Be financially savvy when starting your new job


You’ve successfully landed your ideal job and are about to embark on a new phase of your career. It’s an exciting time! Sadly, many women make some key errors because they have not finessed as many financially savvy habits as they might have done.

Over time this can make a significant impact on their financial security, with research studies showing a 6 figure differential with male colleagues over a working life.

financially savvy habits

Here are some key tips on how to put yourself in a better place financially

1. Negotiate your offer

All job offers are negotiable even your very first job straight from university or college. Whether this is with direct monetary compensation or in fringe benefits there is always room for some movement. Talent Management Strategist Dorothy Dalton suggests “The phrase “what flexibility do you have around compensation?” is a good way to find out what sort of possibilities there might be. If you meet a resounding “none” look at other options: job title, career progression, training possibilities, flex and other benefits.”    

Susan. P Joyce, US Career and job search Coach advises looking at timing and performance “….if you feel the salary offered is too low, see what kind of options you can offer which can generate the win/win goal. If you are considering a job paying less money than you wanted, see if you can increase the value of the whole compensation package with these options:

  • Ask for a 6 month (or even a 3 month if you are very confident of your ability to perform to duties of the job) performance review and possible salary increase, if your performance exceeds expectations.
  • Ask how often employees receive salary increases – annually, semi-annually, or when? Ask what the average salary increase is. »

Have the confidence to ask for what you need from a company. If this is something you struggle with, try our Returner Roll-Up Session on Building your Confidence.

2. Find out about company benefits

Hannah Morgan aka Career Sherpa says “If you don’t ask for what you want, the answer will always be no! This is especially true when it comes to salary negotiations. However, you can also negotiate other elements of a job offer, such as a signing bonus, training reimbursement and sometimes the amount of vacation time. “

Ask your HR contact to direct you to the organisation resource which explains what the company offers. Jacinta Monnier, a Paris based accountant told 3Plus “Buried deep in the company benefits pages was the possibility to be released one day per month on full pay to pursue job related academic study. I obtained approval to take an executive MBA and got an interest free loan to pay for the fees. If I hadn’t looked and asked, I would never have known.”

3. Create a budget

You would be surprised how many people don’t create a budget and even have no idea where their hard-earned money is going.  If you need help getting a handle on your personal expenses a budgeting app may be just what you need to get on track. Even old-school Excel spreadsheets would work. Managing your income and outgoings is critical, trying if you can to allocate even a small amount for long term “rainy day” savings, as well as money for your shorter-term goals. It might be helpful to have a holiday fund or a property purchase budget. No matter how small the amount is, try and get into some good habits early. If possible, set something aside for emergencies.

We all get unexpected expenses which make our stomachs sink. It might be car or household repairs, or even issues with the many devices we have. Brussels based Simone reported that in one month in 2018 her personal lap top, iPad, phone and dishwasher all needed replacing at the same time which required an outlay of €2500.

Set these up to transfer automatically. If you never really see the money you will feel less attached to it!


financially savvy habits

4. Every day economies

One of the easiest ways to save money is on the small every day expenses that mount up over time. Picking up a flat white from Starbucks can cost $3.75 a pop. Over a year that will mount up to over $1000. Take your own thermos of coffee and filtered water from home in a bottle. Not only to you protect your budget you save the environment too.

Apply the same rules for lunch. Kate a London based analyst said she saved almost £1500 a year by bringing in her own lunch to her Canary Wharf office and cutting back on sandwich purchase. “ It cost more than £6 per day which adds up. When my travel season ticket went up those economies helped to offset the cost and I put the rest into a savings account. I occasionally go for lunch with colleagues, but we try and keep the bill down. Going to work actually costs a lot of money.

5. Join the pension plan

Although fewer companies are offering company backed pension plans, if you get the opportunity to contribute, take it. It’s a way of creating a long-term savings plan with another body paying into it. You would be crazy not to. Check that the scheme is transferable to another employer in case you decide to leave, which is more likely than not in today’s environment.

Retirement is a career transition for which many are unprepared at any level. Check out the 3Plus Programmes for individuals

6. Create a sustainable wardrobe

It’s very tempting when you start a new job to splurge on a new wardrobe. Dress to impress right? We know that women are judged harshly on their appearance and we know that 52% of women buy clothes to impress others. So time to swim in your own lane and create a capsule wardrobe that is both professional and sustainable.  Make sure that you invest wisely. Today the throw away market, so popular over the past two decades, is coming under the microscope. The UK could save around £3 billion per year from the cost of the resources we use to make and clean clothes if we changed the way we supplied, used and disposed of clothing. This would reduce the carbon, water and waste footprints of clothing consumption by 10-20% each.

350,000 tonnes, that’s around £140 million worth of used but still wearable clothing goes to landfill in the UK every year. This equates to more than 30% of our unwanted clothing. In the US the picture is not better. 2.62 million tons  of clothes were recycled in 2018. 3.14 million tons were combusted for energy recovery, and 10.46 million tons were sent to the landfill. An average American throws away approximately 80 pounds of used clothing per person.


Try out these financially savvy habits to protect your bank account and long term financial security. It mightn’t seem like it but the earlier you start the better. And a new job is part of an opportunity to create a clean slate.


Do you need help negotiating your next career move? Contact 3Plus now!

Staff Writer: Career Contributor
3Plus welcomes any writers to join 3Plus as a Staff Writer. If you are an expert in Job Search, Career and Mentoring or just want to share your experiences, contact us! We would love to give you a voice!

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