The benefits of remote work are endless, which is why so many companies are starting to make the transition. One of the biggest appeals for both business owner and employee alike is the ability to save tons of money. So, how much money can you actually save working remotely? Over $12,000 a year! Want to know how?Let's dive in!
1. Stop commuting: save $2,600 working remotely
Think about how much money you'll save not having to commute to work every day. For most people, it's astronomical. According to Smart Asset, the average cost of commuting for Americans is $2,600. That's insane! Just think about all the other things you'd be able to afford, or the vacations you could go on if you stopped paying for bus tickets, subway rides and gas.
2. Cook at home: save $2,000-3,000 working remotely
The average working American spends money eating out for lunch at least once a week. This is likely because it's much easier than packing your own lunch before heading to work. Let's say that any time you eat out for lunch, you spend around $10 on a meal. If you consistently eat out for lunch every day, you're spending close to $3,000 a year! (And that doesn't even include after work happy hours.)When working from home, it's far more convenient to eat in, since you have access to your own groceries and don't need to put any extra time into pre-packing a meal. Cooking at home is one of the big ways you can save money by working remotely.
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3. Parking: save $2,500-3,000 working remotely
When I was living and working in-office in Portland, Oregon, I was paying a ridiculous amount for parking. Our office was located right downtown, which meant the only available options were 2-hour street parking or all day lots. The cheapest lot I could find near my office that provided all day parking was $11 a day. If I drove to work every day of the week, that would equate to $2,871 spent in one year. Some of the other employees had monthly parking spots reserved for the year, which wasn't any cheaper. The nearby lot one of my coworkers used cost $255 a month. That's $3,060 a year! Depending on what city you work in, you could be spending twice as much as that. There's no doubt that one of the more significant ways you'll save money working remotely is by not paying for parking.
4. Dog walkers: save $2,600 working remotely
Sure, this one might not apply to everyone. But for those who can relate, making sure your animals are taken care during long hours at work can be EXPENSIVE. Some in-office employees don't have the luxury of going home mid-day to take their dog for a walk or let them out to do their business. While employing a dog walker is a great solution, it's not cheap. Some services can cost anywhere from $15-25 an hour. Some are cheaper at the same price point per day, but that still adds up to around $2,600 a year. Personally, I had a very high energy dog that I wasn't able to give enough exercise with the long hours I was working at the office. My solution was to bring her to a reputable doggy daycare where she could play with other dogs all day. Unfortunately, it cost a pretty penny at $45 a day. You can save a ton of money and give your pets the attention they deserve when you work remotely. Plus, you could even use the money you save on dog walkers and daycare to pay for expensive vet bills. And LOTS of toys, of course.
5. Daycare: (amounts vary)
Let's be real, some people don't have the ability to work remotely and watch their kids at the same time. That being said, if you're in a remote position that allows you to do both, you'll be saving HUGE amounts of money. On average, the majority of Americans spent at least 10% of their average household income on child care. I asked a friend of mine who works in-office how much she spends on daycare. She told me that for her daughter to be in daycare 5 days a week, the cost was $1,200. Granted, this is in an expensive city, on the much higher end of the average daycare cost. But if you do the math, that's $62,640 a year. If you have the ability to watch your kids and work at the same time, the money you save working remotely could pay for part of their college tuition.
6. Work clothes: save $1,200+ working remotely
Anyone who's gone shopping for a professional wardrobe can tell you it's not cheap. For some employees working in-office, they may need to adhere to a formal dress code policy, requiring suit and tie wear.Even if you only buy one work outfit a month at $100 each, that's still $1,200 a year you're spending on work clothes alone. Personally, lack of dress code is one of my favorite perks of working remotely. I get to be comfortable, and I get to save money working from home. Of course, many remote companies still use video conferencing, in which case it might be a little unprofessional to show up in PJs. That being said, you're still saving a ton of money on clothes.
7. Coffee: save $600+ working remotely
The cost of this one is underrated. Sure, many offices have their own supply of in house coffee. Even if that is the case in your office, chances are you've grabbed an extra cup from the coffee shop downstairs or on your way to work in the morning. Here's how you can save money working remotely: Brew your own coffee at home every day!
Let's do the math. If you buy a 1 pound bag of Starbucks coffee for $18, you'll be able to make 48 6-ounce cups of coffee (according to Specialty Coffee Association of America).$18.00 divided by 48 = .375. By brewing your own coffee at home, you're spending a little over 37 cents per cup. One cup of your own brewed coffee a day for five days will cost around $1.85.The average cup of joe at the local coffee shop is around $2.70. Pay for one of those fancy latte drinks and it's closer to $4.00 a cup. Buy a coffee once a day for five days and you're spending anywhere between $13.50 - $20 a week. Sure, that doesn't seem like a lot, but it adds up. If you buy a cup of coffee every work day in 2019, you'll be spending $704.70 a year. Brew your own, and you're looking at a price point of about $96.57 for the entire year.
The amount of money you can save working remotely (and brewing your own coffee) vs. buying it at the local coffee shop is around $608.13.
Final thoughts
Can you save money working from home? Yes. How much? A lot. Remote work has a lot of perks, but few are as appealing as the sheer amount of money you can save a year. That being said, working remotely has its own set of challenges as well. Not everyone is cut out for the lifestyle of a remote worker. If you're ready to go remote and save some money, Remo is a great virtual company space for getting your business started. Check it out by clicking below!
