In many areas of the country, as the coronavirus epidemic winds down and more people are vaccinated against it, things are beginning to return to normal.
As COVID-related lockdowns end and workers return to full-time work, financial stress will affect employees.
We must remember the true costs of commuting to work every day.
Gas prices and commuter costs will rise.
In the first months of 2021, gasoline prices soared in the majority of the country. Gas prices will rise as more people commute every day. That means the most basic cost of commuting–fuel–will cost more than we were paying before the pandemic.
It would be best if you shopped around to find the best gas prices. A few cents per liter can add up. Ask around to find out which smartphone apps people use to find the best deals or to get cashback on gas.
Use memberships or loyalty programs to save money. For example, you can use a credit card issued by a gas company at the pump or buy gas only from retailers that are members-only.
If you do not pay the full balance each month, using a gas credit card can be a bad idea. It’s a good idea to use the card provided by your gas company to save money and build credit. If they offer you a few pennies off because of a loyalty program, that’s even better.
If you do not pay the full balance of your gas card before the grace period expires, you will lose the ability to shop around for lower gas prices. Pay off that gas card diligently each month and only use it on gas. Do not spend the money in the convenience store.
Lunches with colleagues can be expensive.
Many of us became accustomed to cooking at home during the pandemic. It’s a healthier way of living for both our bodies and finances. Statistically, eating out is five times more expensive than cooking your food!
As we prepare to leave home every morning and commute, the time available to prepare lunch for workdays will be limited.
We urge everyone to find time. Budget your time just as you would budget money. This will allow you to set aside one night a week for meal preparation. If you prepare five days’ worth of meals, then you can save $50 per week as opposed to buying lunch each day.
$50 a week equals $2,600 in a year. What person wouldn’t like to get a raise of $2,600?
These are average figures. You can save more money if you use leftovers from last night for lunch on a few occasions a week. Don’t forget to budget for lunches.
Spending money on coffee each morning can add up.
Every day, a cup of coffee is about $3. A cup of coffee can be made at home for as little as 30 cents. It’s ten times more expensive for you to buy coffee at a coffee shop than make it yourself.
The fact that the cost of coffee is just a few dollars a day does not mean it is not important. If you buy coffee every day, the cost can really add up.
Instead of thinking about the $3 cup that you buy every year, think about how much you spend on it.
New work clothing can be expensive.
When you return to work, it means that you can no longer wear pajamas to walk to your home office or casual meetings. Budgeting for workplace attire is important.
Has gained more than 20 pounds on average during the lockdowns against coronavirus so far. Some of our old clothes may not fit quite as well as they used to.
It is another expense that we have probably forgotten while our suits stayed in our closet.
In our free ” Surviving a Job Loss or Reduced Income” booklet, available as a free PDF download from FIT Academy, we offer some tips for dressing cheaply for interviews. The tips can be used by anyone who is returning to the workplace after a year’s worth of telecommuting without an appropriate wardrobe.
Watch out for childcare costs.
The school year for children is coming to an end just as the pandemic appears to be diminishing and the return to full-time work is near. Many families will need to find a childcare solution that is affordable after a homeschooling year.
Parents have formed “pods” to learn at home. These could also be used as childcare arrangements. You can work with other families and see if you can share childcare duties when everyone goes back to work.
As most families stayed home, they didn’t require outside childcare. With the return of these needs, the cost of childcare may be more affordable.
Budgeting for future expenses and planning ahead
Budgeting is the first step to saving money on your return to work.
Use our tools for financial planning to create a budget that will allow you to return to work without having to break the bank.
If you are already in debt, the return to commuting may push you over the edge. Speak to a nonprofit-certified credit coach to get expert advice and counseling for free.
