As more Filipinos embrace the digital nomad lifestyle, managing your money is key to maintaining your freedom while exploring the world. With proper planning, you can achieve financial stability and truly enjoy the digital nomad life.
Travel anywhere from your home country to Australia to the Maldives with your travel insurance and health insurance handy – no worries!
Here are my top five financial tips for digital nomads to help you save, invest, and manage your money while living the nomadic lifestyle like locals.
1. Create a Budget and Stick to It
One of the first steps to managing enough money as a digital nomad is creating a budget. Whether you’re enjoying the beaches in El Nido or working in a café in Chiang Mai, your expenses can vary.
It’s helpful to list out all your expected costs, like accommodation or rent, food and groceries, transportation, wifi, and of course, fun activities! You can use budgeting apps like Mint or YNAB (You Need A Budget) to track your spending.
Keeping an eye on your sources of income and where your money goes will help you avoid unexpected expenses and stay on top of your income stream.
Also, start a personal savings account. Yes, work-life balance
2. Save for Any Unexpected Expense
Life as a successful freelancer means being prepared for the unexpected. Whether it’s a medical emergency, lost luggage, or sudden flight cancellations, having an emergency fund is essential for any coverage.
As a rule of thumb, save at least 3-6 months of living expenses.
For added protection, consider getting travel insurance from companies like World Nomads, especially if you’re doing adventurous activities like island hopping in the Philippines or trekking in Sri Lanka.
This will give you peace of mind while you focus on living the nomad life.
3. Choose Low-Fee Banking and Transfer Options
Managing your money across borders can get expensive, especially with international transaction fees. It’s smart to use banking options that won’t charge hefty fees.
Wise and PayPal are great for sending and receiving money globally, while travel-friendly debit cards will help you avoid extra costs.
If you’re working in different countries like Costa Rica or Southeast Asian countries, having a local bank account might be worth considering to save on transfer fees and currency exchange rates. Wise is my go to since it has low fees.
4. Invest in Your Future
Even as a digital nomad, it’s important to think about your long term financial goals. It’s very important to have multiple income streams.
In addition to your regular remote job, you can look into passive income sources like investing in stocks or creating digital products that sell on platforms like Etsy.
Many successful digital nomads also make money through social media as influencers or by sharing their journey in a travel guide blog. The best places can be very attractive to people. So find the top destinations for tourists and go have an adventure too!
If you’re part of the digital nomad community, you’ll find plenty of inspiration from others who have mastered the art of building multiple income streams and achieving financial success.
5. Understand and Plan Long-Term
As you travel from country to country, be sure to stay on top of visa requirements. Some places offer a digital nomad visa, allowing you to stay longer while working remotely.
Countries like Costa Rica and Southeast Asian countries like Thailand are popular too, thanks to flexible visa options. Keep track of this information using platforms like Nomad List.
Planning ahead will save you from sudden travel disruptions and ensure your work stays uninterrupted as you continue your solo travel adventures.
Be sure to research and plan for long-term stays in destinations like Cebu City or Latin America.
Final Thoughts
Location independence is one thing. But managing your finances as a digital nomad doesn’t have to be complicated.
By budgeting, saving, investing, and staying organized, you’ll have more control over your money and be able to enjoy the freedom of remote work.
These financial tips for digital nomads are essential for any Filipino remote worker looking to make the most of their cost of living income while traveling.
Happy saving and safe travels!
FAQ
Remote work:Â Visa holders are permitted to engage in remote work for their current employer or their own business while residing in the host country.
The finance industry has one of the most solid earnings for their workforce, and contrary to the belief that all their roles must be face-to-face, it’s getting more common to see remote finance jobs.
Palawan, Philippines is an absolutely fantastic city for expats looking to move to a tropical paradise with a rich cultural heritage and a welcoming local community. Palawan is home to some of the most beautiful natural scenery in the world.
