The digital nomad lifestyle is all the rage right now. More and more people want to travel the world. Moreover, they want to be free of cubicles and mundane offices. In addition to this, they want more control over their work routines. So, the digital nomad lifestyle is popular now. It is expected that one billion people will be digital nomads in this decade.
However, one of the biggest problems is the savings. Digital nomads have to pay for a lot of things. Therefore, it can take a massive toll on their savings. Moreover, they can run out of money without proper management. In addition to this, they can spend more than they earn. Our guide will teach you the best tips, skills and hacks to save money as a digital nomad & freelancer while traveling and working remotely around the world.
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What Are the Best Hacks and Tips to Save Money While Traveling?
We have compiled a list of helpful hacks and tips. These tips will help you save money while traveling as a digital nomad. Moreover, these tips will also help you invest in your savings. Therefore, you can say goodbye to running out of money BECAUSE that’s in one of the biggest challenges freelancers faces in their journey. These tips are designed to help you with proper financial management. Let’s explore these tips and see what they bring to the table.
1.Banking and ATM Fees
No one loves paying the ATM or banking fees. People dislike that they have to pay a fee every time they withdraw money. Therefore, ATM fees can take a toll on your savings. When you are in a new place, the ATM fee can be higher. Therefore, you can end up paying 5% to 10% fees on your withdrawal money. This is why you need to learn how to avoid banking fees and ATM fees. Here are some tips to avoid banking and ATM fees.
Visit The Bank in Person
You only have to pay the fee when you use the ATM. Therefore, you can avoid banking and ATM fees by visiting the bank. However, some countries still have fees for visiting the bank. Therefore, you should understand the rules beforehand. When you withdraw money from a bank teller, you do not have to pay any fee.
However, you will have to wait in line. A lot of people go to the bank for different things. Therefore, you may find a long line in front of the bank teller. In addition to this, there are no limitations on withdrawal. Therefore, you can withdraw as much money as you want. However, you should remember to take your ID and documents with you.
This is another amazing way to avoid banking and ATM fees. If you are in a different country, you will have to suffer from a different exchange rate. Therefore, you can use TransferWise and enjoy better exchange rates.
TransferWise helps the digital nomads and freelancers with remote work. Moreover, it can help you avoid high bank fees. You can use this service to send money or receive money. Therefore, you can enjoy better financial management with this service.
If you still have to pay the ATM fee, there is a way to earn it back. A lot of banks offer cashback options. It is part of their marketing strategies. However, you can use it to your benefit. You can earn your ATM fees back with the cashback option.
The next time you have to buy groceries in a new place, use your debit card. These cards will offer up to 5% or 10% cashback options. Therefore, you can get up to 10% of your spending. It can make up for bank fees and ATM fees.
When you work as a digital nomad, you have to take care of accommodation. Therefore, you will have to spend money on finding new apartments. Moreover, accommodation takes up a lot of your budget. Therefore, you have to find affordable accommodation. It can help you save money. Moreover, it can minimize your expenses.
Accommodation is the biggest expense for digital nomads. If you understand how to find affordable accommodation, you can save a lot of money. You can stay in hotels and fancy apartments. However, you have to find cheaper accommodation to save money. Here are a few tips for you.
The concept is pretty similar to baby-sitting. You have to take care of someone’s home while they are away. This way, you can find room and board. Moreover, you can also earn money for house sitting. Therefore, you can save money on accommodation and earn money simultaneously.
So, what do you have to do for house-sitting? You may have to water someone’s plants or watch their pets. Moreover, you will have to keep the house clean. These are the most common tasks for a house sitter. In addition to this, you can enjoy free accommodation this way. Moreover, the homeowners will pay you at the end of the job.
Instead of booking online, you should try local bookings. Therefore, you should visit different hotels by yourself. Moreover, you can call the official numbers for different hotels in an area. When you get to a new place, you can use Airbnb to find an affordable place for a few days.
During this time, you can visit different local hotels. Moreover, you can ask the locals for affordable options. You can try long term rentals. Moreover, you can live in local apartments rather than online ones. You can walk around the area and see the “to let” sign on different apartments. This way, you can deal with the owners by yourself.
You can get amazing deals with local bookings. Moreover, long term rentals also offer discounts. You can ask your hotel owner for affordable accommodation options.
Long Term Rentals
It is a well-known fact that you can get a discount for long term rentals. Therefore, if you plan on staying for a few months, you can enjoy lower accommodation expenses. You will have to pay more if your trip is shorter.
So, you can let the hotel owner know about your stay. Therefore, you can enjoy discounts with long term rentals. This way, the owners do not have to find new tenants every week. Therefore, they will be more inclined to offer discounts.
