The offers and details on this page may have updated or changed since the time of publication. See our article on Business Insider for current information.
Paid non-client promotion: Affiliate links for the products on this page are from partners that compensate us (see our Saving Time and Commuting Costs
For Eliana Vornov, switching to remote work resulted in significant savings in commuting time and expenses. Previously, she spent over an hour commuting each way, costing her approximately $14 daily in fares. Remote work eliminates these expenses, translating to potential savings of over $50,000 annually. Vornov's new employer also offers a better 401(k) match of 7% compared to her previous company. While Vornov's salary remained relatively stable, she experienced a substantial reduction in her bonus and stock options. Her previous year-end bonus was 15% of her salary, while her current one is only 5%. Additionally, her new company does not offer equity. She also incurs a gym membership fee of $136 per month, which was previously covered at her old company. Vornov's job switch prompted her to become more proactive in managing her finances. She realized she could have made wiser decisions regarding her previous compensation package. She now works with a CFP® financial planner to optimize her finances. Under their guidance, Vornov has increased her automatic transfers to her brokerage account from $1,000 to $3,000 per month. She is also saving for a down payment on a future home by investing in a mutual fund. Additionally, she has increased her emergency fund contributions due to concerns over potential job loss in the tech sector.Income Adjustments
Reconsidered Financial Approach