While the COVID-19 pandemic forced many people to leave their office and work from home, some have found that they enjoy the change and prefer it to being in the office.
While working from home can be enjoyable to some, it can also have many financial benefits, as many have discovered during the pandemic. From reduced food costs to more affordable usage-based car insurance, working from home is an excellent way to save money. Here are five ways you can do that.
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#1 – Saving Money on Food
Working from an office and commuting every day can entail many hidden costs you may not originally think of. One of these costs is food. Many people spend their lunch break going out with others and buying food from a nearby restaurant.
While some people often bring their own lunches from home, everyone seems to go out from time to time. While these lunches may not seem like a very large expense, they add up over time.
Eating lunch at home is a much cheaper alternative to eating out. Taking your lunch at home allows you to save a lot of money, as you can eat inexpensive meals. Making a meal at home versus purchasing the same meal at a restaurant may feel harder to do at home, but making that meal yourself is usually cheaper in the long run.
Even something as simple as coffee can eat into your wallet quickly. What may seem like a throwaway $5 purchase every morning before work can quickly add up to a large monthly expense. Making coffee every morning at home, however, is a far cheaper alternative.
#2 – Not Spending as Much on Clothing
Another way to save money working at home that many do not consider is in the clothing department. Many workplaces require employees to follow a dress code, but even if yours doesn’t, the social statement your clothing makes when in public may drive you to purchase more than you really need.
Many of these dress codes require you to purchase expensive business or business casual attire. While it’s possible to find good deals on this type of clothing, it will likely begin to burn a rather large hole in your pocket before too long.
Working from home allows you to essentially work with no dress code. While some people may need to occasionally engage in a type of video chat with their colleagues, this form of communication only requires your upper torso to be visible and doesn’t require as much attention on the rest of your body.
As a result, you can wear practically whatever you want when you work from home; you can even work in your pajamas.
This change may not seem like it would be a way to save money, but not having to wear business clothes at the office every day means more uses for those outfits, uses you can save for weekends, special occasions, and more without the need to buy new ones.
#3 – Saving on Gas and Travel Costs
A major way that people save money when working from home is by not having to commute to work every day. Gas prices rise and fall, but with the recent attention around inflation, you’ll be spending more to commute to work today than you would have spent a year or two ago.
This is especially true if you find yourself filling up your tank every morning on the way to work. While not having to commute to work won’t completely get rid of having to drive and pay for gas, it will significantly reduce the amount of gas that you will need to purchase.
Getting rid of your commute is a significant way to save money and is one that many people will notice rather quickly. This money-saving tactic often results in large changes in the amount of money saved, freeing up extra cash to be spent elsewhere.
Without this amount of savings, those who work from home may be able to plan extra vacations or spend the money on something else they’ve always wanted. Not having to commute to work anymore is an excellent way to save money, and working from home is the easiest way to get rid of this commute.
#4 – Saving on Car Insurance
Working at home means that you will likely drive less, which will result in your car insurance costs going down. This is another change that can potentially save you a great deal of money, allowing you to spend it elsewhere on things you enjoy.
The annual amount of miles you put onto your vehicle factors into the rates you pay. The daily commute from home to work can add up to be a large portion of your miles every year, so eliminating your commute can greatly reduce your number of annual miles by a noticeable amount.
The less you drive, the smaller your chances are of getting into an accident while on the road. Car insurance can be costly, but it is a necessary expense, so usage-based car insurance can save you a great deal of money every year when you work from home.
#5 – Saving on Childcare
For those who have children, finding a place for them to stay while you are at work can be difficult. Many parents have to send their children to after-school programs. These programs can, at times, be costly, depending greatly on their quality.
No matter the cost, most of these after-school programs or day care institutions require parents to pay for their children to stay.
While working from home, many people are able to watch their children on their own. While they still have a great deal of work to do, it can be done anywhere in the house. This means that working from home can help you take care of your children while getting work done.
Being able to take care of your kids from home while you work means you’ll no longer need to pay these expensive day care fees.
Working from home allows many people to better balance their work life with their social and home life, but the financial benefits are as clear as day. From saving on car insurance to saving on clothing costs, working from home is sure to let you keep a lot of extra money for yourself.
By identifying these areas where you can potentially save, you’ll soon find that you will be spending much less.