The recent shift towards remote working has resulted in millions of employees, freelancers, and subcontractors working from home.
While many people enjoy the improved work-life balance and the absence of commuting, there can be downsides to working from home.
When you’re working remotely, it can have a knock-on effect on your household bills and expenses. As a result, you could end up spending more than you realize.
If you want to ensure that remote working remains lucrative, take a look at these top tips for keeping costs low when you’re working from home:
1. Calculate Your Expenses
If you incur expenses when working from home, you should be able to claim them back in some way. If you’re employed, your employer should reimburse you for any expenses you’ve encountered while working remotely, for example.
Alternatively, if you’re self-employed, you should be able to deduct business expenses from your profits when submitting your tax return.
However, you’ll only be able to claim back the cost of expenses or deduct them from your tax return if you record them accurately.
Keep track of costs using a spreadsheet, app, or accounting software, and be sure to keep proof of these expenses, such as receipts or bills.
This enables you to claim them back in the future and ensures you’re not out of pocket.
2. Change Utility Provider
When you’re working from home, you’re going to use more heat and power than you usually would if you were out of the house all day. This can cause your utility bills to rise, sometimes by a significant amount.
When you compare electricity and gas tariffs, however, you can determine whether you could get a better deal with an alternative provider.
As one of the UK’s leading price comparison websites, Quotezone.co.uk makes it easy to access the information you need. In just a few clicks, you can compare electricity and gas prices from a wide range of providers to get the best prices and deals.
In addition to switching to a different utility provider, you may be able to reduce the cost of your energy bills by using smart technology.
A smart thermostat makes it easy to control the temperature in your home, for example, and increases energy efficiency.
Similarly, using energy-efficient lightbulbs and appliances can reduce electricity consumption and lead to financial savings.
3. Ask Your Employer for Equipment
Depending on your job role, you may need a range of equipment in order to work from home.
If you require a laptop or desktop PC, for example, ask your employer to supply the devices before you buy them yourself. Similarly, if you need to invest in a desk or office chair, request the items you need from your employer.
Although you may have a laptop, tablet, or computer for personal use, using them for work purposes could increase the wear and tear on these devices. Furthermore, using the same devices for work and personal use can present security issues.
By asking your employer to provide you with the right equipment, you can separate your home and work life and save money in the process.
4. Avoid Overspending
Working from home can save you money in many ways. When you aren’t commuting, you can save on train fares or petrol, for example. Similarly, working from home means it’s easy to prepare your own lunch, rather than nipping to a café or shop to pick up a coffee and lunch.
However, many people overestimate the savings they’re making, which can lead to overspending in other areas. You might assume you can afford to treat yourself to something nice because you’re saving so much money by working from home, for example.
Although this may be true, be sure to check your budget and find out how much you’re really saving before you start spending. This helps to avoid unforeseen financial problems and helps you to implement effective money management strategies.
If you’re having water issues in your house such as rust contamination, hardness or even pesticide runoff from nearby farms, you should act now!
If there is another issue the right thing to do is to request a professional plumbing service because it eradicates the problem immediately, less stressful, and saves you money.
5. Claim Tax Relief
If you work from home for all or part of the year, you could be eligible to claim tax relief. However, you can’t typically claim this type of tax relief if you’ve also deducted specific expenses from your tax return, which means it’s aimed at employees, rather than freelancers or self-employed workers.
By checking your eligibility, you can find out whether you meet the criteria and, if so, get your claim in straight away.
Making the Most of Working from Home
Remote working can give you the flexibility to spend more time with your family, and potentially even go traveling with them while working, but it’s important to get the most out of the situation.
By tweaking your work setup to optimize productivity, reducing your costs, and making extra savings, becoming a remote worker could enhance every aspect of your life.
As one of the leading engineering staffing agencies, Apollo Technical recruits engineering, design, and IT Talent. Contact us about our Engineering recruiting services or IT staffing services for more information.
