Only pristine bills in Central Asia
In Central Asia, it is important that your American dollar and European euro bills are in pristine condition. No unusual ink marks, pen scrawlings or small tears. Sticky taped currency is out of the question. Banks and exchange bureaus will simply refuse point blank to accept them. On one occasion we tried to convert a $20 note into Uzbek Sum which had a tiny biro dot on its corner. It was otherwise, immaculate, but was immediately rejected. The bank clerk eventually gave in after much pleading: reluctantly though and at a lower exchange rate.

Also be aware that they'll have no problems dishing the shabbiest local currency back at you and often on purpose, because no-one wants them. But the fault-finding can work both ways of course and you have every right to refuse sub-standard bank notes from anyone. Although they may make a fuss, persist. You'll get what you want in the long run.

Money tips for the long term traveller: before you leave
Get to know your bank manager: this could prove very helpful if you are out there for the long stay.
Often, the reimbursement process begins once you return to your country of residence and if you need new cards or pin numbers, it pays to have a personal contact within the bank.
Leave with more than one debit and credit card. If one gets stolen, damaged or skimmed, at least you'll have another one.

ON THE ROAD

Check your bank account on-line regularly for obvious reasons. Or, if this is not possible, have someone back home do it for you.
Using an ATM has its risks too these days, though it is by far the easiest method of accessing your money. It is best to stick to banks with attached teller machine areas or those with security guards. Independently erected booths in touristy areas are prime spots for skimming or card reading scams. Always cover the pin pad with your hand when typing in your pin code. Take you receipt with you and if there are folder holders or any paraphernalia hanging on the walls or near the ATM, don't use it. Firstly, banks don't have advertising folders in these places and it is a perfect place to hide a camera. If you want to know the how's and whys of bankcard skimming, look at the snopes.com reference page.
Google "ATM locator" to find ATM's near where you are staying or travelling to.
Know the currency conversion rate before you enter the country. This may sound obvious, but it did happen to us. After nearly four years on the road, we both forgot to research this detail and pedalled from one frontier to the other. We landed in Chile not knowing how many pesos there were to our Bolivianos. Luckily, there was nowhere to spend our cash on anyway.
Use money changers and black markets to your advantage. If you know the current conversion rate, then things can't really go wrong, unless they give you counterfeit money, but if you have a watchful eye, you can tell the difference. Always be the last to count and inspect your money. This avoids last minute slight of hand from a Money Magician, of which there are a few in the world. In Turkmenistan, you have to change your money on the black market and not at the bank. The official exchange rate is as little as one fifth of what the street value is. See Lonely Planet for an overview of practical money information.
Keep a stash of back-up money ($ or €) and a few traveller's cheques for emergencies. In Guatemala, every single ATM in and around Flores was out of order, when we arrived.
Don't put all your money in the one place. Spread it around so if you do get something stolen, you aren't going to loose it all. When out seeing the sights, it is best to keep your money well concealed and preferably next to your body. And the days of simply hiding stuff in your sock are not completely over. Zip It Gear has come up with socks with pockets. Mind you these won't help you in the back streets of Quito at night. Kevin Coffey, self proclaimed "Scholar of Thievery" can also introduce you to almost every conceivable form of safety holder, money belt, neck pouch and fanny bag on the market. But personally, I'm more of a fan of stuffing it in the padded bra, whether your wearing it or not or deep in the girlie compartment of the pannier inside one of those iridescent wrapped sanitary pads. I don't use them, but one in the bag makes for a good hiding place.

NOTE: Euros or Dollar bills can be exchanged almost everywhere in the world these days.

Keeping the on-the-road budget on track
Now I have to admit, while we have managed to successfully stay on the road, we haven't actually managed to stick to our original budget. In fact, we spend way too much and that is simply because, we don't always abide by the low budget travel guidelines below. Maybe you can?

Accommodation and transport
Wild camp or ask to pitch the tent at a farm, church, school, police station or any other community area.
Use Couchsurfing, Warmshowers or the Hospitality Club regularly.
Find accommodation that includes breakfast in the price.
Stay in hostels not just because they are cheaper, but because you can network with other travellers. This way you can share the cost of taxi's, boats, tour guides and other travel activities.
Take public transport or walk, when not cycling.

Money matters
Keep a record of your purchases. There is no better way to see where the money is going.
Use banks with no withdrawal fee.
Only take out your budgeted amount each week. Once that is depleted that's it.
Work a bit while you travel. As much about travel as it is about working abroad The Working Traveller Magazine is a supplement guide to the Overseas Job Centre website.

