Good afternoon Bristol & beyond and welcome back to the blog that helps you save money, make money and invest in your future. Did you know that the coronavirus pandemic led to around 20 million of us working from home in comparison to the usual figure of 1.7m?
I bet a significant amount of those people have seen the benefits of not having to leave home for the office and spend hours in traffic jams and are now considering it as a full time option. Four years ago I left my well-paid job in the corporate world to see if I could make it as a self employed writer. It meant taking a huge pay cut but what surprised me is how much money I saved when I stopped driving to the office, paying for childcare and investing in new work clothes. What’s more, I even started to make money in whole new ways!
1. First things first. If you work from home you’re going to save a fortune in petrol costs. I used to spend £25 a week on petrol, not to mention the wasted hours stuck in traffic that I could have been working. Total annual save = £1,300.
2. If, like me, all you need to work is a laptop, internet connection and a phone, you can make money by hiring out your car. EasyCarclub enables you to rent your vehicle to your neighbours with the potential of earning more than £3k a year. Total annual gain = £3,000.
3. If you’re renting out your car, you may as well make the most of your empty parking space. I rent out my parking space and because I’m so close to the city centre I make £80 a month. You can make up to £400 a month depending on where you live, check out YourParkingSpace. Total annual gain = £960.
4. It’s amazing how much you can save when you’re not buying ready-made packed lunches. You’re throwing away £1,288 if you buy your lunch out every day according to Phil Daoust’s article in The Guardian. Total annual save = £1,288.
5. One of the best things about working from home is being able to stay in your PJs (just dress smartly from the waist up if you have a Zoom meeting). You can save a fortune not having to buy office attire – even on a budget I used to spend around £1,200 on work clothes every year, if not more. Total annual save = £1,200.
6. Many people who work from home manage to completely eliminate childcare costs. Though be warned – trying to meet a deadline when kids are playing up isn’t a walk in the park! That said, you should be able to avoid any Professor Robert Kelly moments (the one where his kids come into the room mid BBC interview) once you get into a routine. Total annual save = £3,000.
7. Of course if you work from home, there’s no need to pay for parking. The average weekly parking cost in central Bristol is £40 a week. Even if you have five weeks’ holiday that’s a saving of £1,880. Total annual save = £1,880.
That’s a total yearly saving of £12, 628! If you work from home and have any other ways to save and make money, feel free to share them on our Facebook page. If you found this post useful please share it with your friends and don’t forget to like the Broke in Bristol on Facebook, Instagram and Twitter to never miss an update. More from Broke in Bristol – & beyond: