Managing Money Tips for Digital Nomads

Digital nomads are employees with a flexible working style who have the freedom to work anywhere in the world. This brings many possibilities. It’s like traveling the world! But, it’s also known that it takes money to travel the world. So, do you have any savings?

If you want to live your life the way you want as a digital nomad, you have to sacrifice some things for this. This is a must to save money. Of course, everyone’s priorities in life are different. While some of us spend more money on socialization, others can spend more on household expenses. Everyone’s travel preferences are also different. But in the end, everyone needs to save money to make their wishes come true. And, everyone can save money in another way.

In this article, we’ll present several methods for you. For money-managing tips, check out our post. 

Budgeting Tips for Digital Nomads

Today, many digital nomads are thinking about how to save money. We’ll now try to give you information about them.

There are many ways to save money for digital nomads. It’s important to know some money management tips. The truth is simple, like spending less money; but knowing some tips, you can save more than you think.

Here are the tips we’ll give you now: 

Budgeting and Planning

Search for Free Stuff

To save money, it’s best to start with this step. As a digital nomad, you have the opportunity to work anywhere in the world. This means spending money as well as brand new adventures. If you think about it, there are many museums, galleries, restaurants, streets to discover…

But, you have to change your spending habits in order to save some money. Come on, turn on the computer and start researching. What are the free things to do where you’re?  Believe us, you’ll come across a lot of things. Magazines, blogs, articles… You’ll find there are more free activities than you think. 

While this is great for saving money, it’s also a very important tip to use when traveling. You can have great experiences at these free events. 

Benefit from Applications

Contrary to popular belief, the daily expenses of digital nomads can be more than an office employee. After all, you’re mostly on the go and therefore you’re more likely to eat out. For example, you don’t have a chance to do monthly grocery shopping because most of the time, you may not know how long you’ll stay at the place where you’re staying. 

This may be one of the rare situations where digital nomads are at a disadvantage. It’s more difficult to control our budget than people who work from the office and have an established order. This may prevent expenditures from being stable. Some weeks you spend much less, while some weeks you may find yourself in debt.

Saving and Investing

Saving and investing are crucial for digital nomads, as they often have unpredictable income and expenses due to their lifestyle. By creating a solid savings plan and diversifying their investments, digital nomads can ensure financial stability and prepare for unexpected events. It’s important for them to regularly assess their financial situation, set achievable savings goals, and consider low-risk investment options such as index funds and bonds. With proper planning, digital nomads can continue to live their lifestyle while also building a secure financial future.

Try to Be Long-Term

As digital nomads, we mentioned above that we generally don’t know how long we’ll stay where we stay. However, you can prevent this.

Trying to stay long-term is a good way to save money. No need to think of it as something boring. And, it doesn’t have to be for too long. For example, if you convert it to a month instead of a week, you’ll see the difference. It’ll be very good for you to set it to stay for a minimum of one month. The longer it’s, of course, the better. Most places offer discounts for long stays. If you guarantee that you’ll stay at your accommodation for a month, they’ll give you a good discount. 

Use Public Transport

It can be pleasant and easy to rent a car or take a taxi in the country you’re in. However, this starts to seriously strain your budget after a while.


Wherever you’re in the world, buses are cheap. It’s always the cheapest option to use public transport, even when compared to campaigns on apps like Uber. Besides, it would be a little more action, wouldn’t it? If you use a private vehicle all the time, you’ll miss the option to explore the city. In addition to these, depending on the country you live in, using trains and boats can also be a good way to save money. 

Now, we’ll give some investment tips. So, let’s start:

Plan Your Retirement

Looking back now, retirement may seem far away. But believe us, time goes by so fast. And, one of the biggest investments you can make as a digital nomad is to start planning for your retirement as early as possible.

Starting to plan your retirement and financial future will also help you save money. You can work with a counselor. However, it’s important to make sure that it’s a safe place. This way, try to set aside some money each month for retirement. There are many retirement investment options. It’s good to consult reliable places for these. In this way, you can choose the method that it’s suitable for you. 

Review Investment Methods

Investing is also for risk lovers. Because there are also risky ways. However, if you have patience and are considering a long-term investment, you can consider mutual funds or EFTs. It’s also possible to make big profits from them. Experts also state that these resources are safer and tend to grow. You can consider some investment methods for your financial goals.


