Your Job Making You Broke? Where You Should Cut Back and Start Saving

Guest Post by Eliza Morgan - Do you ever feel like the very same establishment that gives you your paycheck is also making you flat broke?  For years I couldn’t understand why after putting in all of my long hard hours at work, my bank account still seemed so puny—I rarely shopped,  going to the movies was far and in between, and I never took lavish vacations. Then one day, while signing off a $40 credit card receipt for the few drinks and appetizers I had at our weekly company happy hour, it finally hit me: just about all of my money went to work-related expenses. Whether it was grabbing a $10 lunch every few days of the week with my co-workers, spending a good $20 to $40 going to the bar after work, or writing a check for my co-worker’s charity, walk-a-thon or daughter’s Girl Scout cookies, my place of employment was a death trap for my finances. But as soon as I learned how to budget and control my spending while at work, it felt like I received an automatic raise. To learn how I managed to make the switch from spending to saving, continue reading below.

Stop Eating Away Your Expenses

The math is simple: going out to five times a week at $10 a meal will cost you $50 a week. Include the occasional coffee, some snacks, and maybe a grab-and-go breakfast or two, and you’re $60 in the hole. That’s $240 a month; $2,880 a year. That’s money that could be put in your savings account, 401K, child’s college fund, or used for that trip to Hawaii you’ve always wanted to take. Unless you’re a huge “foodie” there’s no reason to spend a good chunk of your paycheck at the local Arby’s.

But while packing sandwiches for lunch is a great start, what I’ve learned is that unless I pack something “good”—something that I can’t wait to eat once lunch time comes around—I’m more inclined to accept my co-worker’s invitation to the more appetizing-sounding pizza parlor across the street. Thus taking left overs of my favorite meals usually works best for me. While it’s understandable you may be too tired to cook after a long day on the job, try to find to make it work. You can try some slow cooker meals, so that dinner (and next day’s lunch) will be ready when you come home. Or you can try cooking a few different meals on the weekend and then freezing them. Then all you have to do it pop them in the microwave for lunch or dinner throughout the week.

You should also consider stocking up your drawer with your own snacks from home—dried fruit and nuts work nicely—as well as bring your own coffee each morning poured in a hot thermos.

Learn How to Say “No” and Mean it

In the past I could have easily been described as a bit of a pushover.  Even if I didn’t intend to go to the weekly office happy hour, one person could give me a hard time and egg me on until I changed my mind and agreed to go. Same thing when it came to going to baseball and soccer games after work, joining the $60 company kickball league, and pitching in a few dollars for a co-worker’s birthday cookie-cake.  I don’t even like cookie cakes. The point is, sometimes you may feel obligated to say yes to every work-related event that comes your way either because you don’t want to disappoint your co-workers or you don’t want to miss out. But you’re not obligated to do anything. If you can’t afford to attend or chip in, kindly tell them no and explain you’re on a budget. Some co-workers might be friendly enough to say, I’ll cover you. Or your boss may tell you he or she will charge it on the business credit card (doubtfully, but not impossible!) That’s not to say that you can’t participate in any activities, but give yourself limits.  Attending one happy hour every two or three weeks is better than attending a happy hour once or twice a week.

Inquire About Telecommunicating

The last real money-eater was all of the gas I used to waste commuting from my apartment located “outside of the loop” to my downtown office. I choose an apartment that is about 20 minutes away from my job because rent was substantially cheaper. And while the distance isn’t so bad, during peak traffic hours my 20 minute drive becomes an hour. I would cringe at the precious gas I would waste just waiting in deadlock traffic. So I decided to resolve this issue in two ways: 1) I asked my employer if I could switch my hours from 9-to-5 to 8-to-4.  That way, I’d miss traffic rush in the morning and in the afternoon. Granted, not all employers will agree to this, but it’s worth a shot. 2) I asked to telecommunicate once a week. Not only does working from home give me an opportunity to save some money and earn a few more minutes of sleep, but it’s also better for the environment. Your employer may just agree to allow you to telecommunicate once or twice a week if you can make a valid case.

Your place of employment can be a real money blower. But if you’re careful and make good decisions, you can end up keeping a lot of the money you worked hard to earn and put it to better use.

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