3 Lesser-Known Ways Working Remotely Can Save You Money

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Working from home has these key financial benefits.

A woman wearing headphone and sitting at a desk in her apartment having a video call with coworkers.

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Working from home has these key financial benefits.

Many people work remotely these days due to the ongoing coronavirus pandemic, and for some, that could become a long-term arrangement. Of course, you may be unhappy being cooped up at home and miss office life. As such, you may be inclined to specifically ask to return to the office once it's safe to do so. But if you maintain your remote work arrangement, you may find that you wind up reaping a world of savings.

Now we all know you don't have to pay to commute when you work remotely. But here are three hidden savings you might enjoy.

1. Not buying lunch

You've probably heard you'd save money if you were to brown-bag it each day instead of buying lunch at a restaurant or cafe. Indeed, you could add hundreds of dollars to your savings account in the course of a year.

But when your colleagues all escape the office together to grab a mid-day meal, it's hard to hang back and scarf down a sandwich at your desk. When you work remotely, however, that temptation goes away. And that means you won't spend money you could instead sock away in the bank.

2. Skipping happy hour and after-work plans

When you work in an office, there's a lot of pressure (some of it the good kind) to socialize with your colleagues at the end of the day. But if you're on a tight budget, it can get expensive. Whether it's dinner at a nearby hotspot, drinks at a local watering hole, or even coffee and a quick snack, those after-work plans can add up.

If you continue to work remotely, you won't feel the same pressure to constantly go out. Instead, you may have a much easier time selectively making plans and avoid going overboard.

3. Paying less for childcare

Perhaps you had a long commute that added an hour to your workday on each end. Continuing to work remotely could save you money on childcare. Say your daycare center charges extra for parents who pick up their kids after 6 p.m. If you normally end your workday at 5:30 p.m. but have an hour-long commute home, you may not get there in time to avoid those added fees.

But if you're already at home, you might spend less. You could jump in your car when you wrap up your day at 5:30 p.m. and be at your daycare center 10 minutes later.

The same applies if you have school-aged children who are old enough to fend for themselves as long as there's an adult home. You could grab them off the school bus at 3 p.m. and they can then hang out at home while you finish your workday, keeping you from having to pay for an after-care program.

Working remotely can be isolating, and it's certainly not for everyone. And some employers may insist their staff return to the office once the pandemic is over. But if you're given the option to continue to work remotely on a long-term basis, it could pay to accept it. Doing your job from home could save you a bunch of money -- money that could help you meet different financial goals and make your finances easier to manage.

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