WAXHAW, NC – Have you been working from home during the COVID-19 pandemic? If so, you might be getting used to it, and even when it’s over, you may have the option of remote work. This can affect your life in many ways – and it could bring some financial advantages, too.
Just consider transportation costs: The average commuter spends $2,000 to $5,000 per year going to and from work, according to government data. If you’re working from home, you could save a lot by keeping your car in the driveway.
And if you drastically reduce your driving, you might qualify for lower insurance rates, too.
Plus, you could save even more by not eating out when you’re working from an office.
What to do with these savings? You could invest some of it in your IRA and your 401(k) or other employer-sponsored retirement plans. And you might also be able to build an emergency fund to help pay for things like a major car repair.
Becoming an at-home worker will no doubt require some adjustments on your part – but, in strictly financial terms, it could lead to some positive results.