If you’re the type of person that can’t stand being in one place for too long, then you’re most certainly a nomad. This is a blessing and curse — it’s a blessing because you’re always out there making memories, and it’s a curse because being a traveler is a very expensive lifestyle.
There are ways to bridge this gap, however, as you can fund such a life without having to forfeit all the fun. To see what needs to be done to do so, check out the advice below.
Stabilize your financial footing well in advance of departure
Financial problems following you when you head out on your worldly travels is the last thing you want. It is imperative, then, that you stabilize your financial footing well in advance of your departure date — this means paying back any money that you may owe as soon as you know when it is you will be leaving.
If you are in debt, there are a number of things that you should do when it comes to settling the amount that you owe:
- Prioritizing the debts that need to be paid off quicker — child support and alimony (non-negotiable debts) need to be paid at all costs, as do your mortgage and your car payments (secured debts), which means they should be prioritized over, say, your credit card bill (unsecured debt).
- Pay the debts that are nearing their expiry date — should the statute of limitations have expired, don’t even consider negotiating the settlement.
- Seek credit counseling from a professional in the field of debt settlement and consolidation — head to https://www.crediful.com/best-debt-settlement-companies/ to find information regarding a number of 2019’s best debt settlement companies.
- Don’t be afraid to file for bankruptcy — this might push your traveling dream back just a little bit, but it’ll be better for you in the long run (especially if you cannot currently afford your monthly outgoings).
- Get rid of things you don’t need anymore like selling your cars to junk yards.
Work on a contract basis
Of course, the ability to work on a contract basis depends on your professional skills and the demands for them in the places that you travel to, but being lucky enough to work in this way will see you remain in a place for around 6 months while your contract runs and is ongoing — once it’s up, you’re free to move on. When you travel and work in this way, you get the chance to earn a good, stable living, meaning you never have to worry about going broke during your time away from home, and you get the chance to really experience the place you have journeyed to.
Another type of work that you could have a go at is freelance work that involves you solely using a laptop, computer or tablet to do your work and then get it sent over to your employers. When you do, you can, quite literally, work from anywhere in the world (provided it has an internet connection) for the amount of money you would have been working for back home.
Cut back on your expenses back home
Chances are, if your lifestyle is really nomadic, then you won’t be spending too much time at home. If this is the case for you, then you can probably afford to cut back on a few of your home expenses.
A few potential options for you to take in this instance include:
- Getting rid of appliances that you do not need, which could mean getting rid of your TV.
- Canceling subscriptions that you don’t make any use of, such as those that connect you to a specific streaming service.
- Making small yet cost-effective changes to the necessities around your home, like replacing your fixed showers with water conserving hand-held shower heads. In regards to the latter, when you have a showerhead with a hose fitted you stand to save up to 50% on your water rates, meaning that, during the time you do spend at home, you won’t be paying half as much on your necessities as you were before.
Embracing a nomad lifestyle is all good and well, but only if you can fund it — heading out and seeing the world when you are seriously in debt is never a good idea, no matter what anybody says otherwise.
To fund your nomadic lifestyle, put everything that you’ve read above into practice, and you’ll make turning your traveling dream into a reality far more likely. This means settling all of your debts and stabilizing your financial footing well in advance of your departure date, working on a contract basis while you are traveling, and cutting back on your expenses back home while you are away from it.