7 Financial Benefits of Working from Home

Moreisless

Transitioning from a traditional nine-to-five job to a home-based occupation is a difficult decision with many different factors to consider.  The first consideration when planning a career change is usually the money.  However, it is not enough to just compare income.

Changing your daily routine affects many different aspects of your life, each with their own financial implications.  More and more people are stepping away from the forty-hour work week and finding ways to balance their profession and home life in a way that suits their family’s needs.

Although you may not earn as much as you did through traditional employment right away, it’s important to consider the real benefits of working from home and how they affect your bottom line.

1. Less time spent commuting

Time spent commuting is time spent away from the things that really matter to you.  Most employers don’t compensate their employees for their travel time.

A typical thirty-minute commute to work adds up a total of five hours per week spent in transit.  That is over ten days over the course of a year.

It’s important to consider different ways that you could be using this time – volunteering for a meaningful cause, focusing on a hobby, or spending time with family.

Good time management is one of the most important skills to have to be able to work independently; working from home puts more hours in your day.  Spend that extra time doing something that you otherwise wouldn’t be able to fit into your schedule.

You will never complain that you miss spending an hour of your day sitting in traffic.  Ultimately, less time commuting frees up more productive hours in your day that you could be focusing on building your business.

2. Less money spent commuting

Many people accept jobs because the income looks great on paper, but they don’t consider the cost of getting there on a daily basis.  Whether you drive to work or take public transit, the cost accumulated over the course of the year makes up a fairly significant percentage of your take-home pay.

A vehicle is the second most expensive purchase that most people make, and maintenance and fuel expenses continue to add up.  Every day, thousands of people commute into city centers for work spending hundreds of dollars on transportation.

Working from home reduces your commuting expenses to zero.  You will need to maintain your vehicles less often and spent significantly less on gas.  Depending on where you live, you may be able to eliminate the need for a vehicle all together.

3. Fewer hours worked

Working from home allows you to have the flexibility to end your work day when your work is complete.  Most of us evaluate a rate of pay on an hourly basis, so having the ability to do more in less time forces you to make the best use of your daily schedule.

People who work from home will find that certain times are busier than others depending on the amount of work they have committed to.  It’s much easier to apply yourself during the peak periods when you know that things will eventually slow down.

Working from home puts you in charge of your schedule to work as much or as little as you want.  A successful home-based business will eventually allow you to work fewer hours and earn the same, if not more, pay than a traditional job.

It is important to set goals, determine your income expectations, and plan your schedule accordingly.

4. Ability to care for children

It is essential to create a distraction-free work environment but saving money on childcare, even for just a few days a week, puts money back in your pocket.

Many families struggle with the decision of whether it is worth having two full-time incomes with the additional expense of childcare.  Working from home allows you to have the best of both worlds and the flexibility to choose a routine that works for you.

Many people also choose to work from home in order to be available for aging parents.  The flexibly allows them to be able to check on them during the day, bring them to appointments, or simply get together for lunch.

There is no need to use up vacation or sick days to meet the obligations that come along with caring for others.  This can also help to offset the cost of in-home care for the elderly.

5. No more eating on the go

Meals become more economical for you and your family because you are available to make them at home.  It takes an incredible amount of organization to prepare three meals a day when you are away from your home for up to ten hours.

Breakfast is often rushed or skipped in exchange for a few extra hours of sleep.  Lunch options are limited and sometimes costly when you resort to take-out or restaurants.

Dinner can also feel like a chore when you have rushed home and just want to relax.  Working from home puts you in charge of your entire day.  If creating healthy meals at home is a priority in your family, it is much easier when you are available to do so.

Just the simple fact that you are able to go to the grocery store during the day, when it is less busy, makes meal preparation much less stressful.

Being close to your own kitchen also means that healthy snacks are available to you at all times.  Many people in an office environment often rely on a vending machine to satisfy their mid-afternoon cravings.  Having access to your own food puts you in charge of your own nutrition, eliminates temptation, and saves you money.

6. Find time for your health

When you create your own work day, you determine your own priorities.  Making time for some physical activity in your day may not benefit you financially right away, but the long term benefits are priceless.

Studies show that willpower is the strongest first thing in the morning and diminishes towards the end of the day.  For this reason, many people find it difficult to incorporate physical activity into their day when they are committed to being at the office before 9 am.

If being active is a priority for you, having the flexibility to fit it into your day is a major advantage and increases your likelihood of sticking with it long term.

Start your day with a power walk before you turn on your computer, or make a habit of bringing the dog to the park at lunch.  Joining a gym or a running group can also serve as a great networking opportunity for your business and allow you to connect with like-minded individuals.

Like anything else, setting a strict schedule requires disciple and willpower, but the end result is a happier and healthier you.

7. Cultivate your talents

Many people feel as though their real talents are going to waste in their current job.  Determine what you love to do, and get paid for it.  With a little research, it is easy to find a way to build a career around the skills and abilities that come naturally to you.

There are many home-based opportunities that foster creative abilities, including graphic design and freelance writing.  Choosing an occupation in a field that comes naturally to you allows you to find success and satisfaction while doing something that you enjoy.

You will also be more focused when your time is dedicated to doing something that is meaningful to you.  Sharing your abilities has become easier than ever with the advances in technology and so many ways to connect with potential clients.

Consider the time spent fostering your creative abilities as a long-term investment in yourself.  Whether you are starting your own business, consulting, freelancing, or have accepted a position from a company that allows you to work remotely, the benefits of working from home can allow you to create a happy, healthy and financially successful life for you and your family.

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