ǿմý

Business

    • How much money do you need to live as a digital nomad?

    Share

    With the world opening up, there’s been a renewed interest in travelling and working in different countries as a digital nomad.

    Being a digital nomad is usually done as an individual or with a partner or friend, but even entire families can get in on the action.

    I’ve been a full-time digital nomad since 2019 and have lived and worked in six different countries.

    Here are some estimations for how much money you’ll need to live as a digital nomad in different country tiers:

    • Lower-cost countries: These are countries in Southeast Asia such as Thailand, Indonesia, and Vietnam, or South America such as Colombia and Argentina. There are also places such as Mexico, Turkey, Georgia, and Bulgaria. I’ve seen people live for as little as $800 per month in these countries, but I’ve lived comfortably at around $1,500 per month.
    • Mid-range cost countries: The next tier of countries are places such as Costa Rica, Portugal, Spain, Italy, and Greece. I would budget a lot more here, about $2,000 - $3,000 per month, and a budget traveller could do it for $1,500 or less per month.
    • Expensive countries: The United States, Australia, Japan, Singapore, France, and Germany are some examples. My budget would be around $3,000 - $4,000 a month, and a budget traveller could do it for $2,000 or less.

    Here are some critical choices to make when budgeting for a digital nomad journey:

    • The country you will live in: As seen above, the country you choose is the most crucial factor as to what your expenses will end up being. Many digital nomads start in cheaper countries in Asia, Eastern Europe, or South America. If you can afford a bigger budget, many more options are available.
    • Lifestyle considerations:If you need to travel in style in luxury hotels or apartments, this will be much different than the backpacker who wants to live in a hostel.
    • How often will you travel: The more you travel, the more you’ll spend due to transportation costs. When I started, I wanted to hop around to different cities or countries weekly, but I’ve since changed my approach. I now prefer the slower route, and I stay a minimum of one month in each location.
    • Who you will travel with: If you’re travelling alone, this will be more expensive than having a partner or friend with you. I am fortunate to be able to travel with my girlfriend, and we budget for sharing expenses such as apartment rental costs and transportation.

    Your most significant expenses as a digital nomad will usually be the following:

    1. Apartment rental costs: Rental costs will vary greatly depending on how you find them. Airbnb for long-term rentals is usually cheaper than hotels, and I’ve had a lot of luck with Facebook expat groups that post listings of apartment rentals.
    2. Transportation and flights: How much will your plane tickets cost? When you arrive, how will you get around the city? Will you rent a vehicle, take the bus or bicycle?
    3. Food: You can save a lot of money by shopping at local markets and cooking your food, but depending on the country, eating out can be pretty cheap.
    4. Co-working spaces: This isn’t always needed, and many people go without it, but it’s great when you need to get some serious work done or want to network with like-minded people.
    5. Visas: Each country has different visa requirements for entry, and not all of them are free.
    6. Health care and travel insurance: If you’re going to a country with costly health care, such as the United States, look into purchasing travel insurance.

    My strategy is to pick my target country and budget according to all the above factors. I do extensive research into that country and find out the average cost of living using sources to get a ballpark idea.

    I’m in the mid-range regarding travel costs; I don’t need the fanciest accommodations, but I can’t do the hostel life anymore either.

    I also highly recommend having an emergency fund of at least six months before starting this journey, as many issues can happen during long-term travel.

    How much money it takes to live as a digital nomad depends on the person, the lifestyle choices, and the country you will live in. If you can figure out these things, you’ll have a good idea of how much money it’ll take to live comfortably.

    Christopher Liew is a CFA Charterholder and former financial advisor. He writes personal finance tips for thousands of daily Canadian readers on his .

    CTVNews.ca ǿմý

    The province's public security minister said he was "shocked" Thursday amid reports that a body believed to be that of a 14-year-old boy was found this week near a Hells Angels hideout near Quebec City.

    Shamattawa RCMP are searching for a missing six-year-old boy who hasn’t been seen since Wednesday morning.

    B.C.'s police watchdog is investigating the death of a woman who was shot by the RCMP after allegedly barricading herself in a room with a toddler early Thursday morning.

    Quebec Premier Francois Legault is calling on the Bloc Quebecois to topple the Trudeau government next Wednesday and trigger a federal election.

    Canada

    • B.C.'s police watchdog is investigating the death of a woman who was shot by the RCMP after allegedly barricading herself in a room with a toddler early Thursday morning.

    • Shamattawa RCMP are searching for a missing six-year-old boy who hasn’t been seen since Wednesday morning.

    • Friends and strangers have set up a makeshift memorial outside the home of a five-year-old boy who was found dead yesterday in Coteau-du-lac.

    • The lawyer for a B.C. RCMP officer convicted of obstruction for telling a witness to delete cellphone video following the violent 2017 arrest of Dale Culver has requested a stay of proceedings.

    • The province's public security minister said he was "shocked" Thursday amid reports that a body believed to be that of a 14-year-old boy was found this week near a Hells Angels hideout near Quebec City.

