6 Ways Remote Work Transformed My Finances
Written by
Laura Beck
Edited by
Gary Dudak
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The rise of remote work over the past few years has radically changed many people’s financial situations. For some, working from home has led to significant savings and opened up new opportunities through increased flexibility. Of course, some negatives also exist with this working situation, but the financial pros seem to make remote work a beneficial option for many.
To understand how remote work has transformed finances, let’s look at a few real-life examples — from Augustinas Milaknis, head of PR at Ratepunk, and writer Emery Bowles — about remote work tools and managing remote teams.
I Saved Money on Commuting
Milaknis shared how remote work saved him money on commuting costs. Not having to commute to an office every day provided huge relief for his wallet.
“The biggest change was the fact that I didn’t have to pay for a taxi or other kinds of transport to get to my work, which was a problem since I live quite far away from the city. This alone saves me a couple hundred dollars a month,” he explained.
Between transportation fares, gas costs, vehicle maintenance, and parking fees, just getting to the office was expensive. Eliminating his daily commute provided significant savings and allowed that money to be put toward other goals.
I Cut Down on Meals Out
Working from home also allowed Milaknis to save on meals. Without easy access to the cafes, food trucks, and restaurants around his workplace, he started cooking at home more often.
“Another very welcome change was eating home-cooked meals for breakfast and lunch every day. Since I don’t have to go to diners or restaurants around my workplace during lunchtime, I save a ton of money on food-related expenses, and drinking homemade coffee and not going to the coffeeshop two times a day, as I used to when I was working a non-remote job helps, too,” he said.
Eating out for breakfast, lunch and coffee breaks had become an everyday ritual when he worked in an office. But working remotely enabled him to break that expensive habit and cook affordable meals using groceries from home. For remote workers who once splurged on conveniences like takeout and Starbucks, eliminating those temptations can slash food and drink bills dramatically.
I Relocated to a Lower Cost-of-Living Area
Bowles took advantage of remote work to move to a more affordable area. No longer tethered to the location of a central office, he gained the flexibility to relocate.
“One of the most significant financial shifts for me was the ability to relocate to a more affordable city. Without the tether of a physical office, I moved to an area with a lower cost of living, allowing me to invest in a beautiful home that would’ve been out of reach in my previous city,” he explained.
In expensive urban areas, salaries often barely cover basic living expenses. But remote work opened up the option to move to locations with cheaper rents and home prices. Bowles could stretch his income further and gain an improved quality of life in an area that better aligned with his budget and lifestyle goals. For remote workers, geography no longer has to limit options.
I Gained the Flexibility To Travel
For Milaknis, remote work provided the flexibility to travel without taking time off. No longer chained to his desk Monday to Friday, he could explore new destinations while keeping up with work.
“I was able to start traveling for the first time in my life, and in just a few months, I was able to afford three different trips to Milan, Turkey, and the Netherlands, all of my dream countries!” he said. “And due to my being able to work remotely, I didn’t even need to take any days off. I just worked while I was traveling. Making money while traveling at the same time sounds like a dream, and I’m super glad that this is my reality.”
Working while traveling was a game-changer. With a remote job, he gained the freedom to become a digital nomad. instead of using precious vacation days, he could simply work from Airbnbs and coffee shops abroad. Blending work and adventure opened up affordable travel opportunities.
However, Some Expenses Went Up
Bowles pointed out some downsides of remote work on personal finances, though. With no office environment or commute separating home and work life, he found boundaries blurring.
“With the comfort of home, I found myself occasionally splurging on high-end home office gadgets and ergonomic furniture. Plus, the blurred lines between work and leisure meant higher utility bills from being home more often,” he admitted.
Without conscious effort, it’s easy for remote workers to veer into impulse purchases for their home workspace. And higher electricity, gas and internet costs from increased home usage can eat into budgets. While remote work can save money in some areas, expenses in others can rise.
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