Four Finance Tips For New Digital Nomads

Four Finance Tips For New Digital Nomads

Prepare for your digital nomad lifestyle with essential finance tips: understand local economics, budget wisely, choose a suitable bank, and diversify your income for a successful journey ahead.

4 min read

ago

Living as a digital nomad unlocks a whole new world of possibilities and experiences, but before you start your adventure, it’s important to make sure your finances are set up for success. 
To help you get started, here are our top four finance tips for digital nomads.

  1. Understand the economics of each location

  2. Create a realistic budget 

  3. Understand your banking needs 

  4. Diversify your income 

1. Understand the economics of each destination

You don’t need to be a financial expert, but it’s important to understand the economic situation of places you’re visiting – especially if you plan on being there for a while. Looking at the cost of everyday items like groceries and house-hold costs like accommodation and electricity, will help you avoid any unforeseen costs. 
It’s also important to understand the tax rules for each location. In some countries, digital nomads working for local companies are required to pay local taxes, which can make tax time confusing. Do your research and take in as much information, from as many sources, before you make your own decision. 

2. Create a realistic budget 

Budgeting is a digital nomad’s best friend! To make the most of your new lifestyle, it’s important to ruthlessly assess your finances and spending patterns.
If budgeting is something you struggle with, then budgeting tools like bunq’s Easy Budgeting can help. Easy Budgeting makes budgeting so easy you’ll actually do it, by analyzing your spending, providing savings tips and allowing you to create dedicated savings accounts for your goals. 

Whether you’re using Easy Budgeting, or creating a budget of your own, consider: 

  • What are you starting with?

  • How much, and how often, you’ll earn?

  • Will your income be consistent, or inconsistent?

  • Do you like daily, weekly or monthly budgets?

  • Where are you likely to overspend?

From there, separate your expenses into three categories: fixed, fluctuating and incidental.
Fixed costs include: 

  • Accommodation 

  • Health and travel insurance 

  • Phone and internet plans 

  • Emergency fund contributions 

Fluctuating costs include: 

  • Visas and applications 

  • Flights and transport 

  • Food & Entertainment

  • Health & wellness 

Incidental: 

  • ATM fees

  • Exchange rates & transfer fees 

  • Taxes, tariffs and hidden fees 


3. Understand your banking needs  

Now that you’ve set your budget, it’s time to think about your bank. As a digital nomad, it’s likely your needs will look different to someone who works a classic 9-5, so it’s important to make sure the bank you choose understands that. 

Some things to consider when choosing a bank include: 

Security 

The most important feature when it comes to your money is security. You want to make sure the bank you choose has the highest security standards and is an institution you can trust. 
bunq takes your security seriously, and is backed by Dutch Deposit Guarantee Scheme (DGS), learn more about security here. 


Digital accessibility 

Digital accessibility is key for anyone traveling between locations and time zones. When choosing the right bank to support you as a digital nomad, make sure you can easily access, edit and update your details online at any time. 
With bunq, you have full access over your cards from the bunq app. Lost your card, or have a hunch someone else is using its details? Freeze it, change its CVC, or cancel it and order a new one directly in the bunq app. 


24/7 support

Part of being a digital nomad is embracing the unknown, but when it comes to security, you want to be sure there will always be someone available to help you, no matter where you are or what you need. 
bunq’s support team is available 24/7 and our AI bot Finn can answer all of your questions. 


Localized features & benefits 

When you’re living like a local, you want to bank like a local, so choosing a bank with localized features helps streamline your experience. 
Are you likely to get paid in different currencies while you're traveling? Then features like bunq’s localized IBANs make it easy for you to get paid in multiple countries, and currencies. 


bunq also offers 6 free ATM withdrawals, access to both physical and digital cards and lets you spend, save and receive money in 16 different currencies. al card to start spending immediately. Plus, there’s always someone to talk to if you need support on the road. 

4. Diversify your income 

Working as a digital nomad creates a whole range of new ways to earn money. Opportunities like house sitting, dog walking, freelancing and even investing can be great ways to extend the length of your journey. 


But remember to always do your own research when looking into new opportunities. There you have it! Four tips to help you get started. Now it’s time to grab those bags, your next adventure awaits! 

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What's bunq?

We're not just a bank; we're a lifestyle choice for those who crave freedom, flexibility, and financial control on the go.

What's bunq?

We're not just a bank; we're a lifestyle choice for those who crave freedom, flexibility, and financial control on the go.

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Regain control

We're putting full control over your finances back into your hands.

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Bank like a local

Seamlessly manage your money, wherever you are.

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Budget effortlessly

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Budget effortlessly

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Keep money safe

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Keep money safe

Our DGS insurance protects your money up to €‎100.000.

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Bank together

Share your finances with anyone, without all the hassle.

Bank together

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