Working from home: Four financial benefits
History will analyze the year 2020 as a before and after of humankind in terms of social behaviors that had to be adjusted due to the pandemic. The labor aspect had a major transformation pushing companies to implement a new way of working that will be established even after the pandemic: working from home. Through this implementation, many people realized that they were able to save a lot of money after going through their personal finances.
Because of restrictions, companies had to make changes in a blink of an eye such as being unable to have their non-essential employees in the office, forcing them to work from home to avoid COVID-19 cases. Despite home office has had many challenges such as not having a proper space or furniture to work comfortably or having the rest of the family around, it also had its perks.
Saving because of home office
Not having the need of going to the office, many people saved the public transport cost or they didn’t have the need to fill up their tank. When it became unnecessary to move during the week, many people saved from 5 to more than 20 dollars.
People who were used to go out to grab a coffee or having lunch with colleagues also perceived an expense reduction for food because they no longer had to go to the office. By being at home, it became more practical and easy to open the fridge to grab a snack, taking advantage of all the groceries that have already been purchased.
It is more likely that most employees attended zoom meetings just wearing a shirt and pajama pants. Working from home allowed people to stop investing in work clothes and shoes. There was no longer a need to pay for expensive shoes when they could just wear slippers.
The amount of time that a person spends to get home after work might vary but it can easily reach -in some cases- more than an hour depending on traffic or other circumstances. By having the chance to work from home, people were gifted with one of the most valued resources: time. This way, they were able to spend more time enjoying their hobbies. In addition, the temptation to stop by the mall on the way home after work lowered, reducing impulse buying.
If prior to the pandemic some companies already had some flexibility in terms of ways of working so there is a real balance between work and life, COVID-19 accelerated this process. Although there are still some challenges regarding employees working remotely and it is not a situation that could be applied to everybody, the truth is that this time in history has proved that many things not only meant savings for employers but also for the finances and well-being of all those people that are part of the workforce.