While the Insider Union is on strike, striking unit members aren’t getting paid. Here’s how I’m planning my finances.
Nenad Stojkovic/Flickr
I’m focusing on limiting my spending and pushing off at least one sizable purchase.
The NewsGuild offers strike benefits, and we are raising money for a hardship fund.
I believe deeply that long-term gains in our contract far outweigh short-term losses.
In the anxious moments before time ran out on the midnight deadline we gave Insider management to settle a fair contract earlier this month, I piled onto a Zoom meeting with hundreds of my colleagues.
Our bargaining committee confirmed we would initiate a strike, and my first thought was about my income. In mid-May, we voted to authorize this action, but it had all felt like it was just a theory until that point. Fears of feeling out of control of my finances instantly bubbled up.
The idea that I might lose my grip on the moat of savings and investments I’d worked so hard to build up to support myself while we forego pay — especially for an undetermined period — scared me.
Preparing for a strike
With the vast majority of my union, I had pledged to go on strike if management failed to reach an agreement with us at the bargaining table. As we prepared for the possibility of a strike in the late stages of bargaining, I knew that forgoing pay for the duration was part of the deal. When management refused to budge on issues in the contract that are important to my union, we decided that we would give them a deadline to send us a fair proposal. We went on strike when that deadline passed.
I’m so proud to stand with my colleagues and friends as we fight for a fair contract. I believe deeply that the long-term gains in our contract — including guaranteed annual raises, fair salary floors, and affordable healthcare coverage — far outweigh the short-term losses we’re facing now and will benefit both us and new generations of Insider journalists.
Collective-bargaining agreements hold management accountable and, in this industry, provide blueprints of sorts for other newsrooms’ leadership teams to see what’s possible when decision-makers listen to their journalists.
But for now, I mean, we’re in the thick of it! We’re nearly two weeks into a historic digital-media-work stoppage. I’m making much more of an effort than I usually do to stay on top of my spending and put myself in the best possible financial position for the duration of our strike.
Taking stock of my income
First: This is not financial advice, and I am not a financial advisor! I’m a reporter with years of experience covering finance and investing, but I don't have any fancy certifications. Consult an expert for your own individual financial-planning needs.
While the Insider Union is on strike, I’m taking advantage of the resources The NewsGuild of New York offers. Strike pay is $400 a week, first provided by my local union, The NewsGuild of New York— which represents Insider and dozens of other newsrooms — and then from the Communication Workers of America, the giant NewsGuild parent union, after the first two weeks of a strike.
This is a lot less than I normally make in one week. But the Guild always takes care of its members as best as it can, and I applied for this strike pay as my sole source of income during our strike, which I will take part in for as long as it takes.
I also requested a modest sum from our hardship fund, which I’ve requested only be dispersed to me if my colleagues who need the most assistance are taken care of first. I’m in a privileged position: I make a solid living that’s allowed me to have the means to save, I have no dependents, and my boyfriend and I split the cost of rent and utilities.
Limiting spending
Since the strike started, I’ve been spending very minimally and sticking to a tighter budget than usual. I would typically order takeout or go out to dinner about twice a week, but right now I’m cooking meals at home and focusing on buying only groceries I need instead of buying dinner and drinks at restaurants.
I’m also putting off some purchases I don't absolutely need. I was thinking about buying a new dress and shoes for a friend’s upcoming wedding, but I’m putting off that purchase until our strike ends and I can reassess how much I'm willing to spend for those items when the time comes.
I haven’t yet had to tap into my high-yield savings account, which I treat as a rainy-day fund, to pay for expenses. But having this liquid cash account as part of the financial safety net I’ve built around myself has given me security and peace of mind, and I’m going to be doubling down on contributing to that account once our strike ends.
Business Outsider is a strike publication of the Insider Union, which is a unit of The NewsGuild of New York.
Follow our Twitter for updates on the strike, and if you enjoyed this content and would like to throw in some cash for our members who are losing wages every day that we strike for a fair contract, feel free to visit our hardship fundraiser here. Want to help us tell the boss to reach a deal? Let Nich Carlson and Henry Blodget know you support us by sending a letter.