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You Can Save a Lot of Money By Working From Home

Working from home definitely has its perks. For employers, it makes sense to have their workers do their jobs remotely. The company saves on costs related to Office space, the talent pool is no longer restricted by worker location, and it’s believed remote work increases employee productivity.

But what about the workers themselves? Besides the physical, emotional, and work/life advantages, remote employees also benefit financially. You might not expect this to be the case since working from home means you have to purchase your own supplies.

On the whole, though, employees can save several thousands of dollars every year when they no longer have to be in the office.

Food

If you bring food from home, then your food expenses won’t be so terrible regardless of whether you work remotely or at the office. But the temptation to eat out can be surprisingly powerful. Think about it. Which would you rather have every day – the same cold sandwich or a choice of hot meals?

Even if you only eat cheap fast food, it eventually adds up. Those $5 lunches mean you spend a minimum of $25 every week, which turns into $1,300 every year. Throw in your daily coffee, and that adds on a few more hundred dollars.

On the other hand, to eat at home costs around $2 per person per meal. For work-time lunches, that’s $10 a week and $520 a year. Big difference.

Makeup

This isn’t generally an expense men have to worry about, but most women in the workforce wear makeup to look more professional and improve how clients and employers view them. Others wear it simply because it makes them feel better about themselves.

Whatever the reason, that stuff gets expensive. Some women wear very little and prefer cheap brands, while others put on just about everything from the top brands available on the market.

One study found that, on average, women leave the house with $8 of beauty products on their face every day. That adds up to around $300,000 over the course of a lifetime. That amount can be more or less, depending on where you live and what you buy.

For a typical five-day work week, that $8 average adds up to nearly $2,100 in savings every year if you switch to remote work full-time.

Transportation

Between gas prices and vehicle repair or maintenance – or public transport, if that’s how you get around – there’s a lot of money to be saved by working remotely where transportation costs are concerned. Wear and tear on your car is greatly reduced, cutting down how much you have to spend to replace old parts.

As of October 2018, the average price for a gallon of gas in the United States is $2.85. Say, for example, you have to refill your tank three times a month and your car holds 16 gallons. That’s $45.60 per fill-up, $136.80 per month, and $1,641.60 a year spent on fuel alone. Throw in a few hundred dollars on various car repairs, and you’re over $2,000.

Child Care

Workers with young kids will especially benefit from doing their job at home. You may still need someone to keep the kids busy while you work, but your older children, spouse, and friends or family could help out. Even if you pay them, it won’t cost nearly as much as professional childcare.

Depending on where you live, costs can vary greatly. As of April 2016, Mississippi is the cheapest state with annual expenses totaling around $4,800 – although, that’s still around ten percent of the Median Family income. Washington, D.C., was the most expensive at nearly $23,000, or around 35% of the median family income of that region.

Clothes

If you’re working at home, your co-workers and your boss aren’t going to worry about what you’re wearing. You certainly don’t have to make sure your suits are pressed, and you could be sitting there in your pajamas, for all anyone cares.

Not only will this save you hundreds or possibly thousands of dollars a year simply because you don’t have to buy expensive dress clothes, but it will also save a lot of time. You won’t have to do as much laundry, and neither will you have to take the time to press your clothes or run them to the dry cleaners.

Related: Finding Motivation

Tax Breaks

Believe it or not, working from home may mean you’re eligible for certain deductions when tax season rolls around. Most notably, if your home office space is used regularly for business-related activities, you might be able to deduct property taxes, mortgage interest, some utilities, and homeowners insurance.

For those who use their personal vehicle for business trips, be sure to keep track of how much you spend on hotels and meals as well as how many miles you’ve driven. If your employer reimburses for some of these expenses, you won’t be able to deduct them, but anything else may qualify.

Other work-related costs, such as supply runs and equipment replacement, may also be eligible for tax deductions. Save all receipts for these kinds of expenses, and keep records of what was bought and for what purpose. These records could include itemized receipts, bank or credit card statements, or canceled checks. If you use cash, get a record of the employee’s name, the amount spent, and the date of the payment.

The post You Can Save a Lot of Money By Working From Home appeared first on Wfh Office.



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You Can Save a Lot of Money By Working From Home

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