Remote work has become the norm for many people, especially over the last two years. While it was already on the rise, the pandemic caused a major upward shift in how many people are working from home. Recent statistics show that about 4.7 million Americans work remotely at least half of the time.
There are plenty of benefits to remote work. It allows for more flexibility, can reduce job-related stress, and often helps people achieve a better work-life balance.
But, can switching to remote work help you make more money?
By choosing the right work-from-home job and making a few adjustments to your “work lifestyle,” it can absolutely be easier to save more money and make a greater income in the process.
Not sure how to get started? Let’s cover a few helpful tips to boost your remote income.
Reducing Your Expenses
One of the easiest ways to make more money while working remotely is to intentionally cut back on your spending. Some cuts will happen naturally. For example, you won’t have to worry about things like commuting to an office or spending money eating out for lunch each day. You can also make your coffee at home instead of hitting Starbucks during your commute. That, alone, can save you quite a bit of money each month.
But, you can do more at home to cut costs and keep more money in your bank account at the end of the day. The best part? It only takes a few small switches to make a big impact on your financial situation. Try some of the following to save money at home:
- Make your own meals
- Inquire about reimbursements from your employer
- Use furniture you already have
- Wear less expensive clothing and sell your “business casual” outfits
You can also save money by trying to reduce your energy costs within your home. This is something you’ll have to be mindful of if you’re working in one place all day. Use natural lighting as much as possible, unplug devices you aren’t using, and turn lights off when you leave a room. By making a few changes to reduce your energy bills, you’ll also create a more sustainable working environment that can help to cut down on greenhouse gas emissions.
Consider a Career Change
Working remotely is a great way to go through a career change. You might be willing to try something new and different for the first time. If you have the skills, experience, and education to do so, you can end up getting into a career path that allows you to make more money.
Some common remote careers that tend to bring in the highest income include:
- Graphic designer
- Digital marketer
- Operations engineer
By taking on a career in virtual accounting, you might earn more money than your current job pays (the average online accountant makes about $57,000 a year). Beyond that, though, you’ll be focused on finances. You’ll learn more about how to manage finances and make the most of what you earn. While helping others with their financial states, you’ll also be able to learn what it takes to grow your income and have a bigger nest egg.
Will Current Wage Trends Continue?
It’s safe to say that remote work opportunities aren’t going anywhere. But, will they continue to be in such high demand with employers?
That’s a tough thing to determine. We’re experiencing a labor shortage in the U.S., prompting some businesses to “threaten” pay cuts for remote workers as they look for employees to start working in person. For the most part, though, HR professionals are calling those empty threats.
On the contrary, high-salary remote work opportunities have exploded over the last couple of years. While many Americans are actually willing to take a pay cut to work remotely, most can have their cake and eat it too by working from home and making more money.
Employers have started to see the financial benefits in remote work, too. There is less overhead to worry about, fewer liabilities, and even fewer supplies to purchase. Those savings can easily be passed on to the employees, which is ideal for all parties involved.
The possibility of making more money from home is only one of the potential benefits of working remotely, but it’s a significant one. When done with intention, you can absolutely increase your income in a variety of ways just by making the switch to remote work.