Money management on the trail

[Megapixel]

Hi all,

I have two questions that contain a few sub questions i've been thinking about for our upcoming thru. I'm hoping some previous thru hikers can help out.

1. How did you manage money/finances along the trail? Specifically, did you need to carry much cash for things such as laundry mats, etc.?

2. What bank did you find to be most accessible/frequent in trail towns? I would hate to have to bite the bullet every trail town and pay an ATM fee. And that gets me to thinking, is there a bank out there that offers free ATM fees at any ATM location???

Much thanks in advance for your time and thoughts in helping us plan!

[Scooby99]

Schwab bank and some other internet only banks refund all ATM fees.

[kayak karl]

Hi all,

I have two questions that contain a few sub questions i've been thinking about for our upcoming thru. I'm hoping some previous thru hikers can help out.

1. How did you manage money/finances along the trail? Specifically, did you need to carry much cash for things such as laundry mats, etc.?

2. What bank did you find to be most accessible/frequent in trail towns? I would hate to have to bite the bullet every trail town and pay an ATM fee. And that gets me to thinking, is there a bank out there that offers free ATM fees at any ATM location???

Much thanks in advance for your time and thoughts in helping us plan!

most post offices will give cash back.
i opened a second atm card. had an auto transfer of $100 every week. this way i didn't stand to lose thousands if i lost the card. if i needed more or less i went on line and fixed.

[BigFoot2002]

I carry a debit card and get cash back when resupplying at the grocers. In a pinch, you can get cash back with a debit card purchase at any post office, although they may not have much cash on hand when they first open. Use plastic for all meal and hotel purchases that take plastic.

4000 AT miles and not one ATM fee yet.

[Doctari]

First long trip (13 years ago) I took Travelers checks with good effect. Easy to use, everyone knew what they were, "Just like money" was the reply when asked at any business if they took them.

2 years ago, did the TC route again (used cash last 10 years, for no real reason as opposed to TCs), Me: "Do you take Travelers checks?" Them: "We don't take checks!!!" Me "NO, Travelers Checks! not a personal check!" Them: "A WHAT?!?!? Ive never heard of that!"

Usually (except for the foreign owned / operated motel at Atkins) after explaining what they were & teaching them how to use them, there was no problem, but it was a hassel.

NOW: I carry 2 prepaid credit cards (Master Charge AND Visa) & an ATM card.
Haven't used the ATM card yet, but no long trips since 08, only little 5 day jaunts, so cash is sufficient. I have an American Express prepaid, It has taken me over 5 years to spend the $50.00 on it as it's not accepted ANYWHERE that I have tried to use it. The Visa / MC cards are treated like pay as you go CCs, so, , , , , , , , , ,

[Appalachian Tater]

(except for the foreign owned / operated motel at Atkins)

That hotel is not foreign owned or operated. Members of the family who own and run it live right there on the property.

[Danielsen]

A number of local banks and small chains refund ATM fees. I recall going to my friend's bank with her up in Maine, just a local bank located in Kittery, and being shocked to read their policies: no ATM fees, excellent overdraft protection... banks like that survive and thrive by taking really good care of their customers. Customer loyalty is vital to their survival. I'd check around and see if you have anything similar.

[BrianLe]

Some folks on the trail talked about having cards that didn't charge ATM fees, but it didn't seem like all that big a deal to me --- I just got a relatively large amount (at least $200, or in some cases $300) when I did get cash, and paid for probably the majority of things I bought with credit card along the way. Using credit card has the extra advantage that you don't tend to accumulate so many coins from each transaction too. That combination, at any rate, meant that I didn't end up paying all that much in ATM fees. Certainly not enough IMO to warrant the hassle of changing to or adding an additional credit (or debit) card.

[Jeff]

I hear many thruhikers talk about budgeting over the years. Quite a few have told me that you should plan to spend 1/3 of you budget south of Harpers Ferry and 2/3 north of there. New England can get very expensive compared to down south & your appetite just won't quit as you get 4 or 5 months into your hike.

[Boliche]

Consider USAA Savings Bank. They refund most ATM fees. Also, they are used to supporting military personnel all over the world. Excellent service, knowledgeable people answering the phone means what is there to not like.

Boliche

[DavidNH]

Always carry an ATM card AND a credit card. Some establishments don't take credit cards and some places may not have access to ATM machines (though that is rare). Furthermore, the ATM machine just might eat your card (this happened to me in Robbinsville, NC).

