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As the world moves to accommodate COVID as an endemic and borders are opening, many people have now found themselves the opportunity to travel once more with one unique caveat: Reducing The Cost of Moving Overseas for Remote Work the ability to work remotely anywhere in the world if they choose to.
Dozens of countries have already or have started, allowing for special work visas for those who have remote jobs. With remote workers, countries and cities have found a way to revitalize local tourism through instead of typical tourists who may be only on a short vacation, but instead longer-term nomads who are likely to better contribute to their economies.
As moving to any foreign country and leaving behind your possessions is logistically difficult and expensive, this article will go over several tips on how you can save money on your move overseas. Every dollar you’re able to save can be used toward financing your amazing adventure, or even saving for retirement in the future!
What Are Some Ways to Reduce the Cost of Moving Overseas for Remote Work?
Utilize Your Saved Up Points from Banks and Other Loyalty Programs:
During the last 2 years, many people have accumulated large balances of various loyalty program points. Points related to travel and tourism were difficult to use given travel restrictions around the world.
With travel now open, and demand stronger than ever, it’s best to liquidate those points as soon as possible given high fuel costs and inflation have caused many companies to depreciate the value of their loyalty points.
For those with various bank points, such as Chase Ultimate Rewards, American Express Membership Rewards, Citibank ThankYou Points, or Capital One Reward Points, you’re able to redeem them for various rewards such as gift cards or booking travel directly.
These banks have in-house travel agencies that can help you book accommodation, tourism activities, and flights to reduce your travel costs to your intended country.
For those looking to truly maximize their points, then transferring points to various frequent flier programs is generally the best use of your points, provided you put in the leg work necessary to learn how to redeem them.
With minimal taxes and depending on the airline you transfer your points to, you are able to redeem them for premium flights around the world. Popular flights to book with OneWorld airlines include Qatar Airways’ famous Qsuites or Japan Airlines first class whereas you can book one of the many first-class seats on various airlines in Star Alliance.
Popular, aspirational flights for Star Alliance include first class with All Nippon Airways (ANA) or Lufthansa. They provide the ultimate comfort in food, drink, and service whether you are looking to fly to Asia or Europe.
Cut back on Unnecessary Expenses You No Longer Need:
Activities that you may enjoy at home in your country may not be as applicable when you are overseas.
Doing a proper detox of current finances is critical as you move countries, given the complicated tax rules that may work against you if you have certain bank accounts or investments open.
Remember to cancel subscription-based purchases that you may have. These could include the following:
● Gym memberships
● Netflix or other streaming services
● Monthly food or other delivery services
● Premium memberships to your local retail stores
● Rent-related expenses
● Cable or internet services
While some of these may seem obvious (for example, internet services), others not so much. Some people may be hesitant to cancel subscriptions they could use overseas, such as Netflix.
The strategy here is to figure out what works in your unique situation. Subscribing to Netflix in other foreign countries could be much cheaper than in your home country. For example, Netflix is much more affordable in Turkey than in the United States given the depreciation of their local currency, the Turkish Lira.
Other subscriptions, such as local memberships to your favorite retail stores, may easily be forgotten due to how long you may have subscribed to them. If having that premium membership has been normalized to you for several, or even a dozen years, then you may easily forget canceling them.
Finally, one other idea to consider is that since you are in a foreign country, some of the services you think you may keep may not be necessary. For example, do you need Netflix when you’ll most likely be out exploring a new city and meeting new people? Perhaps you may not need Netflix early on, but months down the road once you’re familiar with the city you are living in, Netflix may be an attractive option then.
Refresh Your Remote Setup and Equipment:
Your remote working setup may be much more minimal when compared to your work-from-home setup back home as you’ll likely be living in temporary accommodation or constantly moving around.
In the event your equipment depreciates, has wear and tear, or other reasons for it to stop working while you are overseas, it may be cumbersome to go out and purchase new ones to replace it. You may only be able to source equipment that is only in a foreign language, settings set for the foreign country you’re in, or brands you are not familiar with.
Consider upgrading or purchasing brand new remote working equipment before you leave. For those based in North America, electronics are likely cheaper in Canada and the US when compared to nearly every other country in the world.
The most common pieces of equipment you’ll likely need include a laptop, headset for video conferencing, keyboard, and mouse. For the most expensive item, consider a laptop that is optimized for working from home or remotely, that is light in weight, and has an improved webcam.
Moving to a new country is a scary and exciting process. While there are many things to keep track of and ensure you have finished before leaving, do not forget to review your personal finances. There will be many things you may have missed, such as subscriptions or other monthly fees to have canceled.
Finally, you can save money upfront by utilizing the loyalty points you may have accumulated over the years of restrictive travel as well as purchasing new equipment, such as laptops, in your home country as they may likely be cheaper.