Health care issue

The crux of the health care issue is government involvement. This past week the insurance industry warned that government involvement would “dismantle employer coverage (that) Americans have relied on for a half century and overtake the system.” Two of the largest health care industry bodies have sent joint letters to Congress, stating they don’t believe that a government plan can “compete fairly” with private insurers within the health care market. America’s Health Insurance Plans and Blue Cross Blue Shield Association are the two companies taking the helm at criticisms of the government health plan.

The biggest challenge with health care programs

America’s Health Insurance and Blue Cross Blue Shield are the biggest critics of a government intervention regarding health care programs. AHIP’s chief Karen Ignagni and Blue Cross’ chief Scott Serota wrote in a dually-penned letter stating, “A government-run plan no matter how it is initially structured would dismantle employer-based coverage, significantly increase costs for those who remain in private coverage, and add additional liabilities to the federal budget.” They claimed that it is “impossible” to structure a government plan that can operate on the same level as a private plan. In the end, the government plan would use its advantages to “take over the health insurance market.” Their belief is that this plan would disable independent companies who are trying to better serve the health care system.

That seems to be the biggest challenge with government-created health care. How can the government create effective coverage plans without monopolizing the market? How can it provide health care programs while still encouraging free enterprise? How can their plan be effectively blended into the health care market alongside private health care programs?

The public opinion

Financial motivators are another reason the public is welcoming government-instated health care programs. With the high costs of health care, including medications and out-of-pocket expenses, the public has been struggling to meet the costs. Short term loans and family aid both supplement the high expense of medical care. Claire Danish of St. Croix, Minnesota stated, “We are doing what we can to handle our medical payments, but now with physical therapy bills coming out of our pockets, we don’t stand a chance at staying on track financially.”

Recent studies have shown that most people are in support of government intervention regarding health care. Although the program would compete with private companies in offering coverage, the public reaction is predominantly positive. Health care analyst Anne Summersdale stated, “Considering the number of people without health insurance, there is a huge pool of consumers who are ready and waiting for some government intervention…and the people who are covered have been disappointed by their own providers. They are also looking for government action.”

The cost of health care is rising

Like everything else in the economy, the cost of health care is rising. More and more people are going to have to face out-of-pocket health care expenses with the help of short term loans, family help and dipping into savings. Without some type of change, government-created or not, people will be at a standstill regarding their health care coverage.

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Many people are unsure of the work the stimulus has created thus far.

A new study is showing that Americans are losing confidence because they see debt relief as a far off dream. According to a Washington Post/ABC News poll of 1,000 people, “Overall, 52 percent now say the stimulus package has or will succeed in restoring the economy, down from 59 percent two months ago.” Experts are saying that consumers are watching the economy and their personal finances closely to see signs of resilience. Logically, it’s the states that were hit hardest by the economy whose residents are the most pessimistic about the stimulus.

The effect of the stimulus

Part of the problem with the stimulus is its seeming lack of saturation to the personal level. Although the stimulus was $787 billion, the majority of the money is still working its way through large industry giants and corporations. It hasn’t yet reached the hiring level, where people would see the biggest advantage. Vice President Joe Biden said, “150,000 of the 3.5 million jobs that are supposed to be saved or created under the program are in place.” Most Americans, hearing these numbers, are despondent, rather than satisfied. Claire Montage of Hollywood, Calif., stated, “One hundred fifty thousand jobs is nothing compared to the millions of jobs needed. … I’m not going to get excited about less than a 10th!”

Montage’s sentiments are shared by the population. With a recent projection of the unemployment rate estimating to be well over 10 percent in upcoming months, many people are unimpressed with the work the stimulus has created thus far. People are reading signs and not seeing the huge changes the stimulus promised.

People want everyday changes to become apparent

Dr. John Fieldling, psychologist for Moser College, stated, “People do not believe what they can’t see. And, they can’t see many signs of a recovery, no matter how the media writes about it.” Mentality is everything with the public, and it would be difficult for them to believe that things are getting better when they are still struggling with unemployment, debt relief, making payments and finding extra cash. The lists of things that people are mentally focusing on are largely untouched by the stimulus. Stimulus money may be helping large corporations restructure, but homeowners aren’t seeing the immediate benefits.

The Obama administration wants to find some consumer support and confidence. However, that’s a difficult task. Economist Larry Rudd stated, “People are not going to take well to hearing about large corporations recovering…they want to be able to pay bills and see prices come down in the supermarkets. They want everyday changes to become apparent.” This is the key to gaining support. If the Obama administration is to gain consumer support, it will take time. There has to be enough time for the stimulus to work its way through the layers of the market and reach the consumer level. Rudd added, “It will take time for visible signs of recovery.”

Economic recovery

Consumers are losing their confidence because of the growing unemployment rate, prices of goods and consistent problems with debt relief. Their everyday struggles are compatible with a negative assessment of the economy and its lack of growth. In turn, that contributes to a negative assessment of the stimulus. Only time will tell whether or not consumers will change their views of the stimulus, but one thing is for certain — until they see the actual changes, people won’t be satisfied.

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Money management online

Banks are offering customers pie charts and amortization schedules to get a clear view of their money. The reasoning is that customers who are more in control of their money will see banks as more viable financing tools. That means when they need loans or new retirement account, they will be more likely to work with the bank that offers them online tools to manage money.

Michael Upton, senior VP at Bank of America, (see http://www.msnbc.msn.com/id/35018578/) said, “The more informed customers are about their financial lives, the better customers they make for us in the long term.” Many banks today are taking their online model from Mint.com. Mint is a website that offers consumers the ability to merge data from various sources and give a clear picture of their finances. It gained a huge popularity and industry insiders were watching closely the capabilities the website offered.

Online banking on the rise

Industry analysts are showing that about 60 million people do some type of online banking in the US. The number using personal finance management tools is much smaller, but banks are hoping to turn that around. Although right now less than half of all US banks offer personal finance management, smaller banks and credit unions are quickly moving into the online territory. They understand how important it is to offer additional services, and they know how much focus consumers are putting on their own personal finances now. Upton added, “The recession was a good lesson for people who didn’t prioritize their savings. Now a good number of consumers are changing their ways.”