There are also co-living options in a lot of places. Therefore, you can take advantage of co-living accommodation options. These will help you save your money. Moreover, you can also make new friends with co-living accommodation options.
There are multiple benefits to co-living accommodation. Most living accommodation services offer free Wi-Fi along with the room. Therefore, you do not have to pay any extra for the Wi-Fi. Similarly, you can work right from your room. Therefore, you do not have to go to a cafe or a place with Wi-Fi. You can keep working in your room.
In addition to this, co-living accommodation options offer security. Therefore, you can keep your items and belongings safe. Moreover, such accommodation places offer security guards. Therefore, you do not have to worry about unforeseen circumstances. The management will clean your room twice a week. Moreover, you can also enjoy a cafeteria or mess for food. Therefore, you don’t have to leave your room for anything. You can enjoy all the amenities from the comfort of your room.
Another major expense for digital nomads is transportation. Therefore, you have to learn how to save money on transportation. Moreover, cheap transportation is your answer. As a digital nomad, you will have to rely on transportation.
Therefore, you will have to go from one place to another via different transportation mediums. Transportation also takes a toll on your savings. Moreover, it consumes a lot of your budget.
When you have to move around a lot, you will have to use transportation. Therefore, you will have to use transportation to explore new places. It can be quite costly. Here are a few tips for finding cheaper transportation options.
You will have to use a plane to get to new places. However, plane tickets may cost a lot. Therefore, you have to find a way to save money on plane tickets. This is where Skyscanner can jump in and save the day. This application is one of the best flight search engines that will help you find the best tickets prices on the internet.
It scans the entire internet. Moreover, it finds you cheap flight deals. In addition to this, you can find multiple options for your flight. Therefore, you can find cheap options for yourself. Similarly, this application will send you price alerts in case of price fluctuation.
You can start planning ahead with this application. Therefore, you can book tickets for weeks or months in advance. Similarly, it will help you with time management. Moreover, booking in advance offers cheaper plane tickets. You can also use the incognito mode for plane tickets. This way, you can find the best deals for yourself. Moreover, incognito modes help with finding cheaper tickets.
You can also take help from public transportation. Moreover, public transportation mediums are cheaper than other options. A lot of digital nomads use public transportation. It helps them save money. Moreover, it helps them get around with ease. However, you may have to deal with a lot of people with public transportation.
You can take private taxis. However, such taxis will cost you a lot of money. Therefore, you can use public transportation to get around a city. Public transportation is a cheaper alternative to private options. However, you can still use private options when the time is right. This means if you are going somewhere in the middle of the night, private options are better.
More and more places are offering public transportation for people. Therefore, you can take advantage of such transportation options. Most cities are trying to be eco-friendly. Therefore, you will find amazing public transportation options. These are cheaper. Moreover, these can get you anywhere on a strict timetable. You only have to familiarize yourself with the timetable.
Invest in Bikes
A lot of people use bikes for transportation. Biking everywhere helps with health benefits. Moreover, it is also among the cheapest forms of transportation. You only have to invest once in buying a bike. After that, you can take your bike anywhere you want.
A lot of major metropolitan hubs are becoming bike-friendly. Therefore, you will see a lot of people traveling on bikes. It helps reduce the carbon footprint on the environment. Moreover, it helps to save gas money.
Therefore, you can also buy a bike and take it everywhere with you. A bike can also get through traffic jams without issues. Moreover, it can help you with narrow streets. Similarly, it will keep you healthy and fit.
Ridesharing is another way to minimize your transportation expenses. Therefore, you can share a ride with other passengers. Moreover, if you feel uncomfortable traveling alone, it will help. Most modern transportation apps offer rideshare. You will find the Uber rideshare option on the main menu. It will help you save money. Moreover, it will help you get around safely.
As a digital nomad, you will have to find a place to work. When you are traveling the world, you need a comfortable place to work. Some people go to cafeterias. Moreover, some people bring their Wi-Fi and work from hotel rooms.
However, if you want the best amenities, you have to find professional working spaces. Therefore, it will take a toll on your expenses. You will have to spend a lot of money to find adequate working spaces. However, affordable working spaces can ease your burden. Therefore, you need to find affordable working spaces to enjoy the full benefits of remote working comparing to traditional jobs. Here are a few tips.
Most metropolitan hubs offer co-working spaces. Therefore, you can take advantage of such options. In addition to this, you can save a lot of money with such options. You only have to pay a daily or monthly fee. Moreover, you can enjoy all the modern amenities. Therefore, you can enjoy everything in one place. Similarly, it can help you lower your expenses. You can get Wi-Fi and food in a single place.
