raveling the world full-time is a lifestyle many of us dream of. The challenge is that the money you earn can't always cover your expenses and the strain it will put on your bank account.
Corritta Lewis, her wife, and their newborn son sold almost everything and packed the rest to embark on a global journey in January 2020. It was a choice that would forever alter their lives. But don't get it twisted — this was not a hasty decision. Lewis claims that it took thorough itinerary planning and extreme financial planning.
"We started by saving, cutting all of our expenses and debt," Lewis explains. "We paid off our car; we didn't buy new stuff, and when we didn't need it anymore, we sold it on Facebook Marketplace as well."
Lewis claims that the couple saved $50,000 for their trip before leaving. But they weren't finished. They paved the way for remote work and spent time building their joint website, It's a Family Thing, to make extra money. Lewis claims that the blog now generates a four-figure income.
"If you can find remote jobs, do it," Lewis advises. "And if not, why not start your own business?"
Plan ahead of time
Katherine Cafaro of Katie Caf Travel began her financial planning a full year before her departure.
"I didn't leave my house at all in 2020, so I had a bit of saving," she says. "This, combined with the stock market boom in 2021, made me feel financially secure enough to begin nomading."
Kesi Irvin, travel blogger and founder of Kesi To and Fro, says she did the same thing by planning her trip 24 months in advance.
"I saved money for two years before leaving my job; I lived in New York City, an expensive city, but I cut all unnecessary expenses," Irvin says. "It's a lot easier for me to budget when I have a clear goal in mind; for example, it was easier for me to cook my lunch instead of eating out because I knew the money I was saving would go toward meals abroad instead." Irvin claims she earned $27,000 in those two years.
Choose locations where your money could reach
Because digital nomads are in it for the long haul, they don't need to visit the "must-see" places right away. Instead, consider starting in a few places where your money will go a little further.
"In the beginning, I was traveling very cheaply in Southeast Asia, where my money would take me further, completely reliant on savings," Kristin Addis, CEO of Be My Travel Muse, explains. "I only slept in shared dorms, ate street food, and eventually hitchhiked in China to stay alive."
Consider traveling during the off-season.
"If you have time flexibility, you'll have a significant cost savings advantage," says Rax Suen, founder of NomadsUnveiled. Traveling to destinations during their shoulder or off-season can help you get better deals on everything from flights to accommodations to local activities, which will only help you get to know a place better, according to Suen.
If you can't plan your trip around the high and low seasons, Oneika Raymond, the world traveler behind @oneikatraveller, has one more suggestion: use your credit card points.
I like to use PayPal's Pay With Rewards program because it allows us to use our credit card points — from most of my credit cards — for more everyday purchases like clothing and car rentals at millions of businesses, as well as larger-ticket items like flights and hotels."
Be inventive with your housing.
Peer-to-peer home rental sites are great for short-term accommodations, but as Cafaro suggests, you should look into alternatives, primarily if you work on the go.
"I usually stay in coliving communities; they're pricier than renting standalone apartments, but you get office space and a hotel room, so I think they're worth it," she says. "Right now, my favorites are Outpost in Bali and the Selina chain in Latin America. All utilities are usually included in the rent, so I never have to worry about setting up water, Wi-Fi, or anything else."
Cafaro recommends doing your research before renting a home by asking friends, digital nomad groups, or locals.
Look for a job that allows you to work remotely.
The best part is that remote work appears to be here to stay, and the job market is looking better than it has in a long time. That is why, according to Tim White, founder of Milepro, digital nomads should begin looking for a remote-friendly workplace right away.
"Get a job that allows you to work from anywhere; companies have become much more open to remote work since the pandemic began," White advises. "If you can work while traveling the world, you'll be able to significantly reduce the cost of your vacations because you'll be earning income while traveling; additionally, countries like Barbados are offering generous remote work visas for digital nomads, such as the Barbados Welcome Stamp."
Stay in places for a little longer than usual.
It can be enticing to move from place to place to see as much of the world as possible, but Ravi Davda, CEO of Rockstar Marketing, believes that slowing down and savoring each destination is more sustainable — and more rewarding.
Don't take an all-or-nothing approach.
Travel does not have to be an all-or-nothing experience that consumes your savings in a matter of days or weeks.
"It can be carefully planned out as a practical lifestyle choice," Suen says. "As the digital nomad hype continues to build...a there's a misconception that the lifestyle is all about travel and fun first." "From speaking with other nomads on [my] podcast, it's important to note that most digital nomads are actually pretty disciplined entrepreneurs or workers, and many are working toward freedom in many areas of life other than just the geographical aspect."
If you're ready to take the leap like them, saving money, finding remote work, and establishing a secondary source of income are just a few things you should keep in mind that’ll enable you to thrive worldwide.
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