You might miss the workplace right now if you’re working from home because you have to, not because you want to thank the pandemic.
We understand that catering lunches and complimentary cappuccinos at work might whet your hunger more than the meals you’ve been preparing at home.
While you’re undoubtedly aware that working from home saves you money, have you taken the time to calculate how much you’re saving?
The total cost depends on where you reside and the decisions you make. But, remote working does save you money, and that’s a fact.
What Is Remote Working?
When employees do their jobs from any location, a central office, which an employer operates, is called remote working.
Such locations could include an employee’s home, a private office, a shared office, or another area outside the office campus.
Remote working has been a rage since the COVID19 pandemic, and more and more employees are opting for this option because it is time-saving and cost-saving.
How Can Remote Working Save You Money?
We all know that remote working saves a lot of money, but why?
We have illustrated some fundamental reasons how remote working is pocket-friendly.
Let’s take a look:
1: Laptops And Internet
Even if it is unlikely that employees will pay high additional costs, several businesses are investing in preparing their staff for remote work.
For example, Bungie, a video game developer company, took contingency preparations for the pandemic several weeks before shifting its employees to remote work.
As part of the planning, the corporation purchased roughly 400 developer-grade computers and spent approximately $1 million to equip its staff to work from home.
They also paid for the internet bill, which means you can work from that computer without wasting your data and watching movies on pirate bay. Click here for more details on pirate bay.
2: Lower Commuting Cost
Commuting costs are the most obvious ones where the most money is saved.
Laura Forczyk, who works from home and operates her space consultancy firm Astralytical, realized this when she started working remotely four years ago.
She and her husband downsized their family from two cars to one, saving money on insurance and upkeep.
It also means she has more spare time on her hands because she isn’t wasting time commuting to work, which is a benefit you can also leverage.
Working in an office, even with a relaxed dress code, requires wearing “work” attire. Suits, ties, “business casual” items, and other professional apparel are examples.
In 2018, the average household spent $1,866 on “apparel and services,” including clothing purchases and maintenance.
Whatever it is, your clothes will become dirty, and you will need to clean them. You must also factor in dry cleaning charges because not everything can be washed, which is a significant benefit you will have in remote work.
4: Eating Outside
You’re surely aware that going out for lunch and buying coffee regularly may quickly add to your monthly expenses.
This is a purely optional expense that can add up to hundreds of dollars every year. According to the Bureau of Labor Statistics, the average household spent $3,459 on “food away from home” in 2018.
Even if your workplace serves the best coffee in the world and offers free lunch every day, keep in mind that commuting can have an impact on your inclination to eat outside.
Many times a tired commuter picks up pizza on the way home since the notion of preparing dinner at the end of the day is simply too much for them. If you work from home, this will be an added benefit.
5: Tax Break
If you work as a freelancer or self-employed person, you may be eligible for several tax savings. In addition, if you are a full-time employee who works from home, you may qualify for some tax benefits.
The following are examples of tax breaks:
- Deduction for a home office.
- Expenses for healthcare
- A deduction passed on to the customer.
- Contributions to a retirement fund
- Equipment depreciation.
Taxes are a minefield! However, if you work from home, these are some of the tax benefits you will have, and these tax savings are only accessible to remote workers.
Hence, we can conclude that remote working helps us save money. Maybe not all of these reasons will be in your favor, but if you work from your home, you are bound to witness at least 2-3 of these benefits.
So, if you need more information on these, let us know in the comment section below. We will get back to you with an answer in no time.