Amazing 7 Financial benefits of Working from Home [in 2024]
I think you will agree with me if I say that “Working from Home” saves a lot of Money and Time for you.
If you have any doubt, then please stick with me for next 3-4 minutes. You will get handful of idea on financial benefits of working from home.
List of Financial benefits of Working from Home
- Commuting: No more commuting costs
- Food: Very less eating food out
- Cloths: Low spending on Casual cloths & Accessories
- Time: Save time and learn something new
- Child Care: Spend more time with your child
- Better productivity: Lead you to better incentive and promotion
- Low number of leaves (Some companies pays leaves in salary)
- Upgrade your skills: Bonus
- Contribution to Social cause: Bonus
1. Commuting: No more commuting costs
According to a report from Regus (global workplace provider), we Indian spend 5% of our take home income on commuting to office or work. You can divide this cost in following parts: –
No fuel cost: Average one-way commute for worker in Delhi & NCR is 20 Km. If we take fuel average of a car is 15Km/Liter then you will burn around 2.67 liter of fuel in one day of office commuting.
Considering you work 6 days/week, you would be burning around 70 Liters of fuel per month.
So, if you are driving with your car all the way to office then you are spending Rs.4900/month (considering fuel price of Rs70/Liter).
If you are working from home, then you will be saving this amount for sure.
Low maintenance of your vehicle: While working from home, your car or bike will be taking a nap in your garage. So, there will be very less bear & tear for your vehicles are they are less operational.
You will make less round to service centers to maintain your vehicle. Here you are saving money and time also.
2. Saving on Food: Very less eating of outside foods
You will agree with me if I say that buying food from restaurants & outside food outlets is much costlier than food made at home. Also, food made at home is healthier than outside foods.
If you a person who sometimes like leftover than making some little extra for lunch will cover your dinner also.
What’s the bottom line?
You should start making your food at home. Here’s an easy way to get your equipment ready or I should say ‘Cooking essentials’.
3. Cloths: Low spending on Casual cloths & Accessories
Yes, an average Indian spend their 6% of annual income in clothing and Accessories. Now you can calculate that how much you are spending on cloths and accessories.
(Don’t tell me after calculation as your company may have non-disclosure policy for your salary…)
But you get the point. While working from home saves a lot of money that you are spending on cloths and accessories.
4. Time: Save time and learn something new
According to a report from MoveInSync, Indian spend almost 7% of day in commuting to office.
This report from MoveInSync also suggest about speed of traveling.
Chennai: 25.7 km/hr
Bengaluru: 18.7 km/hr
Mumbai: 18.5 Km/hr
Hyderabad: 21.2 Km/hr
Delhi-NCR: 20.6 km/hr
What’s the bottom line?
Your high speed car will never test its own potential ever in these cities. So, next time when a car sales representative convinces you on speed of car… then you know your answer!
You will save around 1.67 hours/day, 10 hours/Week while Working from home
I would suggest you use this time to upgrade your skills so that you always stay relevant to this highly competitive world.
5. Child Care: Spend more time with your child
In this era of modernization and high quality lifestyle, you and your partner are most likely engage in work life.
In this case, your child often spends some time in child care.
While working from home, you can spend quality time with your child and save money that you are spending on child care.
What’s the bottom line?
You can have a healthy relationship and better memory with your kids. And of course, You can buy some toys for your kid with money saved from child care homes.
While working from home, you will have to keep your kids engaged at home. You can try these for it.
6. Better productivity: Lead you to better incentive and promotion
A survey from Airtasker (a gig economy platform,) reveals that while working from home, you work 1.4 day extra compare to the same time you spend in office.
Working more for your company increases your chance of better incentive in short term and frequent promotion in long run.
Now:
I have listed few books for you to read. They are the best to enhance your productivity
Getting Things Done by David Allen
Ready for Anything by David Allen
7. Low number of leaves (Some companies pays leaves in salary)
Imaging how many times you have called your boss and told that
– You have appointment with doctor for your kid, so you can’t join office
– You have guest today at your home and you are unable to come to office
I believe that you can easily manage these type of specific events along with your office work without taking any leave. Working from home gives you flexibility to manage work life balance in better way.
Avoiding these leave can boost you leave balance.
I am not saying that your company will compensate you against these leaves but some companies do.
But one thing is for sure… if you have better leave balance with you, then you will definitely not have to take Leave without Pay when needed.
8. Upgrade your Skills: Bonus
Up to date skill set is the KEY of your success!
Remember I told you that commuting to office takes your 7% of day time (1.67 hours/day, 10 hours/Week.) You will not be wasting this time you are working from home.
Bottom line is:
You are smart! You can understand importance of your time than anyone else. As an industry expert, I would suggest you to improve your skills during this time. With 10 hours per week in your hand, you can learn anything you want. You can upgrade your skills up to very next level.
Well, you may not believe it. Check these courses
2020 Complete Python Bootcamp: From Zero to Hero in Python
Machine Learning A-Z™: Hands-On Python & R In Data Science
The Complete 2020 Web Development Bootcamp
9. Contribution to Environment: Bonus
While working from home, you are not burning fuel and not contributing in production of greenhouse gases.
Greenhouse gases are primary reason of global warming.
Low fuel burn leads to more clean air to breath.
You are not on road. Which means less traffic on road? Right!
I am not saying that you and I alone contribute to high traffic. But yes, more people working from home means we will see less vehicles on road.
Conclusion
You may come across an idea that Working from Home is not a good option.
Well… It may be in some scenarios (I will cover them later on); however, one should not deny its benefits too…
Every coin has two face and we all know that. So, if you get an option to Work from home then you must consider above financial benefits of Working from Home.
Can you suggest more benefits of Working from Home, I will be happy to hear that? You can write us in comment about it.