The Pros and Cons of Working from Home - Money Tip Tuesday

Working from home is starting to become the new normal now, with many people opting to continue working from home instead of returning to the office. Is working from home right for you? Here are some pros and cons that you should consider. 

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Transcript:

Welcome to Money Tip Tuesday from the Making Money Personal podcast. 

To begin with, the commute is completely eliminated when working from home. No more fighting the traffic to get to work on time. You will also save money on gas by not driving back and forth between your home and the office. When you work at home, all you have to do is boot up your computer and you are already there. This also means that you can live wherever you want. By not having to commute into the office, you could live thousands of miles away and still make it to work on time.  

Working from home also allows you to be more flexible. If you need to keep an eye on your kids, walk the dog, or go to a doctor’s appointment, you can do that much easier now. 

Several studies have actually found that people who are working from home are more productive than when they were in the office. The statistics show that productivity increases by up to 77% when working at home. This may be in part to fewer interruptions in the workday.   

If you’re more of an introverted person, working from home gives you more time to recharge before you go out again. Now, you will only see your coworkers in online meetings. However, if you’re more of an extroverted person, this is more of a con than a pro.  

One downside of working from home is the expense of a home office. First, you will need to have a physical space where you can work without having any distractions. You might have to buy a few office supplies such as a desk, a comfortable chair, and whatever else you will want. There will also be the additional cost of utilities since you will now be spending more time at your home instead of the office.  

Another downside is that you won’t get a change in scenery very often. Working and living in the same place might be convenient, but you’ll quickly get tired of being in the same environment every day. You will need to make an effort to get out of the house every once in a while, to get a change in scenery.  

Communication can also be a bit tricky when working from home. Since most of your interactions will now be digital, you need to be conscious of your “electronic tone” when sending messages. Conveying your tone over messages or email can be difficult since people can’t read your facial expression, body language, and other cues to understand your tone. Make sure that your messages are clear, concise, and positive.  

You also need to consider how self-motivated you are as a worker. Without a boss physically there, you may find it easy to procrastinate while the deadlines sneak up on you. Being self-motivated means that you actually work on the projects instead of letting them all pile up.  

These are the pros and cons of working from home. It’s a lot to consider, but in the end it comes down to if you think working from home or in the office is right for you. 

If there are any other tips or topics you’d like us to cover, let us know at tcupodcast@trianglecu.org and don't forget to like and follow our Making Money Personal Facebook and Instagram pages and look for our sponsor, Triangle Credit Union on Instagram and LinkedIn to share your thoughts.  

Thanks for listening to today’s Money Tip Tuesday and be sure to check out our other tips and episodes on the Making Money Personal podcast.  

Have a great day!