    World

    Politics

    Health

    Sci-Tech

    Entertainment

    • Lawyers representing the producers of 'Russians at War' say they may pursue legal action against Ontario's public broadcaster for pulling support for the controversial documentary amid outcry from the Ukrainian community and some Canadian politicians.

    • Viewers of Jeopardy got a chance to test their knowledge of trivia about B.C.'s biggest city Wednesday night.

    Business

    Lifestyle

    • Only one Toronto restaurant earned a Michelin star this year, but it is not a first for the chef who brought the establishment to stardom.

    • They say a dog is a man’s best friend. In the case of Darren Cropper, from Bonfield, Ont., his three-year-old Siberian husky and golden retriever mix named Bear literally saved his life.

    Sports

    • Vancouver Canucks goalie Thatcher Demko says he's been working his way back from a rare lower-body muscle injury since being sidelined in last season's playoffs.

    • Toronto Blue Jays shortstop Bo Bichette returned to the 10-day injured list Thursday due to a right middle finger fracture.

    Autos

    • Video of a brazen daylight auto theft which shows a suspect running over a victim in a stolen luxury SUV has been released by police west of Toronto.

    • The plant was expected to produce batteries for a million electric vehicles a year. Once up and running, it was supposed to create hundreds of permanent jobs in a small southeastern Ontario municipality. But two years later, spending on the construction of the Umicore plant has been delayed in what the company calls a "significant worsening of the EV market context."

    • A Winnipeg man is asking for help after a classic car that has been a part of his family since the 1950s was stolen from his garage.

    Local Spotlight

    They say a dog is a man’s best friend. In the case of Darren Cropper, from Bonfield, Ont., his three-year-old Siberian husky and golden retriever mix named Bear literally saved his life.

    Paleontologists from the Royal B.C. Museum have uncovered "a trove of extraordinary fossils" high in the mountains of northern B.C., the museum announced Thursday.

    The search for a missing ancient 28-year-old chocolate donkey ended with a tragic discovery Wednesday.

    The Royal Canadian Mounted Police is celebrating an important milestone in the organization's history: 50 years since the first women joined the force.

    It's been a whirlwind of joyful events for a northern Ontario couple who just welcomed a baby into their family and won the $70 million Lotto Max jackpot last month.

    A Good Samaritan in New Brunswick has replaced a man's stolen bottle cart so he can continue to collect cans and bottles in his Moncton neighbourhood.

    David Krumholtz, known for roles like Bernard the Elf in The Santa Clause and physicist Isidor Rabi in Oppenheimer, has spent the latter part of his summer filming horror flick Altar in Winnipeg. He says Winnipeg is the most movie-savvy town he's ever been in.

    Edmontonians can count themselves lucky to ever see one tiger salamander, let alone the thousands one local woman says recently descended on her childhood home.

    A daytrip to the backcountry turned into a frightening experience for a Vancouver couple this weekend.

    • B.C.'s police watchdog is investigating the death of a woman who was shot by the RCMP after allegedly barricading herself in a room with a toddler early Thursday morning.

    • Since she was a young girl growing up in Vancouver, Ginny Lam says her mom Yat Hei Law made it very clear she favoured her son William, because he was her male heir.

    • The 'Namgis First Nation says a fish farm it owns near Port McNeill shows the potential of land-based aquaculture in B.C.

    • Toronto police say a driver who crashed into a house in the city’s west end early Friday morning has been arrested on suspicion of impaired driving.

    • Toronto police are asking for the public's help in identifying one of the suspected shooters in Tuesday's fatal double shooting in North York.

    • A pedestrian has been seriously injured after being struck by a vehicle in North York.

    • We've produced a special webcast edition of CTV News Calgary for Thursday, Sept. 19, 2024.

    • The Parole Board of Canada says a man who assaulted a young pregnant woman and left her for dead remains too dangerous to be released into the community.

    • A Vulcan, Alta., man has been charged with a Lethbridge woman's murder after her body was found in the Oyen area.

    • Police say a man who was taken to hospital in critical condition after being shot Thursday night has died.

    • A byelection was called for the Bay of Quinte riding less than a week after Progressive Conservative MPP Todd Smith, Ontario's education minister at the time, resigned his seat in August.

    • CTVNewsOttawa.ca looks at things to do in Ottawa and eastern Ontario this weekend.

    • Quebec Premier Francois Legault is calling on the Bloc Quebecois to topple the Trudeau government next Wednesday and trigger a federal election.

    • A harrowing video has been presented to a jury at the trial of three men facing first-degree murder charges.

    • The province's public security minister said he was "shocked" Thursday amid reports that a body believed to be that of a 14-year-old boy was found this week near a Hells Angels hideout near Quebec City.

    • Five bison are dead at Elk Island National Park east of Edmonton following an early Thursday morning collision.

    • An Edmonton man who is charged with sexually assaulting a teen boy is a member of the Alberta sheriffs, CTV News Edmonton has confirmed.

    • The mayor of Fort Saskatchewan apologized on Thursday for comments she made earlier this week about killing feral cats.

    • Gas prices increased in all three Maritime provinces for the first time in more than a month.

