How Your Savings Stockpile Can Help Your Career
Most of the reasons to save money are pretty obvious. You should save an emergency fund so you have a safety net in case something unexpected happens and you need to throw money at the problem. You should put aside money for your financial goals, whether it’s a holiday or a house.
But here’s one you might never have thought about: you should save money so you can do more with your career. Let me explain.
The power play of getting paid
For a lot of us, the best you can hope for from any job you do is that you’ll enjoy it most of the time. There might be days where you are stuck doing tasks that don’t light your fire, or people who you wouldn’t choose to spend your time with, but you’re paid to be there, which eases the blow a little bit.
You’re not exactly there by choice; you’re there because you’re getting paid. Sometimes you might even feel like your employer is doing you a favour. You forget that it’s a trade: you do work, and they compensate you for it.
The problem with living pay cheque to pay cheque
Spending your last dollar before every payday is bad for a bunch of reasons that you probably already know. You’re less capable of dealing with the unexpected, and it can be super stressful.
But it also keeps you stuck in your job. You need that pay cheque, because you haven’t got any savings to fall back on. You need it to keep the lights on, to keep yourself fed.
This becomes a problem if your work is no longer enjoyable. Say your new boss is a monster, who belittles and bullies you. Or perhaps you feel like no-one takes you seriously and you don’t have opportunities to progress in your current company. Quitting when you have $28 in your bank account is a lot scarier than when you have $5000 in your bank account.
Pay versus progress
Having a savings stockpile means you don’t get ‘stuck’ in this way. It doesn’t solve all of your career problems, but it does give you options. You can choose to move on confidently if you feel a workplace isn’t a fit for you.
Don’t put off saving money until you’re earning more of it – start saving now, even if it’s just a little bit. And you’ll have that money to fall back on when you move up that ladder.
Amelia is the Editor of The Cusp. You can find her on twitter @amelia___m or instagram @ameliamarshall.