You've probably heard stories of how some folks hike the AT end to end on a 1000 bucks. Don't do it. If there is money left over fine but allow your self some flexibility. I'd recommend having at least 5000 dollars to spend. This will cover you for the occasional hotel night (this can do wonders!) meals at restaurants (you will want this!). Having a reserve of cash in the bank also allows for replacement of gear or emergency expenses. It is better to leave with 5000 in the bank and only spend 2000 than to leave with 2500 and only spend 2000.

you should have at all times a working ATM card AND a credit card.

You could-- if you do a lot of mail drops..stick travelers checques in the boxes.

I don't know if you have this luxury, but it can sure help to have a family member manage your finances while you are hiking. Just because you are thru hiking for 5-6 months, doesn't mean your bills go on hold!!!

David

[Mr. Right]

I carried a bank debit card only. Most places (groceries, hotels, restaurants, post office) will take a debit card. I also always made sure I had $30 or so cash. Whenever the cash got low, I would get cash back when buying groceries or at the post office. It wasn't a big deal. In fact, I can only think of maybe five times when I had to pay an ATM fee (and then it was because I dropped the ball on keeping my cash up to sufficient standards).

Also, Jeff has it right, in my experience. I spent very little money from GA to Harpers Ferry. But once I hit hit the Northern states, the money began to flow. Things are more expensive, there's a lot more to do and by that point you've been giving it your all and you figure you should reward yourself with some down time. It took me as long to get from CT to Katahdin as it did for me to get from Springer to CT, mostly because I was stopping so often for donuts or ice cream or sandwiches at a million locations.

[Spokes]

I carried a debit and credit card and would always try to top off on cash whenever in town. I tried to always get cash back at the Post Office or at a grocery store that allowed cash back with purchases. Never once used a real "bank".

Like bigfoot2002 did, I too used plastic for meals or lodging whenever possible.

[whitelightning]

I didn't end up paying that many atm fees using my debit card. I just got cash back when resupplying at grocery stores, post offices, etc. I didn't need to carry that much cash at one time.

I did notice, though, in the NJ/ NY area many small stores and delis did not accept credit/debit cards. These places did have atm machines in their stores. So this is one area I'd carry a bit more cash, because I did pay some atm fees at a few places I didn't expect too.

[tw200]

Consider USAA Savings Bank. They refund most ATM fees. Also, they are used to supporting military personnel all over the world. Excellent service, knowledgeable people answering the phone means what is there to not like.

Boliche

I second the USAA suggestion and agree about their excellent customer service. Here is their ATM fee policy:

USAA does not charge a fee for the first 10 ATM withdrawals and refunds up to $15 in other banks' ATM usage fees each month. A 1% foreign transaction fee applies to withdrawals outside the United States.

The only place I have witnessed ATM fees more than $15 were NYC, which was the closest I came to being mugged


TW200

[Doctari]

That hotel is not foreign owned or operated. Members of the family who own and run it live right there on the property.

Yea, sorry.

My impression was they were VERY new to this country AND to the English language. I tried to explain the difference between a personal check & a TC, no avail. I later went back & paid cash once my wife caught up to me. Nice people, but could not understand what I was saying.

[the goat]

I carry a debit card and get cash back when resupplying at the grocers. In a pinch, you can get cash back with a debit card purchase at any post office, although they may not have much cash on hand when they first open. Use plastic for all meal and hotel purchases that take plastic.

4000 AT miles and not one ATM fee yet.

ditto, that's what i did.....

[Spokes]

.....
I did notice, though, in the NJ/ NY area many small stores and delis did not accept credit/debit cards. These places did have atm machines in their stores. So this is one area I'd carry a bit more cash, because I did pay some atm fees at a few places I didn't expect too.

Whitelightning, I noticed the same thing and was always leery about using those stand alone ATM's- look too much like one-arm bandits to me.

Money management on the trail is sort of like playing chess- you always have to think one or two moves ahead.....

[Trailbender]

I had fun explaining to places that didn't take credit cards that a debit card was not the same thing. They usually looked at me and said, "We don't take credit cards".

I usually wanted to say to the stores that did not take cards, "Do you still bang two rocks together to start a fire?". Seriously, it's 2010, I was surprised to see places still do cash only. I usually carried around 200 in cash and paid with a card whenever possible.

[Danielsen]

I had fun explaining to places that didn't take credit cards that a debit card was not the same thing. They usually looked at me and said, "We don't take credit cards".

I usually wanted to say to the stores that did not take cards, "Do you still bang two rocks together to start a fire?". Seriously, it's 2010, I was surprised to see places still do cash only. I usually carried around 200 in cash and paid with a card whenever possible.

I've encountered a number of small stores and restaurants where they don't take plastic due to the fees that credit card companies or banks apparently charge them (also some that only take cards for purchases over $5, or $10, or what have you). So it may be that the economics just don't work out for them, rather than them being simple luddites.