Telecommuting from home is on the increase – one recent Regus survey shows that 34 percent of respondents work from home 5 days per week, and 50 percent at least once a week – and today’s professionals want to strike a better work-life balance. With their road and public-transit commutes either reduced or eliminated, remote workers should be enjoying more disposable income. Yet telecommuting comes with its own hidden costs. It’s a (very!) short trip to the office and you don’t have to pay to get there, so why does working from home still burn a hole in your pocket? We examined where the major costs lie and put together some tips on how to make telecommuting as cost-efficient as possible. Go ahead – take a break and read on. Think of it as a healthy distraction.
Know your tax breaks
If you’re a telecommuter, this should be one of the first things you get in order. Working from home can make you a business owner for tax purposes. That means your bills, business equipment costs and even rent might be eligible for tax claims. Check out government websites to find out what you can claim back – but be sure to claim only for business, not personal items.
Travel (only) when necessary
Half of those who replied to our survey said that traveling to meetings with clients or colleagues was one of their biggest expenses. Booking strategically for more than one meeting per trip will help you save on travel costs. Alternatively, embrace technology by connecting remotely with your colleagues: use a virtual meeting room or conference call for those all-important catch-ups. With some of the money you save on gas, rail tickets or bike maintenance, you can invest in a quality webcam.
Manage your bills
More than 70 percent of you said Internet bills were a major expense, while 40 percent of respondents said that electricity, printing and phones can be pricey, too. If you work for a large or medium-size company, your employer might be willing to reimburse you for your connection costs. These days we’re encouraged to go paperless, but if you need hard-copy documents, try dropping in at the office to do your printing. 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 by heating only one room while you work.
Go for smart savings
Working on-site, it's tempting to treat yourself with convenient but pricey lunches and snacks every day. You can be more frugal at home – whip up a cheaper caffeine fix in your own coffee machine and prepare your own food instead of opting for takeout or delivery.
If you’re not careful, though, your costs can start creeping up. But being smart with your time, tracking your tasks, and adjusting your approach to both consumption and correspondence can mitigate these costs, freeing up valuable money and time. Doing this will make it easier for you to succeed at work, eat well, knock out your household tasks, get in some exercise or simply enjoy some rest and relaxation – all without breaking the bank.