No matter if you’re just thinking about becoming a digital nomad or if you’re already working and living as one, you probably know that Australia is one of the best places in the world to live such a lifestyle. It’s a country that provides everything a digital nomad could wish for.
However, to live and work in Australia, you need to have a good grasp of your finances, make all the right investment and money decisions and save cash for rainy days (luckily, Oz doesn’t get many of those, figuratively and literally). If you want to thrive in the Land Down Under, here are a few money tips that will ensure your financial stability. To help you with the transition, it is best to know more about the current gig economy statistics.
Before you even start your adventure, you need to pick the right city to live and work in. In your first year, you’ll probably do your best to save as much money as possible and stabilize your finances. One not-so-good thing about Australia is that the living standard is quite high, especially for newcomers. Don’t be scared when you see high rent and food prices, because, with some smart investing and spending, you can make your budget work easily. Big cities like Melbourne and Sydney might be too expensive for you at the beginning, but you can always opt for some smaller settlement with lower living costs.
Make sure to do your research and compare the prices of everything before you rent your place. Some of the more affordable but fun and welcoming cities for digital nomads in Australia are Cairns, Adelaide, Geelong and Perth. Do your homework and create a smart travel and exploration plan and live comfortably.
Pick the right bank
If you want to keep your money safe and accessible whenever you need it, the key is to choose the right bank. Luckily, Australia offers a variety of options, many with digitized operations that allow seamless online and offline transactions for all users. So if you decide to have a local bank account, you won’t come across any issues when it comes to accessing your finances from any city or country you choose to explore or move to.
Also, don’t dismiss third-party payment platforms just yet. Platforms like PayPal, Revolut and others work excellently in Australia and are accepted all over the country. Since it’s a prime destination for tourists, travelers and digital nomads, the Land Down Under has clear rules and regulations for these third-party payment systems, so you won’t need to pay for any upkeep or transactions. Plus, your money will be at your disposal 24/7.
Be smart with transportation
Australia has very reliable public transport so you can save a lot of money by using buses, trains and ferries. However, if you need your own wheels, make sure to grab a reliable 4×4 from the start. You will probably want to go exploring the Outback so having a durable car will pay off. And don’t hesitate to get car insurance to stay safe and financially smart. Luckily, you can find cheap car insurance for individuals. You get to choose from many different policies, so you can get insurance tailored to your needs and you don’t have to pay for things you don’t need.
Take advantage of new paying trends
Another financial tip for digital nomads concerns spending. When working and living in Oz, you will want to be frugal at first and use all the financial perks the country offers to become a successful digital nomad. The best way to be money-savvy is to take advantage of the Buy Now, Pay Later trend that’s getting very popular among Australians. Many locals use their Buy Now, Pay Later card for personal shopping and various business expenses. Also, don’t hesitate to use other payment methods that allow flexibility such as mobile payments and using specific banks to pay for certain items. This practice can earn you points and rebates.
Every digital nomad needs to manage their finances well if they want to survive in a foreign country, so use these tips to solidify your financial situation, grow your wealth and enjoy every part of the beautiful country of Australia.