Sometimes you have a “normal” home buying or selling process. The agreements are done, you have 45 days until closing and your lists are prepared to help you move. But, sometimes, that perfect home comes out of nowhere, and you have less than 30 days to get your life packed and onto the next adventure. Sounds stressful, right?
Lucky for you, our friend, Jennifer Ciani, of blog Simply Ciani, is here to share her expert tips (as this is a real-life story of her current moving situation).
How much moving supplies will you need?
When moving, it can feel like the number of things you own doubles overnight, am I right? The guide below can help you figure out how many boxes you will need for each room.
Tip: Don’t just pack up and move unwanted items from one home to the next; take this opportunity to sort through things into “keep” and “donate” piles. Visit these resources for more decluttering tips during a move.
Jennifer typically uses between 75 to 90 boxes for moving a three-bedroom home. You can always return what you do not use, but it’s better to have more than enough rather than making run after run back to the store to buy more!
The Art of Tape
Now that you’ve assembled the boxes you need, another vital piece of the equation is the tape you use. Spoiler Alert: the tape you use to wrap your holiday gifts is not going to cut it. Jennifer recommends investing in good, sturdy tape, like Heavy Duty Scotch Tape, so that your items arrive at your destination in the condition you packed them in. The last thing you need is the bottom of your box to fall open after you spent all that time wrapping up your belongings.
Jennifer’s Taping Tip: Tape the box across both flaps, then tape once down the center line, then again on either side of that, overlapping the sides of the tape to create a strong hold.
Labeling
Label each box so that it has a final destination and anyone picking up the box can figure out where it goes. And be sure to label not where they came from in your current home, but where you want them to go in your new home. For an organization bonus, label some of the contents in the box so you can be sure the contents are going to the right room.
What to Pack First
Okay, it’s almost time to get to work packing everything up. Remember, good prep is half the battle for acing your move! Before you begin going room by room, Jennifer recommends setting aside a suitcase (or a few depending on the size of your family) along with two large boxes and a medium sized box. The suitcases are for your travels if you’re moving long-distance, and the boxes are you “first night boxes” in your new home. Here’s a cheat sheet of what to pack in each:
Packing Room by Room
Bathroom:
Start in the bathroom because it is the smallest room in the home and usually has the least amount to pack. Pack up all liquids and lotions, each in their own separate plastic bag. Place those in a box by themselves, separate from everything else.
The Kids Room:
If you have children, especially young ones, get them involved with the packing. Let them choose which items they want to pack up and make a game out of it! Try to see who can pack their boxes faster or count how many items fit into a box, or sort toys by colors. The more you involve your children, the less anxiety they will have.
Closets and Dressers:
Pack clothes first and leave the clothes on the hangers, placing a plastic trash bag over them for easy storage and unpacking in your new home. For clothing in dressers, take out the drawers of the dresser on moving day, load the dresser, then place the drawers back in them with the clothing still inside. As you fill up the truck, the other furniture and boxes will ensure that your drawers will not open and it’s one less thing you don’t have to worry about packing!
Home Decor and Dishes:
Wrap breakable decor up with quality packing paper. Each item gets wrapped individually. One of the easiest ways to pack dishes is to place a foam paper plate in between each plate, then wrap the whole set up in bubble wrap. For coffee mugs and breakable glasses, wrap them with packing paper and pots and pans wrap up with extra bath towels.
Bedding:
Pack each bedding set together, including throw pillows. This way, once your beds are all set up, it is easy to put each one together again.
Garage and Tools:
Packing plastic wrap is great for keeping rakes/ mops/ brooms together, but when it comes to the tools, you might want to purchase large plastic totes to ensure that none of the tools get damaged in the move. Plus, it makes for easy organizing after moving into your new home.
Living the millennial life with my husband and Wheaten Terrier in beautiful Virginia. I document my life on Instagram and am ready to talk all things home-related at a moment’s notice.
Where Americans Are Most and Least Financially Literate – 2021 Edition – SmartAsset
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Individuals with higher levels of financial literacy tend to adhere to better financial practices – such as having an emergency fund and planning for retirement – and are also more likely to build wealth further by investing in the stock market. Many Americans, however, lack financial knowledge and do not follow financial best practices. Less than 50% of American adults have set aside three months’ worth of emergency funds, only 41% have tried to figure out retirement savings needs and just 32% have investments apart from retirement accounts.
