Today we have a guest post from Daniel over at Slight North all about 5 different ways that remote working saves you money!
I’m a bit of personal finance geek.
I love looking at how much money my wife and I have coming in, how much we have going out, and thinking about ways to increase our net profit to further invest and grow our money.
When we graduated from university back in 2014 with around $58,000 in student loans, I never looked at it as a problem. Instead, I viewed it as a challenge.
It was just a simple math problem.
After paying off those loans over two years while teaching in Abu Dhabi, we then got into freelance writing as a way to extend our travels. Unfortunately, I didn’t really know what I was doing when I first got into freelancing.
Now that I’ve worked remotely for nearly two years (and have a full-time remote position), I’m seeing more and more of the incredible money saving benefits of working remotely.
Here are my five favorite.
You Can Increase Your Income With a Move
One of the most interesting aspects of working remotely is that you have the power to increase or decrease your earnings based on where you choose to live.
If you decide that you want to increase your earnings, you can move to an area where the cost of living is lower. The difference in cost of living is an immediate boost to your earnings.
On the flip side, moving to a city where the cost of living is higher decreases your earnings.
I’ve lived all over the world while working remotely, and it’s been interesting to see the way our spending power changes based on what city we’re in.
To put it more concretely, $250 a week in New York City will get you way less than $250 a week in Ho Chi Minh City.
There’s No Commute
Depending on where in the world you live, there’s a strong possibility that you have to commute to your place of business.
You have to pay for gas, car maintenance, insurance, and all other car-related expenses.
I haven’t had a car in three or four years now, so I haven’t spent any money on that. We typically walk, use buses, metros, taxis, or borrow cars when necessary.
If you can cut out those monthly payments, you’ll save yourself some money.
Less Temptation to Eat Out
When you work a typical job, there’s always temptation to get a coffee on your way to work, go out to lunch with your co-workers, or grab a drink with someone after work.
When you work remotely, you have everything that you need right in your office. You can wake up, make your coffee, eat your breakfast, prepare your lunch, and walk out to grab a drink after work if you really want to.
Most professionals have to look halfway decent when they go into the office. To do so, they spend money on putting together a nice wardrobe.
I haven’t worn anything other than shorts or jeans to work in nearly two years now, and I live entirely out of a big backpack and a little backpack. I can even wear the same clothes two days in a row if I don’t really feel like doing laundry.
There’s zero pressure to buy nice clothes or keep up with appearances when you work from home.
This one is specific to people from the United States, but you can look into your tax laws to see if your country has anything similar.
In the United States, you can deduct your home office from your taxes to save yourself money when it comes time to pay up.
Before you take my word for it, be sure to read up on the rules and stipulations of who can deduct what on their taxes.
Remote work isn’t necessarily for all personality types, but it’s great for people who want more independence in their daily life, the ability to live where they want, and to be able to save money while doing all of it.
The number of companies offering remote opportunities is only going to increase as internet infrastructure continues to improve, so start looking into it today if it sounds like a lifestyle that appeals to you.
Why not pin this for later?