Figuring out your finances while working remotely and traveling can be challenging. If you are starting an online business, understanding your finances is essential if you want to be able to meet your financial business goals while also being able to enjoy yourself while traveling. Here are some of my top tips for your finances while working remotely.
Get clear on your finances while working remotely
The first thing you want to do when starting your online business is to get clear on how much money you need to make each month. Really look at all of your monthly expenses, how much you are spending each month? Get very clear on the number you would need to make in your new business in order to cover your expenses. Make sure to account for taxes as well. Then you also want to start setting your financial goals. You don’t just want your business to cover your bills, you want to be making enough to live a comfortable life and also pay for any travels and trips you are wanting to take.
Start saving up before leaving your job
If you are currently working a 9-5 job alongside your new business while you get things up and running, this is a great situation to be in. You want to keep that income coming in for as long as you can so you can keep paying your bills while you build your new business. This is. a great time to be able to keep putting money away in saving so when you do make the leap to your new business, you have a few months of backup income just in case. This will make the transition a bit less stressful.
You also may want to take note of where you are spending your money and see if there are any places you can cut down on expenses. Maybe you don’t need to pay for Netflix, Hulu, AND HBO Max. Maybe you can eat at home a few nights a week instead of ordering Uber Eats. These small savings can add up!
How to save while traveling
If you are planning on traveling while working, it may be a wise choice to take advantage of long-term rentals. Air Bnb often offers discounts on stays for 3 weeks or longer. This is a great way to also get settled into a bit of a routine while working and traveling. Make sure your accommodation has fast wi-fi!
You may come across a lot of “hacks” for cheap flights. However, if you don’t want to rely on hacking the system, take advantage of travel credit cards. I have not paid for a flight in 2 years and have just taken advantage of using travel points. If you are new to travel credit cards I recommend the Chase Sapphire Preferred Card. Start putting all of your expenses on your credit cards and make sure to PAY IT OFF EACH MONTH! This is SO IMPORTANT!
One of the best travel tips I learned this year was to take advantage of E-Sim cards. Don’t spend hundreds of dollars on expensive data plans. Take advantage of low-cost E-Sim cards for your basic day-to-day data needs! I personally loved Airlao! This is a great way to get instantly connected when you are traveling without needing any additional hardware. You can get started right from your phone!
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