Money·6 min read

Skimm Money: Getting A Raise, Meal Planning, And Rage Applying

female worker with contract at negotiation table
January 20, 2023

Eyes On

Noncompete Agreements 

The Federal Trade Commission recently proposed a new 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.

Related Stories

Money Tip of the Week

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.

Financial Goal Unlocked

woman looking over papers at desk

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.

And Also This…

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.

Asking for a Friend

Mykail James headshot Asking for a Friend Background

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.

Skimm’rs

Tell Us How You Really Feel: When it comes to tracking your spending and staying on top of your savings goals, there’s an app for that. In fact, there are many apps for that. So we want to know, what’s your fave money app and why? Tell us here

Last week, we asked you to share a purchase you regret. Here’s what you told us…

"A $3,000 vacuum cleaner that a smooth-talking salesman convinced me I needed for my home. I've hated it from the moment I bought it, but now I don't feel like I can get rid of it because of how much I paid. It works fine, but hauling around a canister-style vacuum in a two-story house is unmanageable. And every time I use it, it reminds me how gullible I was." — Haley G, North Bend, OR

“College. I chose a career path that I thought was right for me, and halfway through my degree, I realized it was not. I am still paying off those student loans today.” — Deseree B, San Francisco, CA

"After spending $10,000 on Amazon last year, I went back through my order history. I have no idea why I bought some of these items." — Ashley E, Lancaster, PA

Answers have been edited for length and clarity.

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