Being a digital nomad comes with many perks. It means you can create your own schedule, take on as much or as little work as you want, and most important of all, it means you aren’t tied to one place. No wonder so many people who work online prefer to hit the road!
Just because being a digital nomad can be fun doesn’t mean it’s always easy. It comes with many challenges too, one of which is dealing with money.
Money is hard enough to get a handle on when you live a traditional lifestyle, but how do you keep control of your cash when you’re on the road?
Take Advantage of Money Transfer Services
Everyone who spends time away from home, whether they’re one state over or they’re half a world away, should look into money transfer services. Not only can they be a great way to get paid by employers and clients, they can also get you out of a sticky situation.
Services like Remitly allow you to get cash instantly from friends, family members, and professional contacts when you’re traveling in another country. Whether you need more bus fair to complete your travel report or things are tight before you get your next client, Remitly can make sure you have the cash you need to survive.
Use a Nationally-Known Bank
There are a lot of things to keep in mind when you’re choosing a bank. You’ll want to take a close look at fees, account types, and technology that makes managing your money easier. Although local banks and credit unions can have some great services, they can make getting your money difficult.
When you’re frequently on the road, it’s a better idea to choose a national bank. That way, chances are, there’s a branch wherever you find yourself.
Keep Different Forms of Money Handy
Money isn’t just money anymore. It comes in many different forms, and you may find it isn’t all welcome wherever you go. Keep different forms handy, which includes:
- Debit cards
- Credit cards
- Cash money
A credit card can help you get cash back at the gas pump, a debit card is a convenient way to pay for groceries, and cash may be the only way you can pay for homegrown vegetables at a local farmer’s market.
Look Closely at Your Month Finances
Creating a budget is important, no matter how you live. Tracking all the money you have coming in, and how much you’re going to spend on what each month, is a good way to make sure there’s always enough to go around.
If you have multiple streams of income, it’s extremely important to look closely at your monthly finances and track your spending. It’ll make things easier when tax time comes around.
Spending, saving, and carrying money looks a little different when you’re on the road for long periods of time. Make sure you’re prepared to get the most out of every penny by following these tips.