Hidden costs of working from home
SALT LAKE CITY — When the pandemic hit last year the number of people working from home doubled in the United States.
And while there’s a lot to love when it comes to remote work, there are a lot of hidden expenses, too.
“We saw that life has a whole lot of what-ifs and unknowns and unless you’re focusing on making that plan happen, it is very easy to say, ‘hey I was spending money here and I’m saving that money.’ It can go away really fast if you’re not deliberate about putting that money back into your own pocket,” said Michael Stevens with Capital Wealth Advisors.
Stevens said while it feels like you’re saving money on the commute, gas and wear and tear on your car, that money could be slipping through the cracks at home if you don’t make a point to redirect that money.
After all, you could now be responsible for a lot of costs that the boss took care of when you sat in that cubicle all day.
Consider how much you’re spending now on food, utilities and office supplies — does your company reimburse you for these expenses?
Remember, you’re no longer to write off workspaces in your home on your taxes unless you’re self-employed.
Focus on your finances and try to save that money from the commute to reroute it to these new expenses.
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