How to Manage Finances as a Digital Nomad

While there are plenty of blogs and books that share their secrets to traveling on $10 a day, an annualized budget of $3650 is hardly realistic. The majority of families will spend that much just to get to their first destination. Plane tickets, essential gear, and passport/visa fees can add up quickly. 

Fortunately, many of the families we speak with spent weeks if not months to plan their departure, and in that time became master budgeters. Downsizing and saving for the big trip is the first and biggest hurdle; keeping the spending in check while on the road is relatively easy when you have a few systematic checkpoints.

What's the Cost of Being a Digital Nomad Family?

The cost of going nomad depends on so many variable that giving a ballpark figure is either discouraging or irresponsible. You need to consider your family size, what travel style suits your family, what climate to pack for, whether the climate will vary along your route, whether your booking round the world tickets or one-ways, medical conditions to manage, return visits to your passport country; the list goes on. 

If you are serious about taking your family nomad then book an hour with us. We can discuss your particular situation and hey, it's pay what you want, so free or maybe $50. You decide! We'll be happy to help either way.

If you prefer to keep researching online, then there are a few websites to check out. Making It Anywhere has some great thoughts on the cost of being a digital nomad

Tools for Nomad Finances

Estimate Cost-of-Living: We use Numbeo and Nomadlist to estimate costs and compare destinations. 

Tracking Daily Expenses: We love using the Trail Wallet, designed by the digital nomad couple behind Never Ending Voyage, to track daily expenses on the go. While you can often just download a credit card statement to track expenses, don't count on that for most budget destinations where cash is king. 

Tracking Monthly Expenses: There are a number of monthly budget worksheets available online and you'll just have to find the one that works best for you. We've used this worksheet for a year now. 

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