In light of Financial Literacy Month this April, SmartAsset took a closer look at financial literacy in the U.S. In this study, we discuss the growing number of states with financial education standards along with how adults fare when asked a series of economics and personal finance quiz questions. Using data from the Financial Industry Regulatory Authority (FINRA) Foundation, the Council for Economic Education and Experian, we then identify the states where residents are most and least financially literate. For details on our data sources and how we put all the information together to create our findings, check out the Data and Methodology section below.
Key Findings
A mismatch exists between perceived and tested financial literacy. The Financial Industry Regulatory Authority (FINRA) Foundation said in a recent national financial capability survey that roughly 71% of American adults believe they have a high level of financial literacy. However, when tested on personal finance topics, respondents struggle. On average, adults surveyed were able to answer only half of the literacy questions correctly.
Midwestern states perform well while Southern states fall behind. More than half of the 10 most financially literate states are in the Midwest: North Dakota, Minnesota, Nebraska, South Dakota, Kansas and Wisconsin. All of them rank in the top 10 states for our financial knowledge & education index. At the other end of the study, Southern states rank in the bottom 10: West Virginia, Louisiana, Georgia, Texas, Tennessee and Delaware. All of these except Tennessee rank in the bottom 20 states on our financial knowledge & education index.
Financial Education and Literacy in the U.S.
The number of states requiring that personal finance be included in their standards has grown substantially over the past two decades. According to data from the Council for Economic Education, only 21 states included personal finances in their K-12 standards in 1998, relative to 45 states in 2020. Notably, only some states additionally require that these standards be implemented by individual districts within the state. In 1998, 14 states required that personal finance K-12 standards be implemented, compared to 37 states in 2020.
Though the prevalence of financial education in the U.S. is growing, many adults struggle when asked to respond to questions covering fundamental concepts of economics and personal finance. The FINRA Foundation’s National Financial Capability Study asks respondents a series of six quiz questions, shown below. Multiple choice answers are shown below the questions. Correct answers are listed at the end of the study in the Data and Methodology section.
Mortgage Question: A 15-year mortgage typically requires higher monthly payments than a 30-year mortgage, but the total interest paid over the life of the loan will be less. a) True b) False
Interest Rate Question: Suppose you had $100 in a savings account and the interest rate was 2% per year. After 5 years, how much do you think you would have in the account if you left the money to grow? a) More than $102 b) Exactly $102 c) Less than $102
Inflation Question: Imagine that the interest rate on your savings account was 1% per year and inflation was 2% per year. After 1 year, how much would you be able to buy with the money in this account? a) More than today b) Exactly the same c) Less than today
Risk Question: Buying a single company’s stock usually provides a safer return than a stock mutual fund. a) True b) False
Compound Interest in Debt Question: Suppose you owe $1,000 on a loan and the interest rate you are charged is 20% per year compounded annually. If you didn’t pay anything off, at this interest rate, how many years would it take for the amount you owe to double? a) Less than two years b) At least two years but less than five years c) At least five years but less than 10 years d) At least 10 years
Bond Price Question: If interest rates rise, what will typically happen to bond prices? a) They will rise b) They will fall c) They will stay the same d) There is no relationship between bond prices and the interest rate
On average, adults surveyed were able to answer only half (i.e. 3.0) of the above questions correctly. In fact, only 7% of adults were able to correctly answer all six questions. About 34% and 40% of surveyed adults were able to answer five and four questions, respectively. The compound interest in debt and bond price questions were the most difficult for respondents. Less than one in three respondents were able to correctly answer either question. Meanwhile, more than 70% of adults correctly answered both the mortgage and interest rate questions.
Notably, there are distinct differences in performance on the financial literacy quiz questions across different demographics according to education, income and race. The average number of correct quiz questions among individuals earning $75,000 or more and college graduates is 3.6 and 3.8, respectively. In contrast, individuals earning less than $25,000 and those with a high school education or less answered an average 2.2 and 2.3 questions correctly. The chart below breaks out survey respondents by race, showing the average number of correct answers for each group.
States Where Residents Are Most Financially Literate
North Dakota ranks as the state where residents are most financially literate, taking the top spot on our financial knowledge & education index and the third spot on our financial practices index. According to the Council for Economic Education, the state of North Dakota requires that personal finance coursework be integrated into another course in the K-12 curriculum. In 2018, residents correctly answered about 55% of the National Financial Capability quiz questions discussed previously – almost five percentage points higher than the national average.
Minnesota and New Hampshire follow closely behind North Dakota. Minnesota is the top-ranking state on our financial practices index and ranks fifth on our financial knowledge and education index. Minnesota residents have the highest average credit score (739) of any state and the eighth-highest percentage of adults who report paying their credit card bill in full monthly (58.04%).
