In many ways, our home life is affected by our daily routine for work. Between the time we wake up, go to work, and return home, we all have specific details and complexities that make up our daily schedule and affect our personal lives.
When people start to work from home, however, the change in work routine can start to impact life outside of work.
The number of people working from home has increased significantly of late, but there have always been those who would prefer it, given the choice. After all, the potential benefits can be very enticing.
You can sleep in longer with no commute, you need less time to get ready in the morning, and you can get household chores done on your breaks. One thing that many people don’t consider, however, is how working from home may actually be saving them money. A major way you save money is that you pay less for car insurance when working from home.
When working from home, the average person uses their utilities a lot more than usual, like gas, water, internet, etc. This might encourage some to look for cheaper deals and ultimately save them money. Switching broadband providers could result in you getting a cheaper package with faster speeds. There are lots of helpful guides on switching broadband providers available.
Part of our daily work routine may involve spending money but, when you are working from home, many of the expenses you normally incur can be easy to cut. Here are four ways your bank account may benefit when you are an at-home employee.
#1 – Fewer Food and Beverage Purchases
For those with a busy schedule, convenience is king when it comes to saving time every day. Some of the most often utilized time savers are fast food and drink. After all, preparing coffee, breakfast, and lunch can use up valuable time in the morning that might be better used on something else.
The problem with convenience is that it comes at a cost.
Coffee prices can range from two to five dollars per cup or more if you choose a specialty brew. The cost of breakfast and/or lunch will obviously vary, depending on where and how much you order, but it certainly isn’t out of line to suggest $10-$15 per meal.
On top of all that, it is very easy to end the workday and decide to stop for a drink, with your co-workers, on your way home. Even with only one or two drinks, you are likely looking at a $10 minimum after you tip your friendly bartender.
All of these costs can be significantly reduced when you work from home. Not only do you have more time available to prepare your morning cup of coffee, but you have more convenient access to the foods and other drinks already in your home.
There is less temptation to purchase food outside of your home when it isn’t conveniently on your way to work. Eating and drinking the products you already have is an easy way to save money when working from home.
#2 – Less Gasoline and Car Maintenance
Gas prices are no longer $0.65 per gallon, and they have not been for quite some time. If you have a job where the company building is not close to your home, your bank account may be draining alongside your gas tank.
Working from home effectively eliminates the miles and thus the gas cost that you would normally use when going to your physical work building. Especially for those working a full-time job, five days per week, these savings from avoiding the pump can add up quickly.
In addition to the money being saved on gas, there is the condition of your vehicle itself to consider. Obviously there is less use and fewer miles being driven when you work from home. This could mean you need your oil changed less frequently or that you can go longer between routine maintenance appointments.
Using your vehicle less can help you save on gas and maintenance, but saving miles can also prolong the life of your car. This might be the biggest savings of all. The more years you can get out of a car, the less often you need to buy a new one and, as we all know, cars can be expensive.
#3 – Lower Insurance Rates
Gas and maintenance costs aren’t the only areas you can cut by commuting less frequently. One of the most under-utilized savings potentials is lowering your car insurance when you’re working from home.
From the standpoint of insurance companies, the likelihood you’ll be in an accident increases as you drive more miles. With that in mind, it is fair to say your insurance rate is affected by the number of miles you intend to put on your car every day. In some cases, you may even qualify for “pleasure use car insurance.”
Working from home means that you are significantly cutting your mileage down by not having to commute to work every day. Fewer miles driven leads to a lower risk of accidents which then will lower insurance rates, and this ultimately leads to greater savings for you.
In addition, there are insurance plans that offer a pay-per-mile option. In these plans, you are essentially purchasing your insurance plan based on an exact estimate of the number of miles you drive.
Working from home does not mean that you’ll never drive but, if you don’t run a lot of errands or go on many trips, per-per-mile plans may be worth looking into.
The best thing you can do to find cheaper car insurance when working from home is shop around. Be aware of your situation in regard to how many miles you drive, and then compare different plans to see what’s right for you. This can be one of the simplest steps to save.
#4 – Fewer New Clothing Purchases
Depending on where you work, you might have an office dress code. It could be a button-up shirt and tie for men or a blouse and blazer for women. Whatever the fashion rules are, they can end up forcing you to spend money updating your closet periodically.
Working from home doesn’t mean that you need to go from a chic wardrobe to a fluffy bathrobe, but it may mean that casual clothes are adequate for your home workspace.
Depending on your job, you may still need more business-like attire for things like video conferences. These are likely to be less frequent, however, if you are working from home, so you will not need as many clothing options.
Wearing clothes that are comfortable and still help you to feel professional and productive, are important when working from home. Luckily, clothes in this category are probably already in your dresser drawers or hanging in your closet, so you can save money by not having to purchase new ones.
Make the Most of Your Work-from-Home Situation
When people are forced to work from home, whether in a cost-cutting method by a company or a way to prevent the spread of sickness, there can be a lot of negative ramifications. If you begin to look for the positives, however, a big one that you may find is the money you are saving.
By cutting down on things like food and beverage purchases, gas and maintenance costs, insurance rates, and clothing budgets, you can effectively put money back into your wallet. This savings may not seem big at first but, over time, it can certainly add up.
Your newfound savings can put a positive spin on a situation where you might be required to work from home. In time, you can learn to manage your money in order to either enhance your current lifestyle or plan for the future.
Both of these positive outcomes can help you see working from home in a whole new light.