How the larger banks fit in

Interestingly, bigger banks are not moving as quickly to utilize personal finance tools. It’s the smaller banks that are integrating them. The reason for this is that larger institutions have more elaborate features, and the ability to combine account data could take considerably longer to implement. For customers using large banks to watch their money now, it involves combining systems from serial mergers. That’s a large task for any institution to take on. For example, Wells Fargo has a “My Spending Plan” tool that categorizes spending and has a budgeting script. It only is able to pull date from the bank’s accounts though, which some say limits its usefulness to the consumer. That’s because it is common for people to have a dozen or more accounts with various banks, brokers, and credit card companies. “Consumers want to simplify their financial lives,” said Mark Schwanhausser, a senior analyst with Javelin Strategy and Research. “There’s a screaming need for someone to come through and help them organize, and pull all that account data in one place.”(see http://www.msnbc.msn.com/id/35018578/)

The next step in banking

Schwanhausser said that to serve the customer more, banks need to make their personal finance tools more prominent to the user. Consumers watching their money now want a much more diverse and flexible resource. In today’s high-tech world, it’s crucial that banks keep up. Offering finance tools that are customizable and draw all account information to form a complete picture of finances is the next step to serving banking customers.

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Consumers are Encouraged to Continue Saving

In the past, economists encouraged consumers to maintain cash reserves of two to three months of monthly expenses. Then the economic downturn happened and people who had the recommended three-month’s worth of savings went through it quickly. Millions of people were laid off and realized just how small an amount that really was to fall back on.

Now that the recession is over, more and more groups are cropping up and encouraging Americans to once again start saving. In case of disaster, or continued economic stressors, people need to have the funds to maintain their bills. One of the biggest problems with this past recession was that in addition to economic hardships, jobs were eliminated in mass numbers. Even the most qualified consumers were unable to find jobs immediately and spent months, even years, searching for employment.

“America Saves Week”

The “America Saves Week” is one event that is proving how important it is for people to save their cash. Fortunately, a record number of people are listening. A recent Gallup poll showed that 62% of Americans say they enjoy saving now more than they enjoy spending. In 2006, that number was only 50%. Americans also realize that their newfound saving plans are quickly becoming the “new normal.” Families that cut back during the recession are continuing their frugality and hoping to increase savings and pay down debt.

Debt post recession

Americans realize that debt is bad. Though for many years debt has been thought of as a convenient tool, borrowers are now realizing that it comes with a price. Currently, it isn’t uncommon for credit card companies to charge hefty fees, along with double-digit interest rates for the cost of extending credit. And if a consumer’s credit score is low, expect both to increase considerably. Because of the changing face of credit, finding money now is crucial to keeping up with bills. Consumers know that they need to shore up their nest eggs if they are to pay for bills and forgo all the issues credit brings.

Changes in Managing Finances

The way Americans are handing debt is also changing. They are trying to pay down debt, and they are also trying to manage finances wisely. For example, the Gallup poll also showed that more and more people are trying to round up their mortgage payments in an effort to pay off the loan sooner. For example, on a $200,000 loan, at 6% interest for 30 years, the payment is about $1,240. Rounding up to a $1,300 payment monthly shaves about $24,000 off the total loan. Americans are jumping on the “rounding up” bandwagon and using it to their advantage.

Focusing on the financial future

In the end, saving is a big responsibility for every consumer to take on. With people stressed financially, it can be difficult to initiate a new budget. For consumers who are determined to find money now though, it can pay off in the future. Paying down debt and then managing money wisely can save long-term funds for any wise American.

Helpful Tips for Dressing up Your Unit

As a renter, you don’t have tons of options when it comes to making over the look of your apartment. You can’t tear down walls, replace appliances or change out the flooring like you would in a home that you own, but this doesn’t mean that you have to suffer along with a bland, boring unit. The following are a few easy ways to add a touch of class to your apartment, without breaking the bank:

Idea #1 – De-Clutter

It’s amazing how much clutter can creep into your home over time – whether it’s the stack of utility bills from years past that’s still sitting on your desk or the tacky candle holder you received as a gift from your well-meaning aunt. Unfortunately, all of this clutter is making your apartment look dirty and disheveled, so it’s a great place to start when it comes to budget makeover ideas.

To get started, begin in one room and go through every shelf, drawer, closet and cabinet to weed out items you don’t need any more before moving on to the next room. Start off with two major piles – one of things to keep and one of things to get rid of. Later on, you can sort this second pile into items to be thrown out, items to donate and items to give to family members or friends. Don’t be afraid to get a little strict with yourself here – chances are if you haven’t used it in the last year, you won’t use it in the next one!

Idea #2 – A New Coat of Paint

Of course, this idea needs to come with a warning – check with your landlord before you paint, as some don’t allow it or only allow certain colors. If you do have the go-ahead to paint your pad, flip through decorating magazines or turn on HGTV to find out what the in colors are right now and which ones will work best with your existing furniture and décor. Rich, deep red and gold colors are two good options, as are cool blues and greens, depending on your style preferences.

Once you have your ideal colors in mind, it’s time for a trip to the hardware store. There, a painting professional can help you pick out all of the paint and equipment you’ll need to make your apartment look new. One thing to keep in mind – the type of paint you buy should reflect the amount of wear it’ll be subjected to in the room you’re painting. If it’s a kitchen or a bathroom, be sure to buy paint with a semi-gloss finish; other rooms can be kept neat and tidy with a duller eggshell finish.

Idea #3 – Add Mirrors

Decorating with mirrors is a great strategy for small apartments, as they bounce light around the room and give the impression of a larger space. Best of all, decorating with mirrors doesn’t have to be expensive! Discount home goods stores like Ikea and Kirkland usually have mirrors on sale for $20 or less, and you only need one or two to make a big difference in your apartment.

If the mirror you buy doesn’t come with its own hanging hardware, stop by the hardware store and ask an employee there to help you pick out the right fasteners for the job. Remember, a broken mirror that’s fallen off the wall isn’t just a mess to clean up – it’s seven years of bad luck as well!

A metric, in this sense, is simply a standard of measurement or a means of measuring your progress toward achieving your financial goals. Anyone can come up with general financial goals and can create budgets to help them achieve these goals; however, there has to be a way of monitoring your progress. Without a means of determining whether or not your budgeting plan is working, or working as effectively as intended, there is no real way to recognize and correct errors or oversights. These metrics will show you if you are on track to achieve your goals within the appropriate time frame or whether you will have to adopt more stringent measures to get yourself where you want to be without resorting to fast cash loans.

Compare spending rates

Most budgeting focuses on saving money by allocating a certain number of dollars for each expense and keeping the expense within that limit. However, to effectively save money you have to know what your previous spending was for that expense and then set your target amount below that level. For example, if you determine you want to save twenty percent on your monthly electricity bill, first you have to know how much you have spent on that bill in the past. Since electricity consumption tends to vary throughout the year, simply basing your twenty percent on your last bill is not very effective. Instead you should track down how much each electricity bill was over the past year and then compare the current month to the same month the year before. Comparing your current spending rate to your past spending rate serves as an excellent metric for determining how successful your expense cutting is.