Invest in Affordable Data Plans
When you are traveling the world, you will have to buy data plans. These will help you stay in touch with the world. However, you will need to find affordable data plans. These plans will help you work and save money.
You can work from your home with your Wi-Fi. If you bring your Wi-Fi, you will not have to pay additional charges for hotel Wi-Fi. This is why you need to find affordable data plans. This will help you lower your expenses. Moreover, you can enjoy a good speed. Therefore, you can get things done quickly.
Food is another huge expense for digital nomads. You cannot give up on food. Therefore, food consumes a big part of your budget. Some people have three meals a day. Therefore, it can take a toll on your expenses. You have to understand to find affordable food options.
When you visit a new place, you can eat locally. Therefore, it can help you save money. Moreover, you can explore local dishes and cuisines. In addition to this, it can help you taste more items than before.
Similarly, eating local helps save money. The reason is that the local dishes are always cheaper. Moreover, you can visit local restaurants for food. Instead of going to five-star restaurants, you should eat locally. Local restaurants are for the residents. Therefore, these places offer cheaper options. You can taste new dishes. Moreover, you can save money.
Grocery Shopping at Markets
If you want to cook your food, you will have to buy ingredients. Therefore, you can visit local markets for ingredients. Instead of shopping online, you should visit the local market. Local markets offer cheaper alternatives. Similarly, you can get fresh ingredients at local markets. Therefore, you can enjoy fresh produce without spending a fortune.
If you want good food, you can also visit local cafes. Cafes offer a limited variety of food. However, you can enjoy Wi-Fi and work while you eat. Therefore, local cafes will help you save money. Moreover, these cafes are helpful for digital nomads. You can enjoy a cup of coffee while working.
Exploring is yet another expense for digital nomads. The reason that you have become a digital nomad is that you want to explore the world. Therefore, you will spend time and money exploring new places. Similarly, it will take a toll on your savings. Exploration is expensive. So, you have to find affordable exploring options.
Free Walking Tours
A lot of cities offer free tours for digital nomads. Therefore, you can find a free walking tour for yourself. In addition to this, you can save money and explore simultaneously. You don’t have to go with expensive options. Free tours will still help you explore the city.
Moreover, once you have done the free option, you can explore the city by yourself. Therefore, it will help you understand the city. Once you are familiar with the city, you can go out on your own. These tours are intended to offer information.
You can also visit or explore the city on scooters. Therefore, you can minimize your expenses on exploring. Most cities are offering local scooters for exploring. These scooters minimize the carbon footprint on the environment. Moreover, these offer an affordable way to explore the city.
Similarly, bikes can also keep you fit. You can use a bicycle to roam around the city. It will help you stay healthy. Moreover, it will save you gas money.
When you are exploring, you want to take a break. This is why digital nomads look to bars. However, fancy bars will cost you a lot of money. Therefore, you need to find local bars. These local bars offer cheaper drinks and options.
You can take a break from exploring and visit a local bar. Sometimes, these local bars are hidden inside the streets. Therefore, you shouldn’t be discouraged from visiting such bars.
If you don’t plan on staying in one place for too long, you should look for hostels. Hostels are a great way to stay for a short time. Therefore, you can look for local hostels in new places. Such hostels offer cheap alternatives to fancy hotels.
In addition to this, hostels also offer a mess for the guests. Similarly, you can also enjoy free Wi-Fi at hostels. If you plan on staying for a short trip, hostels are the best places.
What Are Some Extra Tips to Save Money as A Digital Nomad?
Now you understand how to save money while traveling as a digital nomad. However, these tips are related to the general requirements for digital nomads. Here are some additional tips for you. These tips will help you save more money. Moreover, these tips will help boost your budget. Let’s take a look at these tips.
7.Make Your Own Coffee
If you love a good cup of coffee in the morning, learn to make your own coffee. This way, you will save a lot of money while traveling. Moreover, it will offer more control over your morning habits. Similarly, you will not have to wait in lines to get your cup of coffee. Therefore, you can get started in the morning by yourself.
You can buy your own coffee maker. Moreover, you can buy your own coffee beans. Therefore, you can make your own coffee. Buying your coffee beans or tea bags can help save up to $10 per day. Therefore, you can save up to $300 per month.
You should never exchange your currency at airports. Airports do not offer good rates for different currencies. Therefore, you will end up with less money. This is why you should look for different currency exchange options.
Some people look for local currency exchange options. You can go to local options and get better rates. Moreover, you can also open an account in a bank that offers multiple currencies. Therefore, you can use the digital currency exchange markets. Similarly, these digital exchange markets offer better rates. Therefore, you can enjoy more value for your money.
