By Kirstie McDermott
When the mid-morning slump hits at work, heading out for a quick coffee and maybe a sweet snack is the default for many office workers. But it's a habit that is only
The result is that, in a city like New York, you're now paying around $6 to $7 for a coffee, after add-ins, tax, and tip. Do that five mornings a week (without even adding a Danish or a cinnamon roll), and you can see how the costs swiftly rack up.
One of the benefits many workers experienced as a result of the pandemic was more cash in their wallets. For those who switched to remote work, the savings were immediate: commuting costs plummeted, they didn't need to pay for dry cleaning of their work clothes any more, and after-work happy hour drinks became a thing of the past.
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Now, more and more Americans are heading back to the office. In the first quarter of 2024, 54% percent of U.S. workers were working a hybrid schedule, meaning they were in the office at least a couple of days each week.
That, combined with a rising cost of living means that going back to the office has impacted in unexpected ways––and takeout coffee is only one element. In order to keep a better hold on the money you do have in your checking account, look to consciously avoid expensive lunch options, and bring in your own meals.
That quick between-meetings dash to the drugstore or office-adjacent convenience store can also seriously deplete your bank balance, as can heading out for "just one" post-work cocktail.
Break bad habits now
You'll have noticed that these are all things that impact the money you currently have, so what can you do to boost your spending power in general?
Looking at how you behave in work and around the topic of compensation can be a good way to identify any negative habits you may have, enabling you to put plans into place to break them.
Below, discover five ways to improve your financial future.
1. Ask for a pay raise
Not asked your manager for a salary review in a number of years? Then make this a priority. The Bureau of Labor Statistics reports that wages grew 3.9% between June 2023 and June 2024, quicker than the rate of inflation, this wasn't the case previously, so you could be missing out on salary gains.
2. See what benefits you're sleeping on
Likewise, look at your total employee benefit package and see what you're eligible for. Ignoring this aspect of your compensation can cost you dearly.
Does your company offer fitness benefits for example, yet you're also paying out of pocket for a gym membership? Many companies offer corporate discounts and vouchers for things such as movie tickets, theme park tickets, or Broadway tickets.
3. Look at your 401(k)
Don't sleep on retirement savings either. If your employer offers 401(k) matching contributions, find out what the threshold is, as they may match your contributions dollar-for-dollar or offer a partial match up to a set figure.
Those who contribute to a 401(k) can contribute up to $23,000 this year, a $500 increase on last year. And it's a smart thing to do as not only are you actively securing your post-work future, but you're reducing your tax liability as well.
Also take a look at how you're working. Is your schedule suiting you? You may be doing a lot of work out of hours or on weekends and vacation days. Instead of letting this slide, have a conversation where you can discuss proper flexibility.
4. Can you ask for flex work?
Increasingly, employers are more on board with allowing workers to bring their true selves to their jobs, and if you have caring responsibilities outside of your job, then you may be able to argue for fewer days in the office, which can positively impact your bottom line.
5. Learn a new skill
Don't dismiss the idea of upskilling. It's tempting to coast and stay put in a comfortable job, but adding some training and development to the mix can be a great way to boost your salary, especially if you add in-demand skills.
6. Think about moving jobs
Likewise, staying put in a job can cost you cash. For example
Sure, it's a short-term pain involving job applications and interviews––but it can be well worth it.
