At Wasatch Peaks Credit Union, we take pride in not only our wide-ranging services for home loans, housing grants and small business loans, but also our personal banking services. Whether you need a simple checking or savings account, are interested in a money market account or want to open a certificate, our friendly pros are here to help.
One major area that can impact not only business budgeting but also personal budgeting for those who are taking advantage of it: Working from home. This is a practice that’s growing more and more common in today’s modern day and age, with more jobs available to be worked remotely using an internet connection and other forms of technology. If you’ve recently been asked or directed to work from home by your employer, you’ll experience several areas of increased freedom and flexibility – but also may encounter a few small hurdles you didn’t consider. Let’s go over a few minor unexpected costs you may have to budget for if you’re transitioning to working from home.
Meeting Space and Clients
For starters, if your job still requires you to meet with clients or other members of your team, many home offices won’t provide an adequate space for this. You’ll be forced to drive more often to meet people, or in some cases may even have to rent out a separate space for meetings. Is this rental space covered by your employer? If not, it could significantly impact your budgeting. For obvious reasons, employees who have regular meetings as part of their job aren’t advised to work from home as often – but if you are, make sure you’re clear on costs like these.
Additional Material Costs
Down similar lines, it’s important to understand exactly which new expenses of yours will be covered and which won’t. If working from home requires new computer hardware you don’t have, who will cover that? Does your home have the required internet speed to handle your needs? If not, who will pay for an upgrade?
The same questions go for office supplies, furniture, and several other potential areas. If your employer is generously covering all these costs, you’re all set. If not, however, you may want to consider whether this transition will cost you more than you expected.
Distractions and Productivity
Finally, it’s important to remember that while working from home offers freedom and flexibility, there’s a dangerous flip side here if you aren’t careful. Some people struggle to maintain a work/life balance with more distractions around, on either side of the spectrum. If you’re losing productivity due to your environment, or if you’re on the flip side and completely unable to detach from work when it’s so close by, ask yourself whether this is the right move.
For more on working from home and adjusting budgeting and other areas accordingly, or to learn about any of our other personal banking services, speak to the pros at Wasatch Peaks Credit Union today.