So, what is a mutual fund? A mutual fund is when you individually invest your stocks, bonds, and other assets in a pool of money. This pool is managed by professionals. It’s generally preferred by young investors. However, some investors also prefer EFTs because selling fees can be costly at times. These require lower fees. Also, you don’t need to do daily tracking here. So, it may be easier for you and your financial success. On the other hand, let’s be warned again, these are for those who are thinking of long-term investment. There is always risk in these businesses and if you don’t have the money to risk, we recommend that you don’t get into these businesses.


After all, as a digital nomad, you’re always on the road, so you need to make sure that you have safe money. 

Managing Currency and Exchange Rates 

Go Debt Free

If you go on the road with debt, it means that some troubles will await you on this road. To avoid this situation, try to clear your debts before you set off. Here you’ll also plan your trip. For example, if you have a mortgage, you don’t want it to cause trouble for you on the go. You can deal with a management company when you go for such situations. So, there’ll be someone to take care of these things while you’re gone. 

Draw Your Limits

In order not to lose control of your destination, try to come up with plans as clearly as possible before you go. In this case, you’ll know what to do in any crisis, even if it’s sketchy. For example, you know how much money you should have on the side in times of crisis. You could also call it a kind of emergency fund in your savings account.

For things like:

  • Food
  • Accommodation
  • Bills
  • Co-working space membership
  • Insurance
  • Medical expenses
  • Transportation

When money is needed for such situations, there should be money reserved for them in your bank account. 

Choose the Way to Receive Payment

You’ll need to choose a secure method to receive your salary and manage your money in the country you’re traveling to. At this point, many digital nomads prefer accounts that can be accessed via the internet. That makes sense. However, daily living expenses shouldn’t be ignored. For this, you need to have access to cash. So, how do you do it when you’re in another country? For this, you need to research the bank you’ll use. For example, it’s important not to take a large amount of money for withdrawals via ATM. 

Managing Tax and Legal Matters

First of all, we would like to talk about general taxes. As a digital nomad, you’ll also be responsible for some taxes. So, what are the tax systems in the world?

Citizenship Tax

This tax is collected from citizens of countries. The USA, for example, applies this tax system.

Residence Tax

In this taxation, you’re taxed depending on where you live. It doesn’t matter where you’re a citizen, the debt will be paid according to the laws of your place of residence. For example, France and Australia apply this system. 

Regional Tax

Digital nomads are taxed in this tax system only if they also earn income at their place of residence. Examples of countries applying this tax are Panama and Costa Rica. 


Here, in this article, we’ve tried to present ways to manage money for you. We think we’ve provided a lot of useful tips for you. Everyone’s way of saving money is different, and that’s perfectly normal. After all, everyone has different priorities in life. And, as digital nomads, you’re trying to discover the world. So, you don’t have to miss out on something in life just because you’re going to save your money. So, we’ve tried to offer ways to save money without missing out on things to discover in this article.

We hope you like our article and it’ll be useful for you. Now, it’s the time to evaluate your options to manage your money…


How can I manage my money effectively as a digital nomad?

As a digital nomad, it is important to have a budget and stick to it, keep track of your expenses, and have a system for managing and exchanging currency. Additionally, having multiple forms of payment, such as credit and debit cards, as well as a money transfer app can be helpful in managing money while traveling.

What are the best ways to save money while traveling as a digital nomad?

Some ways to save money while traveling as a digital nomad include staying in budget-friendly accommodations, using public transportation, and cooking your own meals instead of eating out. Additionally, finding free activities and events in the area you are visiting can help save money.

How can I protect my money while traveling?

To protect your money while traveling, it's important to keep your cash and cards in a safe place, use a money belt or hidden pouch, and be aware of your surroundings. Using contactless payments, digital wallets, and carrying a limited amount of cash can also help to reduce the risk of theft.

How can I best exchange currency while traveling?

It's best to exchange currency at a bank or currency exchange office, rather than using a currency exchange service at a hotel or airport, which typically have lower exchange rates. Additionally, using a credit card or debit card that doesn't charge foreign transaction fees can help save money on exchange rates.

How can I manage my money while traveling to countries with different currencies?

To manage your money while traveling to countries with different currencies, it's a good idea to have a multi-currency card or a digital wallet that can hold multiple currencies. This will allow you to make purchases and withdraw cash in the local currency without incurring foreign transaction fees.

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