Six of the remaining seven states where residents are most financially literate are located in the Midwest and West. They include Nebraska, South Dakota, Kansas and Wisconsin in the Midwest, plus Utah and Colorado in the West. All of these states require that personal finance be included in K-12 standards and survey adults rank within the top 12 of the study on FINRA’s financial literacy six-question quiz.
States Where Residents Are Least Financially Literate
West Virginia ranks as the state where residents are least financially literate, with the lowest financial knowledge & education index and third-lowest financial practices index. West Virginia ranks in the bottom five states for three of the seven individual metrics we considered: percentage of adults that believe they have a high level of financial knowledge (67.37%), average percentage of personal finance quiz questions answered correctly (46.79%) and percentage of adults with a three-month emergency fund (42.53%).
Like in West Virginia, Nevada residents fall particularly far behind on our financial knowledge and education index. Though the state includes personal finance in its K-12 standards, only about two in three adults believe they have a high level of financial knowledge, the ninth-lowest of all 50 states and the District of Columbia. Additionally, the average percentage of correctly answered economics and personal finance quiz questions for Nevada is 49.14%, ranking within the bottom 15 of the study.
Across the eight other states where residents are least financially literate, three are not in the South: Indiana, Alaska and Pennsylvania. Of those three, Indiana ranks lowest for both the financial knowledge and education category as well as the financial practices category. Across the seven metrics, Indiana ranks in the bottom five states for its percentage of adults with a three-month emergency fund (44.05%) and percentage of adults paying their credit card bill in full monthly (49.82%).
Data and Methodology
To find the states where Americans are most and least financially literate, we examined data for all 50 states and the District of Columbia across two categories that include seven individual metrics:
Financial knowledge and education. For our financial knowledge and education index, we analyzed the state’s financial education score, percentage of adults that believe they have a high level of financial knowledge and percentage of correctly answered personal finance quiz questions. The state’s financial education score comes from the Council for Economic Education. Data for the other two metrics comes from the Financial Industry Regulatory Authority (FINRA) Foundation’s 2018 National Financial Capability Study.
Financial practices. For our financial practices index, we analyzed average credit score, percentage of adults with a three-month emergency fund, percentage of adults paying their credit card bill in full monthly and percentage of adults regularly contributing to an IRA or 401(k). Average credit score figures come from Experian. Data for the other three metrics comes from the Financial Industry Regulatory Authority (FINRA) Foundation’s 2018 National Financial Capability Study.
We created our final rankings by first ranking each state for each individual metric. Then we averaged the rankings across the two categories listed above. For each category, the state with the highest average ranking got a score of 100. The state with the lowest average got a score of 0. Finally, we created our final ranking by finding each state’s average score across the two categories.
The answers to the FINRA Foundation NFCS quiz questions are as follows:
Mortgage Question – a) True
Interest Rate Question – a) More than $102
Inflation Question – c) Less than today
Risk Question – b) False
Compound Interest in Debt Question – b) At least two years but less than five years
Bond Price Question – b) They will fall
Tips for Improving Your Finances
Take advantage of compound interest. One of the most important things to note about saving is that it helps to start early. Waiting to invest can potentially decrease your total return on a potential investment. Compound interest is interest that’s generated from existing earnings. In other words, when you put money into a savings account earlier, the interest compounds. As a result, you earn interest on the money you initially invested as well as the interest that money has already made. To see how this works, take a look at our investment calculator.
Some kind of retirement account is better than none. If a 401(k) is not available through your job, consider an IRA. 401(k)s are often valued more than IRAs since there is a possibility that your employer will match your contributions to the plan up to a certain percentage of your salary. This means that if you choose not to contribute, you are essentially leaving money on the table. However, if your employer does not offer a 401(k) plan, an IRA is another great option. In 2020, the IRA contribution limit is $6,000 for people under 50 and $7,000 for people age 50 and older.
Consider working with a financial advisor. Investing and planning for retirement are complicated and difficult tasks. A financial advisor could help you manage your money smartly. SmartAsset’s free tool matches you with financial advisors in five minutes. If you’re ready to be matched with local advisors that may be able to help you achieve your financial goals, get started now.
Questions about our study? Contact us at press@smartasset.com.
Stephanie Horan, CEPF® Stephanie Horan is a data journalist at SmartAsset. A Certified Educator of Personal Finance (CEPF®), she sources and analyzes data to write studies relating to a variety of topics including mortgage, retirement and budgeting. Before coming to SmartAsset, she worked as an analyst at an asset management firm. Stephanie graduated from Williams College with a degree in Mathematics. Originally from Philadelphia, she has always been a Yankees fan and currently lives in New York.
