Is Your Career Bleeding You Dry?

Keep yourself in the black on the job.

Businessman looks in the mirror at or before work
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The saying goes that you have to spend money to make money. But there's a difference between investing in career success and indulging in unnecessary business expenses. The problem is this: Some of the very things seen as investments are also just one step away—and maybe, one extra zero on your credit-card bill—from extraneous spending.

Liz Weston, a personal finance columnist and author of There Are No Dumb Questions About Money, offers these tips for spending smartly on career expenses:

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Wardrobe. Some workers wear a uniform paid for and provided by their employer. But many professionals pay out of pocket for the clothes they don to work. And if sayings like "dress the part" and "fake it 'til you make it" hold any water, then an ambitious employee should consider wearing attire that befits the high-performing, successful professional they hope to become. Still, Weston insists that it's not necessary to bust your budget just to look nice. "A lot of us can look into our closets and see a ton of wasted money. We buy on impulse," she says.

Where to splurge: "Whatever your job, you have to have decent clothes to go along with it," Weston says. "The advice that's been given through the ages is to invest in some classic pieces that will last, and dress them up with trendy accessories that don't cost a lot of money." But a few skirts, pants, jackets, and blouses made from quality materials so that you can wear them in heavy rotation. A work tote or briefcase, made of a durable material like leather, might also be a good investment, she says.

Where to save: Jewelry, belts, scarves, and ties will go in and out of style quicker than your wardrobe staples; save some coin by plucking these items from the sales rack.

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Food and drink. You'll spend many hours at work, and you gotta eat and drink. But twice-daily lattes and regular out-of-the-office lunches—not to mention your 3 p.m. vending machine raid—are guaranteed to overextend both your wallet and waistline. "Snacking all-day long at work is common, particularly because a lot of us eat because we're tense or bored," Weston says.

Where to splurge: Don't forgo networking at a department lunch just because your budget is tight. Attend and order an inexpensive appetizer. If you're still hungry afterward, eat a snack you brought from home upon returning to the office.

Happy hours with colleagues are also worth the added expense, Weston says. "They're how you connect with co-workers. One thing you can do is order one drink and nurse it all night," she advises. "Or you can order something nonalcoholic at happy hour. That will always be cheaper."

Where to save: Buy snacks from a grocery store instead of the break room's vending machine. "Bring a pile of stuff and keep it in your desk," Weston suggests. "Granola bars or nuts will give you protein and an energy burst. And drink water, not soda. Not only will it be cheaper, but it's better for your body."

Fundraisers and gift exchanges. Girl Scout cookies. Secret Santa. The office potluck. Sometimes being a good co-worker/team player means financially supporting extracurricular office activities. If you work in a small office, then an occasional order of Thin Mints won't put a huge dent in your wallet. Large workplaces might mean regular baby showers, gift exchanges, and bake-offs.

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Where to splurge: "Remember that these types of expenses are voluntary," says Weston. "But if you yourself have kids, then you might want to support a co-worker's cause sometimes. They'll remember it when you're selling wrapping paper for your kid's school fundraiser."

Where to save: Office parties and gift exchanges boost employee morale, but they don't necessarily call for overspending on gifts. "I know one person who said they were expected to spend $100 on a co-worker for a Secret Santa exchange," Weston says. "If it's crimping your budget, then talk to your boss or HR department."