Monitor all spending carefully

Small amounts frequently add up to significant expenses over time. Little things like buying food for your pet or buying a coffee on your way to work may be costing you more than you suspect. Therefore it is important that you track absolutely all spending, not just major expenses. The easiest methods for doing this are to obtain and record receipts for all of your spending and to ensure that your check book is properly balanced. Today, most the details of most major bills (loan payments, utility and service bills, and so on) can be found through your service provider’s websites, so take the time to register yourself and regularly keep track of how much is being charged and how much you have paid. Tracking your cash flow can serve as an excellent metric to determine your current expenses and give you ideas about how you can trim these expenses.

Keep it simple, pay with cash

Budgeting and effective money management is all about carefully keeping track of your expenditures and even small amounts of money – such as fees connected to your checking or credit accounts – can significantly skew your results. In general, cash is much easier to keep track of because you take out a fixed amount and when it is gone it is readily apparent. Using checks and credit/debit cards is trickier, because many transactions result in additional fees on top of your actual purchase. Since most people have at least some degree of overdraft protection it is much easier to use more money than you actually have with checks or credit cards. Carefully tracking your cash flow, as well using tangible cash for as many expenses as you can, makes it much easier to effectively measure your spending habits because you will notice small expenses much easier.

Be sure to include all expenditures

In many cases, one person in any given household is much more serious about budgeting and tracking expenses than other members. This can lead to misleading results if other members of the household are spending money on expenses that are part of the budgeting effort. You may bring your own miscellaneous household spending down to the desired amount, but if your spouse is spending additional money on household expenses, the budget is being broken. This can be a real problem for household budgeting, like your food bill, where even small, seemingly insignificant additional spending can completely change your measurable results. So it is essential that your metrics include all the appropriate spending, not just the spending done by selected members of the household.

Analyze everything

All the metrics in the world will not help you if you do not actively use them to analyze your progress. The whole is idea of the metric is to see how well you are doing and see if there is room for improvement. This means you have to regularly analyze your results and record them. By plotting out your progress you are effectively creating a new metric, one that tracks your success or failure rate and helps you determine what more you need to do. Metrics are tools for analyzing your budgeting progress, but they are quite useless if you do not do the actual performance analysis.

Most people understand the notion that heat escaping from your home means your heater has to work much harder, and this results in larger heating bills. As a consequence, most prudent people will change their furnace filter or have their boiler serviced, will apply some weather stripping to doors and windows, and take other similar precautions before winter really gets started. However, many people completely overlook the three biggest ways their homes lose heat and completely fail to take any measures to prevent this. Recognizing these three ways that heat escapes your home can literally save you a trip to your local payday loan store and hundreds of dollars once it gets cold enough to keep your heater on constantly. Best of all, most of these remedies are fairly simple and inexpensive.

Folding attic stairs

Most attics are accessible by a thin plywood door that has a folding ladder attached to its inside; you pull down the door and the ladder unfolds to the floor allowing you to climb up into the attic. This attic door amounts to an enormous hole in your ceiling, and since heat rises, it can come as no surprise that this is a major escape point for heat during the winter. As the ladder is attached directly to the plywood door, there is usually little, if any, insulation. As most attics are ventilated from outside the house, this means there is little more than a piece of plywood between the inside of your home and the outdoors. Further, it is very difficult to add insulation to these doors while keeping the ability to use the door and the ladder to access the attic. So what can be done? Luckily, many people have come to recognize this problem and you can now buy attic stair covers at most large home improvement stores. Depending on the size of your attic entrance, these covers usually cost between $50.00 and $150.00, however you are likely to save at least that much on your heating bill in the first season.

Fireplaces

Although it may seem a bit counter-intuitive, fireplaces and chimneys represent a primary escape route for heat from your home. Even when a fire is burning, most of the heat is wasted as it rises up and through the chimney. When there is no fire, there is a constant draft sucking air from inside your house out. It has been estimated that an improperly insulated fireplace, especially one without doors that can be closed when it is not in use, adds up to thirty percent to the heating bill. Closing your damper when the fireplace is not in use does help some, but few are properly insulated to stop much of the heat loss. Beyond closing the damper when the fireplace is not in use, another helpful remedy for this problem is to install doors on the front of your fireplace that can be closed when it is not in use. Unfortunately, many people do not like this idea because it interferes with the décor and style of the fireplace. Another fairly cost effective option is to buy a draft stopper. A draft stopper is an inflatable stopper that can be inserted in the top of the fireplace and inflated to seal the gap firmly. This is by far the most effective solution, but it is very important to remember to remove the draft stopper before lighting the fireplace.

Clothes dryers

Many people think of their dryers as sources of heat, not as drains on it. However, they also use a continuous flow of air, sucking air from inside your home and then expelling it through the exhaust vent to the outside. This happens whether your dryer is using a heat setting or simply air drying clothes; the heat loss is the same. Basically, every time you use your dryer, air inside that room is sucked into the machine and then expelled through the exhaust vent. The only options to prevent this loss of heat is to either not heat the room that houses the dryer or to use the dryer as little as possible. Heat also escapes from the dryer’s vent as well, especially if it is not sealed well. Not only does a poorly sealed dryer vent allow heat to escape, it is also a popular way that insects and rodents get into your home. Whether you choose to use your dryer or not, it is well worth the effort to see if your dryer’s vent is sealed and insulated well.

The discouraged workforce is fast becoming a force in its own right

One thing that the economic downturn did was spur on creativity. Many workers were used to the usual 9-to-5 grind and to collecting a paycheck twice a month. The recession has begun to change that as well as the way people conduct their day-to-day lives.

Entrepreneurs in the new economy

In the past, people became entrepreneurs because they had bigger dreams than a 9-to-5 work schedule. In today’s market a new crop of entrepreneurs is growing. This is a group focused on working for themselves because they can’t find work elsewhere. Many suffered layoffs and employer cutbacks. They looked for months for new positions, but they were unsuccessful. Most people’s savings were depleted quickly and with few other options, they began looking into entrepreneurship.

It’s not difficult to start the search for self-employment. Most Americans did it out of necessity due to the 10% or higher unemployment rate. The new entrepreneurs are the people who were willing to take matters into their own hands. As of December 2009, studies showed that there were 2.5% more self-employed Americans in the nation than there were six months earlier. The data suggests that more people are giving up on their job searches. Rather than continue with the dead-end interviewing, they opt for creating their own jobs.

