January 20, 2023

Noncompete Agreements 

The Federal Trade Commission recently proposed a ban on noncompete agreements. TLDR: These agreements prevent employees from taking a job at a rival company or starting a similar business of their own. About 20% of US workers sign them when they start a new job. Employers say they protect trade secrets, but the FTC says getting rid of them could boost workers’ wages by a total of nearly $300 billion per year.

Your move:

• Read the fine print. Starting a new job comes with lots of paperwork. Review everything carefully so you understand the terms of your employment.

• Consult a lawyer. They can fill you in on your obligations to your employer and the potential consequences of violating your noncompete agreement, like being sued. 

• Negotiate. A noncompete can impact your next career move and your earning potential. Ask your employer if they’re willing to change some of the terms, and if all else fails, consider walking away.

Save on groceries by meal planning.

The good news: Inflation is cooling off. The bad news: Grocery prices are still way up (looking at you, eggs). If you’re on a tight budget, meal planning can help prevent you from adding impulse buys to your cart. Plus, it gives you time to search for the best deals. PS: Here are 8 more ways to save on groceries.

The Goal: Get a raise at work.

A Winning Mindset: According to a study by Payscale, only 37% of workers ask for a raise. But of those who ask, 70% get one. Having *the* convo with your boss can be nerve-wracking, but there are a few things you can do to set yourself up for a solid negotiation.

A Winning Strategy…

• Know your worth. Use websites like Glassdoor or Linkedin to see the going rate for roles like yours, and make sure your pay measures up. 

• Build your case. Record your achievements, get feedback from your colleagues, and bring the receipts to the negotiation with your boss.

• Practice. Plan what you want to say, and try to anticipate how your boss might respond to develop a stronger argument.

• Send a cal invite. Having an actual meeting scheduled with your boss forces you into action. Get it on the calendar now, and start prepping.

theSkimm

Asking for a raise can feel scary, but the odds could be in your favor. Build a strong case for why you deserve it. If your boss says no, it might be time to look for a job that will pay you what you’re worth.

Three weeks into January and we’re finally recovering from NYE. But the post-party vibes aren’t the only things that followed us into the New Year… 

1. FSA rollovers. Generally, $570 of your FSA can follow you into 2023. But be sure to check with your employer re: how long you have to spend it.

2. End-of-year bonuses. They’re usually paid out in the first few weeks of the new year. Psst…putting yours towards your retirement can help you get even more out of it. And get a bonus-bonus if your employer matches your contributions.

3. Taxes. That’s right. It’s time to start filing those 2022 returns. And TaxAct’s Xpert Assist can help. With free (yep, free) one-on-one support from a pro who’ll answer your tax Qs and do a quick review before you file. Head to their site to get started.*

What’s going to stay $$$ for a while…

Some of millennials’ favorite little luxuries. 

Who's looking to make a different kind of dough...

The Girl Scouts.

What’s raising the roof like it’s 2011…

The debt ceiling.

Who should take Fridays off…

All of us.

Q: How do I bounce back after blowing my budget over the holidays?

Mykail James: First: Forgive yourself. We hold on to a lot of shame when it comes to our budgets and believe we're terrible with money when we overspend. Inflation has gotten crazy, and a lot of things cost more than we expect them to. Remind yourself that the money went to something that makes you feel good. Second: Set some goals for the new year. I suggest having no more than three. Having just one or two will keep you laser-focused. Third: Create an action plan. Because a goal without a plan is just a dream.

Mykail launched The Boujie Budgeter to help other Gen Z professionals take control of their finances. Her answer has been edited for length and clarity.