Many companies have started to offer work from home programs for their employees. It might not be all that bad for employees, but not many are accustomed to this option. If you happen to be one of them it could affect your compensation, particularly if you move to a low cost-of-living area but then have your compensation adjusted to that location.
Here are some ways you can save money while working from home. .
Get Reimbursed For Home Office Equipment
Many companies will now cover the cost of setting up your office at home. This might not include office supplies, like pens and paper, but it’ll likely cover a one-time setup for your desk, chair, webcam, computer monitor, printer, and other items that your home might not otherwise have.
You might also be able to get reimbursed for on-going expenses, like your high-speed internet, additional cell phone expenses, phone landline, utility bills, and others.
Don’t Treat Your Home Like The Office
Working from home will increase the cost of your utility bills. This is unavoidable, but you can save money by not treating your home like an office. When we moving around our homes a lot and there all the time, it’s tempting to leave your electric kettle running on its 30-minute boil mode, leaving lights on, keeping the heat up for all day comfort (or the AC down), printing unnecessary documents, and doing all sort of things that make make sense in a large office, but are wasteful at home.
Childcare Cost Reduced
One huge cost incurred by working parents is childcare. Many working parents have to pay for expensive daycare centers but now, based on your working schedule, you could have the option of cutting back on childcare services.
This isn’t easy to do, but people have been able to negotiate flex work from home hours and, say, stop working at 3pm on some days and get that additional work done when the kids are in bed. It’s an easy shift for many people and one many workplaces don’t mind.
Kickstart Your Garage Gym
Many people have replaced gym memberships with expensive online classes. That’s great if it’s working for you, but many people have reached their breaking point with this faux gym experience and had luck with setting up their own “gym” of sorts. Sure, you’ll spend a few hundred dollars up front getting the gym setup, but in most areas, where gym memberships can cost $50/month or more, you’ll earn back the cost of any equipment in under a year.
Bonus: Many employers that used to have gym reimbursements are now letting people pay for classes or buy home gym equipment with that same money. This could help finance a big chunk of your home gym.
Auto Insurance Premiums
Working from home means no commuting, which means driving less. If you call your auto insurance company you could get a hefty discount as you are driving less miles and, likely, no longer driving into and parking in a congested city.
Many people have received a discount on their existing policy or been able to move to a cheaper auto insurance policy simply by explaining their situation to a their auto insurance carrier.
Closing Thoughts
We all knew that working from home would save us money, but not so many of us thought to further optimize for maximum savings. With a few tips you could maintain your lifestyle and your job, but save considerable amounts of money above what you’re saving by no longer having