Does being a digital nomad save money? It depends on where you go

Sipping a chilly pint of beer in Budapest can value $2.

Dinner for 2 in a pub in Prague? About $22.

And a month’s condo for a swish studio condominium within the middle of the Portuguese town of Porto can set you again $650.

With those forms of dwelling prices, it is no wonder that many are tempted to transport in another country.

Needless to mention, that isn’t all the time the case — occasionally transferring in another country is dearer. CNBC Travel speaks to other folks with other stories.

Originally from Romania, Irina Papuc is a co-founder of the digital advertising and marketing company Galactic Fed. She stated she’s traveled to greater than 40 international locations as a “digital nomad” whilst rising the trade.

She is in a position to save cash as a result of she has embraced a taste of shuttle that minimizes spending whilst on the street, she stated.

“I prefer to choose a few high-quality experiences instead of constantly moving around. Slow travel, namely spending more time in one place, allows you to save a ton of money, because it’s usually the transport (plane tickets) that dry out the bank account.”

She provides that consuming native meals, embracing “couchsurfing” — which she describes as “the best way to meet local people and not pay any rent at the same time” — ditching fancy co-working areas and hitchhiking are all nice techniques to save cash.

As for which puts be offering the most productive worth, she cites Nepal, Thailand and Taiwan.

“On average, when trekking in Nepal, I spent around five dollars a day, including all food and accommodation,” she stated.

Born and raised within the United Kingdom, Courteney Richardson-Hicks now lives as a digital nomad in Europe.

“I’ve actually managed to save quite a lot by traveling, certainly more than if I lived in the U.K.,” the selling content material strategist stated.

She advised CNBC about a facet gig she came upon that includes a unfastened position to stick: pet-sitting.

“This is one of my favorite ways to travel as I get to spend time with animals,” she stated. “My only costs for that month are food, transport and any extra activities I want to do. For example, I stayed in a beautiful villa in Cyprus for seven weeks looking after cats.”

She stated her nomadic way of life permits her to save no less than part her wage.

“If I compared it to London, I would probably be paying the same for a room in a flat share as I did for a whole one-bedroom apartment with sea view in Madeira, for example,” she stated.

Her recommendation for individuals who wish to transfer in a foreign country and save cash? Try Poland.

“Of the places I’ve been in Europe, one of the best value for day-to-day expenses was Poland,” she stated. “The accommodation and eating out was really good value for money.”

“Also, Poland is really beautiful, and the people are so kind and friendly.”

Taryn Elledge-Penner and Martin Penner, of the boutique shuttle company Quartier Collective, these days reside in Bali with their 3 kids. The circle of relatives has lived in just about 20 international locations since first hitting the street in 2018, stated Penner.

“Is it possible to save money compared to the U.S.? Absolutely, for sure,” he stated. “But in the last 18 months we’ve noticed a price increase in short-term rental options.”

Despite that, he stated his circle of relatives can nonetheless save as a result of they are not pressed for time: “We’re lucky to have time as a resource and can be flexible with where and when we go.”

Elledge-Penner advises those that wish to save cash to keep away from Europe in the summer. Instead, go within the shoulder or off-seasons, she stated.

Penner additionally identified that some issues are dearer than again house. “There are a lot of things you don’t pay when on the road, but then we spend $15k a year on flights,” a value he stated they would not undergo again in Seattle, he stated.

For those that choose a “turnkey” technique to Bali, Boundless Life is launching its first program there in July, stated the corporate’s head of call for era, Elodie Ferchaud.

The corporate has six-week and three-month techniques that many households mix to stick in a foreign country for longer classes, she stated.

The three-month program prices round 2,100 to a few,500 euros ($2,214 to $3,690) a month for a furnished house, together with utilities and weekly cleansing. Schooling prices 1,500 euros in line with kid monthly, and neighborhood workspaces run an additional 425 euros monthly.

All advised, charges can run north of $8,000 monthly for a couple with two children, the corporate stated. Boundless Life additionally runs techniques in Greece, Italy and Portugal.

American Erin White has had a other revel in.

White lives in Marylebone in central London, where she works as a vice chairman for gross sales efficiency on the California-based HydraFacial corporate.

She moved to London from Connecticut to just accept a new function on the corporate, so her determination to transport in another country “was both a career and a financial one.”

But has she stored cash?

“Not at all! It is much more expensive to live in London,” she stated.

“Rents and the property ladder are super expensive. You don’t have the option of a 30-year fixed mortgage here — they are more like our ARM mortgages. I rent a basement 2-bed, 2-bath and it’s over 3,500 British pounds ($4,140) a month, plus I pay the council taxes, a TV tax” and extra, she stated.

She provides that despite the fact that she lives in London, “You are sort of a tourist too, so you want to take advantage of things like visiting other countries on the weekend and holidays.”

But the hire is not the expense that has stunned her essentially the most, White stated.

“For me, it’s the cost of personal maintenance here … nails, hair, waxing, all the things a woman needs to do are sometimes two to three times more than what I paid in the U.S.”

Her workaround? “I always make sure to take advantage of these services when I’m back in the States.”