The Pandemic has changed many things for better and remote working options for employees considered by most companies’ definitely tops the list. At the same time, many of us are still getting used to the work from home opportunity. It has already turned into a boon for many as it not only offers the convenience of working from the comfort of home but is also a money saver in several ways.
Many of you may not be aware that several other methods of saving money exist when working from home. Many companies are planning to switch to work from home options even when the lockdown restrictions are lifted. Hence, it is worth knowing different ways of saving money working from home. Here are a few ways to save money while you are working from home.
Claim Relief on Home Office Essentials
Some companies are funding their employees for purchasing home office essentials such as desk, chair, lamp, stationery, etc. If your company is not one of them, then you can still claim tax relief for the office essentials purchased by you. However, the amount of tax relief depends on your tax slab.
Request Home Working Allowance
You can request your company for an extra weekly allowance to cover the increase in the utility bills due to the rise in usage of electricity, gas and water due to work from home. Putting on extra layers instead of turning your thermostat to high temperatures at home can save you a considerable amount on electricity and gas bills. Boiling only water required instead of kettle full also adds to savings on your electricity bills. Switching accounts from one electricity supplier to another could save you more money.
Cost of Conducting Office Activities
The cost of conducting office activities from home such as printing, posting, sending fax etc., should be covered by the employer. The office supplies purchased exclusively for performing office-related tasks can be claimed by you from the company by producing the original receipts.
Subscriptions to Tools and Technology
Advanced technology with robust tools and applications helps employees overcome their challenges and stay motivated to achieve company goals. The employer is obligated to cover all the subscriptions to the applications and provide the required training free of cost. Applications such as Zoom, Teams, and Skype enable managers to have virtual meetings and interview team members effectively. Although most of the applications are free, some may require paid subscriptions. The applications’ paid subscriptions can be used for both official and personal communications, saving you from paying separately for individual subscriptions.
All the gyms, sports, and leisure activities centers have been closed due to the government’s lockdown. You may have gained a few pounds due to lack of workout or walking around the office. But that does not mean you need to enrol for expensive virtual workout sessions or buy expensive gym equipment to stay fit at home. There are many free workout videos online that can be followed using workout tools or equipment, saving you membership and equipment costs.
Saving on Childcare
Child care is one of the enormous expenses for working parents, but working from home could ease the expenses to a considerable extent. If you have toddlers or kids going to school, your work from home arrangement should help you work either to cut down the costs by using partial services or altogether avoid using services based on your availability.
Saving on Lunch Takeaways
Attending to work in an office will attract some additional costs even if you are not willing to lunch with colleagues, buy lunch due to lack of time for preparation, etc. Purchasing a meal even for two days a week can result in a substantial expenditure amount when calculated every month. When you work from home, meals can be freshly prepared or prepared in advance at home, resulting in saving money.
Buying Snacks in Bulk
Munching into snacks and sipping coffee now and then is quite common when you are working from home. Shopping frequently for coffee, crisps, nuts, and other snacks can prove expensive. However, buying snacks and other eatables in bulk from wholesale stores such as Costco can save a good amount of money.
There are few savings already in place due to work from home option, including fuel costs, travel costs (save more my skipping your most expensive trips) and office wear. Remote working either cuts down on your commuting costs or makes them non-existent, saving you a considerable amount of money. Similarly, you are not required to spend regularly to update your workwear wardrobe, which means less shopping and more savings.
More savings in your spare time
Break and spare times are always there when you are at the office, and they can be a little stretched when you are working from home. The leisure time when working from home can be used by you wisely to enter competitions to win coupons, discounts and vouchers. You can also get enrolled to obtain virtual training in forex trading and stock trading apps online. These online trading activities are the new methods of channelizing your savings smartly to generate additional income. The trading activity can be carried online using an App installed on your smartphone, making things easy and effortless.
However, not all people have mastered the work from the home concept as few need simulations of being present in the office and few others need support from co-workers to get going. Remember, the work from home option is here to stay for some more time or may even become a permanent thing with many companies. So, it is wise to consider tips and hacks to cut down on your costs to add more money to your savings without compromising your comforts. If you are the one who can thrive in a remote working arrangement, the above tips can increase your savings even when you are working from home.