Attention Nomads in Florida:
Here Are 3 Financial Tips for You
Last year, Jacksonville, Florida was crowned the best place to work as a digital nomad. That comes from Yelp and Zillow’s Digital Nomad Index, which analyzed cities across the U.S. and compared their cost of living and amenities.
But a lot can change in a year thanks to inflation.
In 2022, Florida has earned another title that might jeopardize your nomadic lifestyle. According to new data, Florida is now the least affordable state to live in, with its average cost of rent beating out New York City and San Francisco.
While some nomads might take this as a sign to move on to the next city, what can you do if you’ve come to like Jacksonville? If you’re not ready to leave just yet, make sure you do these three things:
1. Build a Bigger Emergency Fund
One of the first rules of living life as a nomad is having a cushion of savings. An emergency fund can help you cover unexpected costs that come with the lifestyle — whether it’s travel, healthcare, taxes, business investments, or moving expenses.
Knowing you have some cash stashed away takes some pressure off your shoulders. It gives your budget an extra boost, even if you’re between contracts.
Most people should aim to save six months of living expenses in their fund. You might want to increase your cushion to reflect your work situation and cost of living.
2. Have a Local Financial Backup
While an emergency fund is important, it’s not invincible. Let’s say you drain your fund to pay for an emergency vet visit only for your car to break down on the way home. Without savings, you’ll have to look for an alternative way to fix your car.
While you might be able to postpone the repairs until you save up again, you may not be able to wait. In those time-sensitive moments, having a personal loan or line of credit can help.
To make your life easier, you can find emergency personal loans in Florida by heading online. Simply start your search by typing something like this into your search bar: personal line of credit Florida. This will help you find a financial institution that’s licensed to lend in the state.
With a few clicks, you’ll be able to compare several financial institutions and find the best possible personal credit lines Florida has to offer.
3. Update Your Budget for Inflation
Rent and housing costs aren’t the only things affected by inflation. Nearly every consumer good and service available in Florida is now more expensive today than it was a year ago. Everything from fuel to food has gone up in price, so you can expect to pay more to live your life as usual.
When everything costs more, you might have less leftover cash to go around. You don’t want to find out you’re short when an important bill arrives, so sit down with your budget and update your cost of living.
Go through every regular and irregular expense to see if you have enough money to cover everything. If you’re having trouble socking away savings, search for little things you can eliminate from your budget to free up cash.
Florida Might Still Be Affordable with a Plan
As a digital nomad, you can technically work from anywhere you get a signal. But if you like Florida, you don’t have to rush off before you’re ready. Stay as long as you like by following these tips. They’ll help you afford the state’s growing costs.