cost | Journey

Cashing Your Paycheck Could Be Costing You

By leidson on Monday, April 28, 2014

Everyone loves pay day. It’s a great feeling to see your hours of hard work result in a paycheck. But, there’s a chance you’re not pocketing as much of your earned money as you could be. It all boils down to your bank account, or, to be more specific, your lack of a bank account.

The Cost of Cash
US News reported, “According to the FDIC, 28.3% of U.S. households either don’t have bank accounts or rely on alternative channels for financial services, such as check-cashing.” Whether by choice or not, many people and households depend on major retailers, check-cashing stores, or the check-issuing banks to cash their paychecks to access their money. And, as US News pointed out, this service comes at a price, ranging from a flat-fee to a percentage of the check amount.

Specifically, that price, according to NBC News, which highlighted a new study from Tufts University, is about $200 billion a year. To narrow it down, that means “someone without a bank account pays an average of $3.66 more a month than someone with a bank account,” and is “four times more likely to pay fees to access their own money.”

Go Electronic
The best way to avoid losing your hard-earned money is to use any electronic funds transfer (EFT) options your workplace offers. Most employers, offer some form of EFT, whether direct deposit or paycard, because it saves them the time and cost associated with paper checks. And, EFT can save you money too. NBC News reported that “getting paid electronically is often significantly cheaper than receiving a paper check” when there are fees for cashing a check without an account.

With so many people living paycheck to paycheck and struggling to save money for emergencies or retirement, it’s more important than ever to manage where your money is going. Find out if your banking method is costing you money, and if EFT could put a few dollars back in your pocket. You shouldn’t have to pay to get access to your money.

What have you found to be most effective for accessing your paycheck? Tell us about it in the comments section.

Movin’ On Up is brought to you by Express Employment Professionals.

written by: Ashlie Turley

Job Interviews The Job Search

Save Money by Thrift Store Shopping For What to Wear For a Job Interview

By Jared Cole on Monday, May 27, 2013

When it comes to finding appropriate professional attire for a job interview, the cost of what you need could be a challenge. Shopping online or in person at malls and suit stores can rack up the dollar signs and quickly go beyond most moderate budgets.

Luckily, that doesn’t have to be an issue. In a news segment from Triad Area North Carolina news station Fox 8, fashion designer and motivational speaker Craig Stokes gave an overview of classic job interview attire and how he was able to find a professional wardrobe in a thrift store for less than $20.

Depending on your area, you might not be able to find perfectly fitted attire at your local thrift store. But if you consider some of his advice, you might be able to save a pretty penny for your next job interview while still looking fashionable and professional.

Career Advancement Reader Surveys Salary and Promotions The Job Search

Poll Says Degrees Still Valuable, but Readers Share Frustrations

By tiffany monhollon on Friday, July 31, 2009

In our July monthly poll, we asked readers if they thought that this year, with high unemployment rates and a highly competitive job market, higher education is still worth the cost.

The results were mixed, but 50.3% of readers said that yes, they did think higher education is still valuable in this economy. At the same time, 32.9% of readers said that they did not think higher education is worth the cost, and 16.8% responded that they were not sure.

Comments on the poll illustrated that mixed feelings run deep when it comes to the value of higher education, especially in this economy. Some shared frustration, bitterness, and even anger about attaining college and advanced degrees but still struggling in a difficult job market.

Others offered insight into the value of work experience. One shared, “I just wouldn't recommend going from undergraduate to graduate school without any real work experience. It will be even harder in my opinion when you graduate.”

Another said, “A degree doesn't provide anyone with a guarantee. It does tend to open more doors than those who don't have a degree, but that is about it.”

So, as the summer wraps up and universities prep to welcome a new wave of students, will you be joining them? If so, are you planning to work to gain experience while you go to school? Are you looking for a different way to learn about your industry? Share your higher education plans for this upcoming semester in our comments section.

Career Advancement Career Options Reader Surveys The Job Search

This Year, Is Higher Education Worth the Cost?

By tiffany monhollon on Tuesday, June 30, 2009

Summer may be at its peak, but just around the corner, another school year waits. Not just for children to return to class from summer vacation, but for a growing number of people in America, from the unemployed to those with newly minted degrees.

This year, a rising number of unemployed Americans are returning to school to improve their knowledge and skills in an increasingly tough job market. In fact, many community colleges reporting their largest enrollment spikes ever attribute the increase to the need to meet the demands of a highly competitive job market.

To cope with the monetary strain of higher education, many high school graduates are simply opting for a low tuition option such as in-state or community colleges, rather than ivy league, gold sticker institutions.

Many new college grads, who faced a dreary job outlook upon their recent graduation, are opting to go straight into grad school, fearing uncertain immediate employment future. In fact, the National Association of Colleges and Employers reported that 26% of new grads planned to go on to graduate school, up from 24% in 2008 and 20% in 2007.

So, with all this emphasis on going back to school, we want to know what you think. Is it worth it to get a college or graduate degree in this recession? Let us know by voting in our poll below.

poll by twiigs.com

Are you struggling with the decision of whether or not to enroll in higher education? Looking to increase your skills, or hoping a degree will help you earn a higher paycheck? Share your thoughts on higher education in our comments section.

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