4 Ways to Afford a Nomadic Travel Lifestyle

Beach Workspace
June 19, 2019

By Molly Barnes, Digital Nomad Life

If you’ve always dreamed of traveling to see the world but have written it off as out of reach, there’s no need to give up on that dream! There are plenty of ways to work travel into your schedule. In fact, more and more people are flipping that script and working their schedule into their travels. Digital nomads are travelers who move from place to place, working wherever they find themselves. Their numbers are growing, and there are plenty of ways for you to join their ranks.

How do you make this happen? While it helps to win the lottery first, that probably won’t happen. The good news is, there are all kinds of ways to arrange and fund your journeys. Of course, you may have to get a little creative, but with some serious research, planning, and logistical maneuvering, you can grab your laptop and see the world.

1. Take care of business at home

Before heading out on extended travels, you’ll have to figure out what to do about your house or apartment, bills, possessions, and other responsibilities at home. It takes time (more than you think) to pare down and store your stuff, and to address the details of living space, bills, mail, etc.

Any loose ends you neglect to tie up beforehand will likely end up costing you headaches and extra money down the road. The earlier and more thoroughly you plan your new lifestyle, the less you’ll have to worry once you’re out there. Here are some suggestions:

  • Put your place up for rent. You definitely don’t want to pay rent while you’re away for a long period of time, so consider subletting your apartment — or, even better, using it as a vacation rental. Apps and online platforms make it easy to manage the process, so let someone else cover this expense in your absence!
  • Cancel services. If you don’t rent out your home, turn off all the utilities such as water, gas, electricity and trash/recycling pickup, and cancel subscriptions such as cable and deliveries. Once you’ve dropped those expenses, you can put the savings toward covering new expenses, such as lodging and transportation.
  • Reroute your mail. Ask a family member or trusted friend to let you establish legal residency at their address. You can have mail sent to their house, and they can reroute anything urgent to you. If that’s not an option, consider a virtual mailbox service.
  • Plan for your belongings. You can’t take it with you, so find somewhere to put your stuff while you’re gone. Start weeding out well before your departure date, sorting things into four piles: take along, put into storage, sell, or donate/give away/discard. Store what’s left with a friend or family member, or put it in an affordable storage unit.

Once you get your affairs in order at home, you can turn full attention to plotting your adventure. Realistically, you aren’t going to pick up and leave immediately, so as you begin to sever ties to your traditional lifestyle, you’ll have some time to stash away some funds.

2. Set a budget

Planning and setting a budget might sound counterproductive to living freely; however, it’s absolutely necessary if you want to sustain a nomadic lifestyle. First, add up your major expenses (there are always more than you’d think). Here are a few examples:

  • Transportation
  • Housing
  • Meals and snacks
  • Mobile data package
  • Travel insurance
  • Emergency fund
  • Any other miscellaneous expenses (i.e. equipment, toiletries, medications, clothing, etc.)

After you’ve calculated your expenses, budget an extra 25 percent to stave off unpleasant surprises. (You can absolutely count on these happening while you travel.) Also, keep in mind that if you’re cruising through multiple countries with different currencies, you’ll need to factor in exchange rates, too.

Once you know the target amount for your travels, save toward that goal. A good rule of thumb is to shoot for about six months of living expenses. If you’re not disciplined about saving, start immediately by having extra money deducted from your paycheck each month; calculate your taxes and set yourself up to receive a bigger refund that can pad your travel account.

Many digital nomads find that living on the go is actually cheaper than living a traditional lifestyle, although it does take some adjusting. Tips and tricks you learn along the way can help you further stretch your money. For instance, consider applying for a travel-friendly credit card that offers great rewards — airline miles, points toward hotel stays, restaurant discounts, etc. — then apply those rewards as they’re earned to any future excursions.

3. Determine how you’ll earn a living

Part of financing your travels means figuring out how you’ll earn money when you might no longer be bringing in a steady paycheck. The goal is to open up as many revenue streams as possible. Consider these possibilities:

  • Work remotely. Does your current job allow remote options, or can you work freelance via the internet? If so, that’s great! In this case, you likely will enjoy a reliable income — especially if you get paid through online services, too.
  • Sell a product online or offline. Do you have a hobby making things you can sell? If so, consider starting a business and take your wares on the road. Attend trade shows, expos, local fairs, and other places where you can sell your handiwork.
  • Provide a service. Do you have other skills you can charge for? Can you write, edit, fact-check, take photos, write code, or perform any other skills? Become a solopreneur and earn your living selling your services. Online services and apps can help you offer your skills to customers.
  • Work locally. Want to work like a local? You can explore potential short-term job opportunities as a side hustle if you plan to live in a specific region for longer periods of time. Make sure you fulfill all the local and national employment requirements to do it by the book. This can be a great way to meet people and join a community, too!

In any configuration, you definitely want to set up as many income streams as possible. Once you figure out how you’ll earn your living, it’s time to plan your trip.

4. Plan your route

Living a nomadic lifestyle allows an incredible level of flexibility, but it can all go kaput unless you do some serious preparation and planning before you hit the road. For instance, if you’re traveling abroad, you’ll need an up-to-date passport and possibly a visa, depending on where you go and how long you intend to stay. Keep in mind that it can take weeks or months to procure or update a passport.

