Millions of Americans are currently working from home, with predictions of 36.2 million US citizens working remotely by 2025. Remote working has many advantages including a better work-life balance, flexibility and convenience to name a few.
There are also a lot of financial benefits. Virtual workers do not have to worry about the costs for commuting, wardrobes, doggy day care or daily coffees and lunches out, and typically save $4,000 a year from this.
However, there are actually ways to save even more money whilst working from home. With the cost of living crisis, every cent counts so if you work remotely and would like to go a step further in collecting a few extra dollars, here’s how…
Top Tips On How To Save Money If You Work Remotely
1. Make a Meal Plan
Working from home provides a great opportunity to stop spending unnecessary money on food. To avoid the temptation of take outs, devise a meal plan at the beginning of the week or consider batch-cooking so that you have an array of quick and easy meals to dig into during your lunch breaks. You can bulk buy grocery products from the most affordable supermarket in your area to keep your food bills on the lower side.
Quick and easy meals include stir fry, vegetable soups, salads, jacket potatoes or tortilla wraps with high-protein fillings. Not only will this help you save money, but creating healthy meals can also help to improve your concentration and productivity at the same time – what’s not to love!
2. Reduce Your Car Insurance Costs
Since you would be driving less miles without having to commute, your chances of being involved in an accident are lower. Get in touch with your auto insurer and let them know that your annual mileage has changed as they may be able to lower the cost of your premium.
It also may be worth swapping your car for a cheaper or more affordable model as you may not need to use it as much. Electric cars could be a good option since you would not have to worry about paying for fuel. If you research carefully to find the best deal, you could save significant amounts of money on your vehicle costs alone.
3. Save on Your Energy Bills
Whilst working from home, it is easy to leave the television on in the background or the lights on in the kitchen even though you are working in the living room. If this is you, then you should definitely look at Dollar Hand’s report on the different ways to save money on your energy bills. For instance, you can make an effort to turn off any unnecessary lights or make use of the natural sunlight.
Switch off any electronics such as a fan or air conditioning if they are not in use to save easy money. You could even consider planting a tree in your garden to create more shade over your house during the hot summer months. Alternatively, if you are cold during the winter months consider cheaper alternatives to using the heating such as an electric blanket, a thick fleece or a hot water bottle to help keep you warm.
4. Claim Expenses
Whilst working from home, you could ask your employer to cover the costs of important products or services. Examples include paying for some or all of your internet since you would not be able to work without it. Another idea is asking for a contribution towards your phone bill if you make lots of business calls.
5. Consider Relocating
As a remote worker, you may have the freedom to live in any state that you desire. It therefore might be a good option for you to move to a more affordable city. Living in an area with a lower cost of living could help you to save money and lower your bills.
For example, you may be able to rent a property at a lower cost or buy a house at a more affordable price and therefore have cheaper mortgage repayments.
Utility bills also vary between US states so this could also be an additional benefit of moving to a more affordable area. For instance, it was found in 2018 that on average consumers in Idaho paid the lowest each month for utilities at $343.71 per month, so it could be worth considering relocating to the mountainous state.
6. Declutter Your Working Space
A clear working space creates a clear mind so why not remove anything you rarely use to earn money at the same time. You could hold a garage sale or sell items on platforms such as eBay or Facebook Marketplace which make it super easy to cash in a few extra dollars to add to your savings pot.
7. Reducing Childcare Costs
With the costs of childcare rapidly rising, you could potentially save money by reducing the length of time of your childcare. This would enable working parents to be available for their child’s needs whilst still bringing in an income. Or perhaps you could create a child care rota with a close relative or friend and take it in turns to look after your infants.
8. Put Money into Your Saving Account
Working from home provides the opportunity to put extra money towards your financial goals. Since remote working can result in saving extra money, you could deposit the additional savings into an account with high interest rates that could help your money grow. You could also look into other investments such as property, art or cars.
If you work from home, then it is certainly worth considering the ideas mentioned above to help you save even more cash. With the cost of living rising, it is wise to keep an eye on your finances. Making smart economic choices and putting some thought into your daily spending habits will certainly stand you in good stead for saving money whilst working remotely.