Being a digital nomad is incredible: You get to travel the world while skipping office inconveniences. However, it presents unique financial issues.
Here are some valuable tips to keep your finances in order while you globe trot.
Plan Ahead
Remember to cancel unnecessary subscription services and memberships before you go. If you plan to move away entirely, start selling your possessions. If you’ll only be gone for a few months, figure out what you’ll do with your home while you’re gone.
Address Banking Issues
Many banks are only national (or even hyperlocal), so you’d benefit from starting an account at one with international locations. When choosing a bank, consider foreign transaction fees, currency conversion fees, travel rewards, ATM reimbursement, and international wire transfer fees.
Travel Insurance
Travel insurance protects you from emergency costs. Each policy comes with different coverage. Some policies will pay half a million to get you life-flighted all the way home; others are more bare-bones. Choose a policy that covers the activities you’ll likely engage in. Most don’t cover injuries from physically adventurous activities, though some do.
Less Expensive Destinations
France is beautiful, but it’s much more expensive than Mexico or Thailand. When picking your destination, consider the cost of living. It’s also worthwhile to choose lesser-known destinations that might be just as delightful as more famous tourist hot spots.
The Right Place To Stay
A standard hotel might not be your best financial bet. Local rentals can offer great deals. You could even wait to choose your temporary home until you’ve arrived. Book a short-term stay somewhere, and once you get there, you can talk to locals or explore on your own to find a longer-term option.
Settle In
Long-term rentals will almost always be a better deal than short-term stays. Spending 10 days in one place and 10 in another could cost as much as spending one or two months in the same spot.
Eat Where Locals Eat
Tourist restaurants are fancy and fun, but you’ll burn a lot of money if you visit them too often. Instead, figure out which places the locals love. Your food will be cheaper and possibly better since it will be more authentic.
Off-Season Travel
Sure, it’s exciting to head somewhere during the most popular time of the year. However, avoiding the tourist season can save you lots of money. In some places, it could even allow you to see and do wonderful things that wouldn’t be available at other times.