COVID-19 is altering the lives of many individuals. Prior to the pandemic, most people worked away from home either in an office, factory or at a job site. Today, after several months at home, many people are taking a closer look at the possibility of working from home full time.

Saving Money Working from Home 

Initially, when you start out on your own, the salary may be much less than at your current job. Thankfully, there are ways to save money on your household expenses. Things like cable and cell service are two areas that you can reduce monthly costs. Switching to a bank that offers a free checking account, using coupons, and looking for discounts on the items you need are a few examples of additional ways to save money and reduce overhead.  

On Your Timeline

One of the advantages that comes with working from home, is the ability to work on your timeline. You decide when you want to work. If you have children, you no longer have to miss out on class trips, games, or other events. Additionally, book a vacation when it’s best for you and attend any family social gathering of your choosing. There’s no need to schedule a doctor’s appointment for early evening or weekends and running errands is whenever it is convenient. If you want to take additional classes to advance your career you can study by receiving tutoring lessons online.  

No Workplace Gossip or Favoritism

A typical office environment always has a few individuals who like to spread gossip. When you work from home you remove yourself from it completely. There are no more whispers by the water cooler and no favorite employee who can’t seem to do anything wrong. 

Cut Back Expenses

Leaving your home daily and entering into the workplace comes with many additional expenses. There’s the wardrobe, wear and tear on your vehicle, gas and tolls, lunches, and coffee. If you have kids, you may also have childcare expenses. When you work from home, all of these expenses end. 

Your Office is Anywhere You Want It

If you are near retirement and have a spouse who is retired, you can literally have the best of both worlds. You can spend several months in a warm climate to avoid the cold weather months and return in the spring. So long as there’s internet service available, you can work from anywhere. 

No Salary Cap

One of the hardest things to do as an employee is to ask your boss for a raise. Even though you deserve it, it’s an intimidating experience from the walk down the hall to the room where the door closes behind you. When you work from home for yourself, you put an end to the groveling for a raise. You can make as much as you desire. 

It’s Your Business

The nice thing about owning your own business is that it’s yours. You are the head honcho and, as such, make all the decisions. You decide what practices to utilize and how to best run your business. Unlike working for someone, where you have to suppress thoughts, you can openly decide what policies work best. You also make the decision on what days of the week and hours you want to work. You can create a schedule that truly works for you.  

The Drawbacks

Of course, there are some drawbacks to working on your own from home. First, the benefits package is pretty slim. While you can take all the time off you want, you won’t see any pay. You also won’t have paid sick days, retirement benefits, or health insurance. Another thing to keep in mind is that you will need savings to fall back on for months with a low income. 

Working from home may appeal to more people in the current environment. Just make sure to weigh the pros and cons carefully ahead of making your final decision.