In January 2020, Corritta Lewis, her wife, and their newborn son sold almost all of their belongings and packed up the rest to set off on a global adventure. It was a decision that would change their lives forever. However, they didn’t make this decision in haste. Instead, Lewis explains that it took careful itinerary plotting and some extreme financial planning as well.

“We started off saving. We cut all of our expenses and debt,” Lewis says. “We paid off our car. Whenever we bought things, we utilized Facebook Marketplace; we didn’t buy new stuff. Then, when we didn’t need it anymore, we sold it on Facebook Marketplace too.”

Reflecting on their journey, Lewis notes that the couple saved $50,000 toward their trip prior to departure. Moreover, they paved a way for remote work and spent time building their shared website, It’s a Family Thing, to generate additional income. According to Lewis, the blog now generates a four-figure income.

“If you can find remote jobs, go for it,” Lewis encourages. “If not, why not create your own source of income?”

Saving, discovering remote work opportunities, and figuring out a secondary source of income are just a few strategies allowing digital nomads to thrive all over the world. If you’re prepared to take the leap like Lewis, here are some financial tips that digital nomads say are vital in maintaining a full-time travel lifestyle.

1. Plan as far in advance as possible.

Katherine Cafaro of Katie Caf Travel emphasized that her financial planning phase began a full year before her departure.

“During 2020, I didn’t leave my house at all, accumulating some savings,” she mentions. “This, alongside the stock boom we experienced in 2021, helped me feel secure enough to start nomading.”

Kesi Irvin, travel blogger and founder of Kesi To and Fro, similarly prepared to depart two years in advance.

“I saved money for two years before I left my job. Although living in a costly city like New York, I eliminated unnecessary expenses,” explains Irvin. “For me, budgeting becomes much easier when there’s a specific goal in mind. For instance, I found cooking lunch instead of dining out helped me save money for meals abroad.”

In those two years, Irvin saved up $27,000.

2. Pick destinations where your money will go further.

Digital nomads know they don’t have to visit the “must-see” destinations right away. Instead, it’s wise to begin in places where your funds can stretch further.

“In the early days, I traveled very inexpensively in Southeast Asia, where my savings lasted longer,” shares Kristin Addis, CEO of Be My Travel Muse. “I stayed in shared dorms, enjoyed street food, and even hitchhiked in China to keep my journey going.”

3. Consider traveling around the off-season months.

“Having flexible travel times gives you a significant cost-saving advantage,” states Rax Suen, founder of NomadsUnveiled. Traveling during the shoulder or off-season can yield better deals for everything from airfare to accommodations to local activities, enhancing your exploration experience.

However, if adjusting to high and low seasons isn’t feasible, Oneika Raymond, the global traveler behind @oneikatraveller, has an additional piece of advice: Utilize your credit card points.

“When traveling long-term with my family, my goal is to maximize our rewards and minimize travel costs. With rising airfare and accommodation prices, points are essential for optimizing budgets and allowing us to enjoy incredible experiences. I prefer using PayPal’s Pay With Rewards program as it broadens the scope of my credit card points for everyday purchases at various businesses,” explains Raymond.

4. Get creative with housing.

In addition to utilizing peer-to-peer home rental platforms for short-term stays, it might be beneficial to explore alternatives for those working on-the-go.

“I often choose to live in coliving communities. While they cost more than standalone apartments, the inclusion of office space and hotel amenities makes them worthwhile,” suggests Cafaro. “Currently, I favor Outpost in Bali and the Selina chain in Latin America. All utilities are usually included in rent, so setting up water, Wi-Fi, or related concerns is never an issue.”

If opting for a rental home, doing thorough research is crucial. Ask friends, digital nomad groups, or local residents for recommendations.

“The most surprising financial lesson I’ve learned while traveling is the critical importance of where you rent,” notes Cafaro. “For instance, I paid $750 monthly for an apartment in Merida, Mexico, while a friend paid $1,200, and another only $250. All apartments were of similar quality, yet my friend paying $250 enjoyed a much better location.”

5. Find a job that allows you to work from anywhere.

The silver lining to today’s market is that remote work is becoming more permanent, making it an excellent time for digital nomads to seek remote-friendly employment.

“Obtain a job that permits you to work from anywhere. Since the pandemic, companies have been more open to remote work,” advises Tim White, founder of Milepro. “Traveling while working greatly diminishes vacation costs because you earn income during your travels. Additionally, countries like Barbados are offering generous remote work visas, such as the Barbados Welcome Stamp, catering to digital nomads.”

Finding a remote opportunity may be challenging; however, digital nomad Danielle Hu believes in entrepreneurship as a viable alternative.

“I founded The Wanderlover, a travel and entrepreneurship brand that has grown to a community of over 106,000 on Instagram,” Hu shares. “I began my Instagram during a corporate job while seeking to build a community of fellow travel enthusiasts. My aim is to inspire others to design a fulfilling life and start creative online businesses because it transformed my life fundamentally.”

Since resigning, Hu has traveled to over 20 countries, collaborating with luxury resorts and tourism boards.

“I’m nearing five years of continuous travel, having lived in Brazil, Costa Rica, Hawaii, Bali, France, Portugal, and remote islands. I’ve also developed a platform as an online business coach, empowering others to follow a similar journey.”

6. Stay in destinations a little longer than usual.

While the urge to wander rapidly from place to place is natural, Ravi Davda, CEO of Rockstar Marketing, suggests that a slower travel pace can be more rewarding:

“I’ve been living abroad for 18 months now, and I prefer a slower pace. My wife, our dog, and I typically relocate every three to six months. Our next destination is Thessaloniki, Greece, this July. This method allows us to work while developing meaningful connections and understanding the local culture.”

7. Don’t go for the all-or-nothing approach.

Suen maintains that travel shouldn’t be viewed as an all-or-nothing proposition which depletes your savings swiftly.

“Travel can be meticulously planned as a practical lifestyle. With the increasing allure of digital nomadism, it’s crucial to integrate discipline into your travel plans,” advises Suen. “Many digital nomads are practical entrepreneurs or workers striving for freedom in multifaceted aspects of life, not just geographically. When pursuing a sustainable lifestyle, prioritize building your career remote-first—then incorporate travel into the mix.”