Having more time off and wasting less time at work are 2 extremely appealing aspects of the 4 day work week. Another consideration is the financial benefits of working 1 less day. That raises the question, does a 4 day work week save money? I carried out some extensive research to get to the truth, all of which is summarized below for your convenience. Let’s find out!
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Does 4 day work week save money?
Working a 4 day week instead of 5 days can save a person approximately 20% which can equate to thousands annually. Savings can be made on the cost of commuting to and from work, fuel consumption, tolls and travel ticket expenses. If paid parking is part of your commute, these costs can also be eliminated 1 day a week. Minding your child instead of sending them to childcare 1 day a week can save as much as $44 – $138.20 per week.
When working 4 days, there’s 1 less day to spend on lunches, teas and coffees or any treats you purchase. Finally, by having an extra day on the weekend to recover allows you to be more rested and can lower stress levels and health conditions. This can reduce sick leave absence and associated medical costs.
For this article, we will assume that the 4 day work week is based on working fewer hours in the week.
A survey of small firms showed that 67% of workers have a flexible working arrangement. Source
The above gives you just a snippet of the financial benefits that a 4 day work week can provide. Below, I share with you some phenomenal cost savings and benefits associated with working a 4 day week. With everyone trying to make ends meet and cut the expenditure, these benefits listed below are a must-read if you’re serious about your precious money!
Does 4 day work week save money?
Cost of commuting
Commuting to work consumes fuel, often involves paying for tolls or travel tickets or even taxis. If a person only needs to come to work 4 days a week, they can save on the cost of commuting.
This cost saving will vary depending on the person, how far they have to travel and how they travel to work.
If you travel to work by car, there are indirect cost savings as you will be travelling less and have to services your car less often. Plus, maintenance costs, e.g., tires, oil and brake fluid will be a less frequent spend also.
Average savings per year by commuting 1 less day: $900
Cost of parking
The cost of parking always feels expensive. The more into the city or busy towns that you need to go, the higher the costs feel. Plus, parking in a near location to your workplace can often come at a premium. By working one less day, you can save on these expenses.
Average savings per year by parking 1 less day: $288 – $1848
Cost of childcare
Childcare is an expensive necessity for many parents who want to or need to work. Often, parents are paying a high percentage, or in some cases, nearly their whole paycheck, to avail of childcare.
If you can do so, taking care of your child or children for just 1 day a week can result in substantial savings.
Having your child looked after for just 1 day less could save you a whopping $44.20 – $138.8 per week!
With the cost of childcare burning holes in the pockets of working parents, this will undoubtedly be a huge advantage to working a 4 day week.
Average savings per year by reducing childcare 1 less day: $2121.60
Cost of lunch
If you don’t bring your food to work, you’re most likely forking out (pun possibly intended) a sizeable amount of cash each day. If you’re paying for both breakfast, lunch and snacks, this could equate to as much as $20 or more each day.
But if you’re working 1 less day per week, you will be able to save on these expenses if you’re eating at home instead.
Of course, if you decide to eat out on your day off, that’s your own business!
If you’re seeking out ways to cut your spend in general, you could bring your own lunch each day or a few days a week.
This would probably only cost around $20 a week as opposed to dining out for one day.
Average savings per year by buying lunch 1 less day: $549.20
Cost of beverages
Food is only 1 side of the coin. Let’s not forget the added costs of buying those extortionately priced coffees and beverages every day! Not every workplace is fortunate enough to have a subsidized canteen where teas and coffees are free.
You could be paying anywhere up to $5.95 on just 1 coffee! That’s a saving of $285.6 per year if you stopped buying a coffee just 1 day a week!
By being in work or the office 1 less day a week means that you are less likely to be purchasing such luxuries, which as you can see, will add up to a sizeable saving!
Average savings per year by having 1 coffee 1 less day: $285.60
Tip: The cost of purchasing a good coffee machine can be offset quickly if you use it instead of buying coffee in shops.
Cost of sick leave
Working just 1 day less a week has a number of advantages in terms of your health and the expenses attributed to it.
Firstly, we all know how difficult it can be to get appointments on evenings and weekends. Consequently, we’re sometimes forced to take time off just to attend a medical appointment.
With an extra day off, you might be able to save on consuming holidays or taking unpaid leave by booking the appointment on this day off.
As you can see, the 4 day work week strategy has many financial benefits. But did you know that it also boasts mental health benefits which can also lead to financial savings?
With people working longer hours, juggling a chaotic life schedule and burnout becoming omnipresent, the number of people suffering from health conditions is rising.
If treated, these conditions and their cost can be minimized. However, if ignored, it can lead to not only higher expenses, but it can even mean workers need to take long-term sick leave to recover.
With the 4 day week, people have more time on their hands to rest and unwind. A trial by a New Zealand company of a 4 day week resulted in staff stress levels reducing from 45% to 38%.
People are also less likely to take stress leave or sick leave as they have more time to recover.
Consequently, less healthcare expenses arise, and employee wellbeing is elevated to a higher level!
Tip: Regular breaks are crucial, whether it’s small breaks to get up from your desk or longer rest breaks.
https://www.youtube.com/watch?v=MyVfUaXyyqo
Conclusion
As you can see from above, it’s almost inevitable that moving to a 4 day work week saves money. Some people could save thousands every year by adopting this work model.
While healthcare costs, fuel, food, childcare and travel expenses continuing to rise, the monetary savings of working 1 less day a week is an attractive feature by itself.
Financial benefits of working 4 days is just one advantage to this strategy, find out precisely how the 4 day week could better your life by reading about it in this article I wrote: 4 Day Work Week V 5 Day – Full Of Surprising Facts & Results
If you would like to further enhance your knowledge on work setup and organization, I have written some articles that are without a doubt worth a look.
Here are some other useful articles I wrote that you should go check out:
- Does 4 Day Work Week Save Companies Money? + Proven Results!
- Does A 4 Day Work Week Save Money? Discover How to Save Now!
- 4 Day Work Week V 5 Day – Full Of Surprising Facts & Results
- Best 4 Day Work Week Alternatives – 7 Proven Strategies!
- What is the 20-8-2 rule? – A Simple Guide!
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