As many employers have grown comfortable with remote work,1 more workers are finding that a “workcation” can offer the rejuvenating benefits of an extended vacation, without an extended time away from their jobs.
A recent survey found that 67% of American workers have taken a workcation,2 which is different from simply adding vacation time to the end of a business trip: The idea is to keep regular work hours and then have time to enjoy your vacation locale in the off hours, although you may also choose to take vacation time on designated days.
The first step in planning a workcation, of course, is to have a conversation with your employer. Make sure they support the concept and review any policies that may apply. For example, working remotely in a different country may have tax implications.
Once you get approval to take a workcation (or if you are self-employed, with the flexibility to work away from your home base), there are a few ways to make sure that you stay productive and manage your costs while you’re having fun.
Staying Productive
An exotic locale may be appealing, but make sure the place and schedule you choose will be conducive to work.
The first key to any workcation is seamless access to technology:
- Gather all necessary chargers and cables, as well as electric adapters for foreign countries.
- Download and test necessary apps and software before leaving home.
- Make sure you can access cloud storage and file sharing from your destination and that you can both upload and download.
- Ask about the specifications for wi-fi to determine if the place where you are staying has enough bandwidth for video conferencing.
- Consult with your company’s IT department to ensure you will have the proper cybersecurity protections in place when you get online at your destination.
But even the best preparation can’t always ward off tech emergencies, so consider the surroundings when you choose your location: Are there services nearby such as computer repair, cell phone stores, electronics shops, printing and shipping providers? How confident are you that you can fix your own computer if there’s a problem? How quickly could you get important documents to the office if needed?
Next, think about how you’ll stay present. If you’re working in a different time zone, establish regular communication protocols. Does your team know you’ll be working different hours? How can you maintain a reasonable schedule and still accommodate clients?
As with any remote work, it’s a good idea to document your hours, milestones and accomplishments. This can protect you in case anyone questions your productivity while you’re away.
Finally, think about how you manage your time. Depending on your time zone, consider starting your day early. You might not want to do that on a vacation, but when you’re on a workcation, the sooner you start, the better the chance you can leave early.
Planning and Managing Costs
One of the drawbacks to a workcation is that you’re paying for a vacation even though you’re working much of the time. The costs can add up quickly when you live away from home for an extended period. As you begin to plan, estimate the total costs, including accommodations, transportation, food and any leisure activities. This will help you set a realistic budget and avoid overspending.
Look out for ways to save: Research your destination and choose one with cost-effective accommodations. Options like short-term home rentals, house-sitting or longer-term leases can help you keep expenses under control. Since eating out can quickly add to your workcation spending, accommodations with kitchen facilities will allow you to save on meals by cooking at home. If you’re staying at a hotel or more traditional lodging, look for ones that offer amenities such as free breakfast or free wi-fi.
Also, think about ways to pay for your workcation: Review your options for credit card rewards, frequent flier miles and other loyalty programs. Maximize these benefits to lower the cost of airfare, car rentals and other big expenses.
Finally, if you’re planning in advance for a workcation, complement your CashPlus Brokerage Account with Morgan Stanley’s Preferred Savings Program for Qualifying Cash,3 which is a competitive alternative to traditional high-yield savings accounts and money market funds. Saving in advance may allow your travel fund to grow before your departure and will help you get a sense of your budget and daily spending limit.
Pack a Beach Bag and a Briefcase
Done right, workcations can offer the best of both worlds. With some careful planning and preparation, you can enjoy the benefits of extended time away, while remaining a productive member of your team at work.
As you save up for travel and other personal goals, your Morgan Stanley Financial Advisor can help you explore your options and choose the right cash-management and savings strategy for you.
