Eyes On
Toxic Workplaces
Hello, cutthroat competition and long hours. Buh-bye, after-work espresso martinis with friends. Because deadlines. According to a report issued by the surgeon general, a toxic workplace can be bad for your health. Think: Chronic stress, anxiety, and depression. And these issues can have an impact on your physical health, too. See: High blood pressure, diabetes, and heart disease.
Your move:
Know the signs. The report says your workplace could be toxic if the culture is: disrespectful (hint: your boss emails or texts you at all hours or while you're on vacation), non-inclusive, unethical (think: your boss asks you to mislead customers), cutthroat, or abusive.
Take a break. It’s temporary, but going on a 15-minute walk or grabbing a healthy snack can give your brain time to recharge and improve your mood. Ultimately, though, the systemic issues of a toxic culture are above your pay grade. Which leads us to…
Use your resources. If you’re experiencing discrimination or harassment, HR is a good place to start. If you’re not getting the help you need, you have other options. Hint: You may need to hire a lawyer or file a complaint with the EEOC office or OSHA.
See a pro. A therapist can help you learn how to cope with work-related stress responsibly.
Make a plan. Sometimes the best way to deal with a toxic workplace is to leave. Enter, your emergency fund. Or, better yet, your f*ck-you fund.
Related Stories
Money Tip of the Week
Max out your 401(k).
Most people will need a few million to retire comfortably. So it’s a good thing there’s a simple way to reach seven-figure status: Join the 401(k) millionaire club. Start by maxing out your retirement account.Hint: You can contribute up to $20,500 this year.And thanks to a recent change by the IRS, you’ll be able to up that to $22,500 next year. You’re essentially giving Future You a raise (hi, compounding interest). You can thank yourself (and us) later.
Financial Goal Unlocked
The Goal: Plan for student loan payments to restart on Jan 1, 2023. (Psst…that’s 65 days from now.)
A Winning Mindset: Mark your cal for Dec 31 when the pause on student loan payments is set to expire and prep accordingly. Yes, earlier this year, President Biden announced that his admin would forgive up to $20,000 of student loan debt for certain borrowers. But if only part of your balance qualifies, you’ll still need to pay off what’s left.
PS: Don’t forget to apply for student loan forgiveness here before the Dec 31, 2023 deadline.
PPS: If you qualify for Public Service Loan Forgiveness, apply here before the Oct 31, 2022 deadline.
A Winning Strategy: Block off some time on your cal this weekend and pour yourself a glass of wine. It’s time to crunch some numbers…
Assess your spending habits. Look at your spending over the past year and see how you can adjust your budget now to prep for making payments later.
Ask for a raise. Your end-of-year performance review is the perfect time to make the ask. Plus, your boss will probably be expecting it (hello, inflation).
Start a side hustle. The extra $$$ can help cover payments come Jan 1. Psst…here are a few ways to get started. And don’t overlook passive income.
Contact your loan servicer. If you don't make enough to cover your student loan, consider an income-based repayment plan.
theSkimm: Start prepping for repayment ASAP. Assess where you’re at now and where you need to be to restart payments at the start of next year. And take a deep breath. You’ve got this.
And Also This…
What might be out of the woods…
The US economy. The latest GDP report, released Thursday, shows that the economy grew 2.6% last quarter after six months of shrinking. President Biden says it’s evidence the US economy is on the rebound. But some experts predict the growth to be short-lived. Because as inflation and interest rates continue to rise, consumers may pull back on spending, and recession risks could rise. TLDR: We're not in the clear yet.
What’s scary…
The price of Halloween candy. Which is up about 13% compared to last year (thanks, inflation). Some spooky season staples like Swedish Fish are reportedly selling for $10.99 a bag. We’d rather face down Michael Myers.
Who’s been given the bird…
Elon Musk. On Thursday, the richest man in the world acquired Twitter for $44 billion. His goal: “to try to help humanity.” TBD on that.
While mortgage rates are rising…
Skimm’rs
Tell Us How You Really Feel: Millions of people said 'goodbye' to their toxic jobs during the Great Resignation. But the grass isn’t always greener and some are experiencing job-hoppers' remorse. If you switched jobs recently, we want to know: Do you have any regrets, or are you loving your new gig? Tell us all about it here.
Last week, we wanted to know if you'd applied for student loan forgiveness, and 100% of you said ‘yes.’ Brb, going to cry happy (almost) debt-free tears.
Skimm Deal of the Week: Brring, brring, it's the beauty sale alarm. Here's your chance to stock up on hydrating faves at the Amazon Holiday Beauty Haul — like a potent hyaluronic acid serum or an extremely soothing moisturizer — before the temperatures really drop. Brb, we'll be slathering until further notice. Shop here.
Subscribe to Skimm Money
Your source for the biggest financial headlines and trends, and how they affect your wallet.