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A lot of people are choosing to become digital nomads so they can have more freedom with their lifestyle and see the world. There are over 35 million digital nomads across the world, and MBO reports that 82% of those who choose this career path have high satisfaction with both work and life.
Of course, being a digital nomad requires smarter money management as you are always on the go, expose yourself to fluctuating expenses, and potentially have irregular income streams. Thankfully, there are some staple practices you can use to save while traveling.
1. Avoid Impulse Buys
When you’re going from place to place without a main base to fall back on, you need to be more careful about emotional spending and impulse buys. Although you shouldn’t completely limit yourself from getting things you want, it’s better to keep your spending in check so that you don’t end up going over your budget.
A good way to avoid this is by recognizing the signs that you might be spending for instant gratification. A feature on the psychology of spending money by Upgraded Points reveals that the common signs of emotional spending are making expensive purchases even when it causes stress, shopping whenever you feel bad, spending out of anxiousness, and returning a lot of what you buy. Make a budget and set aside enough for wants so that you still have leisure without burning a hole in your pocket.
2. Cook Your Own Food
If you constantly go out to eat, you will end up paying much more than you would by getting groceries and cooking at home. You’ll especially find prices rocket if you go to big cities and dine at established restaurants. Even if you go for fast food, the cost will still be significantly greater than eating in.
According to data collected by BNG, restaurants will often charge more than double any given item on their menu. With a 400% markup, you end up spending so much money that could be allocated to other expenses. A good home-cooked meal can even end up being more satisfying while your food budget lasts longer.
3. Seek Out Free Activities
The beauty of traveling is finding different places that are worth discovering. You can be exposed to diverse cultures, hidden gems, and new people. As a digital nomad, don’t limit yourself to popular tourist hubs and guided tours that may cost an arm and a leg.
There are plenty of free activities and sites that can be just as fulfilling for a traveler. If you’re feeling lost, there are plenty of local and online resources that can guide you. No matter what country you visit, you’ll find that there is no shortage of free activities if you actually seek them out.
4. Walk, Cycle, Choose Public Transport
Transportation can be the biggest clincher when it comes to saving money. Digital nomads can thrive in Thailand or Bulgaria, which are some of the cheapest and most beautiful places to relocate. However, it all still comes down to how you get around.
Many places are walkable, so you may want to save your money completely and set aside enough time to walk your way to your destinations. With so much wonder all around you, it’s a great way to take in the sights. If it fits your travel plans, you can even invest in a bicycle so you can bike around. If that’s not your speed or you have to go a particularly long distance, consider going for public transport as this will get you around easily while being very affordable.
5. Consider Extended Rentals
Even though the very nature of being a digital nomad is antithetical to staying in one place for long, you may want to extend your stays during your travels. Instead of just staying a few days, you may want to stay for a few weeks or even a month. The longer your stay for rentals, the cheaper the price usually is.
Whether you’re staying in hostels, co-living spaces, homestays, couch hopping, or renting a place, you will likely get discounts or cheaper prices for extended stays. This may even give you more time to save up enough money to more comfortably move on to the next stop.