How to Manage Your Finances As a Digital Nomad

The nomad life is a beautiful thing. You can go where the wind blows and see beautiful places around the world. One of the things people don’t think about when they are considering this lifestyle is how to manage their finances on the go. They are used to using local banks, paying for things like mortgage and car insurance.

They usually just pay the minimum on their debts. But most digital nomads actually have a very robust financial plan, although it often looks different than a corporate 401K.

Online Banking

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A good bank will give you access to your finances from anywhere. With a smartphone app you can send and receive funds, pay bills, and so much more.

Digital nomads often prefer banking solutions that are fully digital because they have more flexibility and often offer lower exchange fees for payments made in foreign countries. Look for a bank that offers what you need and will allow you to use your money no matter where the wind takes you.

Make a Budget

This can be a little tricky if you have flexible income. But put your basic nomad needs at the top. You need a place to stay, a way to get around, Visa fees, food, etc. Then list your debts if you still have them next. At the bottom add your budget for what you want to do in any given country.

Often digital nomads will decide in advance what they want to do in a country, figure out what it costs, and then work toward getting enough money for it. Your budget is a basic plan for how you want to spend your money. Even the most flexible digital nomad has a plan like this. Make a budget that works for you.

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Payoff Debt

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There are a lot of thoughts on this one. If you can pay off debt before you go full-on nomad, that’s best. This way you can use all the money that comes in to fund your nomad lifestyle. However, carrying debt doesn’t disqualify you from the nomad life. It’s probably best to sell off any cars you have and pay off car loans, make sure your home or condo has a good renter if you plan to keep your home property, and make a plan to get rid of any remaining debt.

If you happen to have debt in collections, you’ll benefit from strategic consulting and all the services they offer. They can help you with legal issues, interest rates, debt consolidation, and more.

In addition to a good plan, you also need to get all your bills sent to you paperless. You’ll be able to track and manage accounts from wherever you are, and you’ll never miss a payment this way.

Create Debt Payoff Plan          

This is more than just a budget. Your overall budget should include any minimum debt payments you need to make. But a payoff plan is about how you want to get out of debt faster. Some people sell off assets they don’t need, others work harder to make more money to throw at the debt.

Some nomads like to pay on the smallest debts first, while others attack the highest interest rates first. Find a method that will work for you.

Work Extra

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The great thing is that digital nomads know how to find work from anywhere. Just a few extra writing jobs or social media clients each month can make a big difference in your budget and can give you the resources you need to pay off all your debt and have a little more fun.


While you may not have the luxury of a corporate 401K with company matching, there are so many simple ways to invest your money. Apps like Schwab, Robinhood and alternatives to Robinhood, give you ways to
invest in stocks. You can even try your hand at investing in Cryptocurrency using apps like Coinbase.

The nice thing about Cryptocurrency is that it can also be used to purchase items around the world. A good financial plan is part budgeting, part debt management, part saving, and part investing.

The life of a digital nomad is filled with adventure and beauty. Managing your finances helps you see and do all the things you want without sacrificing your love of the nomad life. 

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