Budgeting For The Return To Office-Based Work

As the pandemic peters out, many companies are calling for remote workers to return to the office. With it will come a host of expenses that we recall too well – fuel, normalised car insurance, maintenance costs, lunch, coffee, and, potentially, a new post-Covid wardrobe.

We consider how to budget for the increase in expenses, and we investigate whether remote work will still be possible.

Transport costs, and how to reduce them

Increased car insurance due to mileage-based premiums, maintenance, and fuel will likely form the biggest part of your weekly work expenses. All have increased with inflation, and at a rate that salary increases have not been able to approximate.

But there are methods to reduce these expenses. “By organizing a carpool to work you can lower your transport costs drastically,” says Ryno de Kock, head of financial planning and advice at Consult.

De Kock also notes that you’d be able to extend this to your children by coordinating a car-pool for school runs, thereby avoiding traffic and further reducing expenses.

Consider the cost of coffee and lunch

Convenience has its costs. If you spend R60 for lunch and coffee every day for 21 days (the average number of working days in a month), you’d spend a total of R1260. This could be saved, or a fraction of it could go towards packing your own lunch.

“Packing your lunch greatly reduces your weekly expenses,” notes Allan Pike, Director of the Key Recruitment Group. Buying coffee during your break also adds up. You can offset this by bringing a thermos to work, or making use of office refreshments, if available.

Dress well, spend smartly

Many are tempted to spend more than they should to stand out in their work attire, but you don’t have to break the bank to do so.

Rather than being tempted by brands and trends, look for versatile options with simple styles and colours. This allows you to mix and match, diversify your work clothing, and save money.

Also, consider online shops, and keep an eye out for sales. Many sites offer promotional codes to newsletter recipients, and free returns are often possible in the event of poorly-fitting items.

Pay yourself first

When budgeting for the return to work, awareness of your spending is key. Consider putting a percentage, or portion, of what you would have spent into an emergency fund for yourself, rather than spending on luxuries.

A partial return

Many companies forecast a marked drop in productivity during hard lockdown periods, but in fact, it levelled out or even increased with the reduction in travelling time. This prompted many companies to rethink their strategies.

While some are calling for a full return to the office, many are adopting a staggered approach, with a few days in, and a few at home. This signals the potential for further remote work, but the extent will vary depending on the sector of business.

For more visit: www.justmoney.co.za