As the global population of digital nomads continues to rise, Lisbon is becoming a popular destination in Europe. The city boasts a vibrant culture, a relatively affordable cost of living (by European standards), a thriving tech scene, a great climate, and beautiful scenery.

As in any other city, managing finances is one of the biggest limitations of digital nomads in Lisbon. Budgeting effectively means focusing on affordable accommodation, having a realistic meal plan, and cutting down on fares. While you might not have it all figured out yet, developing a reasonable budget based on your project earnings is a step in the right direction.

This article offers tips for digital nomads navigating their financing in Lisbon. First, let's discuss what Lisbon has to offer.

Also read: How to apply for a digital nomad visa in Portugal

Why digital nomads love Lisbon

If you are wondering why Lisbon is such a fuss, here are some of the reasons digital nomads love it.

Affordable cost of living

Compared to other major European cities, Lisbon offers a relatively low cost of living, making it attractive for those seeking to stretch their budget.

Thriving digital nomad community

Lisbon has a large and active community of freelancers and digital nomads, with regular meetups, coworking spaces, and social events.

Mild climate and natural beauty

The city boasts a sunny climate and is conveniently located near beaches, making it an ideal destination for those who appreciate outdoor activities and a good work-life balance.

Good internet connectivity

Lisbon offers reliable and fast internet speeds essential for remote work.

Growing startup ecosystem

The city is seeing more startups springing up, creating opportunities for networking and collaboration among digital nomads.

English is widely spoken

Many of the locals in Lisbon speak English. This makes it easy for international remote workers to navigate daily life.

Also read: The best countries in Europe to land a remote job

Real budgeting tips for nomads living in Lisbon

Overall, Lisbon remains an attractive destination for digital nomads, thanks to its affordability, vibrant community, and high quality of life. Now, let’s talk about budgeting tips for digital nomads living in Lisbon.

Accommodation

Don’t get carried away by the serenity, comfort, and luxury many accommodations offer. Admire them, but also consider your purse. Here are some tips to help you reduce your housing costs in Lisbon.

• Consider longer-term rentals: Long-term rentals are often more affordable. Negotiate for monthly discounts on Airbnb or explore co-living options for potentially better deals.
• Look outside the city centre: Neighbourhoods like Arroios, Alvalade, or even areas further from the centre offer more affordable options than Baixa or Chiado.
• Shared apartments: It is more affordable to share an apartment, splitting the cost of rent and utilities.

Food

Lisbon boasts a number of fancy restaurants offering international cuisine. While it is great to dine out once in a while, you shouldn’t make a habit of it. Here are some ways to manage your feeding budget in Lisbon.

• Cook at home: Grocery shopping in local markets and supermarkets is relatively affordable. Cooking your own meals can significantly reduce your expenses.
• Take advantage of "Prato do Dia": Many restaurants offer a ‘meal of the day’ (Prato do Dia), which is a daily special meal for a very reasonable price.
• Explore local markets: Visit markets like Mercado da Ribeira for fresh, affordable produce and local goods.
• Opt for local cuisine: Try traditional Portuguese dishes at local restaurants rather than opting for more expensive international options.

Transportation

A digital nomad is designed to explore their city. Shuttling between your accommodation, workspace, tourist attractions, and other places you plan to visit can eat into your earnings.

• Use public transport: The public transport system in Lisbon is efficient and affordable, especially with a monthly pass.
• Consider walking or cycling: Lisbon is a well-planned, walkable city. Cycling is another affordable and popular way to explore and get around.
• Minimise Uber and taxis: While they may be convenient, these can be more expensive than public transport or cycling.
• Live close to the places you visit often: Living near the places you visit regularly can help reduce your transportation expenses.

Also read: Digital nomad jobs with no experience: how to get started in remote work

Other ways you can cut costs

Here are other ways you can minimise your living expenses in Lisbon while enjoying the city as much as possible.

• Free activities: Lisbon offers a variety of free activities, including exploring parks, visiting miradouros (viewpoints), and enjoying the beaches.
• Free Wi-Fi: Take advantage of free Wi-Fi hotspots in cafes and public spaces. This helps you cut down costs on internet services and workspace subscriptions.
• Learn Portuguese: While English is widely spoken, learning some basic Portuguese phrases can enhance your experience and your price haggling in local markets.
• Track your spending: Use budgeting apps or spreadsheets to monitor your expenses and identify areas where you can save.
• Use a good payment platform: Reduce money losses due to currency conversions and transfer charges by opting for a reliable and affordable payment solution like Grey. Here are ways Grey can help you manage your finances as a digital nomad in Lisbon:
  • Swift transactions: Send money and receive payments in no time.
  • Multi-currency account: Offers USD, GBP, and EUR accounts on the same platform, saving you money on currency conversion.
  • Affordable rates: Grey offers competitive conversion rates and low transaction charges to help you save more money.
  • USD debit card: Make online payments in USD with ease using Grey’s virtual USD debit card.
  • Invoicing tool: Streamline your earnings with Grey’s automated invoicing tool that helps you send invoices and track payments with ease.

Here is how you can open a Grey account in Lisbon

Managing your finances with ease

Being a digital nomad in Lisbon is a dream life. Between the breathtaking landscape, beautiful beaches, and a budding digital ecosystem, it is a choice destination. However, a lingering challenge for digital nomads involves budgeting. Fortunately, with a reliable and affordable fintech solution like Grey and the right budgeting tips, you are certain to have a great experience in Lisbon.

Sign up on Grey today and explore with financial freedom.

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