A monthly breakdown of expenses saved at a glance.
Assuming you drive every day and pump around 110 litres of petrol monthly, using RON95 fuel that costs $2 per litre, it could cost you $220/ month (without credit card or membership rebates/ discounts). This is not even considering parking fees or ERP charges.
For a working adult who takes the MRT or bus (or a combination of both) to work daily, expect to top-up $60-$80/ month as a medium frequency traveller.
*Figures provided is just an estimate. Fares vary depending on the distance and frequency of travel. Referenced from DOLLARSANDSENSE
These are costs which can be eliminated through transitioning to remote working. Remote working from home does not require you to travel at all. The flexibility to choose a location nearer to you to work at could greatly reduce it as well.
2. Office rental
In Singapore, its no secret that spaces are limited and rental could drive a large hole in your wallet. A guide to rental space per square foot by district.
01 - South (CBD)
Boat Quay, Raffles Place, Marina Centre, Cecil Street, Robinson Road, Shenton Way
02 - South (CBD)
Anson Road, Chinatown, Tanjong Pagar
03 - Central South
Alexandra Road, Tiong Bahru, Queenstown
04 - South
HarbourFront, Telok Blangah
05 - South West
Buona Vista, Dover, Pasir Panjang, West Coast
06 - South
City Hall, High Street, North Bridge Road, Beach Road
07 - South
Beach Road, Bencoolen Street, Bugis, Rochor
Referenced from: OfficeFinder
The general rule of thumb is to allow 150- 250 usable square feet per person, also depending on the industry and culture of the business. With the exclusion of creative spaces, meeting rooms, reception etc, it is estimated that the space for a single employee could cost around $870/ month for 150 sq. ft.
Takeout is convenient but it is also more expensive and generally unhealthier than the food you make yourself. Very little offices come with a fully decked out pantry area and space to store your groceries, so unless you have the drive and time to pack your meal every day, you will just have to resign yourself to eating out.
But with remote working, you can better manage yourself and time used for commuting could be time well spent in the kitchen instead. Depending on the area you work at, an average meal could cost an approximate of $8 – $15 daily (without considering social functions). This cost could be reduced to more than half (depending on your personal diet)!
Time is money. With more effective use of your time spent working, a lot more could be done in lesser hours. With remote working, more focus is placed on the impact and results you are creating evaluated over a period of time with much less emphasis over hour worked.
With the notion of time spent working removed as the number one key factor used to assess work done and are able to be productive and meet your goals and KPIs set before deadline, you are able to save a lot of time which could be used on your next project or on more personal aims.
Higher productivity equates to better maximising the use of your time. Research has shown that remote working does in fact increase productivity levels. This could be due to productivity factors such as a less stressful workplace environment, higher motivation, positive work-life balance and many more (depending on the individual).
Other than these factors, there may be a variety of hidden expenses such as car maintenance, office supplies etc…
These are easily avoidable costs which are currently not as visible that you could be easily saving on just by integrating remote working into your work practice!
Check out our previous article on remote working: https://stage.thecarrotpatch.co/is-remote-working-for-you-how-would-you-know/
Watch this space for more useful remote working articles to come!