The Reality of $$$ while Traveling and Working Remote

We live in such an awesome time and we are all so lucky to be a part of this technological boom. The concept of leaving the cubicle is truly a reality and evidence is backing it up in all aspects from better production, happier and more satisfied employees, and less overhead for the company. 

So, how does one be prepared and manage their money in the remote working field?

​Image Source: Pixabay

​Budget, Emergency Cards, and Funding

Many digital nomads in their early years of work will give you a story of how they managed to not be homeless in some foreign country. This is one thing that is a very true reality and can spiral in the wrong direction very fast.

Keeping Track of Your Money

It is very important to have a set financial plan to get your butt back to your native country if you get down to a certain amount of money. Flights can be expensive and all of this needs to be managed into your budget. 

Many things need to be budgeted into your remote working plan such as travel insurance, transportation, food, fun, wellness, visas, and definitely your return ticket. 

Emergency Funding Sources

It is a pity that the banking systems, at least in USA, are working against digital nomads and it is very difficult to wade through the many obstacles of international currency transfers, fees, and other regulations. 

The stark reality is you need to have an arsenal of backups and the ability to have access to your funds. Banks close down your accounts with any apparent fraud or the smallest thought you are not working ethically. 

This comes with the bank telling you the only way to remedy the problem is walking in person through the bank door. This is not very easy if you are halfway around the world and need food and shelter.

Image Source: Pixabay

Best case scenario is to have 2-3 different checking accounts that are more international friendly and do not get freaked out over debits in countries like Cambodia. As well as an emergency credit card hidden away somewhere, a local bank account in the area you are traveling with a little bit of money, and possibly an awesome mom, friend or sibling to bail you out if shit hits the fan. 

It is also very important to tell all your accounts, including paypal for sure, that you will be out of the country and keep them updated. Paypal is well known for locking up accounts if you are overseas too long or have not told them your journey. Nowadays, most businesses are getting better and better at identifying vpns and your current location. ​

Being ready for an Offline Job

Another great backup is to be ready to work in the country you are currently in to make some emergency cash to get back home or even stay. There are stricter laws nowadays on teaching english and one needs to know before they embark on their journey that they need their degree notarized or apostilled in their home country. Additionally, a background check of some sort is needed and  both are very hard to do once you are outside of your country. 

​Funding your Trip or Startup while Increasing Production to make more Money

Some people are not as lucky to have a high paying job while traveling and other than saving; another way to get prepared for your trip is to find funding online. The Plumfund site is a great resource because it allows for low cost transfers, a great sharing platform, and best of all is free of charge to donate and receive. 

Also, another way of squeezing out more money if you are already a seasoned professional in the game; is to get the most production out of your online employees. Clockspot is a great tool because it allows to monitor remote employees while cutting cost with labor and also automates payroll and accounting with its online time clock. 

Author Bio
Wendy Dessler
Wendy is a super-connector with Outreachmama who helps businesses find their audience online through outreach, partnerships, and networking. She frequently writes about the latest advancements in digital marketing and focuses her efforts on developing customized blogger outreach plans depending on the industry and competition.