Ray’s Take: Telecommuting is on the rise and, for many people, being able to work at home gives them the best of both worlds. They have the job security and income of a regular full-time job, without the time, expense and hassle of going to an office.
The trend is likely here to stay. According to Global Workplace Analytics, 80 percent of employees consider the ability to telecommute a workplace perk.
Aside from being the envy of your office-bound friends, what impact could it have on your personal finances? First, you save on time, gas, and wear and tear on your vehicle since there is no daily drive to an office. If you work from home, you no longer have to maintain a professional wardrobe – which often has to be dry-cleaned.
Additionally, you will probably save money you previously spent on eating out and possibly the vending machine. Working from home can also expand your employment opportunities and possibly land you a job at a higher pay rate with a company located in another state that is open to telecommuting employees.
Finally, you can take a tax deduction for your home office space if you telecommute. Just make sure you understand the rules, and how they work, before you start taking the deduction.
According to an article on Salary.com, a telecommuter can have an average savings of $4,172 per year based on tangible numbers from these perks of telecommuting. That’s money that can go into your retirement accounts or be saved for emergencies.
A workplace provides social benefits that are more difficult to quantify, as well as a structure that helps many individuals. But make no mistake; this trend is likely to expand to a home near you.
Dana’s Take: Telecommuting is a great way to be able to spend more time with your children – for both women and men. Most telecommute jobs have some flexibility built in, and you can take advantage of this perk to attend daytime school functions that you might have missed or struggled to attend in the past.
Stress reduction is another benefit. Since you are no longer battling traffic on the way to the office, you arrive at your job in a much more relaxed state of mind, which will lead to greater productivity.
And the flexibility can make it much easier to take time to handle things like taking the car in for an oil change or routine maintenance. Things that had to be handled before or after your office hours when you were going into an office every day. More stress relief!
Some of the benefits of telecommuting are counted in nonmonetary gains that make your life better in other ways.