How To Save Money As A Digital Nomad In 2023: By Amechi Okoli



So, you’re about to begin your journey as a digital nomad. But wait, traveling is expensive, and so is living in a totally different environment from where you are used to.

It is safe to say that you’ll need a decent amount of money for this, but that doesn’t mean spending all you have, right?

That being said, keep reading this article, as I’ll be giving you practical tips on things that will save you money while travelling and living elsewhere as a digital nomad.

Here’s what we’ll be discussing –

• Cutting travelling costs
• Saving money on accommodation
• Taking advantage of public transportation
• Banking
• Saving money on food
• Working spaces
• Using local SIM cards
• Being modest on recreational activities
• Budgeting
• Final words
• FAQs

1. Cutting travelling costs

Being on the go while working online is what qualifies you to be called a digital nomad. And as you already know, moving from one location to the other costs money.

So how do you save on this? Well, it depends on where you’re traveling to.

If you’re relocating to a town or city within the same country, then you can skip flying and take the train or the bus. It’s true these modes of transportation do not offer the same kind of luxury as a plane, but they can save you a significant amount of money!

If you have a car, then who says you can’t drive to neighboring states. In this case, all you have to pay for is gas, and depending on the distance, motels to pass the night(s).

Now if you plan on exploring another country entirely, then there’s no way you can duck flying. However, you don’t have to book pricey flights.

Just go online, compare prices, and book the cheapest flight you find.

It’s a no-brainer!

2. Saving money on accommodation

So, you’ve gotten to your destination and you need a place to live during your stay. This means you’ll need to find a place that’s conducive enough for you to comfortably do your work and get some well-deserved rest.

If you want to save money on accommodation, then you could try house-sitting!

For those who don’t know, house-sitting simply means living in a person’s house rent-free, but in exchange for doing their house chores (cleaning, watering the plants, feeding the pets, etc.)

Homeowners usually have these kinds of arrangements if they are going to be away for a while, but still want their property and pets to be taken care of.

The good news is, there are so many house-sitting advertisements online (via property rental sites).

An extra tip is to make the arrangements beforehand, just so you can move in immediately you arrive at your destination.

If you are not able to find a place to house-sit, then you’ll have to pay for your accommodation. But you can save money on that too by staying longer.

So how does staying longer help you save money? Well, longer term stays will attract discounts. It’s that simple!

3. Taking advantage of public transportation

While in your new location, you would love to do some sight-seeing and mingle with the locals. You will also need to go out to run some errands like buying groceries or using the ATM machine.

This involves paying transportation fares, and it’s an important area where you need to save money.

Don’t use expensive taxis to get around. Instead, take the bus or train.

Public transportation is far cheaper than cabs, and it also allows you mingle with people!

An extra tip is to buy a bicycle. As long as you’re moving across short distances, then a bicycle will save you money on transportation. It’ll help keep you fit too!

Speaking of short distances and keeping fit, you should consider walking!

4. Banking

If you keep track of all the withdrawal fees you pay in a month, then you’d know it’s a lot.

As a digital nomad, you wouldn’t want to exhaust more than you have to on these charges, so consider this too.

Instead of withdrawing frequently within a single week, why don’t you just make a one-time bulk withdrawal that would last you for the exact same period?

After you’ve figured out how much you will need on a daily basis, you can multiply that by 7 days, then make your week’s withdrawal at once.

This will save you money on withdrawal fees. Although you have to be disciplined enough not to blow all your cash at once!

You can also go online and look for local banks that have the lowest charges. As long as they are efficient, then you can open an account with them.

5. Saving money on food

You have to eat, no matter the country or city you find yourself, and you can save money on feeding too!

If you choose to eat at tourist restaurants, then you’ll have to spend a lot of money. However, eating at local restaurants is far cheaper, and it gives you the chance to try out some local delicacies.

If you’re the type who prefers cooking over eating out, then going to the local markets or farms and buying ingredients in bulk can also save you money.

6. Working spaces

Since you’ll be working remotely, you’ll need a good and fast internet connection. It’s true that you can buy data plans on your own, but there’s something else you can do to save some cash.

Why not take your laptop to a nearby café? Most of them offer free Wi-Fi, and you should take advantage of that.

It's true you have to pay for drinks and food. But here’s the thing, those could serve as breakfast and lunch, which you would have still paid for elsewhere (free internet for you to work is an added bonus).

You can also register with a public library. Here you can use their computers and internet for free, although you won’t find any food or drinks there.

7. Using local SIM cards

You’ll definitely be needing mobile internet so you can work from anywhere you are, and you can save money on this too.

How? By using cheap local SIM cards and topping up your data.

But if you insist on using your old SIM card, then you can get a mobile hotspot.

8. Being modest on recreational activities

Let’s face it, it’s almost impossible to visit a new location and not want to check out the fun places. Surely there are clubs, bars, movie theaters, art galleries, bowling allies and the likes over there, right?

You can’t work yourself to death, and hanging out in fun places can help you ease off. But be warned though, these hangouts cost a lot of money so you need to proceed with caution.

You can try out the local bars for a start. The drinks in these kinds of bars will definitely be cheaper than the ones in high-brow hotels and clubs.

9. Budgeting

Making a budget will help you get a handle on your spending habits. For example, you could use an Excel spreadsheet to keep track of every dollar you spend in a given month, whether it’s on coffee, lunch, transportation, or anything else.

This may seem outlandish and dramatic, but it’s actually quite helpful.

Budgeting also helps in locating places where savings could be made. After spending so much money on booze over the past four weeks, you might rethink your nightly beverage of choice.

This is great for both your well-being and your bank account!

Make a budget for the most you can spend each month, and be sure to check in on it periodically to see if it’s being met.

Final Words

It’s clear that there are numerous cost-effective options for digital nomads. If the tips mentioned in this article are applied properly, then you’ll find yourself saving hundreds (or thousands) of Dollars at the end of each month!

The fact that you can avoid more expensive destinations like Central Europe and North America means that you can afford to travel extensively to places like South East Asia, Eastern Europe, and Latin America.

That being said, I wish you all the best as you begin your journey as a digital nomad.

Thanks for reading!

FAQs

What is a digital nomad?

A person who works online from anywhere in the world (rather than a fixed business location) is called a digital nomad.

How much does a digital nomad make?

Digital nomads, like all freelancers, get paid on an as-needed basis. Depending on factors such as experience, success, niche, and a myriad of other considerations, their earnings can range from zero to millions of dollars.

Where do digital nomads work?

As long as they have access to the internet, digital nomads can carry out their professional duties from any location. This can be done anywhere, including a house, Airbnb, hotel, café, or bar.

It’s up to the individual to figure out where they can be most efficient and effective while on the job.

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