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Working From Home But Still Wasting Money?

  • May 14, 2021

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The last year has seen an average 1 in 4 Americans working from home and, for a range of reasons, 61% of employees prefer this working setup. As well as bringing work-life balance within easier reach, remote working certainly brings cost-saving to the fore thanks to the elimination of the commute and the ability to make your lunch each day. But, given that you’re reading this article, the chances are that you have yet to experience this perk. 

The sad reality is that countless employees find that their outgoings either increase or stay the same during the transition period of remote work. If this has been your experience, it’s crucial that you take action to prevent WHM costs from escalating out of control. Here, we’re going to look at the three best ways for you to do that. 

Offset the cost of set up

Whether you have an outbuilding or just a corner in your bedroom, setting up a home office isn’t cheap. In fact, you’ll realistically need a budget of between $500-$800 for your office alone, and that’s assuming your tech is already up to the task. If your existing computer runs at a snail’s pace, you’re also going to need to replace this. That’s a huge expense, and it well outweighs any savings you can expect to see for a good few years. In this instance, it’s always worth talking to your employer, who may be able to either supply equipment or provide a budget with which to buy this stuff. Failing that, try to stagger costs where you can, and always be sure to log these expenses on your tax report for guaranteed savings down the line. 

Replace your vehicle

When you were driving miles to and from work each day, the chances are that you needed a high-performing vehicle or at least a financing plan with a pretty high mileage rate. Now, you’re doing nowhere near that amount, meaning that, on finance especially, you could be paying for way more than you use. Again, this can drastically impact saving potential and is something you need to address, either by refinancing to a lower mileage plan, or seeking a replacement like these used Hyundai cars which would more than cover current usage at significantly less cost. You certainly don’t want to leave money sitting unnecessarily on your driveway! 

Treat your internet as a business expense

Considering most of us had the internet before the pandemic, many have carried on with the same plans without a thought. This is bad news considering that working from home can drastically increase the cost of your monthly broadband bill. Luckily, when you work in a home office, an internet connection falls neatly within your expenses. By taking note of that, and listing this on your next tax return, you can both cover those added costs and potentially offset the internet bill that you were already paying. 

Working from home can be wonderful for your life and your bank balance – take these steps to start enjoying those benefits today.