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Save Money by Working Remotely with O1ne Mortgage

Working remotely offers numerous perks, such as eliminating your daily commute, enjoying the comfort of your own space, and embracing casual attire every day. But beyond these benefits, does working remotely actually save you money? The answer is yes, and O1ne Mortgage is here to help you understand how.

While savings can vary based on your personal situation, such as your eating habits, living location, and lifestyle, working from home can indeed save you money. According to a survey by Own Labs in collaboration with Global Workplace Analytics, a hybrid worker saves an average of $19.11 each day by working remotely compared to working in the office. This can add up to around $5,000 a year. Here are nine ways you can save money by working remotely:

1. Commuting

One of the biggest savings opportunities is skipping the daily commute. On average, commuting costs around $15 per day, according to the Owl Labs survey. By working from home, you can cut back on gasoline, parking, or public transportation costs. Some households may even find they can manage with one fewer vehicle, reducing ownership and maintenance expenses.

2. Daily Food Expenses

With easy access to your kitchen, there’s less need to rely on carry-out meals during lunch breaks. Grabbing lunch out can cost the average in-office worker about $13 a day, according to Owl Labs. Cooking at home can significantly reduce your monthly food bill.

3. Office Clothes

The cost of office clothing can easily add up to hundreds of dollars per year. A survey by NVISION found that employees spend over $300 annually on office attire. Working remotely allows you to dress comfortably in sweats, jeans, or yoga pants, cutting down on clothing expenses.

4. Pet Care

Working from home gives you the flexibility to take care of your pet throughout the day, eliminating the need to hire a dog walker. This can save you anywhere from $18 to $30 per walk, depending on local rates.

5. Fitness Memberships

With more flexibility in your schedule, you might find it convenient to skip the gym membership and create an at-home workout routine. Investing in budget-friendly home gym equipment or streaming free fitness videos can help you stay fit without the extra cost.

6. Happy Hour

In-office workers who attend happy hours for team bonding can spend up to $3,000 per year, according to a survey from Alcohol.org. Remote workers can substitute virtual get-togethers to stay connected without the hefty tab.

7. Coffee on the Go

Grabbing a cup of coffee on the way to work or during lunch can add up. Having your own at-home coffee setup can save you hundreds of dollars annually.

8. Location

If your remote job offers location flexibility, you might save by moving to a less expensive area. Renting or buying a home outside the city can lead to significant savings. However, if you prefer city life, the savings might not be worth the lifestyle change. The freedom to choose your location without being tied to an employer’s proximity is a major benefit.

9. Tax Breaks

While you don’t automatically qualify for tax deductions just for working from home, freelancers, contractors, or small business owners might benefit from certain tax breaks. For instance, if you have a designated home office space, you may be able to claim the home office deduction and other work-related expenses.

Is Remote Work Right for You?

If you have the option to work remotely, the financial benefits and increased job satisfaction might sway you in that direction. However, some people miss the social aspects of office work and find it easier to be productive or unplug in the evening by commuting to the office. Weigh the convenience and savings of working remotely against the perks of office work to make the best choice for you.

For any mortgage-related needs, call O1ne Mortgage at 213-732-3074. We’re here to help you navigate your financial journey with confidence.

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