account. In this article we explain how to transfer your money before you go to Australia and what details you will need to to make the transfer.

  • Carrying Cash Safely While Backpacking Around Australia
    In this article you can learn how much cash to take when you go to Australia, how much you will need to support yourself when you arrive and how to carry cash safely.

    Also in this section we discuss how to keep your cash and other valuables (passport, jewelry, driving license, bank cards) safe when you're on the road with a concealable money belt.

  • Currency Conversion Guide for Backpackers in Australia
    How to convert Australian dollars into your own currency is going to be really helpful when you are budgeting for your trip. In the currency coversion article, you can learn how to calculate the value of anything in your own money when comparing the costs.

    We also discuss how to buy Australian dollars to take with you and how to get the best exchange rates.

  • A Guide to Travellers Cheques for Backpackers in Australia
    Travellers cheques can be a good tool for transporting money while backpacking in Australia. The brilliant thing about travellers cheques is (unlike cash), if your travellers cheques are lost or stolen, you can claim the money back because they are insured.

    In this article we discuss what travellers cheques actually are, how to buy them and how to turn them into cash when you need it.

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Trending Articles!!!

The Backpacker's Budget (Cost Of living In Australia)

Budgeting for backpacking in Australia is all about getting the most out of your trip with the funds you have available. In this article we outline how to budget for backpacking around Australia including getting up to date prices for accommodation, transport, essential shopping items and day-to-day living expenses so you can budget your trip with confidence before you go.


Packing Guide & Checklist for Backpacking Around Australia

Read our helpful backpacking checklist and get lots of tips about what to pack before you go to Australia. Learn about choosing the right backpack, what essentials you will need to take with you and how to travel light when you need to.


Backpackers Guide to Driving in Australia

Above all methods of transport, driving in Australia will easily provide you with the most freedom. Having your own vehicle you can go anywhere, at any time without the hassle of public transport or having to compromise on any of your arrangements. Learn everything you need to know to start driving in Australia.


Read more Articles Managing your money while Backpacking around Australia!!!

Opening an Account (Australian Bank Accounts Explained)

An Australian bank account can be opened before you go which you can then transfer funds into in advance for when you arrive or alternatively you can open an account when you get there. Both options for opening a new Australian bank account are covered in this article as well as some helpful ideas about how to choose the right account for you.


The Backpacker's Budget (Cost Of living In Australia)

Budgeting for backpacking in Australia is all about getting the most out of your trip with the funds you have available. In this article we outline how to budget for backpacking around Australia including getting up to date prices for accommodation, transport, essential shopping items and day-to-day living expenses so you can budget your trip with confidence before you go.


Contingency Funds (Savings when you need them)

Anything can happen when you're backpacking around Australia and if something goes wrong, having a contingency fund 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.


Transferring Money To An Australian Bank Account (E.F.T)

If you're on a Working Holiday Visa or are travelling for extended periods the largest part of your holiday funds will be paid into your Australian bank account (Australian bank account). There are a few ways you can transfer your holiday funds...


Carrying Cash Safely While Backpacking Around Australia

Whatever plans you have made for backpacking in Australia you will need to take some cash with you. The amount you take will depend on what you have managed to do in the planning phase (i.e, prebooked accommodation, shuttle, opened an Australian bank account, etc...). Learn how much cash you will need to take to Australia to see you through the first 2 weeks.


Currency Conversion Guide for Backpackers in Australia

Knowing how to convert currencies will be a definite advantage to backpackers in Australia and all over the world. This calculation is a simple but very useful tool which will help you compare costs in Australia.


A Guide to Travellers Cheques for Backpackers in Australia

Travellers cheques can be used to safely transport your money to Australia where they can be 'encashed' at some stage during your trip. They can be ordered in a shop front (bank, post office, etc...) or online which are delivered to you in the post.Learn how to use travellers cheques and why they are good for backpacking in Australia.