You’ll also want to have some idea of the cost of living in the places you want to go, so you can plan for initial costs to get you there. Ask yourself questions on these topics:

  • Transportation. Will you be driving, taking a bus or train, or flying to your first destination? Be sure to predetermine a range for this, so you can better plan your budget and know how much income you’ll need to make along the way.
  • Accommodations. Do you prefer to stay in a hostel, vacation rental, or hotel? (Or even a campground? Consider your needs and preferences, and start your research there.
  • Entertainment. What kind of activities and experiences are you hoping to find in each place you visit?
  • Extras. Extra expenses always come up on the road. Budget more for emergency health care or transport, as well as unforeseen opportunities you just can’t pass up.

Planning for cities ahead of time also enables you to get an idea of how much housing, food, fuel, etc. will cost. Staying in one place for a while can cut down on transportation costs while you immerse yourself in local culture. And if you take the time to explore a city with opportunities but also a lower cost of living — for instance, Tampa instead of Los Angeles in the U.S., or Prague instead of Paris in Europe — you can stay within your budget and still have all the great experiences.

Living a nomadic travel lifestyle offers a feeling like no other. The hardest part is probably the transition from “regular” life. However, once you have your affairs in order, set a doable budget and itinerary, and establish some cost-efficient ways to live, you’ll be in good shape to start your journey. Prepare yourself to learn things about the world and yourself, and make some incredible memories along the way.

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Eventually, most business owners will reach a point where they decide it’s time to sell. Selling your business allows you to retire or move on to other projects while still keeping the business intact.  If you’re considering selling, there are a few questions you...

How to Help Employees Get to Know Each Other Better

When your employees know each other better, there is more camaraderie in your workplace. Because they are more familiar with each other and more invested in each other’s lives, the quality of work—particularly group work—improves.  To be a more effective company, you...

What You Need to Know Before Offering Equity Compensation

To attract the best-qualified employees, your benefits package needs to be competitive. When your company is in a start-up or growth stage, equity compensation can be an attractive option.  With equity compensation, your employee can benefit as your company grows....

8 Video Marketing Tips for Startups

Video marketing is one of the most effective ways to reach your audience, especially when you are a startup. It is a cost-effective and compelling way to create content that you can use and repurpose on multiple platforms. Making the most out of your video marketing...

How To Promote Your Startup in 2023: Most Useful Strategies

Every startup hopes to make a splash when it first enters the market and find methods to get its name out there. This is when having a solid marketing plan comes in handy.  If you are a new business or an entrepreneur considering a startup, developing a digital...

9 Benefits of Guest Blogging

Blogging is widely known as one of the most important aspects of content marketing. Websites that run regular blogs are more likely to rank higher on search engine results and achieve greater success overall. But did you know that you can also publish blogs on other...

7 Essential Tips for Maintaining a High Standard of Health and Safety in Your Organization

Workplace health and safety is a legal obligation that all employers must adhere to. But apart from ensuring compliance and avoiding legal issues, maintaining high health and safety standards can come with a number of benefits for your business as well. With the right...

11 Technology Trends to Improve Your Marketing Strategies

In 2020, many industries were at a standstill due to the Covid-19 pandemic. To help keep businesses afloat and their brands relevant despite these uncertain times, marketers were forced to embrace technology. Since there were lockdowns and safety measures, companies...

Problems That Can Derail Your Business Event

Are you wondering how to plan a big corporate event without much prior experience? Even if you have experience planning business events, there are a lot of hoops you have to jump through to make sure everything is ready for the big event. Make sure that you’re aware...

Why You Should Hold More Meetings With Your Employees

When you want to send a quick, simple message to your employees, email or interoffice messaging work great. But more often than you think, the better mode of communication is a staff meeting. In some situations, nothing can take the place of face-to-face discussions....
Remember These Expert Tips to Prepare Your Estate

Remember These Expert Tips to Prepare Your Estate

Keep in mind that making estate plans can go a long way towards helping you safeguard your hard-earned money or even a business that you may have. This includes the investment that you’ve spent on ensuring that your home is comfortable and valuable. One of these is safeguarding your home from the likelihood of having flood problems. This is an important detail, especially given the fact that more than 14.6 million homes across America are at a high risk of some kind of flooding problem, according to iProperty Management.

Areas in Your Office That Need Regular Cleaning

Areas in Your Office That Need Regular Cleaning

A clean office is essential for fostering productivity, boosting morale, and making a good impression on clients and visitors. While you may already have a cleaning routine in place, some areas might need more attention than you realize. Below, we highlight three key...

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Remember These Expert Tips to Prepare Your Estate

Remember These Expert Tips to Prepare Your Estate

Keep in mind that making estate plans can go a long way towards helping you safeguard your hard-earned money or even a business that you may have. This includes the investment that you’ve spent on ensuring that your home is comfortable and valuable. One of these is safeguarding your home from the likelihood of having flood problems. This is an important detail, especially given the fact that more than 14.6 million homes across America are at a high risk of some kind of flooding problem, according to iProperty Management.

How Entrepreneurs Can Work Through Periods of Stress

How Entrepreneurs Can Work Through Periods of Stress

Entrepreneurship can be an exhilarating journey, but it often comes with its fair share of stress and challenges. The pressure of running a business can sometimes feel overwhelming, and finding effective ways to navigate through periods of stress is crucial for...

Why Entrepreneurs Get Health Goals Wrong

Why Entrepreneurs Get Health Goals Wrong

The life of an entrepreneur is often glamorized, but behind the success stories and Instagrammable moments, there's a grueling reality that can have significant impacts on one's health. Business leaders face unique challenges in balancing work and well-being. We delve...