money | Journey

12 Tips to Update Your Cash Savings Plan and Gain Peace of Mind

By Miranda Wilson on Wednesday, August 19, 2009

In these current economic times, it seems that everyone is looking for new ways to make a little extra money and save what they already have. Does this sound like you? Having money in the bank for an emergency is important, but having money stashed away in case of a layoff is equally important.

With bills to pay and things you want to buy, saving might be something you tend to push to the back burner. Or maybe you don’t know where to start when it comes to saving and you just feel overwhelmed. But, there is good news! Saving doesn’t have to be difficult or a burden. To help you develop or re-develop your own savings plan, here are 12 easy tips you can start using today to help build your emergency fund and feel good about your finances.

Rent or borrow movies from friends instead of going out to the movies.
Cook at home and take your lunch to work rather than eating out.
Limit yourself to only going to the mall once a month.
Limit how many purchases you make with your credit cards.
Give yourself a “pocket money” limit. Put your cash and loose change in an envelope and use it only for items you want but don’t really need. When that money is gone, you will have to wait until next month’s budget to make additional purchases.
Make shopping lists and stick to them.
Wait 30 days before making a big dollar purchase to think it over and make sure you really need the item.
Go to the library to check out books, DVDs, and CDs.
Make gifts for others on birthdays, anniversaries, etc.
Turn off lights and unplug electronics when you leave a room to help lower your electricity bill.
Carpool to work.
Cancel expensive gym memberships if you aren’t going frequently.

These are just a few examples of ways you can cut spending costs. You should also open up a savings account at your bank and deposit the money you’re saving in there. With your money in the bank, it will gain interest each month, helping you save more in a shorter amount of time.

Developing and sticking to a savings plan may take a little time, but it is something that you can definitely do. Start using these tips today and see how much money you can save in one month. Happy saving!

What do you think? Let us know some other tips that we can add to this savings list. We look forward to hearing from you.

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.

Reader Surveys The Job Search

Second Jobs are Still Hot this Summer, New Poll Shows

By tiffany monhollon on Monday, June 29, 2009

At the beginning of this month, we asked workers if they were looking for a second job as the summer’s seasonal employment opportunities started to open up.

Of almost 1,600 respondents, 56% reported that they are indeed looking for a second job this summer – because they need the extra cash – up from 41% who reported looking for a second job to generate more income when we asked the question last November.

As economists continue to predict that the recession is nearing its end, these results reflect that financially, workers are still feeling the financial strain of the economy.

This poll also offers an interesting insight on the current unemployment situation. In this month’s poll, 24% of respondents said they are unemployed and looking for a position, down from 27% in the November poll.

When asked, “Are you looking for a second job?” 1,595 readers responded, and 56.7% said they were looking for a second job to generate more income, 9.1% said they wanted a second job to get their foot in the door at a new company, 6% said they don’t have time to work a second job, 3.5% said they didn’t need a second job because their finances were okay, and 24% said they are unemployed and currently looking for a position.

Have you found a second job this summer? Is it worth the stress of managing a hectic schedule? Share your thoughts and comments on working a second job in the comments section.

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