1. The Money Guide- The Workplace
STCC Adult Education Version
This is was created by the Workforce/College & Career Team* in the Adult
Education Office at Springfield Technical Community College
Aug 2015
Guide created in part from: Daily Worth, The Muse, and Forbes.com

2. The Intro:
Why shouldwetalkaboutmoney?Forone it’s somethingwe’dall like moreof, two it’s a conversationthat
will come up many times in yourlife whether or notyouare applyingtoa job, accepting a job offer or
debatingwhether or notto stay in yourcurrent position. We’re here tomake the conversationa bit easier.
The equationfor the workplace is simple: hours+ pay rate – (taxes + withholdings)= yourpaycheck. Sosimple
right? Notso much. Whatwe make hasbecome quite engrained into“‘who we are’”, so muchso thatit
makesor breaks uswhen we start planningthingsout. It comesdown to really what we can or cannotafford
to do.
So what is thispacket about?This packetwill help youbecome more comfortable
discussingmoney in yourprofessionaland personallives. This won’ttell youhow
to investit or howto spendit or get aholdof large amountsof it in a shorttime
frame. It will however give youtips for understandingyourworth, andways tobe
smartwhen you knowhow muchyouhave. Let’s get started.
Part 1- All about you
Section 1-Howtofigureoutwhatyourworth:
Step 1- Whatis“worth”?TheMerrim-websterdictionary defines it as “the extent of one'svalue or ability”.
Many job notificationswill state that compensationis determined basedon experience, education andskill
level. This is why it is soimportant to knowwho youare andwhat youbring to the table. An example of this
is when youhire someoneto provideyoua service, if they cut corners or don’tdeliver as promisedyou
wouldn’tpay them the agreed uponprice, yet if they showed upand exceeded what they said they would do
you’dpay thema bit more.
Step 2- Dosome math- Do a calculation to figure outyournet worth, now dothe same for yourspouseor
partner. (http://cgi.money.cnn.com/tools/networth/networth.html)Thisis a goodsimple tool to use, do not
worry if youdonot havea numberfor each section.
Step 3- Askquestions-If youhaveblank spotsonthe worksheet, take sometime to find out the answers.
Step 4- Learn whataffectsyourworth (on thejob)-Thisincludesskills that can be transferable into various
roles- fluency in anotherlanguage, typing, certifications etc. The moreof these youhavethe better they will
serve you.
Step 4- Understandwhatthisisabout- Whenyouknowyourworth, it becomes easier for youto follow a path
thatwill reflect that. Itwill also maketalking aboutsalary and compensationeasier too.
Section 2-Knowyourfinancial self:
Step 1- Askyourself-“Doyou have a goodrelationshipwith money”? Insection1 youwere promptedto
calculate yourworth. This section will ask youto takesome of thosenumbersand look at them
independently. Suchas trackingyourspending, credit monitoringetc. Knowingwhere youmoney goes, when

3. it comes in and how muchyouhave left will give youa sense of security and ease. Usingappsor online
platformscan assist youonthis. https://tfetimes.com/5-best-free-finance-apps/
Step 2- Whatareyourgoals/needs? The work donein step 1 will allow youto see if yourgoals are attainable
or not, and where you’llhave to makechanges sothat they will be. The “everythingelse guide”helped
determine the difference between a want and a need. This is where thatreally comes into play. Youhave to
figure outyourfinancial needs vs. wants(a new apple watch for example vs. this month’srent).
Step 3- Thinkof thepeopleinvolved-Whodo yourmoney choices affect? Do youhave children, joint
accountswith a spouse, afamily member yousupport?Are youthe one being supportedby a spouseor a
family member? It’simportanttomake sure they are a part of the conversationorgiven informationon your
decisions if they will be affected by them in someway.
Step 4- Askif you needhelp- Do someof yourgoalsand decisionsseem tobe toodaunting. If soit may be
time to seek supportoutsideof yourfamily. This couldrange from takingfinancial courses offered by many
libraries for free. Visiting a community bank (https://www.citizensbank.com/community/financial-
literacy.aspx), or working with a planner or advisor
http://www.springfieldpartnersinc.com/whatwedo/financialliteracy/
Step 5- Maintain it-Thebest way to be andstay financially soundis tolearn aboutfinancial news, trends,
terms etc. This is done by stayingon topof yourfinances as well as being well read.
