What is Nomad Purse?
Nomad Purse is a free personal finance tool (+ mobile apps) build for digital nomads & long term travelers alike that takes the daunting and repeating tasks of budget tracking and make it as delightful, fun, and easy as possible.
Nomad Purse has been created out of our own necessity as long-term travelers as we quickly got tired of spending copious amounts of time massaging spreadsheets for the sole purpose of tracking our budget. We knew they could be a better way, so we automate as much as we could and created this tool.
What are the core features?
By signing up for our desktop version you can:
- Easily import your transactions from 3rd party sources (Splitwise, Trip Wallet, YNAB & spreadsheet).
- Automatically convert your trip currency back to your home currencies using historical conversion rates.
- Understand your spending behaviors (spending per category, splurges, recurring expenses…).
- Get a consolidated view of your spending across locations.
- Discover your cost of living based on your lifestyle.
By signing up for our mobile version you can also:
- Capture your spend on the go – Take out your phone anywhere you are and easily capture your expenses so you don’t forget to do so once you get back home
- Work offline – Traveling to a remote location, no big deal! Our mobile app has been designed to work offline from the ground up. We will even give you an estimated currency conversion rate as we keep a local history of conversion rate on device!
- Unlock achievements / get rewards! – Once you reach some specific spending related milestone, you will receive some rewards and you can start bragging about them with your friends!
Who is this for?
There are a few users that could benefit from this tool:
- Readers of NomadNumbers.com – If you are reading this, then we are talking about you here! You can geek out on our cost of living data by looking at every place we’ve been and realized the true superpower of geo arbitrage (especially when coupled with the power of slow travel/ slow living).
- The long-term traveler (expense tracking) – Traveling for an extended period of time is fun, but if you need to track your budget it can become a headache. It’s especially painful when it comes to handling multiple currencies, multiple payment types, and trying to review your expenses using categories that make sense for travel. In our tool, you can upload your expenses and get useful, beautiful charts – you can even share these charts on your blog if you have one (coming soon).
- The long-term traveler (planning) – This will be the biggest work in progress since it requires us and our users to travel more! Eventually, the goal will be to have a rich, comprehensive source of expense data to make travel planning easy in every location on this planet.
What is the motivation behind this?
Mainly to save us time! And hopefully, it can save time for other numbers-loving travelers as well. In tracking our travel expenses for a full year, I probably spent around 60 hours manually consolidating our expenses, managing the data, and building useful reports for the blog which is now mostly automated! 60 hours better used for seeing the world vs a spreadsheet.
How is this different from other tools/apps?
We’ve seen sites that share the cost of living that are generally crowdsourced but the numbers don’t seem in line with what we are spending. We are not yet sure if we will run into the same problem but we are open to trying to tackle it.
Most of the tools out there seem to only focus on either sharing cost data or only track budgets but not both. Our tool is aimed at tackling both, starting from helping your tracking your expenses and they deriving your true cost of living data from it.
Last but not least our solution is free, and will always be, while other solutions we found usually charge you a premium.
Do you have a quick overview?
Sure thing, check out this video that provides a quick overview of the tool.
(Note this video was based on our beta release back in January 2020 and we have since added more featured and refreshed parts of the user experience, so please make sure to check out the final product for the latest version).
How can I get access?
It is pretty easy. Simply visit Nomad Purse at https://www.nomadpurse.com
You can also drop your email address below if you only want to receive updates about our tool without signing up!