My husband and I were recently shocked by the amount of our income tax refund. At first, we were elated. It was enough to pay off our car, allowing us to live debt-free. At the same time, we were kicking ourselves for not having this money available for use during the past year.
Maybe you’ve had a similar experience — or the opposite (and decidedly less pleasant) one where you’ve had to pay more money in federal income taxes than you expected. Regardless, the issue is the same.
In both these situations, the amount withheld from your paycheck isn’t coinciding with the amount you really owe.
The best way to fix it is to adjust your federal income tax withholdings, which you can do in a few simple steps. But only make such an adjustment if you’re sure you need to.
When to Adjust Your Income Tax Withholding
You can adjust your withholding at any time. However, many life events can impact your taxes, so it’s a good idea to update your withholding whenever something significant changes.
These life events are a red flag you may need to revisit your withholding.
1. You Started a New Job
When you get a new job, your employer requires you to fill out a W-4 so they can determine how much federal income tax to withhold from your paycheck.
It may seem like just another routine part of your onboarding paperwork, but it’s crucial to complete the form accurately to ensure you won’t end up with an unexpected year-end tax bill.
2. You Got a Big Refund
If you received a large tax return from the IRS for last year’s taxes, that means your employer was taking too much money out of your paycheck. It’s exciting to get a big check, but think of it this way:
That’s money that belongs to you that you were essentially loaning the government interest-free. If you didn’t do that, not only could you have used that money throughout the tax year to pay for your expenses, but you could also have invested it and received interest on it.
It’s exciting when you can do something smart with your tax refund, but it is not the best financial situation.
For example, say you got a refund of $1,000. You gave the government $1,000, and the government gave you back $1,000.
Had your tax withholding amount been correct, you could have invested that $1,000 or had it available in an emergency fund instead. Instead, you gave the federal government an interest-free loan.
The IRS will only refund the amount you overpaid, with no interest. So your goal should be to have zero tax refund, or close to it.
3. You Owe Money to the IRS
It’s an awful feeling when you owe a large amount of money to the government, especially if you thought you might be getting a refund. But as with anything you must save up for, you need to put a little extra money aside with each paycheck to cover a considerable expense.
One way to do that is not to have the money in your possession at all. Out of sight, out of mind. Increase your withholding so the government gets the money before you receive it.
For example, if you owe $1,000 and get paid weekly, you can spread that $1,000 out over 52 weeks. So instead of owing the government $1,000 in one lump sum, give them an extra $20 each week to avoid owing when you file your taxes at the end of the year.
4. You’re Expecting Life Changes
When your life changes, so do your taxes.
Did you get married? Have a baby? Buy a home? Start giving charitable contributions? Are you expecting any of these changes in the next year?
All these things affect your taxable income and tax breaks like itemizing versus claiming the standard deduction or claiming the child tax credit. So take the opportunity to review your tax withholding and adjust accordingly.
How to Adjust Your Federal Tax Withholding
To adjust the amount of taxes withheld from your paycheck, the first step is on you, and the rest is on your employer. There are a few different methods to determine the withholding that makes the most sense for your tax situation.
Before you get started, have your previous year’s tax documents handy as well as your last pay stub.
1. Form W-4 Employee’s Withholding Certificate
If it’s been a few years since you filled out a Form W-4 for your job, you might think you need to calculate the number of allowances you need to claim to get the right withholding. But allowances aren’t part of Form W-4 anymore.
The Tax Cuts and Jobs Act of 2018 eliminated personal exemptions — a set amount taxpayers could deduct for themselves, their spouse, and each of their dependents
The old allowance method of calculating withholding was tied to those exemptions, so it didn’t make sense to use them anymore, and Form W-4 was redesigned in 2020 to reflect a new way of estimating your tax liability. Now, it includes just a handful of steps to help you complete the worksheet and adjust your withholding.
If you and your spouse are a two-earner household, pay special attention to Step 2, whether you’re going to be married filing jointly or separately, as it has instructions for joint filers that both hold jobs.
If you need more help, the IRS has a more user-friendly tool: a withholding calculator.
2. IRS Withholding Calculator
The easy-to-use IRS Tax Withholding Estimator is on the IRS website. To use it, you answer a series of questions about your filing status, dependents, income, and tax credits. That’s where having your previous tax documents and last pay stub comes in handy.
3. Fill Out a New Form W-4
Once you’ve used the Tax Withholding Estimator tool, you can use the results of the calculator to fill out a new Form W-4. Give it to your employer’s human resources or payroll department, and they’ll make the necessary adjustments.