Entrepreneurs and their motivations

Some believe that entrepreneurs are born, but the recession is proving otherwise. In fact, there seems to be little difference between the success rate of businesses whose owners chose to run a business, and those were pushed into it by circumstance. According to a study by the National Federation of Independent Business, three years after forming a business most owners don’t regret the move. They also reported that the businesses are not as lucrative as hoped when they first began operations. Still, taking matters into their own hands has at least provided an income for many people who could not find jobs after being laid off.

Finding a skill to market

The new entrepreneurial mindset involves focusing on something that you’re good at and then marketing it. The National Federation of Independent Business also produced research showing that most people going into business for themselves continue in the same industry they were employed in. For example, a secretary for a large corporation who was laid off oftentimes moves into the field of virtual assistant. A virtual assistant does the same thing as a secretary but does so online. There is no checking in to an office, but rather it’s all done via email and telephone data transfer. They take their best attributes as a worker and parlay them into self-employment.

The future of the self-employed

The recession presented many kinds employment of hardships for many kinds of people. Some of those people spent months looking for work after being laid off and then gave it up. With no other viable options, they went into business for themselves and rather than becoming entrepreneurs voluntarily, they did so involuntarily. Some may return to the job market once the economy improves, but the most successful will remain self-employed.

Many consumers miss their payday cash. The reason is that there are millions of Americans out of work these days. Though the recession is over, the unemployment rate is still huge and employers aren’t creating enough jobs to turn things around. For the lucky few who are on the road to employment, facing a job recruiter is the first step to conquer. They have already researched the company and know how they fit in with the business, but their next job is to convince the recruiter that they are right for the job. With an unemployment rate average of 10% throughout the country, recruiters have more than a few options to sort through when trying to fill a position. And anyone who wants to stand out needs to know how to manage their limited time with a recruiter and put their best face forward.

Dealing with a job recruiter

Recruiters are usually the first base of meeting with a new employer. It’s important to remember what to do and what not to do. Here are some tips:

1.) Don’t be overly friendly with the recruiter. Yes, applicants want to make the recruiter like them, but they need to remember that the recruiter is a respected coworker. It’s best to keep them at that level and remember that the tone an applicant sets is the one the recruiter will bring back to managers. All conversations should be kept professional and personal anecdotes and joking kept to a minimum. Job recruiter Erin Hovanec said, “A useful rule of thumb: Don’t say or do anything in front of a recruiter that you wouldn’t say or do in front of your boss.”

2.) Don’t come in looking for counseling. Applicants need to remember that the recruiter is working for the company they want to work for. He or she is not an independent worker there to offer suggestions on the interviewee’s career choice. Hovanec added, “If you are looking for suggestions, talk to a career coach first, but during the interview, leave that outside.” The goal of finding a job is creating payday cash and an interviewee who isn’t sure they want the job will be weeded out quickly by a good recruiter.

3.) Don’t request delicate information. Never ask a recruiter who the other applicants are or how well you weigh up against them. Hovanec stated, “Asking about other applicants is like going on a first date and demanding to know who else your date is seeing… it makes you seem insecure with your own skills.” There are some acceptable questions to ask like “Are you still interviewing?” and “How would you describe the ideal applicant?” Engaging in a dialogue about general job requirements is perfectly acceptable during the interview.

4.) Don’t request special treatment. Though it may be tempting to ask the recruiter to “put in a good word”, it’s not acceptable. It is always best for candidates to rely on their experience, skill and education to do the talking. If a candidate is right for the job, the recruiter will convey that to a hiring manager with no problems.

The crucial 20 minutes

The ratio of jobs to candidates is high in today’s market and it’s a good idea to act as carefully as possible with a recruiter. He or she is there as a screener and their job is to find the perfect candidate for the job. For applicants wanting payday cash to start again, it’s crucial to understand and manage the relationship. Even though it most likely will only last for twenty to thirty minutes, it can make all the difference in getting a job or walking away empty-handed.

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Wise moves made today will pay off tomorrow

Consumers may need personal loans to manage through retirement if they aren’t careful with their 401(k) accounts. A 401(k) account allows a working person to save for retirement, invest the savings and defer taxes until after retirement when, in most cases, the account holder’s income will be subject to a lower income tax rate.

To make contributions to the fund, an investor opts to have a portion of his or her paycheck paid directly into the 401k account. Many employers offer the additional benefit of matching an employee’s contributions by depositing additional money or by making profit-sharing contributions to the plan. Regardless of the added benefits, the basic 401(k) account is a simple and effective way for an employee to squirrel away money for retirement.

The downside of 401(k) investing

Although the idea is a good one, there are certain things a 401(k) provider doesn’t usually tell its depositors. Here are some of the most important things to know:

1.  Investment companies make big money on 401(k) accounts, even when account holders do not. The number of 401(k) investors has risen sharply in the past few years. According to Cerulli Associates, a research and consulting firm specializing in the financial services industry, that number has risen to 50 million providers. Though the companies are more and more efficient as a result of the increased competition, that doesn’t necessarily mean account holders see the financial benefit.

2.  The 401(k) account rarely offers top funds. The reason for this is simply that asset managers may not have top funds in each category. For example, a company may offer a great large-cap stock fund option but a mediocre small-cap one. In a recent Yahoo Finance article, Morningstar research director Russel Kinnel said, “If you see some lousy funds from the company that’s providing the plan, that’s probably why.”

3.  “Target-date funds” may not be accurate. As required by last year’s Pension Protection Act, 401(k) accounts have “target dates” as default options. Each 401(k) account allocates assets according to the account holder’s expected retirement date and becomes more conservative as the date nears. Research shows that some target-date funds may not earn enough for retirement. Kinnel added, “Retirees may need to supplement funds with personal loans, family help or part-time work to make it through their monthly expenses.”

4.  Account holders who quit their jobs may have to pay to keep their 401(k) at the former-employer company. A Hewitt study showed that 32% of people who quit their jobs ended up leaving their 401(k) accounts with their old employers. Leaving the account where it is may seem like an easier option than filing the intensive paperwork required for a transfer, but the hidden costs of doing so can be overwhelming.

5.  Roth IRAs may be more beneficial than 401(k) plans, although few employers offer them. Whereas traditional 401(k) accounts have tax-deferment features, Roth IRAs are taxed up-front rather than at the time of withdrawal. Only about 5% of retirement plans available through employers offer the Roth IRA option. The Roth IRA isn’t for everyone, but it can substantially benefit certain categories of employees.

