Travel Pro Tip #35: How to Live Travel Pro! Inspired by @jedau. Part Eight: Know Your Market!

Hey there my Steemit friends! We've covered so much in this series "How to Live Travel Pro". I really have to thank @jedau for inspiring me to write all these articles. I believe his initial question was how can I afford to live a lifestyle like I do without working?

Maybe you have noticed that this question relates to income, spending, finance, for simplicity we'll call it money! I believe it's been said that this is the thing that makes the world go round. Frankly this is the thing that makes me go round the world!

So many people find money as an ugly topic; I find it fascinating. Understanding it, especially on a global level has allowed me to live how I do year after year. It's given me the freedom that I value and enjoy so very much.

Money will not buy you happiness, but it will buy you freedom. Being wealthy in free time is one of the main themes of these articles. Money plays a huge role in everyone's life weather they'd like to admit that or not.

I highly recommend everyone master personal money management. Like a double edged sword money can make your life better or it can ruin you. Educate yourself on conservative money management skills. Having money working for you rather than against you is key.

So how do we know if we are doing a good job managing our money, especially when you're living life Travel Pro roaming from one country to another? Well simply put, you have to know your market! Meaning refusing to accept a bad deal. This is money management at it's most simple.

If everyone in a given area knows that a taxi ride from the airport to the center of town is five dollars would you pay $25 dollars for that? Of course not, but in in some countries you may be asked. I use this example of negotiating taxi fares as this is one of the most common places to get taken advantage of.

However I've met some people that just pay anything asked, that can sometimes me multiples the going price. These are the people that really have no sense of the value of a dollar or little to no travel experience. Maybe they've never worked a day in their life, maybe they have access to daddy's credit cards. One thing is for sure, being reckless with your spending is the fastest way to blow your travel budget, and that's very Un-Travel Pro!

To learn the market is your very first step to avoid getting ripped off and there for not overspending during your travels. Never have the attitude of well I'm the foreigner I'm supposed to pay double or triple than everyone else, I come from a wealthier country.... blah blah blah!

I find this attitude arrogant. This arrogance can also ruin your budget while simultaneously having the locals think you're a sucker with way too much money. You should always pay the going price where you are, and if you feel like you have more money than you need there is always a homeless person or a charity to give to. Never accept paying more than the going rate just because you're the foreigner.

However sometimes you will find yourself having to pay more not matter what. In some countries to get into a park, museum, or public event there will be a price for locals and a higher price for foreigners; often there will be a price for adults, elderly, children, and students too. This is all very understandable; but when it comes to a sandwich and a hotel room, that's a whole other story.

As a traveler you have two main expenses besides your tickets taking you from A to B. I'm talking about food and accommodation. Really not much different than everyone else. To get the best deal is different from country to county. Figuring out a country and living similar to the locals is one thing I've really come to enjoy as a traveler.

Food

Shopping where the locals shop and cooking your own food can sometimes be a budget travelers best friend. Shopping in a similar way as the locals will always save you money. Buying domestic products and produce at lower prices is never a bad idea.

In many countries in Asia name brand pasta and a bottle of Rague tomato sauce is very expensive. While rice noodles and soy sauce at a traditional market can be incredibly inexpensive. One can also just pull up a chair get a bowl of soup like this for about one to two dollars in many countries in South East Asia.

Doing as much shopping as you can at traditional markets is really recommend and it's fun! However these are the markets where in some countries you run the risk of getting mistreated as the foreigner and the non labeled item suddenly has a special price for you.

All over Latin America and South East Asia these things happen. However compared to ten years ago it seems like it's much less of an issue. Maybe things are different now or maybe I just got into a habit of being very cautious when items don't have a price tag.

To make sure I know the market price for things I'll often ask the price from someone standing in line or I'll observe what someone else is paying, usually there are many different vendors selling the same goods.

Taking your time and shopping around, asking prices of different products in different stores is really the best way to get to know the going rate for just about anything. Being armed with the market price of a product really is key to not overpaying.

Accommodation

Finding a place to rest your head at a good price is the fastest way to save big. To learn this market I go to agoda.com and compare prices. I also use google maps with a hotel search and compare prices there as well.

Once I have a general idea of the going rate, I further my understanding of the market on foot. I choose an area of town that I want to stay and then walk around with my backpack of 12 kilos for an hour or two. I always look for the best value before I make this important decision.

Negotiating a room for an extended period of time is much more complex than just saving money with the cheapest deal. There is so much to factor in in regards to location, atmosphere, and quality verse price. So for me there is no better way to learn the hotel market than on the ground.

If you are visiting a country where the hotel market even on the low end is over your budget the next market to look into is Airbnb and the hostel market. At this point you're mostly online comparing one from another and deciding on what is the best value, not necessarily the cheapest. That's important to remember as often you end up getting what you pay for with varying degrees.

Knowing your market is essential for staying on budget and staying on budget is essential to long term travel. So if you're going to Travel Pro, you better know your markets!

With over 11 years of travel experience I answer travel and international lifestyle questions. Leave a question in the comments and I may make a Steemit post just for you!

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Photo Credit: World Travel Pro!