Working from home has become the new normal for many people. While some teleworkers may miss the office atmosphere, working from home has many advantages.
One of the most significant advantages of working from home is the savings you’ll notice. Everything from food costs to insurance rates can decrease once you start teleworking.
So what financial advantages are there to working from home? Let’s find out.
1 – Your Insurance Rates May Drop While Teleworking
While you may not think of insurance and working from home going hand in hand, you can expect to save on your coverage costs if you begin teleworking.
Your insurance company determines your premiums based on risk. So, if you have a long commute to work or must drive through congested traffic, this increases your risk of being involved in an accident.
However, if you are teleworking, you have removed this dangerous daily drive from your routine. Your insurance company will see this as lowered risk, meaning they will likely reduce your rates.
2 – Working From Home Saves on Food Costs
When you work in an office setting, you’re likely tempted to eat out for lunch a few times a week. Depending on their preference, some people may eat out every day of the work week.
Some don’t like the hassle of preparing a lunch to take to work. It’s also easy to forget your lunch if you’re running late and rushing out the door, causing you to have no choice but to order food.
Working from home allows you to drastically reduce your food costs since there is no worry of forgetting or packing a lunch to bring with you. Everything you need to prepare a delicious meal is only a few steps away.
If you work a job with strict breaks, you may find it easier to prepare meals ahead of time. That way, once your lunch break starts, you can quickly cook and enjoy them. Some people also enjoy meal prepping their food for the week on their days off by cooking a large amount of food and dividing it into containers for each day of the work week.
No matter how you prepare your lunch, you will notice a drastic reduction in your food costs while teleworking.
3 – Teleworking Can Help You Save on Child or Pet Care
If you have children or even pets that require care throughout the day, working from home can help you save money on these costs. Since you will be home during the day, you may not need someone to watch your kids or furry friends.
Nannies or daycares can be a costly expense, so being able to keep your children home with you while you work can save a lot of money. While you still may want them to socialize to some degree, you can likely drop them down from full-time care to part-time, saving you money.
If you have dogs at home, you may pay a pet sitter during the day to check on them or take them for walks. You can skip this service and do these things yourself when working from home, saving money in the long run.
4 – You’ll Spend Less on Clothing While Working From Home
Getting up daily and heading into the office means you must look your best before leaving the house. You likely have spent a decent amount of your paychecks on professional work attire.
When working from home, the need for such clothing is typically nonexistent. Outside of possible video calls, you likely don’t need to wear anything special while completing your daily tasks.
Even if you are participating in a video call, likely, you will only be seen from the waist up, meaning only a professional top is required. Since you won’t need specific clothing for your job outside of perhaps a few nice tops, the overall cost of your clothing purchases will likely decrease dramatically.
5 – Gas and Maintenance Costs Will Lower While Teleworking
Whether you’re driving a vehicle with good gas mileage or one of the top 10 cars with the worst fuel mileage, you’re likely spending a lot of money on fuel costs to get to and from work. If you travel long distances for work or have to drive during rush hour times, you’re probably using a lot of gas each day. When you are working from home, these gas costs no longer exist.
On top of lowered gas costs, your car will probably need less maintenance because you are putting less wear and tear on it. With your reduced driving, you will likely spend less on routine maintenance such as oil changes and tire rotations.
While filling up your gas or getting an oil change here and there may not seem like huge savings initially, they can add up over time.
Increased Savings While Working From Home
With teleworking becoming increasingly common, many people may sometimes find themselves missing the office setting. However, working from home has many benefits.
The savings you will see on insurance, food, child or pet care, clothing, gas, and routine maintenance can make teleworking a tremendous financial advantage.