There are lots of benefits to working from home; you don’t have to commute, you can outsource difficult tasks such as accountancy and you may even be happier than those who attend an office environment.
However, it isn’t all sunshine and smiles - especially if you are struggling financially.. There are some downsides to working from home, such as inconsistent earnings or taking on too much work. Some of these issues can be solved easily, by outsourcing tasks to help with the workload, but other issues can build up and become big problems.
Here are three ways to make working from home work for you.
Set a budget
A recent survey found that nearly 50% of freelancers believe that inconsistent earnings and a lack of security are the hardest things about working from home, but you can set a budget to make sure that you make the most of your earnings. If you’re worried about overspending, cut out a few pricey things that you are wasting money on, such as going out to eat and expensive clothes. You could also cut out unnecessary credit card spending to avoid expensive interest fees.
Outsource your accountancy jobs
When you work from home it is easier to decide what you will work on, so you can delegate the other jobs via outsourcing so that you can focus on the important stuff. This means that you will be more efficient and productive – and if you delegate the tasks to someone with relevant specialist skills, it is likely that they will do a more professional job than you!
For this reason it can be useful to use a professional accountancy service to make work easier, as the accountants will make it easier for you to focus on your work.
Take advantage of tax breaks
If you live in the UK you will be able to take advantage of various tax breaks for the self-employed. For instance, if you work from home and you have an office you can claim expenses on the room, and this will reduce the amount of tax that you pay. So if you earn £50,000 and you claim £15,000 in expenses, you will only pay tax on £35,000 of your earnings.
Working from home can be amazing if you stay focused and get the most out of your day, and these tips are designed to make sure that that happens.