Best Money-Saving Tips When Working From Home
It’s always a good idea to reassess your finances and funds so that you know where you stand in terms of expenses and income.
Whether you are working from home or do an in-office job, keeping a good eye on your finances saves you from a lot of trouble.
You may have been working from home on and off for the better part of these last three years, and thanks to the pandemic, it doesn’t seem to be leaving us anytime soon. It’s imperative now more than ever to see how well you’re doing in terms of your savings.
No doubt working from home may not be everybody’s cup of tea. However, there’s no denying that it helps you save a lot of money and compels you to make smart choices which otherwise an office job lacks. In this article, we have summarized some basic ways and tips on saving money when it comes to working from home.
1. Money Saved on Commuting to Work
Obviously, you’ll be spending a lot more on fuel or transport fare when you use public transport or drive to work. If you break down your expenses, you will come to know that a good chunk of your money goes into commuting back and forth from work. However, when you work from home, this expense either lessens or completely diminishes as you won’t have to spend a single penny on transportation.
Put this money in your savings account or buy a nice pair of shoes that you always wanted to buy but couldn’t because of your money issues. Simply put, no office, no fuel, no extra cost.
2. Money Saved on work attire!
According to research conducted by Chad Brooks, 35% of people spend a whopping $250 to $750 per year on office attire. For most of us, going to the office means more work clothes and more clothes means more cost in maintaining and keeping them clean.
If you do your laundry weekly, you can be spending $3 to $10 just dry cleaning your clothes. However, when you work from home, you don’t have to buy or maintain your wardrobe. A pair of relaxing Khakis or comfortable pajamas will do just fine. Money saved here is one thing, while comfort is another.
3. No Food Bills
While you still may need to buy groceries and food items when you work from home, your food bill is likely to drop as compared to working in an office. You won’t have to spend hundreds of dollars on buying lunch for yourself and your colleagues or ordering food and paying for food deliveries(which is an extra cost).
According to a report by BLS (Bureau of labour statistics), a staggering amount of $3,500 goes into eating out and making food deliveries by a single household.
When you work from home, be ensured that this extra lunch cost is likely to be reduced. Furthermore, eating at home is so much healthier than ordering pizza every other day. On one side, you are saving money by avoiding junk food while simultaneously ensuring good health as well.
4. Money saved on child care
If you are a working couple or a single parent with kids at home, you must be paying for babysitters or daycare centers to look after your kids while you are not at home. Well, while working from home, you can save this huge amount of money because you won’t be needing any daycare for your child. While you may need an occasional babysitter now and then, it will not cost you much. Bonus? You get to enjoy spending time with your family while you work. We bet no office can offer that.
5. Budget, budget and budget
This is perhaps the most important tip on saving money while you are working from home. Before starting any other activity, you need to see what your expenditures were before working from home and then compare the last 4 months’ expenditures (while you were working in an office) with your current working from home expenditures. This way, you can evaluate if you really are saving money. This is will also give you a good idea as to where most of your money goes.
No one can deny the benefits of working from home. The greatest takeaway here is that the money you save can now be spent on more crucial tasks such as paying off a student loan or any other debt – and this is just one advantage of working from home.