Where does your salary go? Odds are, right back into your job.
Take the commute. According to the Bureau of Labor Statistics, 2017 saw an average outlay of $9,576 on transportation. This sum is not work-specific, but out of nearly $10,000, what percentage is sucked up by your commute?
Remote workers save on gasoline, tolls, car repairs, and even non-purchase vehicular decisions. But they nix far more than just commuting dollars. Consider the 7 substantial cost-savers below:
Childcare costs have ballooned in the United States. As Jim Halpert eloquently states in The Office:
“It turns out a lot of parents want the very best for their kids.”
With childcare expenses outpacing college tuition in many U.S. states, the allure of working remotely resonates stronger than ever. Daycare expenses before school, after school, and during summer breaks can be mitigated or avoided outright in remote work set-ups.
More Hours Worked
Salaried positions pay independent of hours worked. But hourly positions can turn an abundance of time into additional pay. By channeling even one hour spent commuting into one hour worked, an employee earning $20 per hour could earn an additional $100 per week, or $5,200 per year. Not too shabby.
In 2017, the average American spend $3,365 on food outside of the home. How much of this went to eating out at work? Preparing and consuming your own meals is far cheaper than eating out, and the gap is widening.
Time and again I see a rural lifestyle left out of the remote work equation. When the 2 million dollar house in urban D.C. goes for closer to $200,000 in the Virginia countryside, I wonder why we don’t see more employees working this sort of geographic arbitrage. Working remotely takes on a whole new meaning.
How often do families move in their lifetimes? Does these moves relate to career opportunities? Despite the other variables at play (think proximity to family, purchasing a larger home, personal preferences, etc.), I must think that moving for work plays a significant role in these costly interruptions.
Duplication of Resources
You probably pay for a phone, phone plan, and Internet out of pocket. These costs are pennies on the dollar for companies saving tens of thousands on office overhead. Many (if not most) will re-compensate you for all of these working expenses.
Apparel rounds out our list of remote work savings. U.S. employees spent almost $2,000 on their closets in 2017. As before, I would expect a significant portion fell towards costly business attire heralded in the traditional office.
Interested in more information on how remote work saves you money? Visit Remote Ready for more on remote work and your career and check out this employee savings calculator from Global Workplace Analytics, an industry leader for remote work analytics and publications.