Living as a digital nomad is more achievable today than ever before. Thanks to how well integrated remote work technology has become with our lives, many millions of people have already tried this approach to employment, and that number keeps growing. This raises some important questions about exactly how newcomers might get started, and more specifically, what kind of financial requirements are needed to perform comfortably.
Start with Savings
Before considering continued payments through a digital nomad job, it’s first to create as much of a financial buffer through savings as you can. A good starting point here can be to save enough that you can always afford an emergency trip back home, plus enough to support yourself for a few months where you stay. This way, you’ll always have an out if you need it, and you can avoid unnecessary stress about daily finances.
Some lucky homeowners are able to rent or sell properties for further security when overseas. Systems like Airbnb can be very useful for renting, but require constant supervision from someone trustworthy. It may then be worth considering selling through modern online sales systems. Fortunately, if I want to sell my house quickly, I have options. One key innovation is that certain platforms nowadays can give you instant valuations and allow you to sell in a timeframe of your choosing, while circumventing the need for estate agents. Such services can help provide a solid financial backing before you travel, meaning you can concentrate on the road ahead.
Planning and Calculating Ongoing Costs
Once you have some initial savings, you’ll need to ensure you aren’t losing money with continued work and budgeting. If you’re new to digital nomad work, it can be difficult to calculate exactly what the cost will be, so it may be best to test run for a couple of months first. Common costs you’ll need to take into account include:
- Travel tickets
- Phone SIMs
- Visas
- Rent
- Food
- Insurance
- Leisure costs
Each of these can be accommodated with some experience, with each varying depending on the country and length of stay. In general, longer stays tend to be cheaper overall, especially if you can find a good deal on rent via Facebook groups or other nomads in the area.
An important part of planning also comes from understanding the type of lifestyle you’ll be able to afford in a given country, and sticking within this realm. Some nomads might earn enough to frequent expensive restaurants and hotels, while others will have to keep it more measured. Know and accept what you’ll have to do, and you’ll be happier with your digital nomad life.
Finally, you’ll have to plan living situations where you’ll always have access to a way to make money and a way to withdraw money. This means you’ll need to plan how to withdraw cash, and a way to always stay connected to your online job.
Being a digital nomad requires some adjustment, but it’s a lifestyle that can be surprisingly achievable. As long as you remain flexible, put in the research, and can stick to a financial plan, it’s likely you can find a way to succeed. Just remember not to get too lost in the adventure, since, like always, safety should be your biggest concern.
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