Save Money

Saving money is easier than making more money!

The more money you save, the more chance you’ve got at making the digital nomad lifestyle work for you.

1. Eliminate Your Debt

If you’re trying to save money through budgeting but still carrying a large debt burden, start with the debt. Not convinced? Add up how much you spend servicing your debt each month, and you’ll quickly see. Once you’re free from paying interest on your debt, that money can easily be put into savings. A personal line of credit is just one option for consolidating debt so you can better pay it off. It is possible to be a digital nomad with debt, but it’s certainly not optimal.

2. Set Savings Goals

One of the best ways to save money is by visualising what you are saving for. If you need motivation, set saving targets along with a timeline to make it easier to save. The more money you save, the longer you can travel for – unless you’re constantly working whilst travelling, being a true digital nomad, then the savings will just help as a safety net.

3. Pay Yourself First

Set up an auto debit from your checking account to your savings account each payday. Whether it’s £50 every two weeks or £500, don’t cheat yourself out of a healthy long-term savings plan.

4. Stop Smoking

No, it’s certainly not easy to quit, but if you smoke a pack and a half every day, all of that money could be going towards travel. Also, it’s a disgusting habit.

5. Reduce fixed outgoings

Look at your direct debits and all of the payments you make every month. Can any of them be removed? Netflix? The Gym? If you are planning on becoming a digital nomad, remove these things. Want to keep Netflix so you can watch stuff whilst you’re travelling. You know what to do about that.

6. Pack Your Lunch

An obvious money-saving tip is finding everyday savings. If buying lunch at work costs £7, but bringing lunch from home costs only £2, then over the course of a year, you can create a £1250 pot, which can go to paying off debt, or keeping as savings

7. Annualise Your Spending

Do you pay £20 a week for snacks at the vending machine at your office? That’s £1,000 you’re removing from your budget each year. If your plan really is to save money, these things are easy to remove from your expenditure.

8. Stay for longer

Whilst travelling as a digital nomad, you’ll probably want to jump to different cities and different countries to see more as you think the trip may end soon. Travelling as a digital nomad is different to travelling normally, as it doesn’t have to end, because you’re still working, and earning. So down, take your time, not only will you be more relaxed, you’ll spend less money as transport, especially flights, are the bulk of the costs with travelling.

9. Split the costs

Travelling alone is more expensive than travelling with somebody else. Split the costs of the apartment, split the costs of a sim card in each country, split the costs of groceries. It’s the same as living back in your own country, so if you can get somebody to join you, even for short parts of the trip, it should save you money. However, you’ll probably want to do more stuff that costs money, as you’ll have somebody to do it with – so keep an eye on that.

10. SPREADSHEET

Put EVERYTHING into a spreadsheet. Make a spreadsheet that has a tab for each month, and make sure you add how much you spend each day, and on what. Have one tab that’s a summary, so you can see how much you spent in January for example, compared to February. You need to have your monthly budget in there, and check that against the expenditure to make sure you’re not exceeding your limit. If you exceed your limit, you need to be under budget the next month to balance the sheet. If you’re consistently coming in under budget, fantastic! That means you’re saving money whilst travelling, and that’s the dream, right?