What we'll cover
The definition of a workcation
The cost of a long-term workcation
Financial considerations if you take a workcation
Welcome to your workcation.
What's a workcation?
Travel log (off): If you’d like a workcation without the work, talk to your employer about the possibility of a hiatus or a sabbatical to give you the time you need to fully recharge without having to clock in.
The cost of a long-term vacation
Food is another considerable cost to factor into your budget. We don’t want to discourage you from tasting the local cuisine, but choosing to dine out at lunch (it’s generally cheaper than dinner) or picking up your take-out order (to save on delivery charges) are easy ways to save money while still experiencing the flavors of your new location. And of course, making your own meals is the best way to reduce your food bills (and eat healthy on a budget) when you’re on vacay.
Save longer to stay a while.
Once you know your target savings amount, and when you want to take your long vacation, you can figure out how much you need to save per week (or month) to achieve your goal. Simply divide the amount by the number of weeks/months you have until your trip, then set up recurring transfers into your savings account. When you automate your savings, you’re more likely to hit your goal — so you can quit daydreaming about your vacay and hit the road.
What about taxes?
If your workcation will take you to a different state or country than where you’re normally employed, before jetting off, you’ll want to research how long you can be there before you’re subject to income tax reporting requirements. Tax codes vary, and you could be on the hook for income tax in another location if you work from somewhere else for a certain amount of time.
Take a long-term breather.
A long vacation can be the substantial recharge you need that a few days, or even a week, away can’t give you. Instead of feeling somewhat relaxed when it’s time to go back home, an extended stay somewhere can help you fully reset and return home remarkably refreshed.
