Remote employment doesn’t just save you minutes while you avoid the morning and evening commutes. Besides skipping rush hour and office interruptions, working from home saves money, and not an insignificant amount. GlobalWorkplaceAnalytics estimates that the average remote workers saves between $2,000 and $7,000 annually. Thousands of dollars saved each year. So how does it break down? FlexJobs crunched the numbers and found the following:
- Gas: Approximately $700 per year
Based on federal data, the average worker commutes about 60 minutes total to and from work at a total distance of roughly 60 miles. The average cost of gas nationally was about $2.20 per gallon as of their report, according to AAA. With a car that averages 25 mpg, you’d spend around $700 a year on gas. Cut that commute and shave off a significant yearly expense. Not to mention reducing your carbon footprint—you’ll save on environmental impact too.
- Car Maintenance: Approximately $750 per year
AAA averaged and estimated this annual cost of car upkeep, based on routine repairs and recommended maintenance. Factor in the significant decrease in your risk for commuting accidents and associated costs of repairs, and the savings is even greater.
- Dry Cleaning and Laundry: As little as $500 but up to $1,500 per year
Cost of dry cleaning varies due to geographic location as well as material and cut (women’s shirts cost more than men’s, for example—a clear example of a pink tax). Business Insider estimated the average household expends $500 per year on dry cleaning, while PopSugar which has the pulse on female lifestyle estimates it higher—on average $1,500 per year.
- Lunches, Snacks and Drinks: $1,000 per year
Most of us already know that eating out and buying $5 coffee drinks and $10 lunches adds up fast. It’s a choice that not everyone makes, but it’s certainly part of corporate culture to “grab a coffee” or “meet over lunch” oftentimes not reimbursed or compensated by an employer. FlexJobs estimated the cost and thus savings based on $10 of combined coffee and lunch, purchased twice a week. At $20 a week, that’s $1,040 in one year.
- Office Attire: Nearly $1,000 annually
The Bureau of Labor and Statistics research on consumer spending patterns estimated the amount that professionals spend on their work wardrobe at nearly $2,000. Considering there are extreme price-point differences in what people spend on clothing, FlexJobs assumed the professional worker spends somewhere in the middle of that estimate annually, at $1,000.
Working from home has numerous intangible benefits, especially for retirement age professionals who want to continue working albeit at a more flexible pace, hour range, and location. But here we see remote employment has plenty of tangible benefits too. Thousands of dollars saved, decreased carbon footprint, and less risk of commuter accidents, not to mention hours of time each week saved. Have you personally experienced savings since becoming a remote worker? Please share and comment below!