💸 How To Stop Living Paycheck to Paycheck

Statistically, most of us are living paycheck to paycheck, and while that isn’t exactly breaking news, what did shock us this week is that half of high earners — those earning $100,000 or more — are also living precariously from one pay period to the next. First of all, if you’re one of millions of Americans who devotes your entire paycheck to bills and debt each month with little to nothing leftover for savings — lose the guilt. It’s time to get out of the shame + worry cycle, and actually make moves to right this ship and get ahead. (Yes, we’re talking emergency funds, retirement savings, and more.) Granted, this may seem like a particularly daunting task (especially given current inflation rates) but we promise it’s easier than you think, as long as you follow our playbook. This week, we’re walking you through how to discover the root of the problem, snowball (or avalanche) your debt, and draw a hard line with your budget. There’s no better day than today to commit to making the paycheck-to-paycheck cycle a thing of the past. And if you’re in need of a little personalized hand-holding to get you there, our next FinanceFixx class starts June 28th, which will walk you through all the budgeting and savings strategies you need most!

Asking For The Pay Equity You Deserve

Asking for a raise can be anxiety-inducing, even in the best of times — including today’s environment when more employees than ever are in the driver’s seat. But even if you know you deserve a pay raise, asking for one can still conjure up feelings of dread… After all, what if your ask is greeted with a hard no? In other words, how do you get past this and boldly request what you deserve? “Generally, there’s a methodology behind compensation at your company,” says Ruth Thomas, Pay Equity Strategist at Payscale. “As an employee you want to understand how your company pays people, and why it pays people that way.” This week, we break down how to do your research, the best ways (and the right timing) for approaching your boss, and how to navigate if your request is met with a resounding no. (Hint: A ‘no’ doesn’t mean an end to the conversation.)

From Woe To Wow: The 4-Day Workweek In Your Future

In the last year, we’ve spent a lot of time talking about the future of women at work. That’s because it’s never been more important. According to the most recent data, male workers have now regained all the jobs they lost due to COVID, but there are still 1.1 million women who left the workforce and never came back… But we can’t talk about getting women “back to work” without talking about what, exactly, that work needs to look like. Because “work” as we’ve known it for the last 100 years, just was NOT built for women. (Like, at all.) The good news is that lately we’ve heard of more companies offering 4-day workweeks and more flexibility than we could have ever imagined just a few years ago… But is true work flexibility here to stay? And if you don’t have it, how can you ask for it? Shannan Monson, CEO of Nuuwork, tells us how women are winning with the new economy.

Market Volatility And What To Do:

Lately, the stock market has been as volatile as a napless 2-year-old, and everyone is questioning when we’re finally going to see some calm. (And once our investments stop the up-and-down, we know we’ll sleep better too.) The only problem here is that since it’s impossible to time the markets, there’s no telling how long we’ll need to ride out this particular storm. Thankfully, we can start by looking at market history for reassurance: Big drops have always been temporary. But history also tells us that big swings are associated with recessions. So, start by not stressing. Then, make a plan. The best way to relieve your anxieties is to just not look, and not do anything. (In other words: Ride. It. Out.) Other options include rebalancing and taking another look at exactly how you want to play the long game. So take a deep breath, then take a look at our breakdown.

Considering A Work Break? Run This Calculation First

Since COVID began, we’ve been processing the impact of the pandemic on women’s careers, but how much, exactly, does stepping back from the workforce cost the average woman? (Not just during a pandemic, but all the time?) If you’re considering a break, it’s time to make sure you have a clear picture of the costs involved, beyond the cost of childcare. You’ll need to consider your loss of earnings, retirement contributions, Social Security, upward mobility in your field, and more. HerMoney’s Lindsay Tigar breaks down the steps you’ll want to consider and calculations you’ll need to make before you take a break or bid the workplace adieu.

Women In: Sustainable Finance - June 8 12:00pm–2:00pm ET

Socially responsible investing is no longer a PR play. Investors are making ethical concerns like climate change and diversity a must, and it’s paying off–global sustainable fund assets doubled last year. Join us to hear from ESG’s decision makers about what this means for the markets, where to invest and how to ensure there’s transparency along the way. Secure your complimentary ticket today. Use code: HM

You found out a colleague with the same job and responsibilities is making more than you are. You’ve been told that your company has limited raises to 4% this year, but you deserve a 20% increase. Your manager has told you that you will not be getting a pay increase because you live and work remotely in a location with a lower cost of labor. You’re catching up on career (and salary growth) after parental leave.

Let’s talk.

We’re teaming up with a fellow equal-pay enthusiast, Payscale, to equip you with the information, tools and words to use for navigating these types of fair-pay conversations. The Let’s Talk Fair Pay Workshop will be a one-time, virtual event on Tuesday, June 21st, from 1:00-2:00PM EST. Reserve your spot to this free workshop today. You’ll have the opportunity to ask your questions and even role play with Jean and a Payscale negotiation expert. RSVP here.

Have a great week!

The HerMoney Team