Milan's Money Newsletter
Happy Monday, Money Makers! Fun fact: our entire team works fully remotely and many of us are from different parts of the world so we may be more inclined to support the WFH end of the remote working debate but in this week’s issue of Hack Your Money, we discuss the financial implications of working remotely vs. working from the office.
We’re also breaking down all the ways you can save some $$ on your next vacation so be sure to take our advice, and most importantly, implement it! Remember, your money won’t work unless you do. With the exception of a high yield savings account which literally gives you free money every month if used right. Learn more at milansingh.co/banks as we supercharge your money, one step at a time
- Milan
IN THE STOCKS
- S&P 500 5,234 (-0.14%)
- NASDAQ 16,428 (0.16%)
- Dow Jones 39,475 (-0.77%)
*Stock data as of closing on March 22nd.
THE MONEY BREAKDOWN
Breaking Down Remote Working
The efficacy of remote work is still being debated by many major corporations, but what are the financial implications of remote work for individual employees? Let's break it down. First off, remote work can bring significant cost savings. Say goodbye to commuting costs – no more gas, parking fees, or public transportation fares eating into your budget. Plus, working from home means fewer lunches out, coffee runs, and wardrobe expenses. These savings can add up quickly and leave more money in your pocket.
However, it's not all sunshine and rainbows. Remote work may come with its own set of expenses. Investing in home office equipment, like a comfortable chair, desk, and reliable internet connection, can be necessary but costly. Additionally, utility bills may see an uptick with increased energy usage throughout the day. And let's not forget about potential expenses related to setting up a dedicated workspace or upgrading your home environment for optimal productivity.
Navigating the financial implications of remote work requires careful consideration and planning. While it can lead to significant cost savings in some areas, it's essential to budget for potential expenses associated with creating a comfortable and efficient remote workspace. Do you prefer remote work or working in office? Reply to this email and weigh in on the debate!
MILAN’S TIP OF THE DAY
Vacation Smarter
Warmer days are fast approaching and a sunny vacation is on everyone’s minds - it's time to talk about holiday budgeting so we don’t go overboard. First up, set a spending limit and stick to it like glue. Take a good look at your finances, decide how much you can afford to spend without dipping into your savings or going into debt, and then divvy it up among travel, accommodation, dining out, and experiences.
Look for credit card offers when making your reservations and don't forget to shop smart – look out for sales, compare prices, and use coupons or cashback rewards to stretch your budget further. Here are my favorite credit cards that could help:
- The American Express® Gold Card gives you 3x Membership Rewards® points on flights booked directly with airlines or on amextravel.com (terms apply)
- The Capital One Venture X Rewards Credit Card gives you 5x miles per dollar on flights booked through Capital One Travel and 10x miles per dollar on hotels and rental cars booked through Capital One Travel
- The Chase Sapphire Preferred® Card 5x on travel purchased through Chase Travelâ„ and 2x on all other travel purchases
Lastly, stay mindful of your spending throughout your vacation. It can be tough to curb your spending when you’re trying to treat yourself but what’s the point of a holiday if you come back home broke and miserable? Keep track of your purchases, avoid impulse buys, and resist the urge to overspend. By planning ahead, getting crafty with your itinerary, and staying disciplined with your spending, you can have a stress-free vacation and a stress-free return back home!
Disclaimer: Milan Singh is part of an affiliate network that includes sites like Bankrate.com for coverage of financial products, including credit cards. Milan Singh and these partner sites may receive a commission from card issuers. All recommendations and opinions are the author's own and the content hasn't been reviewed or endorsed by any other entity within this post. This relationship may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers.