Saving money at work starts before you’re even employed
Most people see their job or career as a means of earning income and paying the bills, but in reality it can be one of the places we waste the most money! There are a lot of reasons for this, but as they’re usually so different from person to person, most people never notice them.
Here are some things to consider before accepting a new job.
Commuting Costs
1. What kind of commute will you have, and how much will that cost in terms of time and sterling? A difference of just 30 minutes each way works out to about 250 lost hours over the course of 50 weeks of work. That’s more than 30 extra days of potential ‘work’ that you’re wasting.
Weigh these up..
Job Benefits and Extras
2. Are there any work related benefits one job offers over another, like fitness club memberships, special pension plans, or a particular holiday scheme that’s more attractive? Starting a pension early is a great way to make up for a less than amazing salary, and the long term savings are invaluable.
Count those little things...
Career Progression and Advancement
3. How are your chances for advancement in the company? Little room for upward mobility can quickly turn a high paying job into a financial dead end.
Take the long view...
Work Environment and Locality
4. What sort of surroundings will you be working in? Being far from any kind of decently and low priced food means you’ll end up spending more time and money on eating than you might otherwise have spent. This is particularly true of companies that don’t at least offer an employee fridge.
Collectively, these things can add up to thousands over the year, making a high paying position not nearly as attractive as one might first assume.
We’d like to hear from you too. How do you save money with your work? What are your cash saving tips?