(http://www.financialliteracynews.com/Springfield-ma.financialliteracynews.html)
Part 2- On the job
Section 1-Juststartingout:
Step 1- Yourpaycheck-Learnyourpay schedule and howyou choose to get paid (check v. direct deposit, or
cash).
a) Don’tgetover zealous-Your paycheck doesnot necessarily meanyou can goout andincrease your
spending.
b) Create a budget- Thosegoalsfrom section 2, this is where they come into play. Tracking where your
money needs togo to determine what is left for youis important.
c) Try to match yourpayday(s) toyou bill duedays- This will help youavoid beinglate or getting into
debt.
d) Save or spend-After payingyourbills, andseeing if yourbudget hasbeen affected, youcan either
save the remainingamountto supplementyourbudgetor spendit within yourmeans- that means
going for what youcan withoutgoing into debtor overdraft.
e) Don’trelyon creditcards-While they have more security thana debit card, they can create a false
sense of security. That said don’tfall back on debit cards either.
Step 2- Don’tcompare-Whatyoumake, verses what yourcoworker(s) make(s), haveno bearing onwho you
are. They havedifferent financial needs andobligations. They alsohave a different skill set than you, were
hired under a different fiscal year etc. Those two items affect how muchthey are being paid. It does not
mean they are a better employee thanyou.
Step 3- Learn theropes, andearn yourkeep- One of the thingsthatcan break youon the job is tryingto get
more from the company toosoonintoyour contractwith them. This howeverhas two exceptions- 1) you

4. came to the job with experience andthe credentials to back it up, or if youlike your job, received a better
offer and youwant tostay in yourrole. Once youhave been there a considerable amountof time andfeel
yourrole shouldbe better compensated, thisis when youcan have the “salary talk”.
(http://money.usnews.com/money/blogs/alpha-consumer/2012/05/09/money-tips-for-your-first-job)
Section 2-The Salarytalk:
I. StartingSalary( akafirstjob)-( http://www.forbes.com/sites/lisaquast/2014/03/31/job-seekers-
8-tips-to-negotiate-your-starting-salary/)
a. Understandthejob-If youfully understandwhatthey are lookingfor andwhat they want for
the company, you’llbein a better positionto negotiatebased onyourskills. Also importantis
to considerthe job level for which youare discussing. Iswhatyouare askingreasonable
compensationfor the typeof work youare being askedto do?
b. Don’tonlythinkof whatyou need-If the job pays10,000/yearandyourexpenses come upto
11,000/year, don’task forthat reason.
c. Thinkof whatyou bringtothetable-Are youpotentially signingon as an uppermanagement
personnel- youhavemore cards to play then if youare a call center employee. Do youhavea
provenway to increase the company revenue, or is this just an entry level positionthat
anyonecould do?
d. Be mindful of comparativesalaries-Thisis best if youare notapplyingor onthe cusp of
accepting a first job. If youhave several offers in the air this is where youwill use this step.
http://careerplanning.about.com/od/negotiatingoffers/a/negotiat_salary.htm
II. Mid- careersalary ( aka askingforaraise)- If you’vebeen employedfor a decent while andwant
to stay where you andyou been taking onmore work andfeel youneed to be compensated
better- here are sometips on how to have the conversationsaboutsalary atthis pointin your
career. (http://www.forbes.com/sites/forbesleadershipforum/2015/08/03/the-five-steps-to-
successfully-negotiating-your-salary/).
a. Time it right-Thisis a great assetin negotiating. This allows youtotake into consideration
eventssuch as holidays’, company orcorporateeventsor personnelchangeover. Don’task
arounda holiday or at the beginningof a fiscal year.
b. Prepareyourreasons- If youwant to stay where youare, bring examples of projects you’ve
worked onthat were addedto your role or thatyouhave takenon thatwas outside your
role. Tell themwhy youfeel you deserveto be paid more. Take about(in a non-arrogant
way) how youraccomplishmentshavebenefitted your departmentandcompany.