Some employers have an automated system for submitting withholding adjustments, so check with your employer to see if they have this option available.
It’s a good idea to take action as soon as you know you need to adjust your withholding since it will impact every paycheck you earn for the rest of the year.
Final Word
The lower your withholding, the less tax your employer will withhold from your paycheck. That may seem like a good thing, but you don’t want to have too much withheld or you could be liable for an underpayment penalty when you file.
Managing taxes can be confusing, and withholding is just the first of many things you need to know to handle your taxes well. For more guidance, check out our complete tax filing guide.
The decision to build your own home is not one to be taken lightly. Not only is the process time consuming and expensive, but there are a wide variety of things that need to be taken into account when creating a dream home. Outside of the more traditional checklists that include layout, amenities, renewable energy options and proper HVAC design, an element that is often overlooked is creating a home that works with—not against—it’s surrounding environment.
Once the decision of where to build has been made, consider the average climate. Ask yourself: what are the issues you might deal with on a day to day basis? Then work to implement exterior and interior features that will help prevent potential issues down the line. For example, if you live in a colder climate, you’ll want to use gable roofing to help shed snow and south facing windows to increase your daily sun intake. But you’ll want to avoid uneven walkways that make shoveling snow impossible and high ceilings that will collect and waste heat. The Zebra took a look at the four most common climates for home builders, and broke down home design tips per climate to help maximize your home’s efficiency throughout the year no matter where you live.
We are coming up on that time of year again. No, not the holidays – I’m talking about tax season.
Trends from the last 10 years show that on average, about 80 percent of Americans receive a federal income tax refund each year, averaging around $2,800.
That’s no small sum, and if you are due a refund, it’s not too soon to start thinking about what you will do with the extra cash. While it’s tempting to think about a luxurious vacation or a new flat-screen TV, it might be wiser to put your tax refund toward some budget-friendly, credit-friendly alternatives.
Here are some smart money moves you can make with your tax refund.
1. Bolster your savings
According to a 2017 GoBankingRates survey, 57 percent of Americans have less than $1,000 in their savings, and 39 percent have no savings at all. A general rule of thumb when it comes to savings is to set aside enough to cover at least three to six months’ of expenses in case of an emergency situation (like unexpected job loss or a medical emergency).
This year, consider stashing away a chunk of your tax refund in a high-interest savings account. Not only is your money safely tucked away in case you need it, it continues to grow.
2. Invest in the market
Investing in the stock market is a riskier move than opening a savings account, but if you already have a decent savings cushion, investing could be a worthwhile option. The stock market generally offers much higher returns on your money over the long term (although it’s not always consistent). There are a lot of investing options depending on your financial goals and risk tolerance, such as individual stocks and index funds.
3. Invest in yourself and your family
If you have been looking to improve your career prospects, now might be the time. Consider furthering your education through online courses, new certifications or other professional development opportunities. You could also use your tax refund towards startup costs for your own small business. Or, if you have kids, you may want to consider starting a college fund if you haven’t already.
4. Buy insurance
You never know when you will need the protection that insurance offers. If you have holes in your insurance coverage, whether life, home, auto, or medical, consider filling them now. In many cases, you can do so for a relatively low cost. For instance, for about $200-$400, you can purchase an umbrella liability policy that protects you in case someone is injured in your home or car.
5. Pay off debt
Before you do anything else with your tax refund, your first priority should be paying off any high-interest revolving debt you’re carrying. If your tax refund will not cover the whole amount of your debt, you can at least make a dent in it. If you are paying 18 percent interest on credit card debt, collecting minimal interest on money sitting in a savings account doesn’t make much sense. Plus, if you need to fix your credit score, paying off your debt is a major step towards repairing your credit.
Investing your tax refund wisely can be a big step in improving your financial and credit situation for the future. If your credit has been damaged in the past and you’re in need of credit repair company, the legal professionals at Lexington Law Firm can help. Contact us today to learn all of the ways we can help you improve your credit.
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The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.
A competitive salary is something we all strive for in our careers, but for some, the salary we know we deserve doesn’t necessarily match our reality. An employee may put in extra hours, take on more responsibilities and go the extra mile, but they still may not be properly compensated for their work.
Being overworked and underpaid isn’t as uncommon as we think. According to a poll conducted by Gallup, 43 percent of U.S. workers believe they are underpaid.
Unfortunately, this can have a negative impact on a person’s productivity, mental health and even credit health. So, what can you do if you feel you’re not being fairly paid at work?
Read on to find out the psychological impact of being overworked and underpaid and how you can combat this issue—or jump straight to the infographic below.
