The Financial Benefits Of Working From Home

If you’re already working from home, perhaps because you’re a freelancer, or maybe because your boss permits it, you will already know how wonderful this can be.

You can work in your pj’s if you feel like it. You can spend more time at home with your family. And you can answer all of your emails from your bed if you want to. Working from home: It’s the dream, right?

Yes, it is, most of the time anyway. But beyond the benefits we have just listed, there are other advantages to working from home too. When you work from home, you can also benefit financially, and in this article, we are going to list just a few of the reasons why.

#1: You don’t need to pay commuting costs

If you’re working from one place, you don’t need to pay for those commuting costs that are attributed to car, bus, or train travel. The biggest distance you will be traveling at home will probably be from your home office to the bathroom or kitchen, so other than ‘spending a penny’ (a UK term for going to the loo), you won’t have to bear the burden of any kind of travel cost!

#2: You can lower your car insurance

When it comes to your car, your commuting costs aren’t only based around your fuel usage, as you might face a rise in your insurance premium too. Many insurers charge their customers more if they do a lot of miles, but if you don’t have to use your car to travel to work, you will be traveling a lot less. This means your insurer might lower your premium, so give them a call, and let them know that you’re working from home now and not traveling to and from work each day. Here are some other ways to lower your car insurance on a regular basis.

#3: There will be less wear and tear on your car

Here’s another reason why not using your car to travel to work is a good thing. By using it less, there will be less wear and tear, and this means fewer trips to your local garage! And because you won’t be venturing out onto busy roads and highways, you won’t be putting yourself at risk of an expensive car accident, so working from home can be both a life and a money saver!

#4: You will face less disruption to your work

At the time of writing, many business owners and employees have faced disruptions because of the coronavirus. Because of lockdown, many people have suffered income losses. However, if you are already working from home, it might be that you have been able to override this disruption, as you are already geared up to work remotely. The same applies to other freelancers and business owners who have remote setups in place to reduce the blow of the coronavirus. But going beyond this topical problem, you are already in the perfect position to keep working when bus and train strikes rear their disruptive heads, or when business premises are closed due to natural disasters. By working from home, you don’t have to deal with any income losses because of problems such as these.

#5: You can save money on food

When you work from home, you don’t need to visit the local sandwich shop or fast food joint for lunch. You can eat what you already have at home, and while you will still need to buy food for your lunches, you won’t be paying the expensive prices that some takeout stores charge. And because you’re working remotely, there is less chance of you being invited out for a meal after work by a colleague. Of course, you might consider this a bad thing, but then again, if you want to save money, and if you don’t want to feel forced into saying ‘yes’ to go out for a meal, you might still consider your home-based position a good thing.

#6: There will be fewer clothing-related expenses

Despite what we said in our introduction, you should still get dressed each day. While sitting in your pj’s all day might seem like a nice idea, you might struggle to get into work mode. Oh, and it’s more than a little unhygienic too, as the people who live with you will probably tell you! However, because you won’t be traveling to and from work, and because you won’t be having a lot of face to face contact with colleagues and clients, there will be less need for you to buy new work outfits on a regular basis as you won’t have to dress to impress.

#7: You won’t be tempted to spend money

Because you’re working from home, you won’t be passing any stores on your way home from anywhere. That means you won’t be tempted to do more than just window shop, and you won’t have cause to suffer yet another dent to your credit card or bank account. Of course, you might still be tempted to do a little bit of online shopping in your downtime at home, but especially if you are working for yourself, you should always remind yourself during these moments that you will one day have to pay your tax bill. Let that be your incentive to curb your spending. Still, while this shouldn’t give you encouragement to spend, here are some ways to save money on your business taxes.

#8: You will be able to make more money

As you won’t be wasting time on the daily commute to and from work, you will have more time to get on with the serious business of making money. You should face fewer distractions too if you have no work colleagues distracting you, so you should be more productive (just remember to tell your friends and family that you are working, however). And while we have thus far assumed that you work entirely from home, it could be that you take on a side-hustle at home, even if you are leaving the house for a day job. This way, you will be able to boost your income.

Thanks for reading and happy financial savings!

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