c. Don’tcomefroma negativeplace-Happy employee’smake for better deal makers. If you’re
dissatisfied in yourjob, a higher pay rate won’t likely help thatif there are other issuesat
play. Those who wield the power of agreeing to pay youwill take notice. If yourhappy in
yourjob butas mentionedearlier, taken onmore work andyouenjoy what youare doing,
thatshows tooand people will want to acknowledgethat. Keep in mind-ifyou’reonly asking
because yourco-workermakes more thatisn’tthe right approach.
d. Be flexible- Bringwith youa reasonablepay scale youwould accept thatwould matchyour
positionandcareer level. Example- if youare making24,895/yeardon’task for$43,000
rather ask for 27,000 andwork upor downfrom there.

5. e. Considerotheroptions-Ifthey cannotmeet your askingprice, consider askingfor alternatives
suchas, additionalpersonal daysor otherperks thatwill satisfy bothparties. Could youget
extended lunch time, or the optionto telecommute one day a week? The ability to takeon
more responsibility etc. - considerany a win.
f. Acceptwhatisgiven- If youweren’t able to get moremoney but youwere able to get a perk,
accept it anddon’tpushthe envelope, doingso could runthe risk of losing all youroptions. If
youcouldn’tget anythingbecauseyou were either ill-prepared or the company couldjust not
swing it, thank themand ask if there is a better time to discussthis. Always smile, andleave
on a positivenote.
III. Seekinga newposition- Ifstayingwhere youare is not the bestoptionor possible, youwill be
back at the startingline. These tips will help you overcomesomeof the hurdlesfor planningyour
next move.
a. Prepareforthe questions-Whileit may seem rude when someoneasksyouwhat you
currently earn or formerly haveearned, there is reasonswhy companies andorganizations
will bring this up. They ask for a few reasons- 1) tolook for trends, 2) to weed outyour
motivesand3) tosee what they can get away with payingyou.
i. Lookingfortrends- ityouhave steady pay increases for yourpreviouspositions- this
shows that youare a steady andreliable and valuedworker. However if yoursalary
or pay has decreased they wouldwant to knowwhy as thatcould signal youare a
risky investment.
ii. Yourmotives-Part of the interview processis todetermine why youare lookingfor a
new position. Talking toomuchaboutthe money can make youlook undesirable and
greedy. To preventthis youhave topresent concrete and legitimate reasons for
seeking employment.
iii. Yourvalue- If youheld three jobs prior to thisone for example andthey all paidyou
within the same range (with $3-$5000), thisisa goodindicationof yourhire-ability. If
each job bouncedaroundand differentiated by more than$5000 thisisa bad sign for
them, as it makes it hard todetermine proper compensation.
b. Acceptapossiblesalarydecrease- If youare leaving yourposition, due toconflict of interest
or anotherreason outsideof fair compensation, realize that youmay be accepting a jobthat
paysyouless. Don’tlet this necessarily be a deal breaker as the benefits of the positioncould
outweigh the pay (e.g. better environment, betterhours).
c. See if thereis roomtonegotiate- If the case comes upthat youwould be makingless, see if
there are other fringe benefits youcan access. Justasthe mid-career sectionmentionedthis,
youcan negotiate here as well. If you are currently make$32,475 ayearand the job your
being consideredcan only pay youstart youat $27,695startsmalland see what they are
willing to let you havein exchange (employee discounts, etc.). If there isn’t roomfor fringe
benefits- ask if the pay is somethingthatcan change with time.
Section 3-The darkside of thepaycheck
1) Makingmorethan you can handle-Thismay be the dreamof many, butit’snot as glamourousasit
may seem.
a. Whatwill itaffect?Were youreceiving any aid from the city or the state, or are youin
income restrictive housing?Bothof these items do look at yourwages after taxes to

6. determine how muchsupportyouwill get. So it is importantto work with the proper
channelsas soonas youget notice of a pay increase.
b. Watch out fordebt-Have youmade arrangementswith yourbill collectors to reflect your
current pay grade- this couldchange once they get wind youare beingpaid more. Quite
often when this happensbill collectors will renege on their arrangementsand expect the
money upfront and in full.