Other savings may create more wealth

Other kinds of savings may create more wealth than retirement accounts. The 401(k) continues to be a work in progress and lawmakers are currently scrutinizing fees and procedures. Until the rules are finally settled, other savings vehicles may offer higher returns. In the same Yahoo Finance article, Brent Glading of the Glading Group said, “For those who are not averse to risk, high-end stocks and bonds can be great investments that offer a bigger return in a shorter amount of time…they aren’t for the faint of heart though. Only serious investors with a stable vision should even try to manage them.”

The 401(k) put to the test

The 401k account is a unique savings vehicle that offers a tax-deferred way to save money for retirement. Though many employees are relying on the accounts to carry them through their retirement years, analysts say that many account holders are not saving enough. They may need to rely on family help, personal loans or other types of savings to make it through retirement.

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(Photo from sensibleabode, Flickr.com)

In a perfect world, we’d all have enormous bank accounts with endless funds for home renovations. Unfortunately, most of us are struggling enough to make ends meet without worrying about putting the money we’d like to into our homes. However, improving the appearance of your kitchen cabinets doesn’t have to be expensive. Check out the following tricks that’ll have your cabinets looking like new for under $20, leaving you with extra cash in your pocket.

A simple scrubbing

One of the easiest ways to improve the look of your kitchen is simply by cleaning the doors of your cupboards. If that sounds too good to be true, hold on – don’t knock it until you try it! Kitchen cabinets take a beating in everyday life, whether from spills and splatters or frequent opening and closing. Dirt and grime can build up slowly, so you don’t even notice them getting dingy over time. A simple cleaning (according to the manufacturer’s instructions) will have them looking like new in no time at all.

Replace your hardware

Another “Don’t judge it until you try it” kitchen upgrade solution is to simply replace all of the hardware on your cabinets, including the handles, drawer pulls, and hinges (if they show). If they’re more than five years old, chances are they’re dating your kitchen, so pull them all off and start fresh. Today’s modern looks include sleek styling and brushed metal finishes; most hardware stores will have a good selection on hand for you to choose from.

When you head into the hardware store, remember to take your old hardware with you to help gauge the sizes you’ll need, as well as the location of the screw holes on your cabinets. The easiest way to swap out your hardware is to purchase new fixtures that are as similar in size and shape as possible to your old ones, although this isn’t your only option. If you’re dead set on new fixtures that don’t line up with the old holes, you may be able to fill the holes with putty, refinish the cabinet door, and then re-drill the screw holes. It’s a little bit more work, but it may be worth it depending on the look you’re going for.

Refinish your cabinet doors

Another low-cost kitchen upgrade option is to refinish your cabinet doors instead of completely replacing them. This is a more involved, “hands-on” option, so be prepared to roll up your sleeves and get dirty. If your cabinets are painted or stained, you’ll need to sand the finish off and wipe them down before refinishing them with your chosen paint or stain. Be sure to get all of the traces of old finish off the doors, otherwise the new finish will end up streaked.

Of course, refinishing cabinet doors isn’t an option for all cabinets – some synthetic cabinet doors simply can’t be redone this way. If you aren’t sure, take a trip to your local home improvement store. A professional there can help you determine whether or not your cabinets can be refinished and, if so, what tools you’ll need for the job.

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Recent research is showing a decline in borrowing money. The Federal Reserve announced that Americans borrowed less for a tenth consecutive month. This marks the lowest amount on the records going back for seven years. It seems that most Americans are getting smarter about credit after the recession taught a hard lesson about credit.

In former years credit cards were thought of as emergency options when people needed money. People stuffed one credit card away for those times when cash wasn’t readily available. Once the recession began, people were surprised at how credit lending companies dealt with them. Many good customers saw their credit limits slashed. Other customers had huge hikes in their interest rates. Still others saw added fees attached to their bills.

The lessons learned on credit

The Federal Reserve reported that total borrowing dropped by $17.5 billion in November, which was much more than projected. In fact, economists calculated the fall of borrowing at only $5 billion. It seems that Americans learned the lesson on credit and new studies are giving reasons for their decline in borrowing. Some are fearful about their job prospects for 2010 and they are trying to replenish savings that were ravished by the recession. It was reported on Friday that employers cut another 85,000 jobs in December and that brings the total job losses in the country to 7.2 million since December of 2007.

Aggressive borrowers have problems too

There are also a growing group of Americans who still want new credit. They are knocking on credit company’s doors asking only to be turned away. Many banks were hit hard by the crisis of the economy and tightened their lending requirements. Even consumers with better-than average credit are having problems getting approved. Economists are worried that if lending doesn’t start happening again, consumers may continue to focus on saving rather than spending. While in former times they were concerned the low savings rates of US banks, now they are concerned that if consumers continue to save, they won’t be fueling the economy. Consumer spending accounts for 70% of total economic activity.

Credit borrowing down

Borrowing money is not like it used to be. Gregory Daco, economist at HIS Global Insight, said, “With consumers facing difficult labor market conditions and tight credit conditions, downward pressures on credit are likely to remain strong and improvements will be very gradual.” The overall drop of borrowing has fallen $17.5 billion, but the credit card borrowing portion of that number is also huge. Studies showed that credit cards fell by $13.7 billion, which is an all-time record decline in dollars. The drop was 18.5% from November, which marks the biggest decline since December of 1974.

Hope for the future

Studies are showing that regulations for borrowing money are not as easy as they used to be and it’s taking its toll on the American economy. Spending is still lingering and even the Christmas season didn’t prove to be as lucrative as retailers had hoped. Research is also showing that the tendency these days is for consumers to focus on bulking up their cash reserves and that is also hampering spending. Only time will tell when people feel comfortable enough to return to their old ways of spending, but economists are hoping it is soon.

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Now that the holidays are over, many Americans are mired in debt. Sure it was easy to pull out credit cards for expenses, but now is when the credit card bills are coming in. Gail Cunningham, spokeswoman for the National Foundation for Credit Counseling, said, “It will only get worse as the bills continue to arrive…putting it off will only result in ruined credit and more stress.”

One of the most important tips the National Foundation for Credit Counseling gives to all its clients is to set a goal date when holiday debt will be paid off. Cunningham stated, “Setting a goal date like March 31, for example, can give you a clear picture of what you have to do to pay down debt.”

