Ways to Financially Protect Yourself at Your Job

Finance Industry

Your wages are the only thing standing between you and financial ruin, so it’s important to protect them.

If you’re an hourly employee, you’ve no doubt feared the chance of being docked pay from being late to work, from taking too many breaks, or even from getting fired (temporarily or permanently).

Make sure you’re able to stay financially afloat by protecting your wages and mental health on the job.

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Protecting Your Finances At Work

Protecting your finances at work will help you safeguard your future and your career. Read on for important tips to keep your wages at work.

1. Get an IRA

An important way to make the most of your money at work is to invest in an Individual Retirement Account (IRA). If you’re not already contributing to an IRA, you should start. Just like your 401(k) plan, it’s a retirement fund where you invest money that goes into an account with certain tax benefits.

Contribute as much as you can afford to an Individual Retirement Account (IRA) to get the most out of this investment option.

You can contribute up to $5,500 ($6,500 if you’re 50 or older) annually. If your company offers matching contributions, they’re essentially offering free money. If you find that your employer matches 100% of what you contribute up to 3%, that means for every dollar you put in, they put in three dollars.

2. Use Your Paid Vacation Days Before They’re Gone

Many employees go years without taking time off and when they finally do, their bosses expect them to work on their vacation. The average US worker with paid time off will have already used two-thirds of their allotted vacation days by mid-August. If you’re not careful, you might join them. Don’t put off using your vacation days; take them before they expire.

Additionally, take advantage of all company benefits offered (such as sick leave and personal days). This way, you can effectively manage your annual allotment before it disappears for good.

3. Collect Bonuses When You Can

Bonuses offer employees another way to protect their finances at work. Many companies offer a time and a half wage on Sundays, but if you work 10 hours of overtime during weekdays you should be paid double for those hours. Check with your Human Resources department about your company’s policy so that you can be sure all the bonuses owed to you are being awarded.

4. Access Your Lost Wages

An important way to make sure your finances are protected is to have a plan in place should anything happen to you at work. In the event of an accident on the job, you may be injured and unable to work for a while. The best way to deal with a slip and fall injury is to hire a lawyer to handle all of your medical bills, lost wages, and physical therapy. Working with an experienced attorney like those from L&I will help you navigate the ins and outs of personal injury law.

5. Backup Your Work

Accidents happen all too often at work, especially if your data isn’t backed up. If you’re not constantly saving your files or backing up your work, now’s the time to do so. It’s only a matter of time before you accidentally lose something and all your hard work and hours of effort are lost forever.

Whether you save your work to the cloud or you have a separate hard drive, having extra copies of your work is worth the additional effort.

6. Recharge to Prevent Burnout

Not all work can be done in an eight-hour, five-day workweek. However, if you find yourself burning out after a few days off, it might be time to take a step back and recharge. Use your downtime to do things that make you happy, like enjoying your hobbies or spending time with family and friends. You’ll come back refreshed and ready to tackle even more work as efficiently as possible.

Conclusion

Make the most of your hours at work by maximizing your earnings and preventing lost wages. Keep these tips in mind to make sure your finances are safe.

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