3 Ways You're Making Mistakes at Work That Cost You Money

As a money coach, I notice that many of my clients are making mistakes at work that are costing them money. We all know that being employed will get you a paycheck, but some people don’t realize all the additional benefits available to employees. Let's talk about some of the ways you can get more from your employers.

Taking vacation

1. Vacation time

Some people believe that you shouldn't take all of your vacation time because they don't want to upset fellow coworkers who have to cover for them. Some people neglect vacation days to prove to their employers that they are hard workers.

As if our boss will give us a raise because they see we’re not taking vacations. Vacations are part of your compensation package.

We think that when we get paid a salary or an hourly rate, that's all that our employer gives us as far as our compensation package, but that's not true. There are so many things that go into our compensation package, like retirement contributions, vacation time, and health insurance.

Make sure you take your vacation days because you don't want to get burned out. You want to be able to take time for yourself or your family. We need to take time away from our jobs. Even if you have no plans, take a day where you can just sleep in. Do something that fills your cup. Ultimately, time off will make you a better employee.

If at the end of the year, you haven't used up vacation time, ask your employer if you can get paid for that time at the beginning of the following year. I have a client who got an extra paycheck doing this. Go to your human resources department to ask questions about your employee benefits.

There are two questions you’ll want to ask regarding your vacation. Ask if you can get paid for vacation days you haven’t taken. Also, find out if you take the time and move it to the following year.

2. Retirement contributions

If your employer offers a match to your retirement contribution, whether it's a 401k or 403b, and you're not taking advantage of it, you're throwing money out the window.

I had a client who works for the government and he had no idea that his employer was matching %10 of his contribution. I told him he had to start taking advantage of this. The reason why he never contributed is because he has credit card debt.

Some people think that if you have any kind of debt, you shouldn't be contributing to your retirement account. I completely disagree with that, especially if your employer is offering a match. Once my client started contributing 10%, his employer started giving him another 10% into the account.

That's 20% of his income every year that's going towards his retirement account. 10% is kind of high, but he has a government job. I get a 3% match from my employer. So as long as I put in 3%, my employer matches 3%. So that's 6% of my salary every year going towards retirement.

Why should you depend on social security or not have enough in your retirement account simply because you have credit card debt? My clients are not only contributing to their retirement plans, but they're also paying off debt. They're also saving for vacations and their goals because they want to enjoy their life.

You can make the most out of every paycheck and not only pay off debt but contribute towards your retirement and still enjoy life. Go on vacation, still go on a dinner with your spouse or your friends, whatever brings you joy. Never leave money on the table when it comes to your retirement account.

How to ask for a raise

3. How to ask for a raise

If you are working hard at your job they're likely going to give you more responsibility. With more responsibility should come more pay. Be your own advocate. Don't take a backseat when it comes to your salary.

If your employer isn't willing to give you the employment compensation that you deserve, advocate for yourself. If you feel you are not being heard, look for another job. Find out what another person is willing to offer compensation-wise. I'm not saying quit your job, but at least look for something else.

See if there are other opportunities in places that will value you and your work to the extent you deserve. If you do decide to change jobs, make sure that that job offer is concrete before you give your notice.

So many of my clients come to me because they're stuck financially. Many of them never budgeted before. They feel trauma when it comes to money because of past experiences, so they just do nothing. You have a right to be happy in your life.

I know it's hard, I've been there. That's why I started my business. Because I see so many people just stuck financially unaware of how to make their money work for them. Some of them have gotten new jobs. Some of them have asked for the raise and gotten the raise that they deserve. Others take the money that they have now and make it work for them while simultaneously working their way out of debt.

Making mistakes at work

It's all about your mindset. If you don't feel shame about something you get motivated to crush every single goal you have. Be your own advocate and fight for the financial benefits you deserve. Leave me a comment and let me know if you have any questions or ideas you want to share on the topic.

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