Lockdown is real. People have been ordered to #StayHome and work remotely. This has led to a new way of living many have never really considered before. The current COVID-19 quarantine may be annoying, but it could be a saving money blessing in disguise.
That’s right, you are saving serious cash by working at home. Did you know that the average remote worker saves around $4,000 annually by working from home? Since you are now part of the #WFH movement, those savings are in your grasp as well.
One of the obvious ways COVID-19 is saving you money is via decreased commuting costs. Less time on the road equals less times you fill up the tank, especially if you’re a two-car family.
Benefits of working from home is all about saving money on:
Your new remote worker status via the coronavirus pandemic can be a blessing in disguise when it comes to saving money. In fact, there are a ton of ways to save money while in quarantine, from car expenses to in-office work attire. Let’s take a closer look.
The average mileage the American worker commutes each day is 32 miles. This of course varies based on where you live, but let’s take the national average to calculate your money savings.
Commuting 32 miles each day, five days a week, you are driving 160 miles a week, 640 miles per month, 7,680 miles per year. Calculating in the average U.S. miles per gallon (mpg) of 24.7 mpg, and the average gas price of $1.81 per gallon, you are saving around $559 annually.
Your money savings during the pandemic goes beyond what you put into your tank too. Don’t forget all the car maintenance you need to do every year. This includes oil changes, routine check ups on financed and leased cars, repairs, and more. The COVID-19 quarantine can save you up to $766 on annual car maintenance.
Remember stopping at your local Starbucks every morning on your way to work and getting your grande-whatever? For most of us, this was an essential morning routine. However, the current quarantine has made this option, “not an option.”
The good news is that skipping that Starbucks coffee every morning is saving you money. Starbucks estimates the average purchase to be $2.10 for a grande coffee. If you skip this you can save $504 annually. This is almost as much as your gas expenses.
Lunch is another big time expense in-office workers have. Unless your company is shelling out cash to feed you every day at work, you are spending a ton on your lunch break. On average, Americans spend around $53 per week on lunch. This adds up pretty quick, amounting to $2,544 annually.
Dressing for success can make a pretty significant dent on your bank account, making saving money pretty hard. According to the U.S. Bureau of Labor Statistics, the average U.S. worker spent around $1,866 on professional attire and services in 2018.
This spending accounts for your in-office wardrobe, dry cleaning services, tailoring, and more. Who knew it was so expensive to dress for success? Being on lockdown due to the COVID-19 pandemic side steps these expenses.
The above are the essentials of the in-office worker. There are certainly more expenses than listed above, but you probably get the idea. By working remotely, you can save up to $6,239 a year.
To put this into perspective, the annual increase in salary for 2019 was 3.1 percent. If you made $60,000 in 2019, you can expect a $1,860 increase in salary this year. By working remote during quarantine, you already secured 3.35 years of salary increases.
Being in quarantine definitely serves up big time benefits of working from home. But the saving money journey doesn’t end when you log off from your kitchen table each workday. In fact, you are saving money in the evening and on weekends as well.
Well, maybe not yet. But if you do a bit of due diligence you may be able to save some serious cash on your car insurance each month. Since you are not on the road as much during COVID-19 quarantine, your car insurance provider may lower your payments.
For instance, Allstate is giving its policyholders a 15 percent discount on their April and May car insurance payments. According to Allstate CEO Tom Wilson, “This is fair because less driving means fewer accidents.”
Going out to eat is expensive. Sure, meeting with friends and family at your favorite restaurants is fun, but it’s also expensive. The Bureau of Labor Statistics found that the average household spends $3,000 annually eating out.
The government quarantine lockdown has made dining-in pretty much impossible. This has most likely cut your annual restaurant bill in half. You may still be ordering take-out and delivery, but that $3,000 a year is probably more like $1,500 or less now.
The above ways quarantine and working from home can save you serious cash may be helpful when life returns to normal. If you like your new bank account balance, because you have cut expenses during the pandemic, why not keep it going post-pandemic?
How have you made saving money during quarantine a thing? We would love to hear from you.