Personal finances of a digital nomad – Full Breakdown 2019

2019 is over. It was time to wrap up our finances for this year. I lived in 10 different countries and spent 10 454€, on average 871€ per month. Amanda spent less, around 650€ per month. 

How do I track my expenses?

We use Tricount (a free app) with Amanda to manage our couple’s expenses. Our couple’s expenses included: food, accommodation, transport, and activities together.

For my business and personal expenses, I track with my N26, Revolut and ING. ING is the worst because I need to write down all spending …
This January 2020, I added everything in an Excel sheet.

Costs breakdown

Google Map Summary – Our journey in 2019

For large expenses (accommodations and planes), I usually pay in advance for the couple and Amanda send me half later. Cash is mostly used for food, activities and short transportation. In many countries, cash is still king .

I was shocked to discover that I spent so much on clothes and shoes . Almost 500€ even if I consider myself as being minimalist… A lot is related to sports equipment.

Activities totally worth it

• 127 € — QuieroBailar, salsa festival in Belgium 💃
• 64 € — Angkor Wat entrance fee 🛕
• 34 € — Chichen Itza entrance fee 🌮

Total expenses per country

It was hard to track. For example, our plane for Mexico was booked in Belgium by Amanda etc. This is not 100% accurate then.

Amanda summarized all our accommodation costs in this PDF if you are interested !

The most expensive countries were USA, South Korea and Cuba. Our life in Brussel was almost the same price than in Cambodia . We found a nice apartment for 500€/month in Schaarbeek.

Quick advice for you and me to spend less

End of each month, so many friends end up with 0€ on their accounts. The only way to be free is to become financially independent (early retirement, secure savings, no debts, budget for projects etc.).

• First track your spending. We are in 2020, so do it electronically with your banking app. Change bank if this process it’s not passive and automatic.
  

I use two online banking Revolut & N26. Their low fees overcome all competition. Ask me if you are interested, with a referral links, we can earn both 15 euros .

Estimate upfront how much you’ll spend monthly and keep a record.

 

• Expensive doesn’t mean good. It’s not because you pay 500€ a hotel than your experience there is wonderful. It’s not because you pay for the iPhone 11 that your phone is better than a Huawei or Samsung…
  

 

Like Christopher McCandless (the guy who inspired Into the Wild) used to say,

To live on a budget is much more exciting.

My best food memories around the world are not 5-star restaurants, but meals from poor families who generously invited me to dinner.

• Become minimalist. It’s not only a trend on Pinterest. People live seriously like this. All my belongings fit in a 50L backpack. Try to live with fewer clothes, electronics, furniture, digital tools. For example, instead of taking Netflix, Disney + and Apple TV subscription just choose one…
  

In 2020 I can do better.

• Find a way to stop all stupid subscriptions. 1st January, I paid the renewal of Spotify, YouTube Premium, Todoist, Skype and SociNator. Be careful when you give your Mastercard number.
  
• Eat fewer junk foods. Drink more water. Eat more slowly. I might end up saving 400 € just on food.
  
• Use VPNs to change prices. Amanda pretended she was in Vietnam to buy a Spotify Premium account. She paid half the price than in Belgium.
  
• Respect your belongings. If you know me well, you will now that I don’t really care about objects. My phones are broken within a year. I change laptops every two years. For the environment and my wallet, I should give extra care…
  

A quick word to finish

Invest in yourself.
You never know how tomorrow can be. I have a strong feeling the future will be bad… If during the next financial crisis, you lose 15 000 € at your bank, won’t you regret that you didn’t spend it on a worldwide trip?

Money’s just a tool. The true value is our time. In the Big Short, Mark Baum (a great Wall Street investor) regretted he didn’t spend enough time with his deceased brother. He didn’t care about the billion he earned.

The most valuable thing you have is your time. If you spend 60 hours a week on a job that you don’t like for 2 500 € after taxes, ask you the good questions.

How did your year look like? Are you proud of your financial achievements?

2020 Plan

For the curious, we plan to live there in the following months. This year I would like to spend less than 10 000€ and earn more than 30 000€ after taxes.

We are currently in Medellin (01-2020) !

• Colombia (3 months)
  
• Ecuador (1 month)
  
• Peru (1 month)
  
• Bolivia (1 month)
  
• Chile (1 month)
  
• Argentina (3 months)
  
• Europe…