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August, 2008

Are Work Related Expenses Cutting Too Deeply Into Your Paycheck?

In this Issue:

ARE WORK RELATED EXPENSES CUTTING TOO DEEPLY INTO YOUR PAYCHECK?


Everyone is looking for ways to stretch their earnings, and it may feel like even going to work is costing more than it should. The cost of transportation, work wardrobes, and eating meals away from home can take a big bite from your paycheck. Fortunately, even small changes in habits and routines can result in significant savings.

The cost of transportation ranks high on the list of current talking points. While we look for long term solutions, there are many suggestions for ways to “beat the pump” today. The following sites provide suggestions for immediate savings:

  • The IRS External link opens in a new window increased mileage rates for business, medical, and volunteer travel as of July 1, 2008.
  • MotorWeek External link opens in a new window provides tested tips for driving efficiently.
  • Illinois Carpool.org External link opens in a new window , created by Lt. Gov. Pat Quinn, can help carpoolers safely locate a driver or riders.
  • Traveling by train is a gas and money saver and eliminates parking expenses. AMTRAK information is provided by Illinois Department of Transportation External link opens in a new window .
  • Guidelines for state employee reduced AMTRAK fares are provided by Illinois Central Management Services External link opens in a new window .
  • Metrarail External link opens in a new window provides efficient and economical transportation within the Chicago metropolitan area.

The cost of eating out adds up fast and hitting the vending machine is neither a healthy or cost effective lunch alternative. “Brown bagging” provides a surprisingly substantial savings. The following sites show you how to save money and prepare delicious brown bag lunches:

  • Zen Habits External link opens in a new window suggests ways to save time and money by brown bagging your lunch.
  • Fabulous Foods External link opens in a new window proves that brown bag lunches can be nutritious, delicious, and cost efficient.

    Proper business attire can also be expensive. If your employer provides you with work attire, it is “money in the bank.” If you are responsible for providing your work wardrobe, think about the extended cost of a clothing item. A coldwater washable item saves hot water usage or dry-cleaning expense. Look for all season or three season clothing. Classic cut clothing can be worn for years without looking dated and can be updated with a few trendy accessories. If you are new to the job market and looking for wardrobe updating ideas, wikiHow External link opens in a new window can help you dress professionally on a tight budget.





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