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How Much Is Your Job Costing You?

– Contributed content –

Behind the wheel

(Jeshoots, Pexels.com)

29 July 2018.  Here’s something that you may not have thought of before: how much is your job costing you? We’re used to thinking of the amount of money that a job brings in, but there are always expenses attached to having a job. We all need clothes to wear, after all! In most cases, these expenses are incidental, and don’t affect your finances all that much. But in some cases, the opposite is true: your job could be hurting your finances, and not in a small way, either. Below, we take a look at the ways in which employment can cost you money. If you’re affected by four or more ways, it might be time to begin looking for new work.

Overly loyal

Corporations aren’t all that loyal to their workers, so should you be loyal to your employer? Not always. Research has shown that people who switch jobs end up earning more money than those who stay with just one employer. Of course, sometimes you like your company, they’ve been good to you, and so on – but there’ll come the point whether they’re really worth taking a several thousand dollar pay cut just to work there. Look for another company, and you should be able to negotiate a higher wage,

The commute

Unless you’re working from home, you’re going to have some sort of commute. In an ideal world, that would mean a gentle five-minute stroll from your home to the office. But of course, this isn’t an ideal world. If you’re like most people, you’ll have a long drive to and from work. It’s worth counting up exactly how many miles you’re putting in during your commute each week…and then checking what that’s equal to in gas. If your gas isn’t paid for by your company (and most isn’t), then a big percentage of your income could be spent on the commute…which you hate anyway!

Long hours

We’re working longer hours than ever before, and our wages haven’t been bumped up to reflect the longer hours, either. But OK, that’s something we’ve just had to get used to. There’s a knock-on effect for those long hours, though. We’re all pretty tired, and by the time we get home, all we want to do is slump in front of the television and then hit the hay. As such, few of us make an effort to prepare a lunch for the following day, which means we have to “grab and go.” Needless to say, this is the much more expensive option! Just times five dollars by the number of days you work each year…and you’ll see that you’re spending more than you’d like on fuel to keep you working hard throughout the day.

Unsafe conditions

We all want to think that our employers are working with our best intentions in mind, but this, sadly, is not always the case. Sometimes, our employers can cut corners that put us in harm’s way. Of course, if we’re seriously injured while at work, then that’s going to cause us financial troubles, be it through hospital bills or time away from work. Fortunately, the law may be on your side to help you claim money for your injuries. Work with workers compensation law firms, and see if you have a case. You might not have had a say in the injury, but you can have a say in how it affects your finances.

Man in suit

(Anders Kristensen, Pexels.com)

Stressful work

Our work affects our health in ways that are less direct than conventional injuries, too. If our work is overly stressful, then we’re putting ourselves at risk of many medical conditions, including heart problems, obesity, and diabetes. Any one of these issues could cause you significant cash in the form of doctor visits, but more importantly, you’ll be taking your life in your hands – and there’s no amount of money that that’s worth.

Looking the part

In some positions, it’s not what you know; it’s who you know. And in some positions, it’s not who you know, but how you look. Let’s be real here: it’s impossible to have a high-flying job, or any job where appearances matter in any way, while wearing battered old clothes. And as we all know, top-quality suits are not that cheap. What are you paying just to keep up appearances?

Time to get away

There’s a good piece of advice that’s probably too idealistic to put into practice: have a life that you don’t need to escape. Or in other words, you’ll have such a satisfying life that there’ll be no reason to go on vacation. If you’re being pushed to the limit at your work, then it won’t be long before you need to take some time to get away and rest on a beach somewhere. Travelling should be something you do because you enjoy it, not because you need to do it to restore the energy you’ve lost just by doing your job.

Childcare expenses

Everyone knows that having a child is expensive. And when they arrive, you suddenly find yourself working even harder, so you can get a better paying job to give them the future you dream for them. You may even take extra shifts, just to give your wage a boost. However, there’s a flip side to this: every time you or your partner are unable to take care of your children throughout the day, they need to be in childcare. Might they be better served by one of you cutting down your hours, and looking after the children?

No time for own venture

You can be an employer, or you can be an employee. Once they’re in the ‘employee’ bracket, it can be difficult to make the switch to an employer. You might have a terrific idea for your business, but because your job is pushing you to the limit, you don’t have any time to get things started! And in the long run, that’ll limit how much money you could earn, especially if it was a good idea.

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