The Digital Nomad’s Guide to Managing Money

Living life as a digital nomad is a much more popular proposition that it was ten years ago. Young adults worldwide benefit from the flexibility, varied work environments, and opportunities for learning. Millions of people across the globe now consider themselves as full-time digital nomads. Moreover, adapting to this lifestyle means that you get to travel as often as you want, and a survey reveals that 70% of digital nomads travel to five or more countries a year. However, if you want to become a digital nomad, you must already be comfortable financially and must be able to manage your finances safely and securely, especially if you plan to travel a lot. For those who travel and explore while working, here are some tips to stay financially secure.

Know Where to Get Emergency Funds When Needed

Sometimes, unexpected events may put even our best-laid travel plans to the test. Even if you have investments for passive income and your travel money is managed correctly, you can still incur significant losses due to any number of setbacks. Fortunately, you can apply for a digital loan online, but make sure to find a reputable bank or lender. Check to see if they have transparent rates, smart tools, and features that give you complete transparency over your loan. You may need to submit pertinent documents such as copies of your passport, ID, and proof of income to be approved for one, so keep them with you at all times whenever you travel. 

Take Advantage of Mobile Application To Manage Your Money

There is no need to carry a lot of cash and tip the staff with your spare change when you can use an app like PayPal, Trip Wallet, and Skrill to pay for everything from shopping at stores or online shops abroad to paying bills. These applications allow you to send money by using their mobile application or website. You can also request funds from other people so your friends and family can help you out without having to fly back home. Likewise, knowing that you do not carry significant amounts of cash on you will deter theft and keep you safe.

Using Traveler’s Checks is Safe

Many people prefer to use traveler’s checks because they are more secure than cash or credit cards. Likewise, you can easily replace lost or stolen checks. However, this does not mean that they are the most practical way to pay for things while traveling. Some businesses do not accept traveler’s checks anymore because of the inconvenience of cashing them out. Cash might be king when it comes to paying for items abroad, but using a credit card instead would be better practice as long as your bank will let you withdraw money without exorbitant fees (which they often do). Remember that having an ATM card linked to your checking account is not enough; make sure you have a cash advance PIN on your credit card, too.

Dispute Fees on Your Credit Card Statements

By: Tax Credits

If you are not careful when using your credit cards while traveling, you may get charged extra fees that were never agreed upon in the fine print of your contract with your bank or lender. Fortunately, by disputing these fees through the proper channels and methods, you can get them refunded to you so you can keep more money in your pocket while traveling abroad.

If you plan ahead, then managing your money shouldn’t be a problem even when you travel long term. With the right finance plans in place and proper preparation, there should be nothing to worry about while traveling from country to country as a digital nomad. There are several online lenders who will provide digital loans for any reason you can think of. Just make sure that your application is complete before sending it off to get approved.

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