The strength of the U.S. dollar and increased interest in remote work have led some people to embrace digital nomadism as both a lifestyle goal and a personal finance strategy.
I sold everything I own and became a full-time digital nomad. Now I live a great life on less than $1,500 a month.
I’m over a year into the full-time digital nomad lifestyle, but have traveled to 85 countries since 2013. I have seen firsthand how living outside the U.S. can be cheaper while giving you a great lifestyle. I explore the world while saving money and working on my financial independence goals.
Advancements in remote work make it easier than ever to explore being a “digital nomad,” a lifestyle in which you use your location independence to see the world and experience different cultures. When afforded the opportunity to work remotely, 87% of workers do so for at least one day per week, according to a recent report from McKinsey. Now that I’m in this lifestyle, I’m not sure I ever want to return to a more traditional life. I live on $1,500, which allows me to save and invest around $8,500 a month.
Here’s how I reduced my monthly expenses by becoming a digital nomad and some advice for anyone curious about building financial independence while living all over the world. I Fell in Love With Travel While Working a Job and Building My Side Hustle
My mother is from Mombasa and sent me to live in Kenya for two years when I was 12 years old, but after that, I didn’t travel internationally again until I was 30. Then, in 2014, I got an opportunity to travel more extensively as a contract corporate consultant for large financial companies. From 2014 until the pandemic began in 2020, I had two-month assignments in London, Tokyo, South Korea, Bangkok, Paris, Madrid, Barcelona, Cape Town, Nairobi, Medellin, Buenos Aires, Dublin, Manila, Rome, and Athens for work. Constable flew frequently for his consulting job, which gave him airline points and experience on how to travel on a budget. (Courtesy of the author) During this time, I was also building an online side hustle . I wrote and published three books, wrote articles as a freelance writer, sold online training courses, did some coaching, was an affiliate for various products, and did some public speaking at virtual events. Once I found my footing, my side hustle brought in $10,000 a month from 2014 to 2018 and $18,000 a month from 2018 to 2021.
Work trips gave me a taste of the digital nomad lifestyle. I found cheap Airbnbs, booked flights with credit card points whenever possible, and reduced how much money I spent on touristy activities. I’m also a father of three who balances work, a side hustle, travel, and seeing my kids, who live with my ex-wife, as much as possible. The Pandemic Made Me Realize I Wanted to Become a Full-Time Digital Nomad
In 2020, I stopped all corporate consulting and went all-in on my side hustle. But I missed the thrill of being in a new country, and I noticed a difference in my cost of living expenses. Paying for the cost of living in America planted a seed in my mind about how I could travel and also save much more money along the way.
After the lockdowns were lifted, I decided to go all in on this lifestyle. I spent two months selling everything: my house , my car, and all material possessions. By September 2021, I was officially a full-time digital nomad with no home base. So far, I’ve lived in Puerto Rico, London, Rome, Lisbon, and Nice. I’m currently in Medellin, Colombia, where I plan to stay for a year. My Monthly Budget in Medellin
My monthly expenses in Colombia calculate to just under $1,500 a month, and are as follows: Rent: $850, which includes wifi, water, and electricity.
Health insurance: $71. This is private insurance that covers everything.
Transportation: $60. I live in an area where I walk to everything I need, and use Uber when needed. On average, Uber rides are $2.
Food: $150. This includes groceries and eating at restaurants.
Housekeeper and assistant: $360. I have someone who cooks lunch and dinner and cleans my apartment from Monday to Friday.
Total expenses: $1,491 a month Expense Category Monthly Cost Rent and Utilities $850 Groceries and Dining $150 I also have a global Google Fi cell phone plan that costs $50 a month, but […]
source I Save 85% of My Income as a Digital Nomad. Every Dollar of My Monthly Expenses, Explained
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