Working from home, or remotely, has become increasingly popular. Almost twenty percent of workers now work from home. Most people with a traditional nine-to-five job are unhappy in their roles, but working from home can increase employee morale and help employees feel like they have more control of their day and have some of their time back.
Whether you’re in the computer technology or accounting industry, you can benefit from working from home and even be more productive when performing tasks. Although working from a home office requires a certain level of technological savviness, you can reap the benefits once you know your workflows. One of the benefits is the money you will save.
If you’re working towards improving your finances or saving money, you can take advantage of working from home to help you achieve your financial goals. Here are five ways you can save money by setting up a home office and getting to work.
Less Eating Out
One of the best ways to save money is by eating out less. You may already have a system that helps you save money when working in an office building. You may bring your lunch from home or have a lunch budget based on employee discounts. But you still have the temptation of grabbing a quick bite at the nearest restaurant when you’re short on time or unable to get to the grocery store.
If you’re a person who eats out every day for lunch, you will see the greatest impact on your finances. By working from home, you can save money and eat leftovers or food you’ve already purchased. Most people will buy groceries and eat out at restaurants several times a week. Time is often the issue, as running late for work will cause you to skip packing a lunch or making coffee at home.
Working from home allows you to skip restaurants and eat and drink your coffee at home. The average American spends about 40 dollars a month on coffee. That 120 dollars per year of potential savings on coffee alone. Eating your meals at home in addition to eliminating the coffee runs can save you much more. If you buy your own snack or if you’re a regular at JerkyBrands.com, you can avoid the office vending machines and the heavy traffic during the lunch hour. It’s a win-win.
No Commute
The morning commute is a major contributing factor to the stress associated with a nine-to-five job. Most people go out of their way to avoid high-traffic areas. But you can save time, reduce stress, and save money on gasoline by eliminating the commute and working from home.
The average commute is about 25 minutes, which would give you almost an hour back in your daily schedule. You could use that hour to cook or meal prep so you have food ready to eat at home, and you can put the extra money toward your financial goals. You don’t have to experience the heavy traffic and long lines during the “lunch hour”, and can enjoy your entire break from the comfort of your own home while keeping more money in your pocket.
Decreases Your Clothing Budget
Whether you’re into fashion or not, you probably spend a significant amount of money on clothes for work. Office jobs generally require business casual dress, and several factors might cause you to need to purchase clothes regularly.
Weight fluctuations, wardrobe malfunctions, and laundry accidents can all keep you in the retail stores or on websites shopping for more clothes. But you can wear anything you want while working from home. Comfortable and loose clothing can help boost your productivity and your savings account.
After School Care
Saving money on child care is always a plus. The average household spends over a thousand dollars a month on child care. Depending on the age of the child, you can save thousands of dollars a year on childcare alone.
You will have the option to keep your kids at home while you’re working. You will also save more on gasoline by eliminating the commute back and forth to daycare or after-school programs.
Eliminates Office Spending
Anyone who’s worked in an office setting or corporate background knows how popular office parties and potlucks are. There’s always a birthday, anniversary, or holiday to celebrate which means more money out of your pocket. It may not seem like much when you’re just donating five dollars to the coffee fund or going in on a present for boss’s day.
But if you add up all the extra expenses for office occasions, it can be a significant amount over a year. Of course, you’re not required to participate in these celebrations, but working from home helps you avoid office spending altogether so you can save more.
Final Thoughts
Remote work has become increasingly popular, with millions of people happily working out of a home office. Although some employers have moved to a hybrid model where some in-office attendance is required, most realize the benefits of letting employees stay home. One of the best benefits for the employee and employer is the opportunity to save more money.
You can save more by eating out less, eliminating a daily commute, and decreasing your clothing budget. You can also eliminate childcare costs and office spending. Working from home can benefit you and your entire household as you save time, increase the margin in your budget, and increase your productivity.