16 Hacks to Save Money as a Digital Nomad

Expenses You Can Cut-Out as a Digital Nomad

Cancel Your Car Insurance

If you’re like me, and realized keeping your paid-off car was worth storing while you are galivanting all over the world, listen up. You can either cancel completely, or reduce the coverage, of your parked car (check with your local DMV for your states’ requirements).

If someone else is driving it, or if you don’t plan to be away that long, definitely don’t cancel your insurance. But having insurance on your car that is just sitting around collecting dust doesn’t make sense. Cancel that shit, girl. Whenever you go back to driving, just call your provider to reinstate it.

Reduce Your Phone Bill

This follows the same logic as the car insurance. If you aren’t using it, don’t pay for it. I had Verizon, so my phone plan is basically worthless outside of the US, Mexico and Canada. You can temporarily deactivate your service, and pay as little as $10 a month (limited to 90 days). Or if you want to dive in head first, deactivate it completely and have zero phone bill.

I find I still need a phone number for things like two-factor authentication and to occasionally call my grandma. Since my previous plan didn’t include international service, I decided to switch to the cheapest carrier I could find so I could retain my number, while paying as little as possible. I can still call and text over WIFI, and get a prepaid SIM card when I get to my destination.

If you have Sprint or T-Mobile and your phone plan includes data abroad, so I would keep paying.

Cancel Subscriptions

This is a great time to do an audit of all your expenses. What are you actually paying for each month? All these little things add up. Plus, when you’re not living in the US, most of these subscriptions are pretty worthless. Here are some examples of monthly subscriptions I cancelled when we starting living and working abroad.

• Instacart
• ClassPass
• Thrive Market
• Amazon Prime
• Hulu
• Local gym

Downsize Your Storage Unit

I’ll admit. There’s no way I can fit into anything smaller than my 5×10 storage unit. But if you can accomplish this, you could save a ton every month. Even better if you can just store all your stuff at moms house! Coming from LA, storage units are not cheap and every month I’m shelling out top dollar for this baby.

Jack took this advice to the extreme and basically threw all his belongings away, so no storage payment for him. He is truly free.

Change Your Health Insurance

Depending on your job and medical needs, it may be worth relooking at your medical insurance. If you’re abroad, US health insurance wont cover much anyway. It may be more cost effective to ditch your US health insurance and get travel health insurance instead.

Money-Saving Tips for Digital Nomads

Choose Your Location Wisely

There are two very different budgets and lifestyles associated with a month in LA vs a month in Marrakech. If cost is a concern, you can save a lot simply by living in countries and cities with a lower cost of living.

The cheapest countries I’ve personally stayed in were: Morocco, Egypt, Turkey, Peru, and Mexico.

Timing also plays a factor. Warm, ‘vacation’ places may see a spike in cost around Christmas and New Years, while the rest of the year may be very affordable. Similarly, European summer vacation occurs during the month of August, top destinations will definitely be pricier and very crowded.

Learn more about how much to budget rent as a digital nomad.

Stay Longer

Slow travel has benefits in more ways than one. Booking an accommodation for an extended period of time can result in reduced nightly rates. Airbnb is known for its weekly, and monthly discounts. Booking for a whole month can get you 45% off! I’ve even stayed at a hotel that gave me a discount for booking for a week.

Staying put also reduces your transportation expenses as you wont be paying for flights, trains, or shuttles as often. This also gives you the opportunity to buy groceries and cook for yourself, without feeling pressured to eat out. Which is the next money-saving tip.

Cook Your Own Meals

Cooking your own meals is such a no-brainer, but its so easy to fall into the pattern of eating out. Sometimes you don’t access to a kitchen, or maybe its just laziness. But cooking for yourself is not only a huge savings opportunity, but its better for your health as well. Pair this with staying somewhere for a month, and you’ve got a recipe for success! (lol)

Don’t get me wrong, we still eat out. A lot. I’m not going to travel to new and exciting places only to eat at home every meal. But my credit card statement would look a lot scarier if I didn’t cook at least some of our meals at home. It’s a pretty simple and easily implemented way to save money as a digital nomad.

Read more: 7 Essential Cooking Tips for Travelers

Watch ATM Fees

$3 here, or $5 there may not seem like a lot at the time, but all those little expenses add up. You can reduce ATM fees a few different ways.