Credit cards and the future

When you are trying to get out of debt, it is important to stop purchasing on credit. Though small charges seem to be more easily handled with plastic, they add up quickly. Cunningham also instructs her clients that stretching out debt payments as a result of a holiday spending spree, only negates savings. Once the holidays are over, leave the credit card at home. If you can’t afford to pay for an item with cash then leave it at the store. Lynn Mayabb, financial planner at BKD Wealth Advisors said, “It is much harder to pay for something if you have to pull cash out of your wallet.” Research shows that people who pay with cash end up spending about 20% less than those who use credit. Using cash can cut back substantially on frivolity.

Budgeting post-holiday season is crucial

Finding a workable budget is also important to getting out from under Christmas debt. Experts warn that budgeting isn’t always fun. In fact, it can be a difficult task to honestly assess what comes in versus what goes out on a monthly basis. In the end though, it’s the only way to get an accurate picture of where your money is going and what changes need to be made.

The best way to get started with a budget is to start tracking every expense for one month. Cunningham said, “It can be as intricate as buying a software program to help you track expenses, using a spreadsheet or getting a notebook for 99 cents.” It’s also important to note everything from a big-ticket item’s purchase to a cup of coffee. You want as accurate a picture of your fiscal month as possible. That way you can make the necessary changes to realistically reach your financial goals.

Check out the paperwork

Finally, it’s important to take time to look at paperwork that may reveal money drains. Reviewing your tax withholding on your W-4 form can show you whether or not you are deducting more than you should every month. Reading credit card statements can show you if there are additional charges you were not aware of. Cunningham said, “You’d be surprised at how many people are unaware of a $9.99 charge to their credit cards that came with a free-trial. Sure it may not sound like a lot, but over the course of a year, that adds up to almost $120.”

No debt is good debt

Debt is something that can easily grow out of control during the holiday season. It’s an expensive time for many Americans and a lot of stress comes along with it. Addressing debt early on is key to overcoming it. It may take a few months, but paying it down will save money in the end. When your credit card statement shows a balance of zero, you will be thankful you conquered it.

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Hardship leads to opportunity

March, 2009 marked a low point in the global economy including world stocks. The gains have been great on the stock exchanges since that point despite continued economic struggles across the globe. The Associated Press reports that many markets topped 50 percent gains from March through year-end trading. The FTSE 100 Index of leading British stocks gained 15.02 points or 0.3 percent at the close of trading December 31st. That mark means the FTSE 100 Index gained 22 percent for the year. France’s CAC -40 yielded similar gains closing out the year with a 23 percent gain. Germany’s DAX fared even better with a 24 percent annual gain even though it lost a point on the final day of trading. The bull market gains have been fueled by depressed stock prices due to the global recession. The lower prices enticed investors to hunt down bargains and as the recession slowed these stocks yielded high returns.

Asian markets set the pace for the year

The U.S Dow Jones industrial average is expected to post an approximate 20 percent gain for the year. U.S. gains combined with Europe’s impressive gains would be a banner year under normal circumstances. These gains were easily out-paced by the Asian markets, however. China’s Shanghai index and Hong Kong’s Hang Seng rose 80 percent and 50 percent respectively. Analysts predict continued strong growth in both of these markets for the coming year and beyond.

A sobering historical perspective

2009 yielded tremendous growth from where it started to where it finished. Investors can keep smiling if they keep short term blinders on to limit their view. A more sobering perspective can be gained by broadening the scope of the analysis. Even though the U.S. and Europe gained considerably for this year, they are down in the stock market even more from a decade ago. Europe is down 22 percent from a decade ago even when factoring in the 22 percent gain for this past year. France’s CAC-40 is a similar story down 35 percent from ten years ago. Germany fared slightly better with the DAX down only 14 percent from 10 years ago.

Where to go from here

Investors and analysts are trying to get a clearer picture of what will happen with the New Year. They wrangle with the question of whether the stock rally can continue or if it has reached its zenith and will level off to more moderate gains. Many are pointing to the currency exchange rates as a possible arena for better than average gains for 2010. Currency exchange rates have remained relatively steady from start to finish for the year. One indicator has been the rise of the U.S. dollar at year’s end. The dollar was up .3 percent in London to end the year. The optimism stems from investors believing that the U.S. Federal reserve will begin to raise interest rates to head off inflationary tendencies as the U.S. economy continues to show signs of recovery. U.S. rates were at record lows in 2009 with nowhere to go but up in 2010 making the dollar an attractive investment for the coming year.

Parents are relying on personal loans for expenses as their adult children return home. The recession has brought about many necessary changes in the lives of Americans, and one of the most common trends is for adult children to move back home with their parents. Studies are showing that this is a growing trend among college graduates, with 77 percent of them returning home. The economy has forced families to remain together for longer periods of time.

According to a survey done by Collegegrad.com, adults in their 30s and 40s are also coming back home, some with their own families in tow. From 2000 to 2009 the number of households with cross-generation members has increased by 24 percent and is up to 6.2 million.

New trend, new problems

The new trend is not without its problems. For example, recently in Ohio a father called 911 on his 28-year old son, who is a political consultant, when he refused to “clean his room.” The blending of families, after independence has been staked, is difficult. Molly Grenshaw of Economist.com stated, “It’s hard when families are forced to live under one roof after a long independent hiatus. … Rules come into play and both parties have grown unaccustomed to following or giving the rules. It can make for surefire exasperation on both ends.”

At the center of the issue is the question: Who is the boss? Chanelle Schneider, 25-year-old retail associate, recently moved back home with her mother. “I’m 25,” she said, “so I want to be taken as an adult, a grown woman. But I’m still my mother’s child. She’s in mom mode, always.” Both Schneider and her mother were unable to manage financially due to the recession. Both were relying on family aid, personal loans and second jobs, until they decided to blend households.

The mentality behind moving back home

Dr. Marion Lindblad-Goldberg of the University of Pennsylvania, stated, “Theoretically, by the time you reach adulthood, you’re supposed to be at the same power level as your parents. But it’s never like that. Parents can relate to their adult children when they’re away from home. But in the home, particularly if it’s the same home, the kid goes from being 28 down to 25 to 20 and end up at 7.” Add to that the mental state of many adults who suffer hardships, and it can be a strange situation.

Dr. Lindblad-Goldberg added that adults who live through unemployment, foreclosure and other financial turmoil often “feel infantilized” to begin with. Then parents start demanding chores, that normally teens would do, be done and even adult children can regress to resentment and tantrums. The crux of their acting out is their powerlessness. “Moving back home has the potential for robbing people of that feeling of adult competence, and that can cause a dilemma,” she stated.

Financial reasoning

It is a difficult situation when adult children move back in with parents. The relationship can be strained and difficult. However, families need to realize that in the hard-hitting recession it’s a necessity to do what it takes to manage. There are other tools available, such as personal loans, government help and family help, but sometimes having an adult child come home is unavoidable. If this is the case, then all parties need to realize this is a temporary situation and it will run its course. Patience and respect can do a lot to mitigate the stress, for both adult children and parents, during this period of time.

