All Americans know what our country’s situation is in by now. If they don’t, they have been hiding under a rock. With this in mind, employees are working harder than ever to make a buck. Whether you are in corporate or blue collar: Money is money. The following are some easy tips to save while you work.
1. Credit cards. Most people are informed today that credit and overspending will put you in a precarious position moneywise and your credit score means everything these days, from buying a house or car to obtaining car insurance. Opening a new credit card is advisable to an employee only if you know you will be able to pay at least the minimum payment due each month and cover your interest expenses. The only reason to open a new credit card would be for your job; gasoline expense, wardrobe expense and groceries. This would make sense, especially if starting a new job. Not only will you build your credit, but it will help you in the short-term for any job-related expenses such as going down the freeway for two hours for a meeting out-of-town or an unexpected business luncheon. Two credit card companies to apply with are www.capitalone.com or www.chase.com . Both are reputable banks that offer reasonably low interest rates.
2. Savings account. Saving your money in a sock drawer at home is always advisable, but these days, you need a savings account. You may start saving a small amount from your paycheck, whether it is weekly, biweekly or monthly. No matter how small the amount is, the reward will be great down the road. You might need to dip into it for unexpected employment expenses, such as unpaid mandatory vacation time, unpaid travel expenses or emergencies for you, your family or pets. Even if you are single, a basic savings account should be a personal must for any employee. For long-term savings accounts, visit www.emigrantdirect.com for a reputable company that has an interest rate of 1.00%. Local banks such as Chase Bank and Wells Fargo offer savings accounts along with their checking accounts and Wells Fargo offers automatic withdrawal monthly from your checking account, so you don’t have to worry about not depositing regularly. Visit www.Chase.com or www.WellsFargo.com for more information.
3. Investments, stocks and IRAs. Good companies to work for still offer profit-sharing and employee-contributing IRA plans. In this economy, taking a chance on a new investment is not unwise. Investments in stocks are still advisable because you can still profit from safe stocks. Check with a stockbroker or banker for stocks that are fairly safe to invest in. Remember, investing and the stock market is still a risk, but if you are working hard, like everyone else, in these times maybe it’s ok to take a chance on doubling or maybe tripling your money. The sky is the limit. Just make sure you can afford the loss if need be.
These are just some tips to help you along the way of your career path for today. Remember the saying, “a penny saved is a penny earned”? This is so true today, and with the uncertainty of tomorrow’s economy, with the promise of new government with the recent elections, it is more important than ever to save your money.
For local jobs, visit www.craigslist.com. For local and national jobs, visit www.monster.com, and for temporary positions, visit www.manpower.com.