Working from home provides the ultimate in flexible working. With the ability to switch off to match your personal needs, no travel time, and plenty of healthy distractions, it’s perhaps no surprise that a recent Regus survey showed that of people who work from home, 40 per cent do so for five days a week.
It’s a (very!) short trip to the office, and you don’t have to pay to get there, so why is working from home still burning a hole in your pocket? We’ve taken a look at where the major costs lie, and put together some top tips on how to make home working as cost-efficient as possible. Take a few minutes to see where you can save.
Know your tax breaks
If you work from home, this should be one of the first things you get organised. Working from home can make you a business owner for tax purposes. This means your bills, business equipment costs and even rent could be eligible for tax claims. Check out government websites to find out what you could claim back – though be sure to only claim for business, and not personal items.
Travel (only) when necessary
One-third of people who work from home said that travel to meetings with colleagues or clients was one of their largest expenses, according to our study. You can save on this by booking strategically for more than one meeting per trip. Alternatively, embrace technology and connect remotely with your colleagues: use a virtual meeting room or conference call for those all important catch-ups. With less spent on petrol, rail tickets or bike maintenance, working from home saves money on commuting overall, so put those savings into a good webcam.
Manage your bills
Our study revealed that more than 70 per cent of people who work from home said that internet bills were a major outgoing, while electricity, printing and phones can be expensive too – each were nominated by 40 per cent. If you work for a large or medium-sized company, they may be able to help with a proportion of your connection costs. These days, we’re encouraged to go paperless, but if you do need to get physical with your correspondence, perhaps you could do your printing in the office. Don’t forget the tax breaks you could claim on your internet, electricity or phone bills either. If you’re the only one at home during the day, you could also save money by heating only one room while working.
Make your savings smart
Working in an office, it’s tempting to treat yourself with convenient but pricey lunches and snacks every day. You can be more frugal working from home – whip up a cheaper caffeine fix in your own coffee machine, and be sure to prepare your own food instead of nipping out.
Time and health
By working from home, it is easy to save money. By not travelling to work you also have more time. With it, you can do household tasks, take exercise, or simply enjoy some leisure – all without breaking the bank.
On the surface, working from home should mean it’s easy to save money. However, when not monitored, expenses can start to creep up. Being smart with your hours, knowing your entitlements, and adjusting your approach to both consumption and correspondence can help mitigate these costs, freeing up both money and time. In doing this, you can succeed at work, eat well, do household tasks, take exercise, or simply enjoy some leisure – all without breaking the bank.
