Is telecommuting the best option for your finances?

Could we soon be seeing the end of the traditional workplace? According to the Bureau of Labor Statistics, almost 25% of Americans work from home at least part of the time, which is around 39 million people, and this number is growing fast. In fact, America’s telecommuting workforce has risen by around 80%, according to research by Global Workplace Analytics.

More remote working opportunities available

It’s likely that some of your colleagues work at home, whether for just a couple of days a week or their entire working week. Employers are increasingly seeing the benefits of allowing home working at their organization and offering telecommuting as a flexible work option. They realize that employees are generally a lot more focused and productive when they work away from the office. In fact, a 2013 Stanford University study found that remote workers are considerably more productive than office workers.

Technology has responded to the surge in telecommuting

And while it might seem strange not to be working in the same office as the rest of your team, technology can bridge the gap between colleagues. You can pretty much have a virtual office at home. With an array of apps, online document management, wireless internet, video conference calls and VPN networks, you can always stay in touch with the office.

Financial benefits for employees

If you are still unsure about asking your employer for the opportunity to work remotely, the consider the huge array of benefits there is with home working. Remote working offers you the flexibility of working around your home life, you can avoid the lengthy commute and you can also save money. Yes, if you are looking to make some financial savings this year, then remote working will save you money on:

  • Gas – it’s estimated that you could save up to $1,120 per year if you work from home full-time.
  • Car maintenance – The average costs of car maintenance each year is $313 which covers maintenance and repairs. Not having to make the commute to and from work each day could greatly reduce the wear and tear of your car.
  • Coffee and lunches – Working at home means you can make your lunches and coffees at home too. Researchers have found that having lunch out just twice a week and perhaps enjoying a coffee out twice a week could cost you $832 a year.
  • Tax breaks – If you telecommute you may be able to claim a number of home office deductions. These can include deductions for home office space, property taxes, office décor and business expenses, even if you’re a full-time employee. Depending on your home office set-up, these deductions could be around $3,000.