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5 Financial Tips for Digital Nomads in Australia

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If you’re contemplating the idea of becoming a digital nomad, or if you already are one, then the great Land Down Under is probably already on your list of the dreamiest places on earth to live and work. Yes, Australia has it all, from the honey-hued beaches to the bustling metropolises, all the way to the sprawling natural gems scattered across numerous national parks and secluded natural reserves. Without a doubt, this is a country where you could spend years thriving as a digital nomad.

But that’s not the main topic of my story today. You can discover the best Australian sunset spots and iconic Australian food in other articles on this website, because today I’m tackling another very important topic for digital nomads – money. To live and work in the Land Down Under, you need to manage your money wisely, make the right investments, travel in a cost-effective way, and more.

Let’s talk about the financial tips that will allow you to thrive as a digital nomad in Australia, and maintain financial stability while exploring the southern hemisphere’s expansive gem.

Financial Tips for Digital Nomads

Ensure financial stability before you leave

First and foremost, make sure to leave your country on a clean financial slate. It’s important to get your finances in order and settle any outstanding debt so that you can focus on growing your personal brand abroad. It’s also important to remember that you might not even be able to leave if you don’t settle any financial obligations back home.

The other important consideration is that you don’t want to head to Australia without some sort of financial security. Consider building a financial safety net before you leave either by accruing a lump sum of money or by securing your clients and contracts so that you don’t end up without an income stream while here.

Research and compare the prices

In your first year, you’ll probably want to live as frugally as possible before you solidify your financial situation. Australia’s standard of living can be quite high for newcomers depending where you’re from. Don’t be alarmed when you first see the costs of rent and other lifestyle expenses, because there’s always a way to make your budget work. If the big cities are too expensive for you at first, you can always settle in those beautiful, underrated cities in Australia where the cost of living is a bit lower.

Either way, it’s a good idea to research and compare the prices of, well, everything before you settle on a first destination. Some of the more affordable cities to live and work in Australia include Cairns, Adelaide, Perth, and Geelong, but there are plenty of other options scattered across the map. Use your research to create a sensible travel and exploration plan.

Settle in and visit the cheaper cities first, and then as your financial situation improves, you can start visiting and finally live in the bigger cities like Melbourne and Sydney.

Take advantage of Australia’s payment trends

When you’re living and working in Australia, you want to take advantage of every and any financial perk and payment option around. Whether you’re trying to live frugally or you’re just trying to be smarter with your spending, taking advantage of the buy now, pay later trend is a good idea. (For permanent Australian residents only, payment programs like the Humm buy now pay later in Australia can provide you with a payment card that allows you to pay for stuff at your own leisure, but get your hands on them immediately.)

It’s a pretty good deal, and many Aussies use their buy now, pay later cards for their personal shopping and business expenses nowadays. Also, payment flexibility is a pretty big deal here, so using mobile payments or paying through certain banks can earn you points and rebates. Be sure to do your research and compare the different payment methods to maximize your savings while living and working in Oz.

Get around like a backpacker or use public transport

financial tips for digital nomads

Speaking of saving money, you also need to travel frugally if you are to maximize your savings. You’re here to experience everything that Australia has to offer, so it’s only natural that you want to start traveling around as soon as possible. Instead of paying for plane tickets or renting a car, you can choose the more frugal and popular option of a hop on hop off backpacker bus. Instead of staying in hotels, stay in hostels. Many hostels have private rooms and they have all the facilities you need, including laundry rooms, kitchens, and of course Wifi.

There are many wonderful travel options to get from one destination to the other while exploring the beautiful countryside and meeting new people. Backpacking is definitely one of them, and you can take on your backpacking adventure by traveling by bus, using the extensive railway system, or even hitchhiking. You can also join ride-sharing groups to organize road trips with likeminded people who happen to be heading in the same direction.

Work with an online banking institution

When it comes to managing your finances and keeping your money safe and accessible at all times, you need to pick the right banking institution. You have many options at your disposal, and you’ll find that a lot of banks in Australia have digitized their operations to create a seamless online and offline experience for their customers. So if you decide to open a bank account in Australia, you will have no problem accessing your money from anywhere and invoicing clients around the world.

On the other hand, you can always stick to a third-party payment platform like PayPal, Revolut, or any other popular service accepted across Australia. Being a prime destination for travellers and digital nomads, Australia has excellent rules and regulations for these payment platforms, which means that you won’t be paying high transaction or upkeep fees, and that your money will be accessible at all times. As a non-citizen, though, you might want to avoid the trouble of getting an Australian bank account, so keep that in mind.

Wrapping up

With so much talk about living in and traveling across Australia, it’s important to talk about the financial side of things. As a digital nomad, you need to manage your finances wisely, so use these tips to ensure financial stability and grow your fortune while enjoying everything that this beautiful sun-laden country has to offer.

Author: Jolene Rutherford is a marketing specialist – turned blogger, currently writing for technivorz.com. Interested in digital marketing and new technology trends.

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