Impacts of being overworked and underpaid
Sometimes we’re so eager to accept a job that we settle for whatever salary we’re offered, only to find out that what we’re given doesn’t match the responsibilities we’ve taken on. Or, you may have been at a company for a while and experienced an increase in your workload but seen little to no increase in pay.
Being overworked and underpaid can ultimately lead to a multitude of feelings that can cause more harm than good. Here are three signs you shouldn’t ignore:
Decrease in productivity
Employees who work long hours and have heavier workloads aren’t necessarily the most productive. Some may think the more hours you work, the more you’ll get done, but for most, this can have the opposite effect.
The more work an employee takes on, the more prone they become to mistakes. This can lead to feelings of burnout, sleep deprivation and work-life imbalance due to stress and the inability to keep up with the heavy workload. On top of that, if you’re being underpaid, it can make it extremely difficult to stay motivated in your role.
Gallup found that 23 percent of employees felt burnt out almost always at work, according to a study made up of 7,500 full time employees. When it becomes hard to juggle workplace stress, people can find it difficult to function and stay productive. The same study conducted by Gallup also found that 13 percent of workers are less confident in their work performance when experiencing symptoms of burnout.
Employees may start to feel disconnected from their work and may even have built up resentment toward their employer because of their lack of compensation, causing a never-ending cycle of stress, burnout and lack of productivity. These feelings can ultimately impact employees’ overall well-being and mental health.
Negative effects on your mental well-being
Most people spend the majority of their time in the workplace. Unfortunately for some, the stresses from work can be hard to shut off even when leaving the office for the day. According to a study conducted by Wrike, 94 percent of employees said they felt stress at work and 54 percent said the stresses from work negatively affect their home life.
Long work hours, an increase in work-related tasks and insufficient pay can all start to take a toll on a person’s physical and mental health. A survey conducted by Paychex found that 57.9 percent of employees said work impacted their mental health in some way.
Damaged credit health
Aside from mental health and productivity, being underpaid can start to hurt your financial standing. Though your income doesn’t have a direct impact on your credit score, lack of income can make it more difficult to pay your bills on time. A survey by WalletHub found that 30 percent of respondents missed credit card payments because they didn’t have enough money.
A Gallup poll also found that 55 percent of women feel they are underpaid for the amount of work they do, which could play into why they hold nearly two-thirds of the student loan debt in the U.S. With women receiving lower-than-average wages, keeping up with student loans and other debt payments becomes harder, thus affecting their overall credit health.
6 ways to handle being underpaid
Being underpaid is a problem that many people find themselves in and struggle to get out of. The only way to get out of this predicament is to take matters into your own hands. Here are six ways you can get out of being underpaid:
1. Negotiate a competitive raise
Asking for a raise can seem scary and intimidating, but it’s an important step toward solving your problem. Though it’s not always the easiest thing to do, you’ll never know if you don’t ask.
When asking for a raise, make sure you do your research on your industry’s salary range and provide an exact number when meeting with your employer. Providing an exact dollar amount as opposed to a salary range will show your employer that you know what you want and will make the negotiation process easier. Try aiming a little higher than what you would like to leave room for negotiation. When researching salary ranges, tools like Salary.com and LinkedIn’s salary tool can be a huge help.
To support your case, come to the meeting with documentation to show your work and accomplishments thus far. Provide hard data, numbers, positive feedback you’ve received in the past and all of the ways you have helped and plan to help increase the company’s bottom line. The more evidence you provide, the better chance you have at landing that raise.
2. Review company growth path and policies
Most companies give performance reviews and have a growth path clearly noted, so it may be worth revisiting your company policies first. Growth paths are important in understanding what’s expected from your employer in order to progress within the company and earn a higher wage.
If you haven’t received an official review, get one on the schedule with your boss. A 2018 report found that 68 percent of executives say they learn about employees’ concerns for the first time during performance reviews. If you’re concerned about your growth within the company, don’t wait for your employer to come to you about it.
3. Start a conversation about your workload
If you’re continuing to work long hours and find the pay still isn’t worth it, it might be beneficial to have an open and honest conversation about the amount of work you’ve taken on. If your employer is unable to give you a raise, you may want to discuss cutting back on your hours or workload.
The result may not be an increase in pay, but you may be happier in your role and be able to perform better if they ease up on your day-to-day tasks. Your pay sometimes isn’t worth being unhappy at work. In fact, one of our studies on employee happiness found that 60 percent of Americans said they would take a job they loved with half their current income over one they hated.
Employers may not be aware of the impact the extra work is having on you, so always try your best to be transparent about your load to find a healthy compromise.
