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Budgeting tips for life as a digital nomad

There have been digital nomads in this world for at least as long as there has been such a thing as the internet. In one way or another, there have always been people who don’t suit working in an office and who decide to spread their wings. But if we’re honest, it’s not always been as attractive a lifestyle or anywhere near as practical. If you have plans to live and work as a digital nomad, it’s never been as easy as it is now – largely because the first people to do it realised that there were problems to solve, and put time into solving them.

One of the key things anyone will need to keep in mind when embarking on this lifestyle is the importance of budgeting. If you plan to travel around the world, or at least a continent or two while working, you’re going to need to make sure there is always money around. Otherwise, all of the things that make this life possible – transport, lodgings, and communication technology – will be beyond your reach. So it is fundamental to keep these tips in mind when budgeting for a digital nomad lifestyle.

Stay in cheap places

This doesn’t mean that you need to find the grottiest hostel and make the best of it whenever you go somewhere new. It means doing some research to find affordable options, and this starts with where you actually travel to. For instance, if you’re travelling around Europe, you might come to a point where you’re deciding between Switzerland and Austria. Both have their plus points, but Austria is a much cheaper place to live, and this means your money will go further. And let’s face it, you can always get a train or coach at the weekend if there are things you want to see in Switzerland. Do this kind of comparison shopping on everything from where you stay to where you eat, and you’ll see the benefits.

Save when you can so you can spend when you must

Building on the above point, it’s worth thinking about how you can save money while you’re on the road, and there are ways that you can do this. If you’re working remotely, where are you actually getting paid? If your employer is based in France and paying you as they would a French employee, then that’s usually enough to live quite well in Slovakia with a bit left over. Save that “left over” money and put away as much as you can every week or month. Then, when you move on to somewhere more expensive, you’ll have a pool of money that can augment the money you make from working to go towards rent and other costs.

Set up a suitable bank account

Many people prefer to use a credit card when travelling, because they are usually accepted more widely and with fewer complications than bank cards. However, this isn’t always practical and there are some times when you’ll need to have access to cash. Withdrawing from an ATM using a credit card is financially unsound and a great way to make a big dent in your budget, so it is beneficial to have an account with a worldwide bank that has branches in as many countries as possible.

If you know you’re going to be somewhere remote for a while, stop off at the bank’s nearest branch to make a cash withdrawal that will last for the duration of your stay. This will be a much better idea than making multiple withdrawals wherever you can make them.

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