9.Local Sim Card
When you work as a digital nomad, you need a different sim card. Therefore, you should go for local sim cards. Instead of getting the roaming option on your existing sim card, buy a new sim card. Local sim cards will lower your expenses. Moreover, you can enjoy more options with local sim cards.
In addition to this, buying a new sim card has many benefits. Some companies offer free data for the first few months. This way, you can enjoy local sims and free data. Moreover, some companies also offer free minutes. Therefore, you can call your friends and family for free. This way, you will always have free data and minutes when you visit a new place.
10.Book Longer Stays
As we have already discussed, long term rentals lower your expenses. Similarly, long term rentals can also offer other benefits. Some hotels offer free Wi-Fi for longer stays. Moreover, some hotels also offer free food for the first few days for longer stays. Therefore, you can enjoy multiple benefits with longer stays.
11.Stick to A Budget
Sticking to a budget offers more control over your financial status. Therefore, you will have to stick to one important rule: keeping track of your spending. As a digital nomad, staying on top of your budget will help you. It will lower your expenses. Moreover, it will help you track your current expenditures. Similarly, it will help you save up money for the future. However, it is one of the hardest things to do.
Sticking to a budget may be hard. Moreover, if you live a lavish life, it can be harder. However, you can take help from proven tips. Let’s take a brief look at some of the best tips for sticking to a budget. These will help you keep track of your spending.
Keep an Eye on Your Daily Expenses
Most digital nomads never understand how much they need daily. Therefore, they tend to overspend on daily expenses. Small changes in your daily expenses can have a huge impact in the long run. Droplets make an ocean. Therefore, keeping a close eye on your daily expenses is important. It can help shed light on areas where you can save money.
Make Use of Financial Apps
If you are not interested in doing everything by yourself, you can use apps. You can review your bank statement and receipts with apps. Moreover, there are hundreds of online financial apps that can help you do everything. Similarly, these work with single clicks.
These money-saving apps can automate the process. Moreover, these can highlight the sensitive areas. Moreover, such apps can help you save money by informing you of high-consumption financial areas. You can then take care of these issues by yourself.
Set Realistic Goals
Lastly, you need to set realistic financial goals for yourself while traveling. We all want the best for ourselves. However, realistic budget goals are elemental. You cannot do everything within one day. Therefore, professional accountants recommend setting realistic goals.
Similarly, you should have goals that you can achieve without any issues. Understand how much you need daily. Then, jot down a future budget and stick to it.
12.Network Before You Leave
If you want to save more money, you can network before you leave. Therefore, you can make friends in new places. Moreover, you can stay at their place. Therefore, you can say goodbye to hefty costs for accommodation.
Similarly, your new friends can help you with food. In addition to this, they can help you understand the local area. Moreover, they can take you on trips. Therefore, you can save a lot of money. Similarly, you will make new friends while saving money simultaneously.
However, it may look awkward, asking for their help directly. Therefore, you can offer your services in return. You can help them with house chores. This way, you both get something out of this.
You can volunteer for work in return for food and accommodation. A lot of places offer work exchange options. Therefore, you can research before you leave. You can find work exchange options. Similarly, you can find other options where you can enjoy free food and accommodation for your services.
You can offer babysitting services. Moreover, you can offer your digital services to hotels in third-world countries. Similarly, you can help hotel owners with different chores for free food. In addition to this, you can find work on digital platforms.
Some people need help with their daily work. You can become a virtual assistant. Moreover, you can help people digitally. This way, you can earn enough money for your food and accommodation. Moreover, only have to work for a few hours. This way, you can still work on your actual job.
14.Use Reward Points
You can use flyer miles or reward points. Therefore, your expenses can help you save money. This way, you can use a credit card or debit card points in the future. Therefore, you should understand the rules of your bank. It will help you understand different reward systems. Therefore, you can earn some money while spending it. Moreover, you can use your debit or credit card to its full potential.
Some companies offer travel rewards to users. This way, you can pay for hotels and groceries with your credit card or debit card. Therefore, you can enjoy an instant cashback option. Moreover, you can also use your cards for discounted flights. Similarly, some companies also offer zero foreign transaction fees. Therefore, you should understand travel-related options from your credit card company.
The Final Word
As a digital nomad, you will have to spend money in new places. However, you can use the tips mentioned above. These hacks and tips will help save money. Moreover, you can maximize your savings. Similarly, you can lower your daily expenses.
The tips mentioned above will help you find affordable accommodation. Moreover, these tips will help you find cheaper alternatives. Therefore, you can maximize your productivity. Moreover, you can minimize expenses. You can research other tips as well.
If you like this article, you can find other articles on our blog. Our well-versed writers share the best tips for digital nomads. Therefore, you can take your digital nomad lifestyle to the next level. Find the best digital nomad tips for yourself.