With many people forced to tele-work due to the coronavirus, the time is right for examining how working from home has impacted finances. Here is a guide to help you get started.
Working from home likely means you’ve been using your utilities a lot more. Get a handle on those expenses by reviewing the costs since March. Now, compare those costs to last year’s costs at the same time and adjust your budget accordingly. If your energy costs are high, consider installing a ceiling fan to keep your rooms cooler. Also, if you can, designate one room as your office so that every light and AC unit isn’t running the entire day.
As Money notes, working from home can lead to endless visits to the kitchen. Make sure you’re keeping food costs as low as possible by carefully meal planning prior to each week. Use ingredients that you already have. Try planning your weekday snacks out, too.
If you’re working from home, you’ve essentially become your own office manager. You could be shelling out cash on a printer, pens, paper, etc. Keep detailed records of everything office related so you can either get reimbursed by your employer or write-off the expenses.
Now that you’re working from home, there’s a chance your internet speed is simply not up to par. While increasing your plan can be expensive, you might be able to deduct a percentage of the costs come tax time. Remember to keep detailed notes on when you use the internet for work to help make the tax-savings process easier.