Guest Post: Richard Laycock, Insurance expert at Finder, shares his tips on earning a little extra cash while overseas.
If you’ve ever wondered whether you could make a little extra income on the side while you travel, then you’re in luck. It may sound difficult, or even impossible, but it can be accomplished by those who have an entrepreneurial streak and enough motivation.
1. Join the sharing economy
There is a huge range of platforms in the sharing economy available for you to make use of, and the best thing is that you can do these odd jobs just about anywhere. Fiverr allows you to offer your services to complete various tasks at whatever price you set. People will pay you to do just about anything, whether it’s bringing them food or even prank calling someone on their behalf! There’s also Airtasker, which is based on a similar concept.
2. Become a freelancer
For slightly more professional odd jobs, trying joining websites such Freelancer and Upwork. These platforms are solely designed to support freelancers who want to pick up side jobs based on their particular skill set. If you enjoy doing things like blog writing, programming or if you’re just good with Excel, freelancing is a great option for you while travelling. Businesses who use these platforms typically expect that they will have to work around time differences, so that shouldn’t be a problem either. If you have a bit of time on your trip, it’s definitely worth considering.
3. Teach a language
If you’re fluent in a language that isn’t common in the area that you’re visiting, you could try your hand at language tutoring. You can do this through a range of agencies, or you can seek work in local schools. This website connects teachers to pupils worldwide. You might find yourself inundated with requests, so it’s definitely worth considering if you’re looking for some extra cash while you travel. However, bear in mind that you’ll probably need to dedicate some time to this one, so if you’re on a tight schedule it may not be the best option.
4. Become a travel blogger
For this to work, you’ll likely need to spend some time building up your website and profile before your trip. But if you do a good job of this, it can be quite lucrative. Not only can you receive sponsorships from businesses, but some accommodations might allow you to stay for free in exchange for a positive review on your website. It might take years to build up your profile though, so don’t expect quick results – this one is more of a long-term play.
5. Don’t let yourself pay for extra
You need to be savvy if you’re going to get the most out of your trip. Financially, ensure that your travel money card charges little or no transaction fees. It’s also important to ensure that you only exchange your cash in places with favourable exchange rates – or send your money in advance via a bank to bank transfer with WorldFirst Foreign Exchange. Avoid unexpected medical bills or cancellation costs by taking out travel insurance before you leave for your trip. This is just a one-off payment, so it won’t have any impact on your budget while you’re travelling, and it should ensure that you’re covered in the event that you’re hospitalised and you suddenly have to cough up thousands.
6. Go remote
If you already have a job that you love, why not do it remotely? In some cases, if you work in a white-collar industry and have a flexible workplace, your job might allow you to move overseas and continue to work for them. If you’re planning on travelling for an extended period of time, you can use platforms such as Skype and Slack to stay connected while still exploring your new country in your free time and on weekends.
7. Make the right payments
This is more of a preventative measure than a method of making money, but make sure that you’re not losing funds in the form of transaction fees when you’re transferring money internationally. Whether you’re paying a supplier or transferring money to family or friends, ensure that you shop around for the best rate and fees before you make your transfer.
International currency specialists, such as WorldFirst, offers exchange rates that are up to 7 times cheaper than the Big 4 Aussie banks, and when you’re transferring a big sum of money, it can help you save significantly.
If you’re ready to transfer right now, a spot contract could be the one for you. WorldFirst will offer you a rate based on the live exchange rate at the time and you can make a payment there and then. They’re great if you just need to take care of business immediately.
If you want to lock in a rate, but aren’t ready to make a transfer, you can ‘fix’ it up to 2 years in advance with a forward contract. The great thing about this is that you’ll know exactly how much you’ll get when you’re ready to transfer.
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