4. Start exploring other options
If your request for a raise gets denied and you still find yourself in the same predicament, you might want to start exploring other options. In fact, those experiencing symptoms of burnout at work are 2.6 times as likely to actively be looking for another job.
Though monetary benefits are usually of the utmost importance, remember to consider other factors like health insurance options, flexible hours, vacation policies and overall company culture. The issues you experience in your current position can help you determine what you’re looking for in your next role.
5. Consider quitting your job
At the end of the day, no job is worth putting your mental health at risk. If your current employer isn’t paying you what you deserve and you don’t feel fulfilled in your role, consider moving on. Now that you’ve done extensive research on your industry’s salary range, you’ll know what range to keep in mind when applying for other positions.
Before jumping the gun and resigning from a position, make sure you’re financially prepared. In these situations, it’s smart to have at least three to six months’ worth of pay saved to give you some cushion during your job search. It may become more difficult to get approved for a credit card without a job, so having saved up income can help ensure you’re able to pay your credit balance.
6. Know your worth
Understanding your own worth means being clear on the value you can bring to a company. When you know your worth, asking for a raise and vocalizing your concerns will start to come naturally to you.
Assess your own skills and level of expertise and be realistic with yourself. Once you’ve analyzed your own skills and industry’s expectations, you’ll have a better understanding of an appropriate wage. Glassdoor has a Know Your Worth tool that can help you determine salary ranges by title, experience level and location.
The most important thing to remember is to not sell yourself short. Research from Glassdoor found that 59 percent of employees did not negotiate salary and accepted the first offer they were given. Know your worth and don’t settle for less than what you deserve.
Money isn’t everything when it comes to employment, but it can certainly start to impact your career and personal growth if it remains stagnant. If your paycheck isn’t reflecting your worth, take action and make sure you’re getting the compensation that will set you up for further financial success.
For tips on how to handle being overworked and underpaid, check out our infographic below.
Reviewed by Kenton Arbon, an Associate Attorney at Lexington Law Firm. Written by Lexington Law.
Kenton Arbon is an Associate Attorney in the Arizona office. Mr. Arbon was born in Bakersfield, California, and grew up in the Northwest. He earned his B.A. in Business Administration, Human Resources Management, while working as an Oregon State Trooper. His interest in the law lead him to relocate to Arizona, attend law school, and graduate from Arizona State College of Law in 2017. Since graduating from law school, Mr. Arbon has worked in multiple compliance domains including anti-money laundering, Medicare Part D, contracts, and debt negotiation. Mr. Arbon is licensed to practice law in Arizona. He is located in the Phoenix office.
Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.
Are you planning for a spring wedding? You are not alone; many love birds like planning their destination wedding for this time of the year. Spring is that unique season of the year where love is in the air, flowers are blooming as plants are blossoming.
Unfortunately, a wedding budget can kill your dream of a spring wedding before it sees the light of day. The question is; can you still enjoy an awesome wedding on a tight budget? Indeed you can. Our tips on saving money on your destination wedding have got you covered.
Choose a Resort Offering an All-Inclusive Bundle
All-inclusive wedding bundles will enable you to get a flat rate on your whole wedding package. In fact, they can save you hundreds and even thousands on your wedding if done right.
These bundles may include food, sporting activities, drinks, makeup services, spa services as well as other guest events. As for drinks, you can have any of the three below:
Cash bar
Open bar
Consumption bar
A consumption bar can help you strike a balance between your guests getting some free drinks and paying for extra ones. You can make the bar open to your guests but set a spending threshold or a time limit with the owner. If the guests hit the limit or reach the set time, it can then be converted to a cash bar. This will save you money.
Another advantage of wedding bundles is that costs involving decoration, parking, photo sessions, and transport are reduced since your location is the same.
Combine Your Wedding and Honeymoon
Some resorts will offer you incentives and discounts if you combine your wedding with your honeymoon. Having your destination wedding and your honeymoon in the same location will help you save on traveling and other costs
You should, however, visit the place prior to the wedding to make sure it is diverse and interesting enough for both occasions. Another way to save would be to pack travel-sized items that you will need for your honeymoon to avoid buying from vendors.
Slash your Guests List
Naturally, a destination wedding doesn’t attract hundreds of guests; this ultimately reduces the financial pressure that comes with your wedding. Still, if there is a way you can further slash the guest list, do it by all means.
Select an Offseason Date For Your Wedding.
Offseason wedding dates attract low rates and costs charged on weddings by resorts. Find out places which offer discounts for weddings on certain dates. As good as it sounds to your pocket, it is important to make sure that the dates you choose for your wedding won’t lead to a low turnout.
