31 Oct
2010

If you are looking for work because you are unemployed or want to increase your income, you may be checking want ads or online job hunting web sites. While there is technically nothing wrong with this strategy, it is also not the most effective way to go. You may have already noticed that there are many online ads for low-paying jobs with high turnover rates – and fewer jobs that really lead to a career. To find a great job, you may need to look in some less usual places, such as:

1) Company web sites. Sometimes, companies list jobs on their websites that they just don’t list on job hunting sites. By checking the web site, you may get the inside track about jobs available, so bookmark the companies that interest you and check back often. Also, make sure that you check out the “news” section of all company web sites you visit. News of a new department, product, or development usually means new jobs – even if they are not advertised. When such announcements are made, feel free to send your letter of introduction and resume along to the HR department.

2) Information interviews. Getting interviews with companies to find out more about your industry or potential employers can be a greater lower-pressure way to find out about openings in your industry.

3) Part-time, temp, internship, or volunteer work. Don’t overlook these opportunities, as in many cases they can help you land full-time work. Many companies hire employees they already know when they need help.

4) Networking. Make your social networking sites professional and use them to connect with others in your industry. Join professional organizations and attend events. You may just meet someone hiring in your field.

5) Recruiters. Recruiters are paid by companies to help them find professionals. This can be a good way to find jobs that are not advertised in traditional ways.

31 Oct
2010

Polls have suggested that most Americans believe they will have to work well past retirement – into their 70s, even – because they cannot afford to retire. Other Americans believe that they will never retire, because they don’t want to leave the satisfaction of work. If you don’t love your job, you may dream of retiring early – but can you afford to do it?

Whether you hope to work long or get away from work as soon as possible, it’s important to start planning for your golden years now. Whatever you wish to do, failure to save and invest now can hurt your ability to make plans down the road. Plus, if you get ill or injured at some point, you may be forced to retire, so it makes sense to prepare for retirement even if you are one of the lucky few who love your work and hope to live and work for a long time.

If you don’t have a retirement plan, there are many great ways to start. First, you will want to contribute at least 5% of your income (more if you are closer to retirement age) into savings and investments for retirement. If your employer matches your retirement fund contributions, max out your contributions to take advantage of the free money. Talk to your accountant to find out how to maximize your income tax savings so that you can have more money to put into retirement. It can seem like a long way away, but start working on your nest egg now and you will have some peace of mind as well as comfort in your golden years.

31 Oct
2010

If you need extra cash to build up your buffer account, pay off some personal loans, or pay for some holiday fun, this is a great time to earn more. During the holidays, many businesses are overwhelmed and are actively looking for help. This is a great time to land a part-time gig that can bring in money in time for the big holiday sales. Here’s how to do it:

1) Start now. Companies need help now, and you can often get the best jobs by applying early. Plus, the earlier you buckle down to work, the more you will earn in time for the holidays.

2) Carefully consider where you want to work. Some seasonal employees still get added perks – such as employee discounts. Do some research about the companies hiring now to find a job where you can earn more and save on holiday gifts or clothes.

3) Be professional. Companies are stressed and wary about hiring employees who simply aren’t reliable during their most important season. Treat this job application as seriously as you would treat anything else. Dress appropriately, find out about the company, and be professional to show that you can get the job done.

29 Oct
2010

The word “sale” has a miraculous effect on customers, making them want to buy more and buy now. Studies by business schools have found that simply adding the word “sale” to an item’s price increases interest in the product by 50% — even when the sale price is in fact the same as a regular price. Marketers are well aware of the fact that customers love to feel like they are saving money, so they use the “sale” signage often.

One sneaky practice marketers and stores use often is the “fake sale.” In effect, retailers promise discounts and “sale prices” but in fact charge their usual prices. Customers buy more of the “sale” items but don’t actually save money. Even when “sale” prices are a genuine discount, in some cases the discount amount is very small or is in fact still higher than a competitor’s regular price.

There are only two ways to avoid fake sales: only buy what you really need and find out what you really need is actually worth. The first part is simple: don’t shop by sale signs. If something is on sale but you don’t need it, pass it up. If you do find something you need on sale, do some checking up to find out whether it is the best price. With online price catalogues and flyers for most stores, this literally takes seconds to do but helps you get the best deal.

29 Oct
2010

If you want to earn extra cash in time for the holidays, going online can be a great option, especially if you don’t really like the idea of working in a store for extra cash during the holiday rush. Online work is flexible, lets you earn quickly much of the time, and lets you make a decent amount of money. Here’s what you need to know:

1) Anyone can get started. You don’t have to be a consultant or have an exciting skill to make money this way. Check out online work sites such as Elance, vWorker, ProBlogger, or Craigslist to find options. You may find many ways to earn extra cash. If you already have a hobby selling something, consider stepping up your game before the holidays by selling on eBay, Etsy, Madeitmyself.com, OpenSky, or similar costs.

2) Consider when you will be paid. Some sites – such as Elance – help you with payment, while in other cases it is up to you to work out a payment deal with clients who hire you. If you need cash for the holidays, make sure you will be paid on time.

3) Consider expenses. If you sell products or services online, you are responsible for paying income taxes on what you earn. You may also need to pay for shipping if you are selling items online, so take this into consideration when determining what you will charge.

29 Oct
2010

At this time of year, it’s easy to overspend. There are holiday gifts, cards, and decorations to buy. Family and friends are throwing parties, which require gifts, new clothes, and transportation costs. If you want to get out of the holidays without huge debts or multiple payday loans to your name, here is what you need to do:

1) Figure out the bare minimum. Determine the bare minimum you can get away with paying for all your family and holiday responsibilities. Which events do you need to take part in and what purchases do you really need to make?

