26 Jul 2022 | Edukatips

Back to WFO: Tips for Managing Finances

As today’s government regulations have begun to employ the WFO policy, folks are to return to their place of work. WFO stands for Work From Office. The term is used to describe the concept of working from an office.

Based on the Large-Scale Social Restrictions (PSBB) in Indonesia, several business sectors were allowed to run normal operations amid the pandemic. Currently, as businesses across multiple sectors have started to resume normal operations, the WFO resumes.

WFH vs WFO, Which to Choose?

Based on studies conducted by McKinsey in the US in 2020, research data shows that 80% of workers preferred WFH, and another 20% preferred WFO. Furthermore, 41% of workers reported higher productivity while working from home, and 28% felt that they retain the same productivity, whether working from home or office.

The workers mentioned that they do not have to make long trips to the office nor deal with the stress of rush hour traffic, leaving them in a better state to work. Workers, who chose WFH, feel that it enables flexibility and allows for better work-life balance. 

From the management side, employers can also enjoy its advantages as they now have a larger talent pool that is not confined to their area and can work from anywhere. The next benefit is reduced overhead costs. That’s why some companies with flexible business processes still pursue the WFH system.

On the other hand, 31% of workers reported higher productivity while working office compared to WFH due to many distractions at home. It is because most workers, who are married, find it challenging to finish their work because they have to look after their kids and do other household chores.

Many workers said that WFO is more convenient because they don’t have the facilities and infrastructure to support their work at home, such as a designated room and working desk. That’s why many agencies or companies choose to resume WFO.

What are the Tips for Managing Finances upon Returning to WFO?

As the WFO policy resumes, folks need to re-adjust their expenses.

Expenses for transportation, consumption, and so on are certainly different compared to when they work from home. Here are some tips for managing finances that you can implement upon returning to WFO:

1. Set Up Financial Buckets

You must adapt to new financial expenses when the WFO resumes. For that, you should recalculate transport expenses, health costs, and lunch at the office.

You should allocate funds for leisure sometimes, such as hanging out or buying a cup of coffee to unwind due to working from the office. 

2. Reduce Consumptive Expenses

When returning to work from the office, you should reduce consumptive expenses, such as cutting your meal expenses.

Besides minimizing contact with other people amid the pandemic, bringing lunch from home can save money. It can also help control healthy food intake as well as costs less.

3. Understand the Latte Factor

Latte Factor refers to a small amount of money spent on a regular basis that can significantly impact your finances. Drinking coffee or buying snacks can cost a lot.

If you still have unfulfilled financial goals, such as the plan to obtain a house and set up an emergency fund, you should devise a budget and commit to it to avoid the latte factor. 

4. Prepare an Emergency Fund

An emergency fund is needed to cover unexpected expenses or when an emergency occurs. For example, a natural disaster happens, your phone is lost or damaged, or when tragedy strikes the family, etc., which requires sudden, large sums of money. Therefore, you must always allocate an emergency fund to help you prepare for unexpected life events.

Tahapan Berjangka BCA can be an option to help you commit to saving an emergency fund. Besides its higher interest than regular savings, Tahapan Berjangka BCA also offers various savings periods and automated debit payment that helps you commit to monthly savings.

What are the Advantages of WFO? 

Returning to work from the office, of course, has various benefits to improved performance. If you are to return to work from the office, do not worry! Here are a few advantages that you can obtain upon returning to WFO:

1. Maintaining Productivity

Working in the office is much more effective than from home. When the working hours begin, employees are responsible for carrying out their job.

By working from the office, employees can concentrate and focus on finishing their work without distraction as opposed to working from home. It consequently means that WFO reports higher productivity.

2. Ease of Access to Equipment and Administration

WFO makes managing administration and work team organization easy. Supervising and assessing work teams is also more efficiently done than WFH. Employees can share data and other work-related purposes easily as they work under one roof that allows for direct interactions.

3. Ensure Workplace Communication

The majority of people prefer face-to-face communication instead of online communication. Direct communication also creates a stronger bond among employees and with superiors.

That’s why working from the office can be helpful to ensure close communication between colleagues at the workplace.

Now that you have all the tips up your sleeve, it’s time to control your expenses after returning to WFO. Manage your finances now to ensure stable financial condition.