c. Release itmay notnecessarilyimprovethings-It’sajoke of sort that‘more money equals
more problems”butit is very much true. If youwere for example depressedbefore the
increase thenmoney isn’tgoing to magically fix that. Same goesfor the thingsyouwanted
butcouldn’tafford, if youwere living without it before, why woulda bigger paycheck change
that?
d. The needto spend-It happens, youget a bonusandspendit almost immediately. This could
anddoes lead to living beyondourmeans (i.e. spendingmore thanyoucan afford topay
back). The best way to deal with an increase it to smartly pay off any immediate expenses
youmay have, theninvesting a decent amountfor longterm needs and leavingsome for
yourself.
e. Creatingafalsesense of security-It’s been documentedthat havingmoremoney actually
makespeople feel less secure, as they often worry aboutlosing it. This is why it’simportant
to masterthe art of the budgetand lookingat the longer term bigger picture.
f. Andoneupside- realizing what is and isn’timportant.
http://www.becomingminimalist.com/dont-need-money/
2) Dealingwith apaycut-(http://career-advice.monster.com/salary-benefits/negotiation-tips/how-to-
deal-with-pay-cuts/article.aspx)Companiesarealways lookingfor ways to reduce spendingandcut
other costsso thatthey can stay competitive. The hardest andeasiest choice usually comes in the
form of personnel layoffs. If youmanagedto be sparedthe company may ask youand yourco-
workers to takea pay cut or moveto part time hours. . So how doyoudeal?
a. Ask howlongtheyprojectthisarrangementtolast- Hopefully they will havean idea. If they
cannotgive youan answer, youwould haveto tell yourbossthatdue to the situationyou
would haveto make alternativearrangements (i.e. secondjob) or youwouldconsider leaving
the role.
b. Ask whereelse the decreaseswill be- Is it only certain departments (i.e. the marketing
departmentor accounting)?Are they companywideincludingthe CEO and otherexecutive
staff? This will help youa) better understandthe situationandb) informationto plan what to
do.
c. Ask whatelse thedecrease wouldaffect- Willthey affect yourhealthcare coverage for
example? Find outas muchas youcan before makingdecisions onwhether to stay or go.
d. Ask when theyare expectedtostart- This will give youtime to make arrangementsfinancially.
e. Don’tnegotiate- Ifthe company ismakingcuts all over, this isn’tthe best time to talk about
other waysto make upfor the decrease in pay.
3) Turningdown an offer-Sometimesacompany will try to keeptheir employeeson boardbecause they
knowon a level it’s cheaper to retain themthan it is to recruit andtrain someonenew. Incases like

7. this they will try to throw numbersandother incentivesat you.
(http://www.forbes.com/sites/jacquelynsmith/2012/08/13/how-to-turn-down-a-job-offer/)
a. Considertheiroptions-Whatexactly are they offering you?Isit an extra zero is it upper
managementperks. Take theminto considerationto see where they are coming from.
(http://jobsearch.about.com/od/salaryinformation/f/counteroffer.htm)
b. Counterif you can-If youare on the fence of accepting a job or leaving one, anddon’tlike
the offers youare being given, try to negotiate a deal youwould accept and the conditionson
which youwould stay.
c. Walkaway- Forbes.comsuggestsdoingso“tactfully, respectfully, sincerely, and
professionally”. This meanssayingthank youfor their consideration, andbriefly explaining
yourreasons(they want youto relocate butyoucannot). Sometimesit’s notalways about
the money.
d. Maintain agoodrelationship-Letthe company knowas soonaspossible your decision so
thatthey can moveontoother candidatesthey were considering. IF youhadinterviewed
with more thanone person, try to (if youcan) let them all know. Ask the company if this
would affect youfrom applyingto future openingsthey may have. Or if youcan remain in
the poolto be considered for future openings.
Part3- Enjoyingitall
Makinga paycheck is a wonderful thingas is the feeling of being able to afford thingsand living a life thatyou
are comfortablein. The take away from this packetis tohelp yoube more aware of the in’sandouts of
managingthe financial partof yourlife. This packet also is designedto help yougain the confidence andskills
needed to discussmoney.