For years now, we’ve been hearing about the many benefits of working from home: increased flexibility, greater work-life balance, reduced commute, even improved productivity. It’s no surprise that now 70 percent of professionals around the world work remotely at least one day a week, with 53 percent working remotely for at least half the week.
However, what we often don’t discuss when we talk about working from home is the many ways that it can save you money. And it’s not just pennies—a recent MarketWatch article estimated you could keep $4,000 a year in your bank account just by staying home to work. How?
Let’s start with your commute. You’d be buying less gas and putting fewer miles on your car, reducing your overall transporation expenditures by at least $400, according to MarketWatch. You’re also likely to make coffee and lunch at home, saving you upwards of $1,000 each year. (One report found the average American spends $3,000 a year on coffee and lunch out!)
Then, of course, there’s your business attire—or lack thereof. Don some machine-washable clothes and slippers and you can save tons on dry cleaning, not to mention you wouldn’t need to add, replace or repair expensive business suits and shoes. Those who wear makeup, too, could see savings—up to $400 annually, MarketWatch suggests, even for those who didn’t wear much to begin with.
While you might be buying your own office supplies, as well as paying for your own phone, Internet and other office-related services, you can deduct all of these expenses from your taxes to help defray the cost.
Of course, these are just some of the ways remote work can help you keep your dollars in your bank account. What are some of your tips for saving money and maximizing your resources while working from home?