One of the great benefits of the digital nomad lifestyle is the freedom it provides—because you can do the job anywhere, you’re not tethered to a single location; you’re free to live anywhere in the world you want.
However, while the digital nomad lifestyle does provide opportunities and freedoms that the traditional, 9-5 jobs don’t, it also doesn’t have the same securities of a traditional career—at least not when you’re first starting out.
Making the decision to abandon the traditional path and start going your own way can be scary—especially because it means you don’t have the same stability of a 9-5; there are no more bi-weekly paychecks being deposited directly in your bank account.
This could make things difficult when you’re acclimating to your new lifestyle, so saving money is imperative. Below is a list of tips on how to do that.
While moving to a foreign country and getting to truly experience the many wonders our planet has to offer can be exhilarating, it comes at a price. Depending on where you go, that price could be pretty steep.
Before you set out on your digital nomad journey, it’s important to do your research. Find out how much money it’s going to cost for you to get to your desired destination. How much will a flight cost, how much will your living arrangements cost, how much will food cost, the internet—you won’t be able to actually make a living as a digital nomad without a fast internet connection.
Before you dive right in, it’s important to have an idea of how much money you’ll need to make to survive.
Budget, Budget, Budget!
Once you have an idea how much money you’re going to need to earn each month to sustain yourself, the next step is making a realistic budget that you’re going to stick to.
With the uncertainty that is often associated with the digital nomad lifestyle, sticking to a budget is even more important than for those following a more traditional career path.
Creating a budget that is possible to stick to is almost an art form; it requires a little bit of freedom to prepare for lapses in judgement and a little bit of frivolous spending (we’re all human after all).
While it’s important to stick to a budget, it’s also important to know yourself. It’s great to strive to cook all your meals and avoid the cost of eating out, but how likely are you to be able to actually do that?
One of the most important factors of saving money is being realistic—if you know you’re more likely to eat out than cook for yourself, budget for cheaper meal options you can buy. This will also help reduce the costs associated with buying things twice such as paying for groceries and then paying to eat out instead of cooking.
It’s not worth going into tremendous debt trying to force yourself to change your habits; if you know your tendencies budget for them—it will save you money in the long run.