Friday Financial Tidbit-Things to consider when comparing job offers

So you have been looking for a new job the past few months. After looking for a right fit and interviewing with a few different companies you have finally gotten a job offer! Congratulations. What is the first thing you look for when deciding to make the switch? SHOW ME THE MONEY! While the compensation is important, it should not be the sole thing you look at. Below are a few things to consider, financially and emotionally,  when contemplating a job switch.

Quality of life

How many hours are expected at the new job? Are you expected to work weekends or consistently work 10+ hour days? Will you have to drive further to work every day? If so, that means you will have less time doing the things you want to everyday. In addition, it will add more monthly expense to your gas budget.

Parking

Is parking provided by your employer or do you have to pay each month? Chances are that if you work in a big metropolis you will have to pay to park. That could mean an additional expense that you didn’t have before.

Taxes

Will you be working in a new city or county? If so, you might have a different local tax rate then you are used to. It might not seem like much, but if you make $50,000 a year, a 1% change in the tax rate means $500 over the course of the year.

Advancement opportunities

Do you have opportunities to grow in the new company? Will you be able to learn new skills that will help you in the marketplace? Are there chances to advance in the company or will you be stuck until someone else leaves or retires?

By asking yourself these questions you are thinking about more than just the money, but also how a new job will impact your career, family, and  quality of life.

What are some other things you should consider when switching jobs?

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