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Thinking in a Different Currency

Thinking in a Different Currency

Backpacking is at times challenging enough.  When you throw in different aspects such as languages or currencies, things can become even more complex.  The reason is you have set standards in your head that you are accustomed to back home.  Let us face it, 1 means 1 at home.  Traveling does not always yield the same.  I think that there are a few tips that you can use to alter your thinking and adjust to a foreign currency.

  1. Know the exchange rate – It is a good idea to know the most up to date exchange rate.  It is also a good idea to get a round about figure for the market adjustments.  For example, the currency has fluctuate about 3-4 cents up and down over the last few months.  Keep this in mind that the exchange is roughly in one range.
  2. Make a standard for comparison – In your mind, you have to figure out a way to explain the currency to yourself before you can comprehend it.  Therefore, try to get a  good and solid figure.  What I mean is, if there is a 95 to 1 exchange rate, say that for every 100 of theirs you are spending 1 of yours.  Just round-up.  It will make things easier.
  3. Learn the local market rates – This suggestion will depend on how much time you are spending in one place.  The longer that you stay in one place, the easier this will become.  The local market rate, is basically what any local person would pay for a good.  If you can get yourself into a position where you know this rate for each common good or service that you use, you will be in a good place.  It will save you from getting ripped off, big time.

What are your thoughts? How do you keep sane when switching currencies frequently?

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