By now you’ve figured out that you don’t have to sit in an office all day, or in your car commuting to that office to be able to make money. There are a lot of ways to make money online. The next realization is that if you are making money online that you don’t have to live in just one place. The world is now your office!
There is a movement gaining steam among people who want to see the world and still make money that call themselves digital nomads. It’s a great way to live an alternative lifestyle that allows you to live on your own terms.
There are a lot of ways to go about doing it but all of them will give you access to places that allow you to live like a local rather than as a tourist. The one problem, however, is that travel can be really expensive. Even though you are likely saving money in other areas, you will have a big chunk of your income going out at travel expenses.
In this article, I will help you keep more of that money in your pocket by explaining a lot of ways that you can save money as a digital nomad.
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1 – Booking flights
The biggest expense that you are going to face is booking flights. Luckily, there are a number of ways to save money here.
The first is to be flexible. Some parts of the world cost a lot when you go during certain times of year. For instance, if you want to fly to Europe in the summer you will pay more than twice as much as when you book the ticket in the offseason from January to March or so. Make sure to be flexible about where you want to go and when. In the summer, find a place that is off-season.
Remember that you have two hemispheres that are available so while it is summer in the Northern Hemisphere, it’s winter in the southern. This way you can do some location arbitrage and pick the least expensive destination.
Use apps and websites to scan prices as they can change quickly. If an airline is having trouble filling the seats then there will be some last minute deals to encourage people to book. Another thing is to travel light. Search for an airline that doesn’t charge you for your luggage. If you fly with many of the larger airlines like United, for example, any bags you take will cost you.
2 – Accommodations
Where you stay can be one of your lowest expenses or one of your highest depending on how you do things. For instance, if you want to stay in a hotel with all the modern conveniences then it is going to cost you a lot.
There are a lot of opportunities to stay somewhere cheaply, however. For instance, you can do some house sitting and live somewhere for free. You may even get paid for it if you have a good reputation as a house sitter that goes above and beyond.
Looking around once you land is also a great way to find local prices. Just get an Airbnb for a few days and then hit up some of the places where the expat community hangs out. Ask around and people will often know somebody local who has a rental for a short term that won’t cost as much as staying in an Airbnb for the whole time you are there.
If you do decide to just go with Airbnb if you want to avoid taking too long to find a place, then try to stay longer in one location. If you stay for a couple of months then you will be able to negotiate a good price with the owner. They often prefer to have people stay a while so they don’t end up with an empty property for periods of time.
3 – Banking
The default way to get paid and move money around while abroad was Paypal. These days it is one that you use as a last resort as the fees make it difficult to make money.
There are a lot of alternatives now that cost far less. For instance, you could ask to be paid in cryptocurrency if you don’t mind the risk and volatility. The reason is that they can be accessed anywhere in the world and the fees are the lowest you can find. You can use Bitcoin to buy things and sending them is quick and easy.
If you like more traditional ways to bank, then using a Transferwise account is a much cheaper way to move money around than using Paypal. You can get paid to your account that accepts any currency that you choose. And sending money around is fast and very inexpensive.
4 – Transportation
Getting around locally is not always that expensive but there are ways to save money that will add up over the long term.
Taxis and Uber can cost quite a bit if you aren’t careful. The best way to go is to use public transportation. In many countries, it costs pennies to travel by bus or tram compared to paying for a taxi.
There are also rideshare programs available in many parts of the world. If you are heading to the airport then there is a high chance that you can find somebody else heading that way and can share a ride. For the price of gas you can go quite a distance without spending much. This can also take you to other cities that you want to visit by waiting until you find somebody heading in the same direction.
READ: Tips to Manage Money Wisely
Conclusion
Being a digital nomad is exciting but it does present a lot of challenges. Money is always going to be an issue so it pays to take some measures to save as much as you can. This gives you more money to actually enjoy yourself so you can splurge once in a while.
