Is it true that working from home saves money? Aside from the money saved by corporations when workers work remotely, there are other financial advantages to working from home.
According to FlexJobs, an online employment agency that specialises in flexible jobs, remote employees generally save over $4,000 per year by working from home. This is due to lower commute costs as well as lower spending on coffee, lunches, and a professional wardrobe.
Here are nine ways working from home will save you thousands every year.
When you work from home, one of the most obvious ways to save money is to avoid commuting.
You will save money on petrol, auto maintenance, and wear and strain on your vehicle if you drive to work. You might even be able to sell your automobile if you live in a place with plenty of public transit choices.
You won’t have to pay for a monthly metro pass if you live in a metropolis and work from home. For example, an unlimited NYC MetroCard costs around $130 per month. That’s a lot of money that you won’t have to pay when you work remotely.
2. Less eating out
It’s quite easy to justify eating out when you’re locked in a cubicle from 9 to 5. When you’re stressed and trying to keep up with someone else’s schedule, it’s sometimes simpler to stop for a cup of coffee on the way in or lunch at a fast-food drive-thru rather than preparing anything from scratch.
Moreover, if you despise your 9-5 and the job you have in it, you’re more likely to justify “treating” yourself to an extra beverage at happy hour or a costly meal out on the weekend.
Working from home makes it much simpler to find the time and desire to prepare nutritious, budget-friendly meals. Your body and your bank account will both benefit from the effort you put in.
3. No more buying under peer pressure
There are several ways to get peer pressured into spending money while you work in an office. Your coworker’s child is holding a fundraising event for their soccer team. Everyone is pitching in $10 to get pizza and cake for someone’s birthday. Your colleagues are planning a Boss’s Day present for your boss, and even though you’re not too fond of him, you don’t want to be the one who refuses to participate.
When you’re your own boss, and your only colleagues are your pets and loved ones, you don’t have to deal with all these unexpected expenses that can really add up.
4. Keeping makeup costs to a minimum
According to numerous news stories, women who work from home are wearing considerably less makeup. Whatever you think of this trend, it translates into real savings.
A SkinStore survey conducted in 2017 indicated that American women spend around $300,000 on their face alone over their lifetime. According to the same poll, women spend around $8 per day on cosmetics for their faces. Even if you cut that by one day a week, you’d save up to $400 a year, and that doesn’t even include hair products.
5. Getting the most out of tax deductions
Working from home may also result in a tax advantage. In the U.S., the IRS allows you to deduct some home office costs on your annual tax returns if you use a portion of your house entirely and frequently for business purposes – but only if you’re self-employed. Salaried workers who receive a W2 are out of luck as a result of the Tax Cuts and Jobs Act.
The exact expenditures you may deduct depend on where you reside and how much of your house you use. You may typically deduct the space used as a home office, as well as required services such as phone and Wi-Fi, or the purchase of office-related equipment such as printers and P.C.s.
6. Minimize pet care costs
Pet owners all around the world are frequently plagued by guilt over those long days spent at work while Fido is left at home alone. Dog walkers, doggy daycare, and dog sitters all come at a high cost over the course of a week or month. Working from home eliminates the need for all of these things.
In New York, dog owners frequently pay $15 to $30 per day for doggy daycare. When you work from home, your dog may stay at home and spend time with you.
7. Lowering housing costs
One of the most significant advantages of working from home is the flexibility to live wherever you choose without being restricted by the need to live in a neighbourhood that provides a decent daily commute to an office.
People are no longer necessary to relocate to a place where your company has an office. Because you can work from anywhere, you have the flexibility to select a place that is convenient for you. This flexibility translates into immediate savings for individuals who want to live somewhere less expensive than a major urban centre.
8. Less expensive childcare
Childcare is a significant expenditure for working parents, but working from home may alleviate some of the strain. If you already have school-aged children who require before- and after-care, your at-home arrangement may allow you to forgo either the “before” or “after” component and simply pay for the other.
If your children are too young to attend public school and instead attend daycare, you may be able to pay a lower fee if you don’t require the extra hours that many of these facilities provide.
9. Spending less on a professional wardrobe
Working from home doesn’t always imply working in your pyjamas. With remote meetings becoming more common, you may still need to appear decent, even if you’re thousands of miles away from the people you work with. However, if you work remotely, you can definitely get away with fewer wardrobe changes, which might save you money on new clothing and dry cleaning.
What can the extra money do for you?
The less money you spend on transportation, childcare, meals, and work clothing, the more money you’ll have to save, pay off debt, or spend on other things. Saving money is, of course, only one advantage of working from home. You may also save time by not having to commute and appreciate the convenience of being home for deliveries.
Search Remotely is leading the future of work and we enable remote workers to find remote jobs and employers to hire the top remote talent around the world.