Ballin’ on a Budget

Bands-bands-bands, that’s a check talkin’

Comethazine- Bands

Going abroad is an incredible opportunity. It can teach you about the world and your place in it. It can show you more things than you ever think you’d be ever to learn. One of its most important lessons, is that of managing finances. Travelling to a foreign country definitely presents many new and interesting ways to spend your money, and it is waaayyy easier to blow cash than you may wish it to be. This is especially true in Colombia. Fortunately, I have some tips on how you can save up while you’re here!

There are a few things to know before you come to Colombia. First, keep in mind that Colombia has a very cash heavy society, nearly everything from restaurants to ride sharing apps are paid in cash, and you shouldn’t expect to pay for things with card as often as in the States. It is best to come into the country with a good amount of Pesos already acquired, that way you won’t be caught off guard upon arrival. What helps me a lot is pulling a lot of cash from an ATM, and budgeting that for two- two and a half weeks.

Secondly, Pesos are counted and spent by the thousands. I know what you may be thinking, and yes, it is very easy to have a million Pesos, BUT this does not mean you can live like a millionaire. The way the Colombian Peso is priced, it functions more as a cent. I say this meaning that things will cost thousands of Pesos very regularly, like how things costs hundreds of cents (dollars). This spending method translates into the currency itself, as you can see below.

The bills represent the number of thousand ,mil, pesos while coins represent 100, 200, 500, and 1,000 pesos.

Thirdly, keep the exchange rate in mind at all times. As of today, March 15, 2020, 1 U.S Dollar is exchanged to 4028.39 Colombian Pesos. Not good at math? No problem! Simply take off the thousand, and divide the price you see by four. For example, something may cost around 60,000 Pesos, and while that may seem like a lot, dividing 60 by 4 will get you around 15 US Dollars. It is important to keep this in mind because you will have very large numbers on your receipts, but hopefully the quick conversion helps you keep your cool.

Finally, I want to give my last piece of advice– PACING! It is very important to budget and stick to it. a cash heavy lifestyle can be very good for budgeting. One thing that helps me is keeping a certain amount of money and stretching it for two or three days. It is very, very easy to spend cash on things you don’t necessarily need, or just because it is a good price compared to the U.S. Don’t do that. Keep these tips in mind as you make you plans to travel to lovely Cali!