Food and general living
Eat in cheap local cafes instead of the more touristy ones.
Become price aware. Wander around the supermarket to get an idea of how much things cost & to put the cost of living in perspective. This way you won't get ripped off at markets or places where prices aren't set.
Buy local, seasonal products that the general population uses. These are usually cheaper. Stop and buy farm produce along the way.
Eat nature's food. Look around when you are cycling down the road. Some countries have plenty of wild fruit and nut trees. Others have trucks so overloaded with vegetables they are scattered roadside.
Don't buy water, filter your own and instead of eating out, self cater. A visit to the supermarket or market is also a cultural reward.
Learn the art of bartering [from The Adventures of D]. It is not only a means of saving money but a way of socialising too.
Limit the luxoury items like booze and tourist restaurants and use them as a special treat instead.
Re-evaluate the importance of souvenirs and buying new gadgets. Before making a purchase, ask yourself three times over if you really need or want it. You have to give an honest answer for this money saving technique to work.
Ask locals what they normally do for entertainment. You'll probably get invited if you show an interest in their country's culture.
Research before you leave and during your travels The world wide web is a great place for picking up tips on things to do and ways to save money.
Recycle and repair everything.
Learn about your own bike maintenance & repairs: You need go no further than BicycleTutor.com

Basic Daily Living
(food & accomm.)

Iran
Turkmenistan
Uzbekistan
Kyrgyzstan
China
Pakistan
india
Nepal
Malaysia
Singapore
Thailand
Japan
South Korea
Canada
USA
Mexico
Guatemala
Belize
El Salvador
Honduras
Nicaragua
Costa Rica
Panama
Colombia
Ecuador
Peru
Bolivia
Chile
Argentina
Uruguay
Brazil
Germ. / Holl. / Belg.
France
Italy
Tunisia
Libya
Egypt

Other expenses: repairs, flights, ferries,
bus trips, doctors, dentisits, electronics, visas...

new photo camera, visa Turkmenistan & Uzbekistan
entry tax
visa Pakistan, China, Kyrgyzstan

new lens for camera
Indian visa, parcel to Australia, hard disc drive
glasses, periodontist visit, mri scan, parcel, taxi
flight to Malaysia, parcel, major bike maintenance, visa, watch


flight to Japan, periodontist, taxi airport
3 ferry trips, electronics
flight to Canada, HDD, camping gear, clothing, parcel
bike repairs, clothing
bike repairs, clothing, electronics
ferry, dentist visit, computer+import tax, bike repairs, glasses
visiting Tikal by bus
2 boat trips, 2 dinners

eating out in restaurants twice in three days
entry and exit tax

boat trip to Colombia, electronics
bike repairs, clothing, electronics
insurance, HDD, postage, Spanish lessons, injections
parcel, bike repairs, taxi
bike parts and repairs
bus tickets, clothing, electronics
new photo camera, bus ticket, ferry, clothing
electronics
flight to Germany, bus ticket
computer, eating & drinking out, bike repairs, periodontist
insurance, ferries, clothing, bike repair, meeting up with friends
ferry crossings
visa's Libya, new mice computer
new camcorder

Flights

Up, up and a away: Air travel between continents and countries set us back the following amount of money (price for 2 people in euros):

Want to know how to get your bikes on the airplane? See our travel tips page.

Ferries and boats

Just pay the ferryman: (prices for two people in euros)

* The boat trip between Panama and Colombia cost US$ 375 per person.
That's including accommodation, food and water for 5 days. We deducted
our average daily spending in Panama from the total price of the trip.
Our 'boating only' price tag = € 400 for the two of us (where € 1 = US$ 1,40)

** Over the last years, we took a total of 42 boat / ferry trips.
We've only mentioned the most expensive (and longer) ones here.
At a wild guess, the others would have cost us another € 200 euro.

Bike repairs and maintenance

Visas: just a stamp away
Travelling the world requires getting all kinds of visas and especially so if you plan on going through Asia. And getting that stamp in your passport comes with a price tag. The cost of a visa depends entirely on what passport you're carrying with you.

A couple of classic examples which show the enormous difference between countries:
In 2007, US citizens paid US$ 100 for a Pakistani visa, whereas Dutch citizens paid just US$ 36. Travellers with German or French passorts don't pay to get in to Turkey, we paid € 10, Canadians pay € 45... So far, travelling on a Dutch passport, this is what our world visa's have cost us. (prices per person)