- An extra $1000 a month could be life-changing for many people.
- When asked across platforms, some people said they'd use the month to pay off debt, invest for the future, or save for their children's education.
- Responses encourage you to think about what you'd do with an extra $1k a month and check your salary to see if it's time to ask for more.
Rising inflation isn’t just about the cost of eggs. Sixty-four percent of Americans live paycheck to paycheck and have next to no emergency savings. That means that loosening the purse strings to accommodate rising prices is tough or nearly impossible for many.
Gender and racial pay gaps make the economy even more challenging for women and people of color. (It goes without saying that women of color face even greater roadblocks.) The journey to equal pay has been long and steep, and each time we take a step or recognize the gaps on “Equal Pay Day,” it can seem that true equity is out of reach.
Workers across industries weigh in
“How would your life change if you were paid an extra $1,000 each month?” We posed this question to users on Fishbowl to get a pulse on where workers across 11 industries are coping with pay discrepancies and rising costs. More than 250 respondents shared their thoughts in 13 different bowls – from Advertising to Women in Tech.
Here are some of their most compelling responses.
Significant life changes
From childcare and housing to an overall improved quality of life, many workers said an additional $1,000 each month would literally change their lives. While the amount seemed small to some, the impact on others was tremendous. Here are a few life-changing actions professionals said they would take with the money.
“I wouldn’t stress about grocery or medical bills as much, would finally get some tests done…” - An employee in the Advertising bowl
“I would be able to pay my bills without having to work DoorDash in the evenings. Which would mean more time spent with my wife and 1-year-old.” - A software developer in the Black in Tech bowl
“It would impact everything — I wouldn’t have to mentally tally up the cost of groceries as I put things in the basket. I could move to a neighborhood where I’m not scared of my neighbor. I could finally start saving a little money rather than live paycheck to paycheck, and maybe one day buy a house/condo. I could finally help take care of some of my parents’ bills... Lots of things.” - A strategist in the Women in Advertising bowl
Pay off debt
The ability to eliminate debt with the added income is one thing workers agreed on, regardless of industry. Whether it was paying down credit cards, student loans, or lowering medical bills, respondents shared a variety of ways they’d use the extra money to get their heads above water.
“That would be amazing! I’m really focused on debt reduction (the dark side of multiple degrees) so that extra money would go right toward debt and pay it down even faster!” - A consultant in the Consulting bowl
“After a few months, I'd be able to pay off my debt, and if I keep living the way I do now, I'd have more than enough extra money to pursue my ambition.” - An engineering program manager in the Engineering bowl
“Greatly! Pay off my debt and low medical bills. Feel financially stable in case an emergency happened. Even be able to buy groceries instead of trying to pay all the utilities first and figure out what I can afford with my remaining hundred or less to eat healthier.” - An employee in the Government bowl
Increase savings
Whether their goal was to add to or create a cash cushion or save for retirement, building savings was a priority for many professionals across bowls. Age, years of working, and financial situations were all factors for how they would save.
“Depends on how much you have to start with. For me I'd just bank / save it. So maybe an impact later on in life for retirement or a house down payment but probably nothing in the short term. But maybe I'd stretch my rent/mortgage budget a bit.” - An engagement manager in the Women in Tech bowl
“Given my age - I currently can live on what I make, but saving for retirement is a real struggle. I would put half of it straight into a retirement account every month and the other half into an emergency fund so I have back up funds if I was to lose my job due to cutbacks and don’t have to touch retirement.” - An employee in the Government bowl
“I would actually be able to save a little bit of money after rent/student loan payments, or increase my student loan payments and get out of debt faster. An extra 12k a year would make a real difference in my financial health tbh.” - An associate in the Accounting bowl
Invest the extra cash
Instead of or in addition to paying off debt or saving, some workers said they’d focus on investing the money to further increase their income, with more long-term goals in mind — from saving for college to buying a home.
“I would view this as savings and put it into my investment fund. This is the best option I could think of and I would put it towards saving money for a house.” - A strategist in the Sales bowl
“It would help put an investment cushion in my life I wish I had— I’d have peace to add to an education fund for my children without sacrificing anything in our current lifestyle.” - A partner marketing manager in the Marketing bowl
“I’d use it to pay off my debt and invest it once I’ve received it. It definitely would help probably not the short term but the long term it would be amazing.” - A senior analyst in the Government bowl
Is it time for a raise?
Think about what you would do with an extra $1000 a month. Would your life completely turn around or stay more or less the same? It may be time to check your salary to see if you’re getting paid fairly. You could be earning more, and as evidenced by the responses of hundreds of workers, the difference could truly be life-changing.