5 Hidden Savings Opportunities When You Work From Home

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Hidden Savings Opportunities When You Work From Home

Working from home has become increasingly popular in the last few years. Teleworking has never been more prominent, with many people opting for a permanent position from their residence rather than the office. 

Workers are likely enjoying the pros of working from home, like skipping their morning commute and staying in their pajamas all day. But the benefits of teleworking don’t stop with just getting an extra hour of sleep and wearing comfortable pants all day. 

When you work from home, you can save a lot of money. Everyday purchases you would make while working from the office no longer apply when teleworking. 

So what are some hidden savings opportunities when you work from home? Let’s find out.

#1 – Low-Mileage Drivers Can Save on Insurance

Your insurance company sees a risk each time you drive your vehicle. One of the most significant risks is commuting to and from work since many people must drive during rush hour when traffic is heaviest.

Working from home removes your work commute, which lowers your risk factor with your coverage provider. On average, cars used less than 50 miles a day can qualify for significant savings from their insurance company. 

Speak to your agent to determine if your insurance company offers a low mileage discount. Though not all companies provide these savings, you can certainly check into other companies and ask about their rates. 

#2 – Driving Less Means Fewer Car Repairs

Insurance isn’t the only savings you’ll find for your car while working from home. Since your commute has become non-existent, you will be putting fewer miles on your vehicle.

Fewer miles mean less maintenance, which in the long run can save you money. You will likely find yourself going longer between oil changes and tire rotations, as your car is seeing much less wear and tear. 

Driving less can also extend the life of your vehicle. Replacing a car can be extremely expensive, and going longer without having to do so can mean considerable savings in the long run. 

#3 – Food Cost Decreases When Teleworking

While in the office, it’s likely you choose to purchase your lunch or even a cup of coffee multiple times a week. Though the initial charge may not seem like much, buying these items can quickly add up to a large sum of money each week.

When working from home, you’re less likely to spend money on unnecessary purchases such as eating out. Because your kitchen and coffee maker are located only a few steps from where you’re working, it becomes much easier to grab something you already have rather than spend money. 

You can lower the temptation to purchase things like lunch or coffee even further by preparing them ahead of time. If your coffee pot has a timer, set it to be ready each morning when you wake up. Rather than being tempted to run out and purchase a cup of coffee, you will already have some freshly brewed and waiting for you.

Lunches can easily be prepared ahead of time, whether you choose to cook them the night before or take one day to prepare for the entire week. You can easily prepare a ready-to-grab lunch to avoid any temptation of ordering food. 

You may even find yourself more willing to cook dinner than when you were commuting to work. Depending on your hours, it may have been difficult to motivate yourself to cook a meal after working all day and sitting in traffic. Opting to order out and have food delivered may have seemed like a quicker and easier choice. 

By working from home, you are eliminating your evening commute. This can provide more motivation to prepare a nice meal and save you money on dining out. 

#4 – Working From Home Can Cut Clothing Purchases

When you have to come to work in person each day, you likely spend a lot of money on your clothing to look nice and put together. While there is typically no rule as to how much you need to spend on your work attire, many people feel they should present themselves a certain way at their job.

Much of the pressure to keep up appearances has disappeared when working from home. Though you should still present yourself well if required to attend video calls or meetings, you are still only seen from the waist up. 

Keeping a few nice shirts for meetings will likely be all you need while teleworking. Rather than worrying about shopping for new clothes for the office, you can save that money to spend on something else. 

You may also save on laundering your clothes when teleworking. Dry cleaning can be a significant recurring expense you can now avoid.

#5 – Save on Care for Your Dependents When Teleworking

Dependents can mean something different to everyone. You may have children at home, pets, or even a loved one that needs care. Working from home allows you to save on their care if you have dependents.

If you have pets at home, you may spend money on pet sitters or dog walkers if you work long hours outside of your house. However, with teleworking, you are now more available for your dog or cat, eliminating the need for extra care and saving yourself money.

Children may have needed to attend day care to avoid being alone during work hours. By working from home, you can keep your kids with you and avoid paying fees for child care. 

No matter who your dependents are, teleworking allows you to care for them yourself and save money in the long run. 

Save Money With Teleworking

With so many people teleworking as of late, it’s not hard to see all the pros of working from the comfort of home. Whether it’s the less stressful mornings or the joy of not worrying about what you will wear, working from home has dramatically changed the work-life balance. 

But many people may not realize how many savings opportunities are available when teleworking. From saving on work-from-home insurance premiums to clothing costs, working from home can help you cut back on many expenses you may have never thought about.