There’s a lot of autonomy that comes with a remote-only job position, and many would no doubt find it appealing to switch to that kind of work. Not all are impressed by this new norm of course, but those that embrace it tend to enjoy doing so.
However, it’s important to note that the autonomy you may enjoy here applies to your entire working schedule too, not just when you clock in and out. For instance, how you manage your money might change, especially if you’re a digital nomad at the same time.
Reinventing the wheel might not be necessary, but it’s wise to follow some of the hard-earned tips and advice from those who have experience in this working norm and have guidance to give. In this post, we intend to share exactly that:
Make A Plan For Your Work Expenses
There’s a good chance you’ll end up covering things your employer used to handle. In this case, that could be a better chair, faster internet, a second monitor, or just the heating bill going up because you’re home more often during the colder months. These things can creep in slowly, then feel like a permanent part of the budget.
If you’re self-employed or working freelance, some of these costs might be tax deductible depending on where you live, but either way, it helps to keep track from the beginning. That way you’re not scrambling to figure it out months later when the receipts are long gone, and you can factor in new job opportunities and their impact on your budget if you want to take them.
Look Into Tax Rules For Where You Live
Remote work opens up some options that weren’t always on the table before. If you’re living outside the US for part or all of the year, you might be eligible for tax savings for Americans overseas. This can include exclusions on foreign income or specific credits that lower what you owe given the right context. More money in your pocket, essentially.
Even if you’re not abroad, your location still matters, because different states or countries have different rules, and they can change how much you keep at the end of the year. A little research or talking to an accountant can help you get started or see what the options are.
Keep A Loose Structure For Your Week
Now, this might not seem like a money tip, but it has knock-on effects. Without a commute or office routine, it’s easy to let work bleed into the rest of your day and if you think about the hour to earning ratio, that might differ from before. This approach also cause burnout, which usually ends up costing something, be that on missed work, poor sleep, or needing to outsource things you’d normally do yourself.
Setting a rough routine helps keep work in its place. You don’t need to schedule every hour, but blocking out parts of your day just for rest, errands, or stepping outside will really help you and your bottom line. It helps keep your energy steady, which means you’re less likely to burn through time or money just trying to keep up, as many learn the hard way.
With this advice, you’ll be certain to implement helpful money tips for newly remote workers.