While working from home comes with certain start-up costs, such as having a fast computer, high-speed internet, office supplies, printer, etc., these costs can be largely considered as investments rather than luxuries. And even if you have a corporate job, you will likely invest in these things anyway.
But if you transition into working from home, there are more opportunities for you to increase your savings and have bigger control over your expenses. Here are some of the things you can save once you become a virtual professional:
1. Commuting costs
If you’re taking public transportation to work, a huge amount of your income goes toward commuting costs. You always need to budget your time and money carefully when traveling to and from work. And even if there are times when you have more money to spare, the surging costs of ride-sharing apps and other carpooling services can be too much for any employee. Furthermore, falling in line to catch the next train, ride an FX or bus, or even booking a ride can be very tedious and time-consuming.
Not to mention, commuting is stressful. There’s no such thing as peak hours in Metro Manila anymore because of the heavy traffic. A recent survey by global firm Boston Consulting Group (BCG) even revealed that Metro Manila has the 3rd worst in traffic in Southeast Asia. Working from home will help you eliminate the stress associated with commuting. Also, wasted time is wasted money. The time you spent on traffic could be better spent on something that is more productive and rewarding.
2. Reduced car maintenance and automobile costs
Otherwise, if you drive to work, your fuel expense will depend on how far you travel and how frequently you use your car. Gas prices are also fluctuating, so there’s no way you can calculate a fixed amount.
If you work from home, not only can you save money on gas, but there will be less maintenance and repair costs for you as well. This 2017 article revealed that the total maintenance costs of having and using a car totals to P93,000 a year. Whew. If you can and have a choice, don’t you want to earn money while just sitting on your couch?
3. Rent and lodging
Many employees don’t live near the city where their company’s brick and mortar office is located. But instead of commuting to and from work every day, they chose to rent a nearby condo, an apartment, or a dormitory. It’s a convenient option particularly if you don’t want to sacrifice your time and energy in commute and traffic.
But there’s always a price for convenience, and the cost of rent depends on the location, the type of lodging, and whether you have a roommate to share the bills with. But having a work from home job can save you this cost. It’s also crucial if your family is already renting or paying for a home on the outskirts of the city — there’s no need for you to make two different payments every month. A huge plus: you get to spend more time with your loved ones.
4. Food and drinks
Food and drinks eat up a large part of our income. It’s our number one need to keep us going, anyway. However, having a corporate job can cause you to spend more. You’re more likely to eat out with friends and colleagues, buy coffee at Starbucks or Coffee Bean, or simply grab a take-out lunch or have them delivered. Your food costs will definitely add up if you won’t be mindful of your expenses, not to mention that most of your food choices could be unhealthy.
When you’re working from home, you won’t pay nearly as much, especially if you can prepare your own food. You can make big batches of meals that you can conveniently heat up the next day. If you’re addicted to coffee, you can invest in a coffee maker or a French press so you can make a whole pot of nice and better-smelling coffee without spending too much. Just think about how much money you can save when you only need to occasionally dine out or have a fast-food delivery. Just remember: because you can snack as frequently as you want when you WFH, there’s a tendency that you’ll eat out a lot. Be careful!
5. Professional clothes
While there are exceptions to this, many work-at-home jobs will not require you to log in at work wearing a professional outfit as you would in a traditional office. You can do your tasks while wearing whatever you wish. And to be honest, pajamas and cotton slippers are comfy and way cheaper than blazers, suit jackets, trousers, leather shoes, and other professional clothes. So unless your remote job requires you to be on a video call every day or have on-site meetings, you can just buy classy but timeless items that you can always mix and match for both formal and casual occasions.
And admit it: it’s also stressful to spend every workday morning choosing the right combination of clothes and pair them with the right footwear. It’s very time-consuming, and your clothes will be more prone to wear and tear.
6. Makeup
Many girls can relate to this. There’s no doubt that putting on makeup every day for work can increase your self-confidence and make you more presentable especially during conferences and client meetings. However, beauty products are expensive! And the costs can be enormous if you add them up together with hair and other cosmetic products. One US study even showed that women spend about $300,000 just on their face during their lifetime. That’s a lot!
But when you work from home, there’s rarely a need to buy expensive makeup or score beauty deals and discounts just so you can refill your stash. You will only buy the ones you really need most for any of your social events, so just think how much money you can save every year.