Keep coins and small bills for daily expenses seperate from large bills and other valuables (e.g. in a different pocket).
Wallets are easily spotted by thieves. Don't carry any large money in a wallet.
Usually it is safer to leave valuable items at the hotel than to carry them with you.
Keep some emergency cash somewhere well hidden, just in case.
Tips on saving money
Avoid staying in touristy areas.
Use a bank card that has no international payment fees or ATM fees.
Some ATMs will ask if you wish to be charged in local currency or in your bank's currency. Choose local currency to avoid being ripped off.
Avoid exchanging cash in Western countries (terrible rates). Some countries have "black market" rates which are better than official ones (100 USD bills get best rates).
Spend or exchange all local money before leaving a developing country - it will be practically worthless anywhere else.
Don't be too stingy in cheap countries. Better spend money there than back in your expensive country.
If you live in an expensive city, renting out your room while you're away can probably save enough money to cover your entire trip.
Travel insurance
Some countries require you to have insurance to get a visa.
If you are a student, a teacher, or under 31, get an ISIC/ITIC/IYTC card. It includes travel insurance and some discounts. Costs about 25$ for 1 year (16 months if you apply in September).
If you plan on hiking, some insurance companies classify it as an "extreme" sport and won't cover any accidents. Most insurance policies have a maximum altitude limit, sometimes ridiculously low.
Some low-cost options:
- Squaremouth: comparison site
- Austrian Alpine Club: €69 for 1 year (16 months if you apply in September). Up to 6000m altitude
- WorldTrips: up to 4500m
- SafetyWing: up to 4500m (6000m optional)
- Coverwise: UK residents only. Up to 3000m
- Swisscare: no hiking
- N26 You: Bank account with travel insurance (up to 3000m)
- Revolut Metal: Bank account with travel insurance (up to 1000m)