    • New Brunswick Premier Blaine Higgs has called for a provincial election. Voters will go to the polls on Oct. 21, as prescribed by the province's fixed-date election law.

    • Police are asking people to avoid the Dartmouth Commons area in Dartmouth, N.S., as they assist with a wildlife call for a bear.

    • Manitobans are continuing to mop up after a deluge of rain hit southern Manitoba earlier in the week.

    • Shamattawa RCMP are searching for a missing six-year-old boy who hasn’t been seen since Wednesday morning.

    • A Winnipeg pet rescue is putting out a warning to dog owners across the city about a possible parvovirus in the province.

    • A social media post of purple apples “growing” in Saskatchewan has sparked a lot of attention. However, garden experts say there's no such thing.

    • A case involving stolen funds from a Saskatchewan business being used to purchase cryptocurrency will be heading back to the courts, thanks to a new decision by Saskatchewan's Court of Appeal.

    • Environment and Climate Change Canada (ECCC) has confirmed a tornado touched down Wednesday evening near Langbank, Sask.

    • Amber and Adam Brueckner have a pool-shaped hole in their backyard – and their wallets.

    • New details have been shared about a missing family that was last seen on Sept. 1 in Kitchener, Ont.

    • Police are trying to identify a man who approached a woman and child in Wellesley.

    • A gym teacher at a private Christian school in Saskatoon has been charged. Terra MacEwan, 44, is charged with assault with a weapon. A Saskatoon mother who spoke with CTV News says her autistic son was MacEwan's victim.

    • Thomas Hamp says he believed secret police were out to kidnap, torture, and kill him when he fatally stabbed his girlfriend Emily Sanche in February of 2022.

    • A social media post of purple apples “growing” in Saskatchewan has sparked a lot of attention. However, garden experts say there's no such thing.

    • They say a dog is a man’s best friend. In the case of Darren Cropper, from Bonfield, Ont., his three-year-old Siberian husky and golden retriever mix named Bear literally saved his life.

    • As northern Ontario gets ready to welcome autumn this weekend, it’s still feeling a lot like summer as provincial forest fire crews continue to battle blazes.

    • James Bay Ontario Provincial Police have charged four commercial vehicle drivers with impaired, including one who was hauling 36,000 kilograms of ammonia hydrate.

    • Police were focusing their attention on the northeast corner of Richmond and Horton, with members of the emergency response unit taking up positions at the scene.

    • Shedden, southwest of London, hasn’t changed much in decades – but word is spreading that hundreds of new residents could soon be calling the town home.

    • A Woodstock homeowner says she’s at her wit’s end over a homeless encampment situated alongside her backyard. She’s calling on the city to do more to help those living rough, so she can live in peace.

    • Two men from Barrie have been charged after a deadly shooting at a park in Keswick on Wednesday.

    • A growing group of brides and wedding photographers from across the province say they have been taken for tens of thousands of dollars by a Barrie, Ont. wedding photographer.

    • A 32-year-old man is facing charges after police say his vehicle struck a child in an Owen Sound intersection.

    • The Windsor Police Service (WPS) has seized over $56,000 in drugs and have arrested one suspect.

    • SERVEONE Canada, a global procurement solution company, has begun Canadian operations in Tecumseh.

    • Enrolment may be down at St. Clair College, but President Mike Silvaggi isn’t bothered.

    • In a rare move, the Greater Victoria School District Board of Education has been slapped with a ministerial order from the province requiring it to update a student safety plan – drawing concern around political posturing leading up to an election.

    • The Union of B.C. Municipalities is asking the provincial government to make transit free for teenagers.

    • To appreciate why Mimi Vandermolen is so pleased to notice one particular vehicle she’s walking past, you need to know that seeing this many cars in one place would have been unimaginable when she was growing-up in the post-war Netherlands.

    • A pair of runaway pigs are in the custody of an animal sanctuary in the Okanagan after evading police and volunteers for hours earlier this week.

    • The Red Bridge, a historic landmark in Kamloops, B.C., was completely destroyed by fire early Thursday morning.

    • Animal protection officers in British Columbia have rescued three pit bulls – including one that gave birth to 10 puppies – from a rat-infested home in Kelowna.

    • A Vulcan, Alta., man has been charged with a Lethbridge woman's murder after her body was found in the Oyen area.

    • A Lethbridge couple got a good reminder as to why you should keep your vehicle doors locked at all times.

    • Lethbridge residents who live near the police range can expect to hear plenty of shots fired Wednesday and Thursday.

    • A new community health profile in the Algoma District shows the area is significantly below provincial averages in a number of health metrics.

    • North Bay Police Service says one person has died following an industrial accident at the Ontario Northland Transportation Commission Rail Yard on Tuesday.

    • Three northern Ontario residents are charged with drug trafficking after the vehicle they were in got stuck along a bush road off Highway 17 on Monday.

    N.L.

    Shopping Trends

    The Shopping Trends team is independent of the journalists at CTV News. We may earn a commission when you use our links to shop. Read about us.

    Stay Connected
    Follow CTV News