Working in an office environment can certainly have its benefits — catered lunches, company-purchased office supplies, but do the perks outweigh the potential to save lots of money?
How Much Money Do People Save While Working from Home?
Working from home adds plenty of importance to your life because it saves you time, money, stress, and more. So we wanted to dig a bit deeper into how and why you’ll save cash working from home. Below mentioned are some areas where it’s possible to save lots of money while working remotely.
1. Commuting Costs
The average commuter spends between $2,000 and $5,000 per annum on transportation costs. Commuting by car costs higher than commuting by public transportation. Costs here include:
Gas – In 2018, the typical household spent $2,109 on “gasoline and other fuels,” as stated by the Bureau of Labor Statistics (BLS). That’s a hike of 7.2%.
As an at-home worker, you’ll spend way lesser on gas. You won’t spend zero, of course. There are still errands to run and road trips to enjoy. But you won’t spend nearly the same amount because your commute is as close as the living room or kitchen, wherever you decide to set up your home office. And you certainly won’t be needing long hours of commuting for that!
Car Maintenance -Owning a car means you have to deal with the maintenance. Oil changes, tire rotations, and other unexpected needs can affect your car. In addition, unpredictable extreme weather conditions can impact it.
As a distant worker, the percentages are pretty good that you will not be driving a lot every day. The less you drive, the less wear and tear your vehicle goes through. Therefore the minor wear and tear, the less often you’ll have to get maintenance done.
Working in an office, even with no strict dress code or a casual dress code, means you would have to invest in “work” clothes. That might mean suits, ties, “business casual” items, or other professional apparel. In 2018, the typical household spent $1,866 on “apparel and services” to buy clothing and keep it clean. Yes, dry-cleaning is no longer a cheap service!
While you must buy and clean your clothing when you work at home, you most likely don’t need a closet full of suits and khakis. Casual but smart-looking clothes are usually enough. You mustn’t generally clean these varieties of clothing. Throwing them within the wash on laundry day is typically adequate.
3. Eating Out
You are probably aware that eating out for lunch and buying coffee frequently can add up fast. This is often a discretionary cost that may amount to many dollars over a year. In 2018, as an example, the BLS reports that the typical household spent $3,459 on “food off from home.”
Even if your office provides the most effective coffee within the world and lunch meals, don’t forget that the impact of commuting can wear you out and affect your willingness to cook a healthy meal at the end of the day. Many weary commuters pick up unhealthy fast food on the way home because the thought of pulling together a meal after an exhausting day is simply demotivating.
Eating at home, without a doubt, is healthier and cheaper. When you have finished working from home, you will still have the energy to pick the foods you prefer, avoid those you dislike, and eat whenever you please. And, with the kitchen appliances handy, you’ll be able to brew your cuppa any way you like!
4. Tax Breaks
If you’re a freelancer or self-employed, there are some tax breaks you’re likely eligible for. These tax breaks can include:
• Home office deduction
• Healthcare expenses
• Pass-through deduction
• Retirement contributions
• Depreciation of apparatus
Taxes are tricky! And, as always, when unsure, contact a professional for help.
5. The Environment
Technically, this doesn’t prevent any money loss. But it does help save the environment, which will be worth plenty of extra dollars in your pocket.
A study from 2018 points out that since working remotely became a norm during the pandemic; it prevented nearly 3 million tons of greenhouse gases from being released into the atmosphere.
Start saving today with our remote job opportunities.
It’s hard to place a dollar value on some time, but if you observe these statistics, the number of hours you save engaging from home rather than in an office really adds up in dollar amounts.
If you’re trying to find a work-from-home opportunity, Legalproof.com can help! Please take a look at our job postings and find a remote job that may facilitate your saving more cash.