Save money by living as a digital nomad

Remote workers are logging on from all over the world not just to explore new places but also to save money. Many Canadians, faced with high living costs back home, are opting to work for domestic companies in countries like Japan, Italy, Portugal, and Barbados (cue the uptick in “During my time abroad..” stories). One digital nomader estimates that she saves $1,000 a month working remotely in Croatia for her Toronto-based company. These countries have made this easier by offering digital nomad visas specifically for remote workers who want to travel. The trend of digital nomadism really took off during the pandemic when more people started working remotely. Now, around 40 million people worldwide consider themselves digital nomads, and more than 11% of Canadians are living abroad (although federal data doesn’t identify how many are digital nomads specifically). Before you pack your bags for another country, Kimrang Te from EY Canada suggests a few things to consider. If you're working for a Canadian company, it's smart to choose a destination with a similar time zone so you can collaborate effectively with your team. Also, make sure to get a valid digital nomad visa, but keep in mind each country has its own rules. For example, in Portugal, you need to earn at least four times the country’s minimum wage to qualify for a visa.