How Working from Home During COVID-19 Can Help You Save Money
Back when life was normal, before COVID-19, many of us spent a significant amount of time commuting to and from work in our personal vehicles. A 2019 study by Ketchum found that from October 2018 to March 2019, the average American saw a 12 percent increase in the time spent in their car each week (from 9 hours and 43 minutes each week to 10 hours and 50 minutes each week).
Now, with many businesses conducting work from home (WFH), and schools across the nation instituting remote learning, commute times have decreased significantly. In fact, a study by the Harvard Business Review found that the shift to WFH decreased commute times by 41 minutes per day.
Decreased commute times resulting from remote work and school schedules has led to cost savings in different areas. According to USA Today, a study by FlexJobs found that remote workers typically save $4,000 a year when working from home.
So, what exactly are some of the cost savings associated with working from home?
- Less gas costs
Cutting down on driving to and from work every day cuts down on gas costs, which can be allocated towards paying down debt and/or saving money for a down payment on your next vehicle. - Lower mileage
Less mileage and wear and tear on your vehicle can increase the life of your vehicle and help lead to a higher trade-in value, should you decide to sell. - Less maintenance costs
The less you drive the less you need to spend on car maintenance (i.e. tires, oil changes, etc.).
Lower-mileage vehicles can hold onto their value longer, which may mean more money in your pocket when the time comes to sell. Getting more money for your current car, truck, or SUV can help you get some or all the money you may need to pay off debt to improve credit history and/or save for a down payment on another vehicle.
If you’re in the market to buy a new or used car, a car dealership enrolled in the Credit Acceptance program can help you get approved for financing on your next vehicle.
