Determine salary and benefit expectations.

Your income and benefits from work impact your ability to attain financial goals. Ideally, you want wages that allow you to:

  • Live without stress over financial obligations
  • Provide freedom to do what you want
  • Save for emergencies, financial shocks and retirement
  • Align to your values

Your financial needs can change over time. Emphasizing salary and benefits in your career planning can put you on the path to financial well-being.

Salary Expectations

Start by determining the salary you need.

  1. Use the CashCourse Budget Wizard to create an individualized spending plan (a budget) that considers all of your expenses.
  2. Estimate what it will cost you to work. Include transportation costs to and from work, child care, clothing, meals, equipment, certifications, insurance, etc.
  3. Use the Living Wage Calculator Links to an external site. to determine the hourly wage you will need to live in your desired county.
  4. Once you have estimated your savings and expenses, assess how well your future paycheck will meet those needs. Keep in mind, other factors can affect your salary, including:
    • Job location
    • Education level
    • Experience
    • The company’s financial health

Now look for information on the salary you can expect in different occupations. Keep in mind the salaries are based on averages; you might earn more or less.

Family, friends and career counselors may be able to provide salary insights as well.

Benefits Expectations

Salary is important, but you also need to think about benefits. Employers often use enticing benefits to offset lower starting salaries. Review a company’s health care, retirement and time-off policies. Look at the whole compensation package including nonstandard benefits, such as:

  • Tuition reimbursement
  • Student loan repayment
  • Recruitment incentives for specialized skills
  • Relocation allowances
  • Telecommuting or flexible scheduling

Use the CashCourse Job Offer Decision Worksheet to rank your job priorities and compare offers.

 

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