Is is possible to make money while spending money on the road? On this episode we share 3 strategies for expenses and how we use credit cards to create money for us so we can use later. We answer the question about how important it is to have an emergency fund and plant “financial seeds” for future income growth.
By the way, we just launched our Facebook Group This Nomadic Idea. Please come out and hang with us at facebook.com/groups/thisnomadicidea This is a private Group where we our members the scoop on upcoming Carvan Meetups
- Create an Emergency Fund
Based on your lifestyle. Most people think they will save money on the road. That’s just not true in some cases. Things go wrong on the road.
How much will you need and plan way ahead of time. It should be at least one year and a half of your annual income incase your Digital Nomad Income doesn’t meet expectations. If you arer like us, we had Tow Vehicles Repairs right away. Our Van repairs – Alternator, Brakes, Oil Changes, New Radiator, New Tires, New Batteries. All within the first year.
RV repairs (usually tires and maintenance) New AC, New Battery Charger, leaks. There is a huge advantage of knowing how to fix things yourself. DIY VS Paying someone
Medical expenses on the road Pet expenses on the road. Ours is Dog Daycare. Whether it’s Rover or Sticks and Bricks Day Care.
- Set a Monthly expense worksheet. How much will you spend in static cost’s monthly. Gas, Food, Bills.
- The 3 big expenses that are a reality of living.
Monthly Bills (health ins, car ins, loan payoffs)
Unexpected Spending. Eating out is a big budget buster. Also, it’s the unexpected events of life that often creates a budget buster. We spent over 700 dollars in groceries for Ariane and I to prep to stay in Cooke City Montana for the Winter. We also had to pay for RV Parks that weren’t part of our budget.
Where will you be spending Winter is a big budget buster. Free camping in the Southwest Desert is great, but it get’s cold even it the desert so understand your propane (and because of inflation) will increase your monthly budget. Possibly 200.00 a month more.
How to use a Travel Credit Card to pay static monthly bills to earn travel points (in case of emergency) Link that credit card to Amazon Chase Saphire Credit Card is linked to Points and Amazon. We put gas, food, and monthly bills on our Credit Card, then pay cash on the full amount each month. This does 2 things, It gives us a 30 day grace period between each billing period, and it earns us cash.
We also use PayPal as a Cash Credit Card. Paypal pays a little cash back each month. They also have a “Bill Me Later” Credit Card in an emergency you can purchase anything and you have 6 months to pay it off with ZERO Interest. Another great way to have small emergency cash such as a hotel room, or a part for you RV or a Tow Vehicle.
4. Have a plan for income. Huge topic
What will you do to earn income on the road. Formulate a PLAN
Work for Stay
Digital Work Income
Working for Stay & Income
Understand that plans take time to implement before you see the fruits of your labor. Most Digital Nomads learn the hard way that it can take up to a year to see income coming that YOU CAN LIVE ON. Have a plan and start early…before you hit the road.
Our podcast’s are available on iHeart Radio, Apple Podcast, Spotify, Stitcher, podbean…or any of your favorite podcatchers. You can also follow us on Instagram this nomadic idea,,,,, Just remember, all great achievement in life started with a an idea. Go live the life you want.
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