What to Know About Managing Money Before Traveling or Living Abroad

NerdWallet's Smart Money Podcast

NerdWallet Personal Finance

Business, Education, Investing, How To

4.2 • 665 Ratings

🗓️ 13 January 2025

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

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Summary

Learn actionable strategies to tackle credit card debt and ways to manage your money while traveling or living abroad. How can you manage your money while living abroad? What are the best strategies to pay off credit card debt? Hosts Sean Pyles and Sara Rathner discuss managing finances while living outside the US and practical tips for tackling credit card debt to help you make smarter financial decisions. They begin with a discussion of credit card debt trends in the US, with tips on understanding why debt is rising, exploring repayment strategies, and avoiding common pitfalls like high interest rates and emotional overspending. Then, host Elizabeth Ayoola joins Sara to discuss some of the challenges of managing money abroad. They’re joined by NerdWallet writer Craig Joseph and producer Tess Vigeland, who share their experiences living abroad and the things they wish they’d known before moving to another country. They discuss navigating international banking fees, using tools like Wise and multi-currency accounts, and finding credit cards and banks that suit expat needs. They also cover what to keep in mind when filing taxes while living overseas, ensuring you’re prepared for IRS requirements and making the most of your money while enjoying life abroad. Our Credit Card Nerds put in the research to break down the best no balance transfer fee credit cards, including what each card offers and the fine print that accompanies each one: https://www.nerdwallet.com/article/credit-cards/best-no-balance-transfer-fee-credit-cards Compare credit cards with NerdWallet’s free credit card comparison tool: https://www.nerdwallet.com/compare/credit-cards In their conversation, the Nerds discuss: managing money abroad, how to transfer money abroad, avoiding international banking fees, filing taxes abroad, paying off credit card debt, debt repayment strategies, avoiding foreign transaction fees, Wise multi-currency accounts, balance transfer credit cards, international banking tips, expat financial planning, reducing debt stress, paying off high interest credit card debt, emotional side of debt, choosing the best credit card for travel, US expat finances, foreign bank accounts, transferring money internationally, managing expat taxes, multi-currency accounts, credit card debt trends, saving on bank fees, ATM reimbursement tips, tax planning for expats, how to open a bank account abroad, budgeting for living overseas, avoiding wire transfer fees, building credit abroad, expat financial mistakes, international money transfer apps, and international financial tools. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email [email protected]. Like what you hear? Please leave us a review and tell a friend. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Sarah, have you ever lived in another country?
0:03.2	I haven't, but maybe I'll retire to whatever the hot American expat destination will be in the 2050s.
0:10.1	Well, okay, maybe hot's the wrong word, given, you know, climate change.
0:14.4	Yeah, by then hot might mean Vancouver, British Columbia.
0:17.6	Well, in this episode, we'll help folks understand how to manage their money while
0:21.1	living outside the U.S.
0:26.7	Welcome to NerdWallet's Smart Money Podcast. I'm Sean Piles. And I'm Sarah Rathner. In this episode,
0:33.8	I'm joined by our co-host, Elizabeth Ayola, to answer one of your money questions
0:37.5	about managing your money while moving and living abroad.
0:40.9	But first, we will chat about something that's a little closer to home, as in the debt
0:45.4	that U.S. households carry.
0:47.5	NerdWallet Annual Household Credit Card Debt Study just published, and it has some interesting
0:51.9	findings that can help us understand the state of credit card debt in the U.S., including why folks have it, how they can pay it off, and
0:59.0	how our emotions complicate the process. Sarah, I know you've been digging into this study.
1:04.1	What's the top line takeaway?
1:05.8	Debt totals are up compared to last year, but not by a lot. All told, debt in general is up just under 4%. Mortgages and
1:14.9	auto loans are both up by more than 3%, while credit card debt is up just one and a half percent.
1:20.7	So credit card debt is up just slightly year over year. What's driving the increase in debt right now?
1:25.9	We know expenses like food and utilities have gotten
1:28.7	more costly for folks. Are people using credit cards to cover necessities? They are, and that's in part
1:35.0	because over the past five years, incomes just haven't kept up with the costs of those necessities
1:41.0	like food, housing, and transportation. And we found that nearly half of
	...

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