Working remotely allows you to save money on many things, primarily commuting fares, car maintenance, and eating outside. However, your total expenses might not decrease at all as remote work requires you to spend more money on other expenses such as a brand new home office setup, a faster internet, and a larger electricity bill. 

If you’re a college student or parent of a college student working at home, surely you want to cut on expenses so you can invest more of your income into savings. This article will discuss various techniques you can use to help your college savings grow.

Maximize all remote-work savings

Yes, remote work entails plenty of savings, but you might just break even with the new expenses you need to consider. That is, if you don’t maximize said savings.

Transportation

If you used to commute to work, working from home means no more spending on fares. If you used to drive your car, it means less money spent on fuel and car maintenance. These costs add up to a hefty chunk of your yearly income, and with these costs gone, that hefty chunk can go straight to your savings account. The savings you can squeeze out doesn’t end there, though.

As the car insurance industry saw remote work becoming mainstream, many started handing out refunds or credits to policyholders. But what if you can get a lower insurance rate permanently for working from home? Since you spend little to no time on the road, the likelihood of getting into an accident is significantly smaller. In addition, fewer people on the road means a smaller risk of an accident. Depending on how many miles you drive a year, you could qualify for a cheaper insurance rate, and you can allocate that extra money into your savings.

Clothing

It’s alright; you don’t have to be shy. Most people have worn shorts at virtual company meetings. And it’s perfectly fine! Why dress up completely when no one’s going to see it anyway? Since you no longer have to bother with dress codes, you can save a good amount of money. Not only can you skip buying work clothes from time to time, you also have fewer clothes to wash. Depending on the nature of your work, you might not even have to wash them frequently. These savings might not seem much, but they add up to a lot throughout the year. 

Food

You already know that eating out costs you more than cooking food at home, but who really has the energy to put together a meal after a tiring day? When you don’t have to leave home, you’d have enough energy to cook your own food. You’ll get to choose what exactly to eat, and you’ll also have access to your coffee maker and all the other food-processing appliances you have. If you’ve always wanted to plan your meals, now is the time. Cooking your own food will allow you to eat healthier and save plenty of money down the road. 

If you can’t let go of ordering food, you don’t have to. You can still save money if you use food delivery services wisely. Use multiple apps and compare prices before you place an order. Always look out for promos and vouchers. And if you order food frequently, getting a delivery subscription will further cut down on costs.

Sell your vehicle

We’ve mentioned getting a low-mileage discount on your car insurance, but selling your car can also be a wise move. If you have two cars or never use the one car you have any more, it makes sense to sell. Depending on the car you have, you can net a large sum. In addition, you will get even more savings from car maintenance, insurance, and annual registration

Be smart with your home office setup

You can just fork out a lot of money on a brand new home office set up and be done with it. It’s a non-negotiable expense for remote talent, after all. But if you want to save money, you’ll have to be smart and creative. Instead of blowing your budget on the most expensive devices and furniture, you can capitalize on what you already have or buy second-hand. Businesses that have closed down amid the pandemic are willing to sell comfortable chairs and desks for a bargain. You can also find people who are transitioning back to an office setup and are selling their work from home equipment for cheap. If you get really creative, you might not need to spend much for a nice home office.

Internet connectivity is a part of your home office setup. For some people, the Internet plan they had was no longer going to cut it. If you need an upgrade that won’t burn a hole through your pocket, don’t wait for your provider to offer you one. You need to look for those deals yourself. You can opt for a cable and internet bundle or just scrap your previous provider for a cheaper but faster one. 

Pro Tip:  Total all your savings initiatives and place the money into your college savings account.  If the amount of savings is reoccurring, consider adding the sum into a monthly direct deposit into your college savings account.

Final words

Remote work is here to stay, and with an ongoing talent shortage, companies are competing against each other to attract remote talent. Good news if you’re a college student or parent of a college student working from home. With the money-saving tips discussed above, you can get more out of your income and allocate more of it to your college savings. The key is to be wise with all your expenses and consider all your options.