Are you working from home? Explore different financial benefits that come with working from home.
Working remotely comes with many positive benefits, one of them being the opportunity to increase your savings.
While savings can go unnoticed, it’s good to estimate how much you’re saving and rework your budget accordingly.
It’s a fact that commuting to work is a major expense, and each Texan spends approximately $2,876 each year on transportation. Whether it’s taking public transportation or driving, the average US worker commutes 30 miles round-trip every day.
When working remotely, you save money on gas, car maintenance, wear and tear, and even car insurance rates.
Working in an office makes it easy to stop for your morning coffee every day or order lunch because your coworkers are making a food run. When you’re at home, it’s easier to walk into your kitchen and fix lunch than to leave to pick something up.
The average person spends about $50 a week on dining out which comes out to $2,600 a year. Not to say you shouldn’t treat yourself to a nice meal out every once in a while, but working remotely limits the amount of times you go out to eat.
Being at the office all day can make pet owners, specifically dog owners, feel guilty about their pets being home alone. Plus, walking your dog for an hour after a long day can be exhausting. Enter the need for dog walkers or doggie day cares and the high price tags that come with them.
Pet daycares can average about $25-$65 a day, translating to an expense of approximately $500 a month. Luckily, working from home reduces the need for these additional costs and allows you to be there for your furry friends.
Cost Of Housing
Working remotely can come with the freedom to live wherever you want without having to consider the daily commute to an office. Relocating from big cities likely means more affordable homes or apartments, larger square footage, and additional savings for you.
Moving into suburban communities can also offer savings on renters and homeowners insurance, lower utility rates, and more affordable options for dining out.
Working in an office, regardless of the dress code, requires owning “work” clothes. Spending on new outfits, shoes, and additional accessories needed due to wear and tear quickly adds up. On average, people spend about $200 a month to maintain a professional wardrobe.
Additionally, some clothing items have to go to the cleaners which adds on another bill. Working remotely comes with the benefit of being able to dress more comfortably and avoid wearing items that require dry cleaning.
The money you save from eliminating additional expenses can be used towards building your savings account, making additional payments towards debt, or opening an investment account to help generate additional income. While it may take time to adjust to a new norm, the savings can be significant and have an impact on your future financial well-being.