Does being a digital nomad get monetary savings? It relies on where you go

Sipping a chilly beer in Budapest can cost you $2.

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

And a monthly rental of a chic studio apartment in the middle of the Portuguese city of Porto can bring back $650.

With this sort of cost of living, it is not any surprise that many are tempted to maneuver abroad.

Needless to say, this isn’t all the time the case – sometimes moving abroad is dearer. CNBC Travel speaks to people of all walks of life.

Originally from Romania, Irina Papuc is the co-founder of the digital marketing agency Galactic Fed. She said she has traveled to over 40 countries as a “digital nomad” while growing the corporate.

She is in a position to get monetary savings because she has chosen a variety of travel that minimizes expenses on the road, she said.

“I prefer to choose just a few high-quality experiences moderately than always moving around. Slow travel, i.e. spending more time in a single place, saves numerous money, because normally transport (air tickets) dries the center. Bank account.”

She adds that eating local food, using “couchsurfing” – which she describes as “the very best strategy to meet local people while not paying rent” – ditching fancy coworking spaces and hitchhiking are all great ways to get monetary savings.

When it involves places offering the very best value, he lists Nepal, Thailand and Taiwan.

“On average, I spent about five dollars a day while trekking in Nepal, including food and accommodation,” she said.

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

“I actually saved quite a little bit of money traveling, definitely greater than if I lived within the UK,” said the content marketing strategist.

She told CNBC a few side gig she discovered involving a free place to remain: pet care.

“It’s one in all my favorite ways to travel because I spend time with animals,” she said. “My only expenses this month are food, transportation, and any extra activities I need to do. For example, I spent seven weeks in a fantastic villa in Cyprus taking care of cats.’

She said her nomadic lifestyle saves her no less than half of her salary.

“If I were to check it to London, I’d probably pay the identical for a room in a shared flat as, for instance, for a complete one-bedroom sea view apartment in Madeira,” she said.

Her advice for individuals who wish to go abroad and get monetary savings? Try Poland.

“Of the places I’ve been to in Europe, among the finest value for on a regular basis spending was Poland,” she said. “The accommodation and eating out was really definitely worth the price.”

“Besides, Poland is basically beautiful and the persons are very kind and friendly.”

Taryn Elledge-Penner and Martin Penner from a boutique travel agency The Quartier Collective, currently live in Bali with their three children. The family has lived in nearly 20 countries since they first hit the road in 2018, Penner said.

“Is it possible to get monetary savings in comparison with the US? Of course, obviously,” he said. “But over the past 18 months, we have seen a rise in prices for short-term rental options.”

Despite this, he said his family can still save because they should not pressed for time: “We’re lucky to have time as a resource and we may be flexible about where and once we go.”

Elledge-Penner advises those trying to get monetary savings to avoid Europe in the summertime. Go shoulder to shoulder or off-season as a substitute, she said.

Penner also identified that some things are dearer than at home. “There are numerous stuff you don’t pay on the go, but then we spend $15,000 a yr on flights,” he said, they will not incur that in Seattle, he said.

For those preferring a turnkey approach to Bali, Life without boundary lines it’s launching its first program there in July, said the corporate’s head of demand generation, Elodie Ferchaud.

She said the corporate has six-week and three-month programs that bring many families together to remain abroad for longer.

The three-month program costs around €2,100 to €3,500 ($2,214 to $3,690) per 30 days for a furnished home, including utilities and weekly cleansing. School tuition costs €1,500 per child per 30 days and community jobs cost an extra €425 per 30 days.

All in all, fees may be as high as $8,000 a month for a pair with two children, the corporate said. Boundless Life also has programs in Greece, Italy and Portugal.

American Erin White had a unique experience.

White lives in Marylebone, Central London, where he works as Vice President of Sales Performance for California-based HydraFacial.

She moved to London from Connecticut to tackle a recent role on the firm, so her decision to maneuver overseas “was each profession and financial.”

But did she get monetary savings?

“Not in any respect! Living in London is rather more expensive,” she said.

“Rents and the property ladder are very expensive. You do not have a 30-year fixed mortgage option here – they’re more like our ARM mortgages. I rent a 2 bedroom, 2 bath basement and it costs over 3,500 British kilos ($4,140) a month plus I pay council tax, TV tax and more, she said.

He adds that although he lives in London, “You’re a little bit of a tourist too, so you wish to benefit from things like visiting other countries on weekends and holidays.”

But rent is not the expense that surprised her essentially the most, White said.

“For me, it’s the fee of private living here … nails, hair, waxing, all of the things a lady has to do are sometimes two to thrice dearer than what I paid within the US”

Her workaround? “I all the time make sure that I exploit these services when I’m back within the States.”