How Much Money I Would Save By Working At Home
There is a big part of me that hopes to eventually “work from home”. While the point of it isn’t really to work out of my house, but rather it is to have a more flexible work style and to save money by working at home. I estimate the following ways I could save money by working from home:
- Hair cut: $20 / month (If I worked at home, I would buzz my head myself and save the money)
- Work Attire: $300 / year or $25 / month
- Dry Cleaning: $50 / month
- Coffee Addiction: $25 / month
- Eating Out For Lunch: $100 / month
- Gas: $100 / month
- Getting Rid of Lawn Service: $100 / month (I’d have more time and do it myself)
If I total each of these up, I have $420 a month in savings. I think there are a few other areas as well, so let’s just round up to $500 per month.
If your goal is income replacement through another source such as an online business, you can factor in this monthly savings into how much income you need to replace to make it happen. If I make $5000 after taxes each month, I can estimate that I’d need $4500 after taxes to work from home.