The Financial Benefits Of Working From Home
More and more people do work from home in the new light of the current pandemic. And guess what? It turns out that work from home has its advantages. Over half of employees claim they would like to continue working remotely in the future.
Along with other benefits, one of the most important is a financial advantage.
#1 Dramatic reduction of work expenses
Once people experience work from home, they actually realize how much money they spend when working away from their homes. Just gas saves can save you several hundred dollars per month, or even more depending on how far you need to travel.
The very next thing that saves you money is that you have to spend less money buying coffee or eating out. This can quickly and rapidly grow up your expenses. Just calculate how many coffees you have bought in a month. In a year, it could go over $700.
You can also save on other unforeseen expenses, including dry cleaning, new clothing, and so on.
#2 Tax deductions
When we think financially, many traditional employees are not in a position to benefit from home office tax deductions. However, those that fit in requirements can qualify.
#3 Plenty of time for other business ventures
Working remotely gives you more flexibility, which means you can always earn some extra cash, making your financial situation even better. And the best part is you do not need to sacrifice too much time – just to explore other remote earning methods.
Starting freelance services or diving into an SME venture may grow your wealth, while regular work in office space leaves you not much time for these ventures.
#4 Cheaper insurance
If your commute has changed, most car insurance companies will work on cheapen your car insurance. So if you work from home, give a call to your insurance company and inform them you changed your commute and they will offer a significant discount.
#5 Flexible hours
As mentioned above, working from your home means you have more flexibility, that is, to be your own boss. If you are working an hourly wage and if you decided to work this month less, it means you will have more free time and a chance to earn money in other ways.
There are big money saving advantages for you if you choose to work from home.
#6 Move to one car
When you work from home, you can consider becoming a one car family. As you are not that much in need of a car to travel to your job, one car is enough for your family, which drastically reduces your expenses.
When we speak financially, working from home has become the best option that people recognized not only because of the economic aspect but rather because of all other benefits it has to offer. Everyday working routine demands coffee, eating out, gas, and other unforeseen expenses that can easily eat away your budget without knowing where the money has gone.