Have you ever thought about how much you pay to do your job? Many people think about securing a good salary when they start a job or getting a bonus each year and these things are important for your financial well being. However, have you thought about the about the hidden costs (financial and otherwise) of doing your job that impacts your bottom line?
So what do I mean? Financially, I mean anything that you pay out for that you wouldn’t if it wasn’t for your job. I am also talking about the energy you use up because of doing your job, outside of what you are paid to do. For example:
- Buying work clothes
Work clothes can be a real money drain. Can you mix and match what you already have? Shop in discount stores or charity shops? Or just cut back on what you buy? Be creative about dressing for work.
- Food and drinks
Bringing your own food and drinks to work can be a huge money saver! If you don’t do this already, work out on average how much you spend on food and drinks in a work day and multiply that by the number of days you work per year. Realising how much you spend over a year can be a real eye opener and an incentive to reduce these costs.
Though ultimately most people go to work to earn money, it is surprising how the work collections can add up! Saying no to collections or finding other ways to help co-workers can make a big difference!
How much do you pay just to get to and from your work? How much time do you spend commuting? Weigh these things up and see if another approach could enhance your life. Maybe you could car share, take public transport, move closer to work or even negotiate with your boss to work from home for part or all of the week to cut commuting costs.
- Unpaid Overtime
Obviously sometimes we all need to stay late of help out in an emergency, however if this is happening regularly and is not part of your contract, in reality you may be working for a lot less money per hour than you realize.
Knowledge Is Power
I am not advocating that you should not spend any money at work, but knowledge really is power! By facing the reality of how much money you actually take home at the end of every week or month, you can be more conscious and in control of your work life and life in general. For example, you may decide that socializing with colleagues outside of work is important to you and not something you want to stop; or you may decide to carry on socializing but suggest new and less expensive ways of doing it. You never know your colleagues may thank you for this!
Many people I speak with say they would love to work part time or change career but couldn’t afford to. Often, I observe the same people are spending a lot of unnecessary money, often on work related costs. A new item of clothing for work, an office collection and coffees at work each week may seem par for the course but cutting back on these costs or eliminating them altogether can make a big difference to your bottom line and even to your enjoyment of your job. Isn’t it nice when we get to the end of the month with money to spare or spend on things we really enjoy rather than find it leaking away on sustaining our jobs?
Deal With Reality
I once worked in a job where the salary was pretty good but the reality was that I was working 60 hours + per week, so when I did the calculations my hourly rate was actually very low. Although I enjoyed what I did, it just wasn’t viable because my salary was just sustaining my job rather than adding value to my life. When I faced the reality of the situation, I was able to make choices that really benefited me.
Everyone has different reasons for working, though money usually is an important factor! Could you cut back on some work related costs? What would you do with the money you saved? I would love to hear from you in the comment section below.
Bio: Jen Smith is a Life Coach and Mentor living in the UK. She has tried many career paths herself and now helps people achieve their goals and dreams. You can find her at www.jenmsmith.com.