The saying goes that you have to spend money to make money. But there’s a difference between investing in career success and indulging in unnecessary business expenses. How can you tell when your career is bleeding you dry? Here are some tips that might help from U.S. News:
The saying goes that you have to spend money to make money. But there’s a difference between investing in career success and indulging in unnecessary business expenses. The problem is this: Some of the very things seen as investments are also just one step away—and maybe, one extra zero on your credit-card bill—from extraneous spending.
Liz Weston, a personal finance columnist and author of There Are No Dumb Questions About Money, offers these tips for spending smartly on career expenses:
Wardrobe. Some workers wear a uniform paid for and provided by their employer. But many professionals pay out of pocket for the clothes they don to work. And if sayings like “dress the part” and “fake it ’til you make it” hold any water, then an ambitious employee should consider wearing attire that befits the high-performing, successful professional they hope to become. Still, Weston insists that it’s not necessary to bust your budget just to look nice. “A lot of us can look into our closets and see a ton of wasted money. We buy on impulse,” she says.
Where to splurge: “Whatever your job, you have to have decent clothes to go along with it,” Weston says. “The advice that’s been given through the ages is to invest in some classic pieces that will last, and dress them up with trendy accessories that don’t cost a lot of money.” But a few skirts, pants, jackets, and blouses made from quality materials so that you can wear them in heavy rotation. A work tote or briefcase, made of a durable material like leather, might also be a good investment, she says.
Where to save: Jewelry, belts, scarves, and ties will go in and out of style quicker than your wardrobe staples; save some coin by plucking these items from the sales rack.