By now you have likely realized many of the common savings
one gets by working from home: less gas, car maintenance, lunch money, dry
cleaning, etc. And not to mention the TIME! But there are other things you can
be doing to save money that maybe you hadn’t considered!
Review your auto insurance policy. Many policies are based
on the number of miles you drive to work each day, as that impacts your risk of
being in an accident. If you aren’t driving, your risk is practically
nonexistent. Talk to your insurer about this change and see if they can bring
your rates down.
Or, consider selling your car. If you live in a two-car
household, go down to one. Even if it’s your only vehicle, consider what public
transportation or ride sharing has to offer. This is a much bigger deal if you
are still paying on the car. Why pay on something you aren’t using? Personal
choice, of course, but worth deep consideration!
Buy a portable heater and/or air conditioner. Or maybe just
a fan. When you are at home, you are going to want a comfortable environment.
But there is no sense heating or cooling your entire home just because you are
in one room! A portable heating or air unit will consume a little electricity,
but not as much as your whole-home unit. It will also keep the wear-and-tear
off your expensive whole-home unit. There are some really nice models that can
provide you in-room comfort with little energy consumption, and actually very
little noise or overhead to install and use. Also consider smart whole-home
units and smart electrical conservation equipment that will allow you to
utilize the equipment you already have for the house in a more effective
manner.
Sell or donate your work clothes. If you are really at home
all of the time, it’s highly doubtful that you are wearing your dress or suit
to your home office. If you intend to stay working from home for a while, put
the clothes to better use than collecting dust! Consider selling your clothes
at a yard sale or consignment shop. Or, my personal preference, donate your
clothes! You can deduct your donations on your taxes and help others in need.
There are even charities, like Dress for Success, specifically looking for
gently used professional clothes. Besides, if you do go back to the office, you
don’t want to be wearing last season’s clothes, do you?
Shop in bulk. You know those big-box stores where you can
buy a twelve pack of pianos for the cost of one? You may not belong to them
because your family is small or you didn’t think there were items there of
interest to you. But, you’ll soon find out that there are supplies you need
more of when working at home. You don’t realize how much toilet paper you go
through until you are only using your own restroom! There are other things too,
like printer paper, pens, notebooks, tissues, etc. that you are now having to
supply for yourself. Buying these stable items in bulk can save you a lot of
money. Many of these stores also have great deals on other office supplies and
equipment, from desks to electronics.
Look for internet/phone discounts. If you employer is not
paying for these services, talk to them about a discount. Many employers are
able to work directly with the cable and phone companies to offer discounts to
their employees, passing on savings or better customer support. In many cases,
they are offer access to business class services, where the quality of the
product (such as Internet speed) is better and the response time and priority
for issue resolution is higher.
Make sure your work location is correct, legally. States,
cities, and even “sub-cities” all have different taxation rates. When you are
in the office, your paycheck is being taxed on the location of the office.
However, if you live in a different county, city, state, etc. your tax
requirements may be different. By ensuring that your work location is
associated with your home, you may be able to avoid higher taxes otherwise
incurred at the office.
Keep those receipts! When you are at home full time, you can
take tax deductions for your home office as well as purchases made to enable
your work. If you needed a new desk, a new computer, copy paper, toner, a new
chair, etc. – these can all be deducted if used for work purposes. You may be
able to deduct mileage if you are required to go to the office and even
parking! It’s always best to consult with an accountant regarding your taxes
and questions related to your deductions, but if you don’t keep your receipts,
you can’t even start the conversation. When in doubt, file it!
Make sure you are getting the most out of your work at home
experience by capitalizing on the savings available, and ensuring that minimal
additional costs goes out the door. It’s a rewarding job to have, in more ways
than one!
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