July 27, 2018
Work from Home: Save and Make Money at the Same Time.
Filed under: Work at Home Hacks
Working Solutions Has Immediate Openings in Sales and Service.
Working from home has many benefits, such as saving $1,000s a year on in-office expenses. And that money can be invested elsewhere, which equals a double payback.
Before working from home, I always kept track of daily out-of-pocket expenses incurred at the office. They included occasional lunches out, clothing and transportation. Based on 250 workdays, costs totaled $4,000.
All in all, expenses back then came to about 17% of my take-home check, which was substantial based on hourly pay.
Earlier this year, Brie Weiler Reynolds, a FlexJobs senior career specialist, estimated annual work-from-home savings. She calculated them based on six criteria:
- Gas – driving a 60-mile commute—$686
- Car upkeep – covering routine service—$767
- Dry cleaning – fluctuating by region—$500 to $1,500
- Food – eating out twice a week, plus two coffees—$1,040
- Office wear – Averaging consumer spending—$925
- Tax breaks – using IRS, home-office deductions—$750
Her overall savings: $4,668 to $5,668 a year.
Again, a considerable amount that instead could be used to pay down a mortgage or pay off a car loan.
And yes, there will be work-from-home expenses, but they amount to $100s spent here and there—not $1,000s allocated annually.
Like to run the numbers yourself? Check out Global Workplace Analytics, which researches remote work. Its site offers a Mobile Work Savings Calculator™, a good tool for remote employees or contractors, to estimate telework savings.