Jobs can be great—they pay the bills, help you save money, and more. But have you ever thought about how much your job might actually be costing you?
Yes, your job could be costing you money. In some cases, it might cost more than it’s worth. I’ve heard from many readers who pay $1,500 a month for childcare while earning only $1,000, or spend $1,000 a month on commuting for a job that pays the same amount. While these examples seem obvious, many people spend a lot of money just to be able to work.
Actually, everyone spends at least a little money to work. Here are some average annual costs you might be paying to keep your job:
– Childcare: $11,666
– Clothing: $600
– Food: $2,600
– Time: Priceless
– Sanity: Priceless
– Commuting: $7,000 to $11,000
– Outsourcing: $1,000+
– Missing out on life events: Priceless
I’m not suggesting you quit your job today. Your job likely has benefits like health insurance, or you might genuinely enjoy it. What I’m saying is that you should evaluate your options. Think about these costs when considering a new job offer and weigh the pros and cons. You might even find a job that’s more worthwhile.
As a personal finance blogger, I support people earning a living, paying bills, and saving for retirement, but it’s important to be realistic about your options. Here are some expenses you might be paying to work:
### Childcare
Daycare costs around $11,666 per year on average. This is one of the biggest costs of working, especially if you have more than one child or live in a big city like New York.
### Clothing
Many jobs require a specific wardrobe. Whether it’s business attire or uniforms, you likely have to buy clothing to fit your company’s dress code. Let’s estimate this at $50 per month, though the average person spends around $150 monthly on clothing.
### Food
Your job might make you spend more on food in various ways—lunches out, emotional eating, and snacking. You might also eat out more because you’re too tired to cook. Let’s estimate this at $50 per week on extra food spending.
### Sanity
If you dislike your job, you might spend money to keep your sanity—on clothing, food, massages, or getaways. You might feel you “deserve” these expenses because of how unhappy you are.
### Commuting
Owning a car costs between $7,000 and $11,000 annually, including the car’s cost, fuel, insurance, and maintenance. Don’t forget the time it takes to commute. The average round trip is about 50 minutes daily, and in some cities, it can be over an hour.
### Outsourcing
You might outsource tasks like lawn maintenance, house cleaning, or meal prep because your job leaves you no time. Let’s estimate this at $100 per month, though some spend much more.
### Missing Out on Life Events
Your job might cause you to miss important life events, quality time with family and friends, or pursuing personal dreams. Stress from work can also prevent you from enjoying life outside of the office.
### Time
Time is precious. If your job costs more than it’s worth, you’re wasting a lot of time. With 168 hours in a week, if you spend 40 hours working, 4 hours commuting, and 5 hours getting ready, nearly a third of your week is spent on your job—not including sleep.
How much is your job costing you? Is it worth it?