June 2010

Working It: Save Money on the Job

Save Money on the Job

Entrepreneurs have long held to the motto, “You have to spend money to make money.” Everyone who earns a paycheck knows the truth of that saying given the costs of getting to and from work, dressing for the job and other work-related expenses.

Here are ten ways to find more money in your paycheck simply by keeping more of what is already there in your wallet.

  1. Find the green by going brown (bag): If an average workday lunch costs $10, you’ll save $60 a month by bringing your lunch four days of the week. Almost every tempting item in the vending machine can be found in value assortments in the grocery store and are small enough to fit in a purse or pocket. Why are you paying 60 cents for peanut butter crackers when you can buy a package of eight for $2 at the store?
  2. Buddy Up: When you want to get away for lunch or bring something back to the office, find a buddy and take advantage of the “buy one, get one free” deals offered in coupons. Some places offer special deals on certain days of the week so a little bit of planning can turn into a lot of savings.
  3. A Whole Latte Money: Stop giving Starbucks your bucks. Brew your own gourmet coffee at home for an average savings of $15 a week.
  4. Be In the Driver’s Seat on Expenses: If you drive to work, make sure your car offers the best gas mileage possible by keeping the tires properly inflated and the trunk empty (an extra 100 pounds of weight in the car can reduce gas consumption by two percent). Carpooling or taking mass transit will not offer you as much independence as driving yourself but it may offer savings.
  5. It’s On The Way: Consider the errands you need to run on the weekend and try to fit a few of them in during the week as you drive to and from work. You’ll not only save on gas but you’ll gain more time on the weekend.
  6. Today’s Clothes Horse is Tomorrow’s Poor Church Mouse: Be strategic in creating a working wardrobe by avoiding trends and staying with a few color families so that any new items you buy will match at least two or three other items in your wardrobe. Shop out of season to save money on that winter coat or summer dress and don’t forget to take good care of the clothes you have to make them last longer.
  7. Everything Old is New Again: Consignment stores offer everything from uniforms and suits to ties and handbags. Also, many of today’s trends are recycled from past years and can be found for less money at vintage clothing stores. You can make money on clothes you no longer want by selling them through a consignment store and help others freshen up their wardrobes.
  8. Be Smart About Looking Smart: Waiting a week or two more to get your hair cut each time or doing your own manicure and pedicure might just save you enough to pay for a gym membership.
  9. Don’t Disregard Discounts: Some employers offer benefits such as reduced priced meals at a company cafeteria and employee discounts on merchandise. They are offered for your benefit so take advantage of them. Also, look into your company’s reimbursement policy and you may be eligible to be paid back for such items as mileage and business lunches.
  10. Turn to Your Uncle Sam: You may be able to deduct non-reimbursed business expenses from your income taxes if you itemize on Schedule A. The amount must be more than two percent of your adjusted gross income and only the amount above that figure counts so, for example, you may deduct expenses over $700 with an adjusted gross income of $35,000. The deductions must be an expense common and accepted in your line of work such as professional licenses, trade magazine subscriptions, professional association dues, and uniforms.