Tracking Expenses in Different Currencies

Living as a digital nomad is exciting, but it comes with challenges. One of the biggest? Managing money across multiple currencies. Today, you’re sipping coconut water in Bali. Next week, you’re ordering flat whites in Berlin. Each place has its own price tag, its own currency, and its own quirks.

If you’re not careful, all that switching can drain your budget fast. One €9 coffee might show up on your bank statement as £7.80 or $10. How do you keep track without going mad?

This guide is for you. We’ll show you how to handle currency exchange rates, pick the best travel budgeting apps, and track expenses with ease, no matter where you roam.

Why Currency Confusion Wrecks Your Budget

Tracking expenses in your home country is simple. But throw in a few flights, a dozen currencies, and fluctuating exchange rates, and things get messy.

As a digital nomad, you’ll face:

• Ever-changing exchange rates
• Foreign transaction fees that sneak up on you
• Local taxes and tipping customs you didn’t expect
• Mental fatigue from constantly converting prices

It’s easy to overspend without noticing. A £20 lunch might feel like a bargain—or a blowout—depending on the day’s exchange rate.

So, how do you stay on top of your money? You plan smart. And you track smarter.

How Currency Exchange Rates Really Work

Let’s break this down.

What Changes the Exchange Rate?

Currencies rise and fall based on:

• Supply and demand
• Political news or instability
• Interest rates from central banks
• Global economic health

Say there’s a crisis in Argentina. The Peso might fall overnight. If you’ve just exchanged a lot of money, you could lose value before spending a penny.

Fixed vs. Floating Rates

Some countries peg their currency to another (like the US dollar). That’s called a fixed rate. Others let the rate change freely, such as a floating rate.

It’s good to know which system your next destination uses. That way, you’ll understand how stable—or risky—its currency is.

Best Travel Budgeting Apps for Nomads

Apps can make your life 10x easier. Here are the top picks for tracking expenses in different currencies.

1. Trail Wallet

Created by travellers, for travellers.

• Tracks multiple currencies with automatic conversion
• Lets you set daily budgets
• Super easy to use, with a clean design

Note: Only available for iOS.

2. Splitwise

Great for groups or couples sharing costs.

• Supports currency conversion when splitting bills
• Real-time syncing across users
• Good for short trips or group adventures

Note: Not a full budgeting tool.

3. Spendee

A beautiful app with charts and summaries.

• Handles both cash and card spending
• Lets you create multiple wallets (e.g., personal vs. business)
• Currency conversion included

Note: Premium version unlocks the best features.

4. TravelSpend

Designed for digital nomads and long-term travellers.

• Works offline
• Converts currencies in real-time
• Breaks down spending by country, date, and category

Note: Android version is slightly behind iOS.

Plan Ahead: Budgeting by Country and Currency

Before you arrive in a new place, prepare your budget like a pro.

Know the Local Costs

Websites like Numbeo and Expatistan allow you to compare prices in different cities. You’ll see what locals pay for groceries, transport, rent, and more.

A coffee in Copenhagen might be £5. In Hanoi, it’s 60p. Huge difference.

Break Down Your Budget

Divide your travel funds into categories:

• Accommodation
• Food & drinks
• Transport
• Coworking spaces
• Leisure and fun
• Other expenses

This gives you a clear picture of how much you can spend each day.

Pick a Base Currency

Most apps let you choose a “home” currency. It’s best to pick the one you’re paid in. That way, all your spending gets converted back to a number that makes sense to you.

Exchange Rate Mistakes to Avoid

Even savvy travellers get tripped up by conversions. Avoid these common traps.

Always Pay in Local Currency

Some shops offer to charge you in your home currency. Say no. It’s called “dynamic currency conversion,” and it usually includes a big markup.

Use the Right Bank Card

Look for cards that offer:

• No foreign transaction fees
• Real exchange rates, not inflated ones
• Multi-currency support

Top options: Wise, Revolut, and Monzo (UK-based).

Watch Out at ATMs

Avoid withdrawing cash too often. Fees can add up.

• Withdraw larger amounts, less often
• Use ATMs from partner banks
• Avoid airport exchange counters—they offer bad rates

Organise Your Finances While Travelling

When you earn in USD, save in GBP, and spend in Yen, you need a system.

Multi-Currency Accounts

Use platforms like:

• Wise: Hold and convert between 40+ currencies
• Revolut: Spend globally and track spending in-app
• Monzo: UK-based with no fees abroad (within limits)

These let you pay in local currency with no surprises.

Cloud Accounting Tools

If you’re freelancing or consulting, use tools like:

• Xero
• QuickBooks Online

They support multiple currencies and help with tax reports. Useful when you’re working in five countries in one year.

Monthly Money Check-Ins

Set a reminder to review your finances once a month. Ask yourself:

• Where did I overspend?
• Can I cut anything?
• Are my financial goals still on track?

Real Story: Emma’s Budget Win in Japan

Emma, a copywriter from Manchester, landed a big client just before flying to Japan. Her client paid in GBP. She saved in Euros. Japan used the Yen.

She set up TravelSpend to log expenses in real time. Every day, she saw how much sushi she could afford—and when it was time to cut back.

She finished her Japan trip under budget and used the leftover cash to enjoy Thailand a bit more.

Make Expense Tracking a Habit

Even the best apps don’t work if you forget to use them.

Here’s How to Stay Consistent:

• Log purchases right after you make them
• Set a daily reminder to enter expenses
• Use voice notes or quick entries if you’re in a hurry
• Sync your data to the cloud to avoid losing it

Use Tags and Categories

Sorting expenses makes it easy to see:

• Where does your money go
• What you can trim next time
• Which categories blow your budget

Celebrate Small Wins

Did you stick to your weekly budget? Treat yourself (wisely). Small rewards help build lasting habits.

Think Ahead: Smart Currency Strategies

Don’t just track your spending—plan smarter.

Monitor Exchange Rates

Set alerts on apps like XE Currency. If the Euro dips while you’re earning in Dollars, it might be time to make a transfer.

Batch Transfers or Payments

If you pay freelancers or contractors, do it all at once. Fewer transfers mean fewer fees.

Time Your Travel

If your home currency is strong in a certain country, extend your stay. Make the most of the exchange rate while it lasts.

Conclusion: Take Charge of Your Travel Budget

Tracking expenses in different currencies isn’t about being obsessed with money—it’s about staying free. When you know where your money goes, you make better choices. You travel longer. You stress less.

Use a travel budgeting app, pick the right multi-currency account, pay in local currency, and review your finances monthly.

Want to feel confident wherever you land? Start tracking today. It only takes a few minutes, and it could save you hundreds.