How work from home can be a blessing for your savings?

The work from home mode is fairly new in India. Before 2020, very few companies allowed employees to work from home. But since the pandemic and the lockdowns, it has become the new norm. The transition has been challenging for some and welcomed by others. But while the bittersweet mode of working may not appeal to quite a few, it does have several benefits. Apart from saving time and effort, otherwise spent on commuting, people are also saving a lot of money by simply working from their homes.

Not sure how? Keep reading to know how working from home can help you save money.

1. Saving Up on Fuel, Car Maintenance, Insurance, etc.: 

Remember the days when traffic was an inevitable part of your day. The long hours spent at traffic signals followed by long hours at the office were not only draining out your energy but also your money. Fuel prices have skyrocketed over the last few years. Since 2020, there have been many gradual increases in the prices of petrol and diesel. These have been hard on the pocket. However, people working from home can save money as their fuel consumption is far less than before. If you have been working from home, you can save a lot of money as your fuel consumption would likely be lower now. This will help you focus on other important financial goals.

Not just fuel, but you can also save money on other associated costs such as maintenance costs. Regular use of a vehicle can lead to wear and tear. Oil change, servicing, cleaning, and more can add up to a lot of money. However, by using your vehicle less, you end up increasing your savings pool as you spend little on maintenance. In addition to this, you can also save on car insurance. When you use your car less, the chances of damage are low. As a result, you raise fewer claims. This ultimately helps you get a No Claim Bonus (NCB) when renewing your car insurance plan. So, you end up getting a lower premium. Thus, boosting your savings.

2. Saving Up on Rent:

Many people who were previously living alone on rent have moved back to their hometowns post the pandemic. Since there is no need to go to the office, a lot of employees have chosen to be with their families at this trying time. While this has helped people cope with the emotional turmoil of COVID-19, there is one more benefit to it. The money that was earlier being spent on rent can now be put towards savings. For those working in a different city, rent constitutes the biggest part of an average salaried person’s expenses. And no more needing to pay rent has helped people save a major chunk of their income. Those living in a metro city like Bengaluru, Mumbai, Chennai, etc., have benefitted significantly, as the cost of living is relatively compared to other cities.

Moreover, with rent come other expenses too. These can include Wi-Fi charges, electricity, water and gas bills, house help fees, etc. When you no longer have to take these costs into account, you can save money and use the funds for other goals like buying a house, saving for your retirement, paying back loans, and more. The IDFC FIRST Bank Savings Account can be a great place to start saving. Not only does it offer you a safe place to save money, but it also offers attractive interest rates.

3. Saving Up on Outings, Dining, and More:

The sweet catch-up with colleagues or peers after office does lift your spirits after a hard, long day of work. But when done routinely, it also eats into your savings. Stepping out for a movie or catching up over for some drinks and food can be an expensive affair. With work from home, the frequency of these catch-ups has drastically reduced. When you step out of your home less, you save more money. The money spent on outside food, entertainment, fuel, and other miscellaneous expenses can now be saved and put towards better use. Moreover, there are other benefits too. For instance, with the pandemic and the concerns over safety, people are now cooking more at home than eating outside. Not only does this turn out to be more cost-effective, but it is also a healthier option. The chances of contracting the virus are greatly reduced when you stay in and cook your own food over going out. In addition to this, the prolonged health benefits of eating home-cooked food are indisputable. So, you get to save money and, at the same time, stay healthy.

4. Saving Up on Money Spent on Branded Apparel: 

It is safe to assume that most work-from-home people are guilty of wearing pyjamas every day. The more comfortable you are, the more productive you can be. Besides, this new dress code is also easy on the pocket. Work from home has reduced the need to buy more clothes. When offices were running, and there were meetings to attend and clients to meet, the need for new clothes was quite pronounced. Clothes reflect a person’s personality to a great extent and can play a massive part in setting the first impression. This is why most companies have strict dress codes for all employees. But no matter how good these dress codes look, they can be expensive. However, with work from home, the money spent on professional apparel is considerably lowered.

To Sum it Up

While there are myriad ways to save money when working from home, it is also essential to use these savings efficiently. The pandemic has wreaked havoc in more ways than one. But it has also been a blessing in disguise in other ways. For example, a lot of people have utilised their savings of the last year and a half to pay back their bank loans or buy real estate like a home. The extra savings from the work from home lifestyle can also help you reach your goals. So, be smart with your money and start saving in the IDFC FIRST Bank Savings Account. Slowly but steadily, you too will be able to achieve all your financial targets.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.