The first tip is to take out larger sums of money at one time. By taking out larger sums, you reduce the amount of times you’ll need to go back to the ATM.

Before you travel, get a bank that reimburses ATM fees. The Charles Schwab debit card reimburses 100% of all ATM fees, and charge no fees themselves. My bank, Ally, reimburses all fees up to $10 a month.

An ATM hack I’ve learned about the hard way: when the ATM converts the money into USD, decline their conversion. The ATM is trying to rip you off and you will get a way better conversion rate by declining and going with the rate your bank will give you.

Travel on ‘Off-Days’

This one can be tough as a digital nomad. Since we work during the week, we oftentimes have to travel on the weekends, which is usually a premium. If your job is more flexible or you make your own schedule, you can save a lot by just picking the cheapest flight of the week, instead of a flight that leaves on a specific date.

Google flights is a great tool for figuring out the best and cheapest date to travel. This simple adjustment to your travel planning can save you hundreds of dollars per flight.

Don’t Check a Bag

Jack and I spent two years traveling with a checked bag each. That cost us each between $30-$50 extra every time we flew. I’d say by a conservative calculation, we spent $1200 total on check bags. We switched to only a carry on about a year ago, and although it was an adjustment, and my bag is bursting at the seams, it is worth it in savings. Plus we’re much more mobile and flexible with only a backpack to worry about.

Look for Free Things to Do

One of Jack and I’s favorite activities is to just walk and wander around. Discovering hidden gems or finding a weird part of town, it’s a great way to get to know a new place.

It’s even better to get a free walking tour from a local guide! We love using GuruWalk as a tool to get to know a city on a deeper level, beyond what we get wandering around ourselves (which we still love to do).

Some museums or attractions may offer free admission, or discounted days. For example, most museums in Washington DC are free! Istanbul also has a lot of free tourist attractions. Just do a little research before you go.

Taking advantage of as many free things as you can is a great way to not only save money as a digital nomad, but explore new places.

Get a Travel Credit Card

I am absolutely obsessed with my Chase Sapphire Reserve card and I will shout it from the rooftops! Travel credit cards reward you for ‘travel related expenses’ such as restaurants, hotels, airfare, etc. Oh wait, that’s literally all I spend money on.

I earn so many points. Conservatively, I use $100 a month in points on flights or hotels (that’s $1200 saved a year!). And don’t even get me started on the other perks like airport lounge access. If you don’t have a travel credit card, you are leaving money on the table.

Stick to Your Plans

Jack hates this one. And if you’re super type-A you probably don’t even understand; why wouldn’t you stick to your plans? Well sometimes we change our minds ok, but it always costs us.

Change fees, non-refundable, security deposit… these words make me cringe. Not to mention the increased cost of booking things last minute.

Despite the potential savings, I wouldn’t change any of our spontaneous adventures for anything. If anything, we learned that we should plan to not plan.

Leave Money at Home

Maybe you have self control. But I noticed if we have money on us, we will spend it. If I go out with just a little or none, then obviously I’m forced to be more frugal.

Embrace Minimalism

Minimalism goes hand-in-hand with the digital nomad lifestyle, so you might as well dive in head first. Being nomadic basically forces you to buy only what you can carry.

One thing that really helps me resist temptation to buy things, is lack of luggage space. I cant buy a bunch of souvenirs or the latest sneakers because I literally have no way to bring them around with me.

This isn’t necessarily a money-saving tip, but by spending less on things and embracing minimalism, you have more money to spend on experiences!

Change Your Bank

Is your money working for you?

If your bank charges you ATM fees and doesn’t offer high interest on your savings accounts, you are literally losing money.

I make nearly $75 a month doing nothing by earning interest on my savings account (4% APY).

Bonus Hack

Take a Good Hard Look at Your Financial Situation

As a digital nomad trying to save money, or not, it’s important to review your finances throughout the year and take stock on what’s coming in and going out. Ask yourself:

How much do I make?

How much do I spend?

What expenses are fixed, and what can I cut out?

How much does it cost to be a digital nomad?

Digital Nomad Money Hacks

This is a pretty extensive list, and you certainly don’t have to implement them all. I tend to pick and choose. But just adding a one or two of these habits to your lifestyle can be helpful and save you money as a digital nomad.

What other tips are working for you? I’m always looking for more suggestions!