Over 43% of Americans now spend at least some time working at home. Whether you’re spending one day a week working remotely or do it exclusively, it’s important to look at the pros and cons. Although it can be nice to set your own schedule and be your own boss, there are some serious financial downsides to working from home. Some of those hidden costs you may not even be aware of yet.
Depending on what you are doing from home, you’ll need a lot of new technology. Your job might require a landline, headset, computer software, virus protection, and/or a home phone plan.
Other hidden costs may include an increase in your home or auto insurance. If you use your car for business purposes, you most likely with need a different plan. If you have meetings or consultations in your home, you may also need to adjust your home insurance policy. Talk to your agent to find out more.
Your work space
One of the biggest costs that most people don’t anticipate is a proper workspace. You probably think you can work from your bed or couch. However, that will just make getting to work and staying at work harder.
You’ll want to find some kind of quiet space with a desk, a comfortable desk chair, and good lighting. You may also want to invest in a small sofa or chairs if you are going to have clients over for meetings.
Your work life plateau
One of the most expensive and detrimental things that working from home could cost you is your career. You may find yourself separated from the rest of the office. That leads to less time to socialize. In turn, you will have fewer opportunities to be noticed by higher-ups.
If you want to avoid this fate, simply work at the office every now and then. You can also have big meetings at the office, rather than from home. Either way, don’t let these downsides keep you from doing your dream job your way. Acknowledge them, make plans to combat them, then conquer them.