I’m a Digital Nomad — Here’s How I Budget and Save

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The ability to travel while earning sums up the life of a digital nomad perfectly. However, making the lifestyle work financially takes some planning. 

To find out how digital nomads budget and save, GOBankingRates interviewed Colm O’Regan, a science copywriter and digital marketing consultant with Science Copywriting and Bryan Clayton, CEO of GreenPal.

What Motivated You To Live as a Digital Nomad?

“I love to travel,” said O’Regan. “It’s as simple as that. I used to be a scientist and lived in Singapore, Taiwan and Saudi Arabia as part of that job. So that gave me the travel bug. The problem was that I didn’t have complete freedom to move around as I was tied to what was essentially a 9-5 job. So, I eventually quit and started a consulting practice that allowed me to work from anywhere. The freedom is terrific.”

Clayton said that living as a digital nomad wasn’t something he’d originally planned on doing. 

“The shift for me came about five years ago after witnessing a close friend succumb to brain cancer,” said Clayton. “It was a stark reminder of life’s fleeting nature. There I was, having never stepped foot out of my country, watching life pass me by. So, I decided it was high time to get busy seeing the world.”

Clayton said while his business GreenPal was running smoothly, he booked a one-way ticket to Australia and dove headfirst into the lifestyle. 

“I wanted to make every day as vivid and unforgettable as possible, a stark contrast to the blur that life often becomes,” said Clayton. “While my home base is in Nashville, Tennessee, I now spend about 11 months of the year traveling, exploring 20 to 30 different countries annually. 

Clayton said that the digital nomad lifestyle has provided insight into new cultures and ways of doing business, inadvertently fueling GreenPal’s growth. 

What Are the Financial Pros and Cons of Your Lifestyle?

O’Regan said the financial advantages of being a digital nomad are simple. 

“You can make money working from anywhere,” said O’Regam. “And because your income isn’t fixed, you’re able to make more or less money depending on what you’re looking for. I prefer the lifestyle over making tons of money, so I make less compared to other consultants. But that’s the tradeoff.”

O’Regan said the main disadvantage of his lifestyle is that cash flow can be sporadic because it’s not consistent like it would be with a 9-to-5 job. The irregularity can be stressful. However, he admitted that his lack of marketing often drives the inconsistency. 

“The other con is that you’re moving around quite a lot,” O’Regan said. “So it’s not as easy to establish an office space to do client work. Getting on calls with clients in different time zones is a pain, so this obviously contributes to irregular cash flow, too, because I tend not to get on as many calls as I should.”

Clayton said that it’s “a bit of a mixed bag” when it comes to financial pros and cons. 

“I aim for a daily accommodation budget of around $100, which is usually manageable through Airbnb and hotel discount programs,” said Clayton. “While living this way isn’t exactly saving me money — some places, like parts of South America and Southeast Asia, are more wallet-friendly, but Europe and more developed regions can be on par or more expensive — it’s an investment in my personal and professional growth that has paid dividends.

What Budgeting and Saving Techniques Do You Use?

O’Regan said that the main difference is that you have to make sure you’re saving enough for flights, accommodation and regular travel expenses. “I set up separate savings accounts for each of these and add cash each time I get paid,” he said. 

Clayton also said that budgeting and saving as a digital nomad requires discipline.

“I track my expenses meticulously, ensuring I know where every dollar goes, and I’m always looking for ways to stretch my budget without sacrificing the experience,” said Clayton. “I also prioritize putting money into a travel fund, treating it as a non-negotiable expense in my budget.”

How Do You Manage Your Money on the Move?

When it comes to managing money on the move, O’Regan said it’s important to use the right tools. 

“There are specific bank, budgeting, and savings apps designed for remote workers,” said O’Regan. “I use Revolut because it allows you to set up accounts in multiple currencies. It’s truly an international banking app. And you can do everything on your phone. There are others, but I only have experience with Revolut. The best advice I can give is to pick a tool that’s made for digital nomads since they tend to have the right features.”

Clayton agreed.

“I rely heavily on online banking and financial apps that give me real-time access to my accounts, no matter where in the world I might be,” said Clayton. “This way, I can make adjustments on the fly and ensure I’m always on top of my financial game.”

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