The Financial Benefits of Working from Home
Starting out on your own in business, whether as a freelancer or a small company, can be both exciting and daunting. Exciting because it is a new chapter in your life, you have taken control of your own destiny as it were, no one else to get in the way, but also a little daunting, because now it’s all down to you to get the clients so you can make money, there is no one else to blame.
Working from home can help with that, not just because its more convenient and familiar when everything else is changing so much, but because it really helps financially, although sometimes home workers forget just how much they do benefit from the savings made by homeworking. There are many ways that working from home really benefits, here are the most important ones.
1. You are already there!
This is perhaps the most obvious benefit of them all, but you don’t have to commute. You wake up, get some breakfast, and you are at your office! We tend to think of this as a convenience, no wasting time in traffic or getting up early to catch the train, but it also represents a saving, often a big saving, in expense.
You have no car running costs to worry about for those journeys, for many of us well over half our fuel expenses can be just getting to work and back every day. No train or cab fare if that is how you travel, it can all add up, and you just don’t have that expense any more, that alone can save several thousand dollars a year.
2. Clothing Costs
Another benefit of home working is a cliché, the old ‘you can work in your bathrobe’ line. But the fact is you can pretty much wear what you want, old clothes, casual clothes you own, it really doesn’t matter too much. You may not always realise it, but that is a big saving too, think about your previous job, unless you had a staff uniform supplied, you probably bought clothes just to wear at work, and you probably bought quite a few of them too, because you can’t wear the same thing two days in a row.
While you may need a couple of professional outfits to meet clients, for the most part, you can wear what you want and remove that workwear expense. That can be a few hundred dollars a year too.
3. No More Child Care Expense
Being able to work around your children’s needs is one of the biggest incentives for working from home, and this also allows one of the biggest savings of them all. Whether it is before school care, day care of after school care, the truth is paying others to look after your children while you are at work is expensive. With a flexible schedule and working from home, you can eliminate all those costs and save a significant amount of money.
The benefits ore not all financial of course, spending more time with children can never have a price put on it, but that saving in care costs can really make a difference. Of course, depending on your home business, there may be a few days every month where you have meetings and need help, but in general, especially if you have more than one child, this is where the biggest saving of all comes from.
4. Rental or Mortgage costs
The final one is the savings against having a separate office or workplace. Now, while this is a very real saving, for most people working from home, it will be their first venture into business and not really a saving compared to what they had before. In this respect, it is a theoretical saving, as office rental or mortgage would not be something you have paid before, and in many cases, had that been the only option, would not have started your own business at all. So, while there is a significant saving over having an office or commercial premises to pay rent on, it is not necessarily a saving that most home workers really benefit from at first.