Many college graduates are using installment loans to make ends meet. Angela Trummell, college graduate in 2010, said, “A lot of my friends are planning on going back home because they can’t afford post-college life. I really don’t want to do that.” Trummell is like a lot of students. They build up debt going to college and have a difficult time envisioning financial independence in their near future.

What students need to know now

College students need to know that they are going to have problems if they don’t plan ahead. Sure, parents will be there, but a lot of parents are as financially strapped these days as their children. For college graduates it’s going to take a commitment to managing money wisely from the beginning to ensure a good future.

One of the best ways to spend wisely is to follow the 60 Percent Rule. Basically, this tells a consumer to keep their expenses to 60 percent of their income. That includes rent, taxes, car insurance, food, shelter, clothing and utilities. The next 10 percent should go to retirement savings. The rest should be used for emergency account funding, repaying student loans, short-term savings and entertainment.

Discipline and college graduates

The best thing to learn is discipline when it comes to finances and budgeting. If students are finding they have problems with sticking to the 60 percent Rule they need to look at their options and make some smart decisions. Here are some of the biggest things to look at with any budget:

1. Residence

Likely this will be the biggest expense people have for a good portion of their lives. The good news is that there are some ways to cut back. Getting a roommate can be one solution, or renting a room from a family member. Students can also consider moving back in with parents for a short period of time to save.

2. Transportation

This is another huge issue with a budget. A huge car payment can wreak havoc on any budget, much less the limited budget of a recent graduate. Consider downsizing to a smaller car or car-pooling. Another option is public transportation. When it comes to repairs, consider using small installment loans to pay cash up front, rather than putting them on credit. With credit, there are interest fees to pay off. With short term loans, there is a small fee, but it doesn’t affect credit.

3. Utilities

There are a lot of ways to save regarding utilities. Young people can get a roommate to share the bills, or just be wiser. Turn off lights, turn down the heat/air, and weatherproof windows to save money. Cell phones are also big money draws. Do some online searching and find plans that are more reasonable.

4. Personal spending

This is a big one and most people, graduate-age or not, overspend here. The best practice is to use a notebook and write down everything spent over the course of one month. That means everything from cigarettes to coffee. Once the list is there, consumers can cut out, or at minimum cut back, on overspending.

All four of these areas can mean the difference between a balanced budget and a wildly out of control one. College graduates need to start good practices early on and this is a great way to do it.

Installment loans come to the rescue

College graduates sometimes try as hard as they can to stay within budget but still miss the mark. An unforeseen bill or emergency can mess up a budget pretty quickly. Installment loans are one way to overcome immediate need, but it’s best to get right back on the plan. Turning to credit can cost. Just read the credit card fine print and see how quickly fees can add up. In the end, having a good plan is the only way to ensure a healthy financial future.

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Don't go crazy over every holiday sale sign. Image from Flickr.

Cash advance loans are great tools for stretching your budget. A lot of people this year are looking for creative ways to fund Christmas gifts. The recession is deemed “over” by experts, but there are still a few months to get through before tangible improvements are apparent. Many people are still working with limited budgets as the holidays are quickly approaching.

Don’t be fooled

Though it seems like specials and freebies abound, be sure to think about what you are really getting into. In particular in a depressed economy retailers are working overtime to get you to come into their stores. They have deep discounts to lure you in, and then showcase other more expensive items to woo you into buying beyond your budget. Here are some tips on how to handle the Christmas shopping season wisely:

• Don’t be fooled by the signs. Sure “50% off” sounds nice, but research before you start spending. You may find an item at 50% off at Store A, but that same item, combined with a coupon, could come out to be 55% off at Store B. You also should look at whether or not you really need the item. Too many times people are dazzled at the savings sign and don’t realize until a few years later that what they bought was unnecessary.
• Keep your receipts. The great thing about keeping your receipts is that you can watch the sales and if the item goes down in price, you can recoup your loss. You also want to hold on to the receipts in case the person you gave the gift to wants to return it. Better yet, get a gift receipt along with the item so they can return it for credit or cash.
• Don’t buy everything on credit. Industry experts estimate that those who buy on credit spend about 30% more than those who shop with cash. The reason is mental—shopping with cash is a visual activity. You can see the money you are dishing out. Although buying on credit seems simple, remember that you are going to have to face a bigger bill when your credit card statement comes in. It’s easier to take out a small cash advance loan and pay for gifts with cash than deal with high interest or late fees that overspending on a credit card can bring.
• Going overboard with spending. Bringing the biggest, most expensive gift to Christmas dinner may sound like a good thing, but unless you have that money to give away, it’s a bad idea. Go to the store with a definite budget and commit to not going over it. The true point of Christmas is to gather together with loved ones, not to impress the room.
• Think of the extras and budget them in. Remember to factor all expenses into your budget. Sure there are gifts, but if you also agreed to host dinner, remember it costs to get the extras. Wine, appetizers, and centerpieces all cost money and take time. A good idea is to give your closer guests tasks. For example, ask your best friend to bring the centerpiece a half hour earlier than the rest of the guests. Let her set it up so you have one less thing on your budget and your mind.

Christmas planning made simple

Christmas is a time for families and friends to get together and enjoy each other. There are some tips to perfecting the Christmas season without going over budget. Using cash advance loans is one of the easiest ways to fund the holidays and it can assure that you won’t regret your spending come the new year.

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Little changes can make a big difference.

In these tough times, everyone is looking for ways to save money. The obvious options for limiting your discretionary spending have been very popular. However, there are many other little tricks and tips related to how you live your everyday life that can also amount to real savings. The five ideas listed below are small things you can do at home to save money on your electric bill, and they do not require much effort or investment on your part.

1. Using fluorescent light bulbs

This idea has largely been connected to many green initiatives today because the new household fluorescent bulbs use about a fourth of the energy that old-fashioned incandescent bulbs use. Using less energy also translates into savings on your electric bill. Just switching to fluorescent bulbs provides an estimated savings of $10 to $50 per year. Further, since the modern fluorescent bulbs last roughly 10 times as long as incandescent bulbs, you also save money because you have to buy fewer light bulbs throughout the year.

2. Using the microwave instead of the oven

Assuming you have an electric oven and stove, you can save about $50 per year by using the microwave for many of your smaller cooking and heating requirements. Microwave ovens use much less energy than traditional ovens and stoves and are more efficient, resulting in less heat being wasted. Further, many newer microwaves come with toasting coils and other features that expand the range of applications for your microwave. The technology has come a long way, so consider using your microwave more and your oven less.

