Online calculator shows you how much you save by working from home
It won’t be news to remote workers that ditching their commute has saved them money. A recent analysis of Silver found that in-person employees spend $5,000 more per year than people working from home full-time or part-time. This number is the average, but the exact amount individuals spend on work-related expenses depends on several factors. If you want to see how much your home office is saving you, this calculator will crunch the numbers.
WalletHub has developed the online calculator to quantify the economic impact of the telecommuting movement that is currently transforming the workforce. To apply it to your own experience, plug in your state, the type of vehicle you drive, and the length of your commute in time and miles. The tool only works for people who travel by car (or would if they had to).
Even if your office is in the neighborhood, the savings you realize by not having to travel every day are significant. Driving five miles to work five days a week in a sedan in Texas, for example, costs employees an extra $1,195 a year. According to WalletHub, the annual national average for travel-related car and gas expenses is $5,108. This doesn’t take into account other work-related expenses outside the home, such as pet sitting, childcare, and $14 salads.
Money isn’t the only thing remote workers save by skipping their commute. A 2018 report from EducatedDriver.org found that Americans spend an average of 408 days of their lives commuting to and from work. All that extra free time also translates into financial savings, with remote employees having more flexibility in their schedules to cook their own meals and take care of other household chores themselves. Here are smarter ways to save time in the morning.