After struggling with my finances for more time than most people realize is possible, I began thinking more seriously about what I could do to make things right. I began working hard to go through and identify challenges that I was faced with, including the fact that I had several kids that cost a lot of money. I began thinking of ways to work on saving cash, and it was really amazing to see how much of a difference something like skipping drinks with dinner and working on finding foods we could make at home could really be. I wanted to start a new website all about creating a more solid financial plan. Check out this blog.
Working Remotely? 5 Ways to Make It Help You Build Wealth
Has your employer, like many, adopted a more permanent remote work option? If so, you may already know the many benefits it can bring by allowing you to be closer to family. But what about financial perks? Can the remote work lifestyle help you build and maintain wealth? In fact, it can. Here are five ways you'll now save money and what you can do with it instead.
1. Less Socializing.
Did your office job lead to socializing? Whether you wooed clients over drinks or met with the girls for nights out, you're likely finding these costly activities less of a factor in your life. Put the money you used to spend on these toward building less expensive but more satisfying recreational choices. Join a local interest group. Do all the hikes in your area. Take up a hobby. Spend time with your spouse and family.
2. No Commuting Expenses.
Not driving your car or taking the train into the office every day? With rising gas prices, this is doubly good news. Take that savings and use it to pay off any remaining vehicle loans, then move on to other high-interest debt.
3. Freedom of Location.
Many Americans have taken the opportunity to move away from higher cost-of-living locations and to areas with lower expenses. Can you do this too? If so, you may find that this single action makes a huge difference in how much you can put toward retirement, stretching out your nest egg, and building wealth.
4. Fewer Work Expenses.
Work-related expenses can be small or they can be significant. For many, it's lunches eaten out, coffee runs, maintaining a wardrobe, and perhaps buying specialty gear. When you work remotely, many of these costs will also be gone. With that money now staying in your pocket, you can boost retirement contributions by opening a taxable investment account with automatic deposits.
5. More Free Time.
Whether you still have to punch a timeclock, or you have the freedom to set your own schedule, you probably have more time on your hands without the commute and office routine. Use this time to invest in yourself. Go back to school to build skills or get a degree. Develop an income-producing side hustle. Buy a rental unit. Or learn more about the ins and outs of being a smart investor.
Want help turning your remote work life into a boost for your and your family's long-term finances? Start by meeting with a wealth management planning service in your area that specializes in wealth management. With their guidance and your own determination, you'll have a better life both financially and personally.