3. Fixing your thermostat settings

In general, each additional degree of cooling that you use during the summer raises your power bill by 6 percent, and every degree of additional warming you use during the winter raises your bill by 3 percent. Therefore, if you set a firm temperature range and stick to it you can save a lot of money. The most commonly suggested range is setting your thermostat no lower than seventy-eight degrees in the summer and no higher than sixty-eight degrees in the winter. Setting and keeping to a firm range of temperatures can save hundreds of dollars per year.

4. Line drying your clothes

Electric clothes dryers not only use a lot of electricity, they are also incredibly inefficient, with much of the heat being completely wasted. Further, in the winter time the dryer’s air flow system sucks heated air out of your home and passes it to the outside through its exhaust. While using your electric dryer may be a necessity some of the time, if you have light loads or are washing light clothes, letting them dry naturally can save you about $50 per year. Air drying is also better for your clothes, especially those that contain elastic.

5. Get an energy audit

Most major utility companies offer energy audits to their customers, where an inspector comes to your home and points out small steps you can take to make your home more energy efficient. You can call your local utility company and see if it offers this service. The inspector will usually come to your home and look at your insulation and other energy-related matters. After the review, the inspector will give you a series of recommendations of simple steps you can take to lower your energy expenditure. An energy audit may find things you have overlooked.

Payday loans are quickly becoming a staple in American budgeting. Although there was a time when these types of loans were considered only useful to low-income families in emergencies, that idea is quickly becoming outdated. In today’s recession, people of all economic brackets are hard-hit by the struggling economy and looking for nontraditional funding to help them pay their bills.

In addition, one of the hardest hit industries of the recession is the lending market. Because lenders were  underwriting loans in past years without thought to the borrower’s ability to repay the loan, many people defaulted. The huge number of defaults amounted to huge losses for the industry. As a result, lenders stopped lending to even good-credit applicants. Coupled the lending crash, the spiking unemployment rate meant many Americans were left with few options for handling bills. This is where payday loans found a niche.

Payday loans’ best features

Payday loans are proving useful because of specific characteristics. Here are some of their best features:

• They are quick. When consumers qualify for payday loans, they normally receive funding in 24 to 48 hours. This is why they are perfect for immediate cash needs. A payday loan is one of the only funding options that can be applied for on a Monday to pay for a bill due Friday. Traditional lenders can take days to collect necessary information, and it can take weeks to know if a consumer qualifies.
• They are easy to apply for. Consumers can normally go through the entire application process online and know within minutes whether they qualify. If applicants choose to go into a payday loan store, the process is also very quick. There will be general paperwork to fill out, but the applicant normally knows within an hour whether they qualify.
• Payday loan requirements are much simpler than traditional loans. Normally lenders require applicants are employed, are older than 18 and have an active checking account. Traditional loans have myriad requirements to sort through and can require paperwork from months back.
• Repayment is much more streamlined. Traditional loans come with varying life spans. Payday loans last until the qualified borrower’s next payday. If approved for a loan, the borrower agrees that the loan company will automatically deduct the amount owed from their account. This makes repayment simple for the borrower.
• Credit is not an issue. Because of the life span of the loan, credit scores are normally not a deciding factor for approval. Traditional loans advertise interest rates solely dependent on consumers’ credit scores. With payday loans, that is not the case. The interest rate may be higher than traditional loans, but the time a consumer pays on them makes up for the additional points.
• The purpose of the loan does not have to be disclosed. Payday loan funds can be used for any need the qualifying customer has. Applying for a traditional loan means disclosing its purpose. There are various requirements for mortgage loans, car loans, personal loans and refinance loans. Payday loans are given to customers who qualify with no stipulations on what the funding can be used for.

Usage of nontraditional loans

Using payday loans is becoming more popular as traditional loan options are dwindling because of the recession. Many consumers are thankful there is a new option for finding emergency funding for bill payments. Consumers should look into these types of loans and see how qualifying customers can rest easy and pay their bills on time.

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Many consumers who are finding jobs are looking to find debt relief as soon as possible. One of the keys is to not only get a job, but to also negotiate a good compensation package. According to the Bureau of Labor Statistics, the unemployment rate rose to 10.2 percent in October. This brings a highly competitive job market and funds are being spread thinly to say the least. In addition, companies who are hiring have the luxury of being extremely picky. The people who do get hired are coming in with the stingiest compensation packages the company can manage.

If job seekers are to manage, they need to be smart when the negotiations start. Although it’s tempting to take the job — any job — and settle for whatever offer is given, it will cost them in the long run. Here are some ways to negotiate wisely.

Do a market comparison

Once a person has the job, they need to do some research on the position. Salary.com is a great resource for finding not only salaries, but geographical listings of average salaries within certain areas. Job seekers can enter their area, education and experience to receive a general range of what their salary should be. Another resource is the Bureau of Labor Statistics’ Occupational Outlook Handbook. This publication, which can be viewed online also, lists salaries for hundreds of various jobs.

Another option is to find headhunters who knows what salary ranges are available. They normally are able to track average salaries and give valuable information on what types of additional learning or qualities employers are looking for in the field. Job seekers need to remember that the purpose of their targeted job search is to find debt relief and create savings for themselves. The key to doing this is education.

Know what they want on the position

Job seekers also need to see the employers as they are — competitively seeking the best candidate for the job. For this reason, people need to make themselves as marketable as possible. Robert Todd, head of compensation and benefits at Novartis, stated, “Applicants have to ask what the company is looking for and explain how they can fulfill those needs.” It’s key that applicants do some research on the company they are interviewing with, and possibly on the interviewer. “The more information people have,” Todd added, “the more I know they want the job and are willing to personally invest themselves into it.”

Lastly, taking extra courses or certifications can add tremendously to a candidate’s chances of making an impression. For example, when job seeker Karen Mileston of Cambridge, Massachusetts, was looking for a job as a secretary at a real estate firm, she immediately signed up for a “Legal Practices and Procedures in Real Estate” course at her local college. She made sure to bring her enrollment up to the interviewer. “I wanted them to know that I’m willing to do whatever it takes to contribute positively to their company’s vision.”

Job seekers after the recession

Although the recession has damaged the economy, employers still need qualified people to work for them. Job seekers have to be able to clearly state what they want, how they can contribute to the company and what salary and benefits package they want. Working on all three will help consumers manage their budgets, find debt relief and save up for their futures.