Finance

3 Financial Tips for Digital Nomads in Jacksonville

With the option to work anywhere in the world, many digital nomads are putting down roots in Jacksonville— at least until the next contract comes along. This north-eastern Florida city is the best place for nomadic workers, according to Yelp and Zillow’s Digital Nomad Index. 

The report, which analyzed information about amenities and the cost of living in cities across the U.S., reveals Jacksonville has cheap rental and vacation units, outdoor activities, and culture. 

While the city naturally complements a work-from-anywhere lifestyle, there are some things you’ll want to do to prepare for your visit. Here are three financial tips to help you move to Jacksonville with confidence.

1. Build an Emergency Fund 

The number one financial tool nomads need is an emergency fund. You can dip into this savings account any time you have to pay for something unexpected — like a parking ticket before you get a feel for the rules of the road. 

While an emergency fund is essential for anyone, it’s especially important for people working abroad. After all, you don’t have the familiarity of a home base. With many miles separating you and your loved ones, you can’t rely on friends and family for in-person help. 

To be extra safe, many digital nomads consider opening an online line of credit as a backup to their savings. The great thing about personal loans online is that you don’t have to use them immediately as you do with a cash advance. Instead, it can wait in the wings until an emergency hits.

A line of credit can take a load of pressure off your shoulders if you’ve recently emptied your emergency fund. You’ll be able to rely on these funds until you rebuild your savings. 

2. Adjust Your Budget

Your expenses in Jacksonville could be significantly different from the last city that served as your home base, so it’s important you update your budget to reflect your current cost of living. 

This trick is important even if Florida is cheaper than your last haunt. By adjusting your budget, you’ll be more aware of how much extra money with which you’ll have to work. 

Depending on your windfall, you could put your cash to good work by:

  • Fast-tracking your emergency fund
  • Paying off your line of credit online
  • Affording a regular spot at a coworking café
  • Budgeting for more day trips and nights out 
  • Putting more savings into your retirement fund
  • Saving up for your next nomadic gig, especially if it’s an expensive city

3. Consider House-Sitting

Balancing the budget is much easier when you don’t have to deal with a rental apartment or Airbnb. 

While Jacksonville has plenty of these short-term rentals available, you might also find house-sitting opportunities. If you’re lucky, you can stay in a beautiful home in the city for free, provided you look after the property.

Hearing about a housesitting gig by word of mouth is exceedingly rare these days. Most house sitters use an app to find homeowners in need of help. Check out these services to see if this is something that fits your lifestyle:

  • TrustedHousesitters
  • MindMyHouse
  • House Sitting America

The Takeaway

Some cities make it easy to be a nomad working abroad, but this isn’t a chance to slack off. You’re no stranger to the hustle as a nomad. Buckle down on your finances so that you can enjoy all that Florida has to offer when you arrive. 

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