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Finances for the digital nomad

How to manage finances as a digital nomad
Foto de perfil de Christian Jacobsen
Christian Jacobsen  29 days
Table of contents
  1. Consider an extra budget from your common expenses to be able to store your belongings in your home city. Or, a budget for the maintenance of a property.
  2. An emergency fund is extremely important because, when you are a digital nomad, there is a higher risk of unforeseen events and, in general, many people travel without health insurance because they are not in one place for a long time.
  3. Foreign exchange fees can end up taking a significant chunk out of your income. Consider what is your best option for converting your money to the local currency where you are. Will you receive payments in USD and then use a credit card? Or will you always ask to be paid in the local currency where you are and withdraw cash? In this case we can help you. If you get paid with Crema, wherever you are, you can receive the money in the currency of your choice and withdraw it to the bank account of your choice. International limits do not exist in Crema, making it the best payment option for digital nomads.
  4. Don't lose sight of your tax obligations. Depending on where you are based, you may also have to pay taxes to your current country of residence. Trust us, you don't want the government to come after you for not paying what you owe them.

In today's world, being a nomadic freelancer is quite normal; it is even something that is considered a global trend for 2023 due to the added bonus of being exposed to other cultures. It's like a dream come true to be able to travel and work at the same time, however, as romantic as it sounds, it can present several challenges for freelancers. So if your desire for 2023 is to be a digital nomad, you should consider these four things:

  1. Consider an extra budget from your common expenses to be able to store your belongings in your home city. Or, a budget for the maintenance of a property.
  2. An emergency fund is extremely important because, when you are a digital nomad, there is a higher risk of unforeseen events and, in general, many people travel without health insurance because they are not in one place for a long time.
  3. Foreign exchange fees can end up taking a significant chunk out of your income. Consider what is your best option for converting your money to the local currency where you are. Will you receive payments in USD and then use a credit card? Or will you always ask to be paid in the local currency where you are and withdraw cash? In this case we can help you. If you get paid with Crema, wherever you are, you can receive the money in the currency of your choice and withdraw it to the bank account of your choice. International limits do not exist in Crema, making it the best payment option for digital nomads.
  4. Don't lose sight of your tax obligations. Depending on where you are based, you may also have to pay taxes to your current country of residence. Trust us, you don't want the government to come after you for not paying what you owe them.

All in all, being a digital nomad is amazing, but you do need to be careful that this dream doesn't end up being a nightmare.

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