Additionally, for wedding festivities, you can choose a weekday to ensure even as guests come they won’t be overstaying as they also need to get back to their commitments.
You can also save your wedding costs by scheduling your wedding for a less traditional time of day. If for example the ceremony is planned for a weekday afternoon, the venues will charge less as compared to a Saturday afternoon event. Your guests might even drink less.
Consider Local Lenders for Your Wedding Supplies
Not everything you need for your destination wedding can be found where you are going to wed. You may need additional items and services. Consider local vendors who can offer reasonable prices from the wedding location rather than bringing vendors from home.
If you come with your vendors you have to cater for their travel and accommodation costs. Furthermore, if they are bringing items with them to a different country, you will have to cover the shipping cost directly or they will be indirectly included when you get priced.
Make sure you get recommendations from family and friends about the best vendors from where you are going to wed. You can also use Google and social media to find good vendors in advance.
The Take-Away
Destination weddings are the trend nowadays; this doesn’t mean you need to break the bank to have one. With proper planning, flexibility, and any of the above tips that suit you, you can whisk your love away to say ‘I Do’ in a destination of your dreams.
Solo travelers rejoice: Why I’m in favor of new Amex Centurion Lounge guest rules
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Editorial Note: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.
Identity theft wears many different faces. From credit cards to student loans, thieves can open different forms of credit in your name and just like that, destroy your credit history and financial standing.
If this happens to you, getting the situation fixed can be difficult and time-consuming. But you can set things right.
If someone took out a loan in your name, it’s important to take action right away to prevent further damage to your credit. Follow these steps to protect yourself and get rid of the fraudulent accounts.
1. File a police report
The first thing you should do is file a police report with your local police department. You might be able to do this online. In many cases, you will be required to submit a police report documenting the theft in order for lenders to remove the fraudulent loans from your account. (See also: 9 Signs Your Identity Was Stolen)
2. Contact the lender
If someone took out a loan or opened a credit card in your name, contact the lender or credit card company directly to notify them of the fraudulent account and to have it removed from your credit report. For credit cards and even personal loans, the problem can usually be resolved quickly.
When it comes to student loans, identity theft can have huge consequences for the victim. Failure to pay a student loan can result in wage garnishment, a suspended license, or the government seizing your tax refund — so it’s critical that you cut any fraudulent activity off at the pass and get the loans discharged quickly.
In general, you’ll need to contact the lender who issued the student loan and provide them with a police report. The lender will also ask you to complete an identity theft report. While your application for discharge is under review, you aren’t held responsible for payments.
If you have private student loans, the process is similar. Each lender has their own process for handling student loan identity theft. However, you typically will be asked to submit a police report as proof, and the lender will do an investigation.
3. Notify the school, if necessary
If someone took out student loans in your name, contact the school the thief used to take out the loans. Call their financial aid or registrar’s office and explain that a student there took out loans under your name. They can flag the account in their system and prevent someone from taking out any more loans with your information. (See also: How to Protect Your Child From Identity Theft)
4. Dispute the errors with the credit bureaus
When you find evidence of fraudulent activity, you need to dispute the errors with each of the three credit reporting agencies: Experian, Equifax, and TransUnion. You should contact each one and submit evidence, such as your police report or a letter from the lender acknowledging the occurrence of identity theft. Once the credit reporting bureau has that information, they can remove the accounts from your credit history.
If your credit score took a hit due to thieves defaulting on your loans, getting them removed can help improve your score. It can take weeks or even months for your score to fully recover, but it will eventually be restored to its previous level. (See also: Don’t Panic: Do This If Your Identity Gets Stolen)
5. Place a fraud alert or freeze on your credit report
As soon as you find out you’re the victim of a fraudulent loan, place a fraud alert on your credit report with one of the three credit reporting agencies. You can do so online:
When you place a fraud alert on your account, potential creditors or lenders will receive a notification when they run your credit. The alert prompts them to take additional steps to verify your identity before issuing a loan or form of credit in your name. (See also: How to Get a Free Fraud Alert on Your Credit Report)
In some cases, it might be a good idea to freeze your credit. With a credit freeze, creditors cannot view your credit report or issue you new credit unless you remove the freeze.
6. Check your credit report regularly
Finally, check your credit report regularly to ensure no new accounts are opened in your name. You can request a free report from each of the three credit reporting agencies once a year at AnnualCreditReport.com. You can stagger the reports so you take out one every four months, helping you keep a close eye on account activity throughout the year. (See also: How to Read a Credit Report)
