It can be a larger number than you would expect.
- Many people have switched to full-time remote work in the wake of the pandemic.
- While savings can vary, here’s a snapshot of how remote work could improve your financial situation.
Before the pandemic, remote working on a full-time basis was only possible for a small percentage of employees. But as the pandemic has progressed, more and more companies have come to realize that workers are actually able to do their jobs from home, and in some cases there is no need to spend money on office space when remote working works just as well.
If you’ve been given the opportunity to work from home full-time, you may be inclined to take it up because of the savings that come with it. And those savings can be bigger than you think.
Recent data from FlexJobs shows that remote working on a full-time basis can result in annual savings of up to $12,000. That’s a lot of extra money to put in your bank account.
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Where are these savings coming from? On the one hand, constant remote work means not having to commute. In turn, that could mean giving up a car if you only need one to get to and from the office, or spending less on fuel and vehicle maintenance. Remote work on a full-time basis can even result in lower auto insurance premiums.
Then there are savings on clothing. When you work in an office, you need to maintain a decent workwear rotation. And even if your office dress code is casual, you probably don’t want to show up in the same stained pants five days in a row. If you work remotely all the time, you’ll have less money to spend on clothes.
Finally, working from home means you can raid your own kitchen during the day when you need a caffeine boost or get hungry for lunch. Compare that to the cost of buying coffee at a local coffee shop or buying lunch, and it’s easy to see where the savings can really add up.
Is full-time remote work right for you?
It’s clear that you can save money by working remotely on a full-time basis. But before you jump at the chance to sign up for this type of arrangement, make sure it really works for you.
If you live in a small apartment, you may find that working remotely full-time makes you feel restless and claustrophobic. And when you rely on your job as a social outlet, constant remote work can lead to feelings of isolation and negativity.
There is also your physical health to consider. If working outside the home means walking 10 blocks to a train station twice a day, that’s compulsory exercise. If you’re convinced that full-time remote work will make you a full-fledged couch potato, you might want to reconsider.
All in all, there’s a lot to gain (and save) by doing your work from home all the time. But before you go that route, make sure it’s really the right call. If not, you can always try to arrange a hybrid schedule where you work from home part of the week without feeling trapped.
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