Here's how Biden-Harris inflation will make returning to the office wildly more expensive
Amazon just left a package on everyone’s doorstep. Its CEO, Andy Jassy, is instructing corporate staffers to spend five days a week in the office beginning Jan. 2. And, it’s not a request.
The decision marks a significant shift from Amazon’s earlier return-to-work stance, which required corporate workers to be in the office at least three days a week.
Goldman Sachs and J.P. Morgan are two other large companies that are requiring five days a week in the office. In 2023 alone, 66% of workers say they’re in the office five days a week and you can expect more employers across the country to follow suit.
The bad news is that it’s going to be wildly more expensive to return to the office post pandemic and here’s what you need to plan for in your family budget.
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With 50% of people having not made a repayment to their student loans, credit card debt north of $1.1 trillion, and inflation taking a toll on the budgets of families across America, what can you expect for increased costs when your employer makes you return to work full time?
Workers spend on average $51 per day when they go to the office, which includes:
This doesn’t include the crippling cost of child care. Overall, the difference for the average family will be an increase of $612 a month to be back in that cubicle because the boss says it’s better for the company culture.
Prices are up substantially over the past four years under President Biden and Vice President Kamala Harris, and if you can no longer work from home, here are some of the additional costs you might encounter and ways to offset them.
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Fuel or Public Transportation: Daily travel to and from work will add costs for gas, parking, bus or train fares. Make sure to check your company benefit manual to see what deals or reimbursed expenses they have for employees.
Car Maintenance: More driving leads to wear and tear, increasing maintenance costs like oil changes, tires and repairs. This is the perfect time to get your car a complete checkup to make sure you don’t run into unforeseen auto expenses.
Lunch: You may need to buy lunch more often, so it’s best to meal plan at home as the cost for eating out is rarely less than $10 to $15 a pop.
Snacks/Coffee: Skip the Starbucks line and use as much as you can for free with coffee and snacks at the workplace.
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Clothing: Depending on the dress code, you might need to invest in new business or professional attire, including shoes. It’s a great time to check your company policy.
Dry Cleaning/Laundry: Professional clothes may require special cleaning, which adds an extra cost. Many people haven’t had to hit the dry cleaner at all over the past several years.
Daycare or Babysitting: If you have young children, you might need to pay for full-time child care, after-school programs or a babysitter.
Office Supplies and Equipment:
If your home office setup has been more convenient, you might miss the comforts or setup at home, prompting you to buy extra supplies for your work environment.
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Longer Hours: Commuting adds time to your day, which reduces your availability for personal activities, self-care or family time. This is important if you must pick your kids up for day care or even the unexpected number of times you’ll have to pick up food on the way home because there isn’t time to make dinner.
Gym Memberships or Fitness Programs: If you used to work out at home, returning to an office could lead you to rejoin a gym or fitness class. It’s possible your employer will have an on-campus gym or a discounted gym membership for you.
Gadgets and Subscriptions: You might need additional items like portable chargers or subscriptions to music or audio books for commuting entertainment.
While some employers may still allow working from home and some offer a hybrid schedule (three days at home, two in the office), Amazon is sending a clear signal that a five-day-a-week in office policy may be back in full swing for all employers very soon.
Now’s a great time to start preparing financially in case your employer makes such a move and thinking about how that will affect your family finances and your overall financial plan.