Cutting down work-related spending can improve your personal finances. Maybe you're cash poor at the end of the month, or you never have enough money to meet all your monthly expenses. Well, you're not alone. Sometimes the problem isn't too little income; and if you make adjustments – such as cutting down work-related spending – you might be able to make ends meet.
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1. Reduce Your Commute Cost
Reducing your commute cost is one of the best ways for cutting down work-related spending. If you drive to work every day, you might spend a lot of money on fuel each month. To reduce spending, consider public transportation every day or a few days a week. Also, if a coworker lives close to your home, maybe you can carpool a few days during the week.
2. Avoid Happy Hour
Going to happy hour with coworkers is a great way to decompress after work. But even if a restaurant offers happy hour specials, you're still spending money. And depending on how often you go out, this can become a costly habit. Find ways to decompress for free. Go to the gym after work or take a walk around the park.
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3. Maintain Your Clothes
If you work in a professional setting, you undoubtedly have to dress a certain way. Unfortunately, business attire can get expensive. To reduce work-related spending, maintain the condition of your clothes. This includes regular dry cleaning to prevent permanent stains or odors; and rather than throw away clothes that have been damaged or no longer fit, speak with a seamstress and have them altered or fixed.
4. Brownbag Your Lunch
You might feel pressured to go out with your coworkers for lunch each day. But eating out every day can become a very costly habit. Scale back to maybe one or two days a week (or no days a week), and brown bag your lunch the rest of the week.
5. Take Advantage of Tax Write Offs
If you own your own business, talk with your tax preparer to learn about eligible write-offs. The more deductions you take, the less you'll have to pay in federal and state income taxes. These might include home office deductions, deductions for health insurance and medical expenses, and you might be able to write off a percentage of your utility bills, as well as business expenses. As an employee, there are deductions you may qualify for, such as those associated with a job search or relocation expenses. Speak with your tax preparer for specific details.
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6. Telecommute a Few Days a Week
Telecommuting and working from home a few days a week not only reduces your transportation costs, it can also save money on childcare. Of course, for this to work, you must be able to work while caring for your children. Therefore, telecommuting might be a better fit if your children are school aged.
7. Brew Your Own
I know, there's something about grabbing a cup of coffee on your way to work in the mornings. It gets your day started and it's quick. But if you're spending $2-$3 a day on coffee, that's about $15 a week or $60 a month. You can purchase a bag of coffee and a travel mug for far less.
Nowadays, many people need to save money; and fortunately, reducing or cutting down work-related spending can improve cash flow and free up money for other things, such as paying bills and saving. What are other ways to reduce work related spending?