2) Decide what you really want for the holidays. Many of us automatically say “yes” to every holiday invitation, but there’s really no reason to do so. Determine what you really want from the holidays – what would your holidays look like, ideally? You may find that what you really want for the holidays is to spend time with loved ones and really make loved ones feel appreciated. This is often about effort, not about spending more money. Feel free to turn down any invitations or any events that you don’t love and focus on what matters.

3) Create a budget for the holidays. Once you know what you really want, develop a budget for what you will need to spend on what holiday expenses. Remember to include your regular expenses – your bills and usual costs. Once you have it all on paper, try to find ways to trim costs so that you can enjoy more of what you love during the holidays.

4) Create a plan. Once you have a budget and an idea of what you will be doing, create a plan for your holidays and make notes in your planner. For example, write down when you need to mail holiday cards and when you need to mail gifts to avoid courier charges and make notes to yourself to spend time looking for the best plane ticket deals. Staying organized will help you save money.

28 Oct
2010

If you want to save money before the holidays, you may want to turn off your television set. Although there may not be an obvious link between your TV time and your money, there are many ways that TV time can drain your budget:

1) More marketing messages makes it harder to avoid spending. Television is full of commercials designed to part you from your money. If you have children, it can be even harder to avoid the pull of marketing because kids often really want the things they see on TV.

2) More time spend in front of the TV means less time spent on other things. If you’re in front of the TV for eight hours a week (and most people watch far more than that), then that’s eight hours you’re not building your career, working overtime, finding new ways of increasing your income, or spending quality time on things you really love.

3) More time in front of the TV can mean higher medical bills. TV time usually means no-physical-activity-time, and lack of physical activity has been linked to increased risk of obesity and related illnesses. If you settle down with snacks in front of the TV every night you could be paying with your health.

4) TV costs money. Buying a TV costs money and using your TV usually means cable TV costs, electricity costs, and maybe movie rental or pay-per-view costs.

28 Oct
2010

There are lots of ways to draw up a budget, but if you are new to budgeting, consider arranging your budget so that:

1) 20% of your income goes towards debts and savings. Right off the top, you want to assign 20% of your after-tax income towards savings and debts. This seems like a big number, but it especially important if you have lots of debts and no savings. If you have debts – such as payday loans or credit card balances – put 10% of your after-tax income towards your debts and 10% into a savings account or emergency fund.

2) 50% of your income after taxes goes towards the basics – food, shelter, transportation, financial obligations, clothing. This is the tough part. Most of us spend far more than 50% of our after-tax income on necessities. In fact, your personal loans and debts alone may require more than 50% of your income for minimum payments. This means that you will need to make some changes. You may need to cut grocery costs, find some ways to lower your housing costs, or consolidate loans so that you can pay less monthly and still pay off your loans faster.

3) 30% goes towards wants. This is another tough area, because 30% of your income may not seem like much to put towards all the fun you want. You may need to get creative to make your 30% go further.

28 Oct
2010

It’s a trend that is picking up steam: rather than creating a monthly budget, some people are creating a daily budget. To do this, simply create a monthly budget and divide inividual expenses by the number of days in a month. For example, if your rent in October was $1000, your daily rent is $32.26. If your grocery budget is $9.68. You can divide up everything on your budget into the daily cost. There are several advantages to this:

1) You start to notice when you overspend on a daily basis. When you know that you can only spend $2 a day on treats but find yourself spending $4 on a designer coffee, its easy to see where you’re going wrong. It’s easier to catch yourself because you are focused on those small purchases you make each day.

2) It’s harder to cheat on your budget. If you work with a monthly budget, it’s easy to cheat. You can tell yourself that the $100 grocery order is one of your three grocery orders that make up $300. When you see how much you are supposed to spend on groceries each day, it’s harder to justify those larger spending amounts.

3) If you are self-employed or taking on part-time work, you can see how much of an impact your income in having on your expenses. If you know how much you earn each day after taxes, you can really see where your spending does not make sense. If you’re earning $200 a day, for example, it can be harder to spring for that $100 skirt.

4) It’s easier to target where you overspend. When you focus on small, daily expenses it’s easy to see those small purchases that end up pushing you over – that newspaper or magazine off the stand really stand out.

27 Oct
2010

At this time of year, retailers and marketers are working hard to lure you into spending. In order to avoid huge personal loans, credit card debts, and bills, you need to be able to resist. Here’s how:

1) Limit the amount of time you spend looking at ads. Ads are everywhere – tv, newspapers, magazines, and in stores. The more you look, the more likely you are to crave what you see.

2) Check out what you are relying on for entertainment. Again, if you are flipping through magazines or watching tv, you are also being inundated with marketing messages, which can make it harder to stay out of the stores. You don’t have to give up your favorite ways to unwind, but do stay aware of the ads you are seeing.

3) Set a timer when you look at retail sites. If you’re shopping online or with a catalogue, set a timer for five or ten minutes. If you browse for a long period of time, you’ll be more tempted to overspend. Limiting your browsing forces you to hone in on what you need and what you really want.

4) Work with a list of “wants” and “wishes.” Create a holiday budget and a wish list. Focus on paying your needs but use your wish list to list anything you see that you would like to buy. After the holidays, when things go on sale in January, consider one or two items that really would mean something to you.

5) Don’t window shop. It can be alluring to see all those bright displays, but they are designed to make you whip out your credit card. Don’t give into temptation.

6) Stay out of stores. The less time you spend in there, the less temptation there is. Shop only when you need to, shop with a list, and get out as soon as you can.