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Millions of minimum wage earners are getting a boost from the federal government as the new minimum wage increase takes effect—an increase of 70 cents. This increase is the final stage in a series of minimum wage hikes passed by Congress two years ago. Wages has increased from $5.85 to $6.55 last summer to the new current one of $7.25. While this raise is aimed at giving workers such as retail shop workers more buying power, it, at the same time, is said to be threatening small business and their ability to continue during this period of economic turmoil. The federal minimum wage increase is sparking a debate as who this is really helping, if at all.
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With the way the current economy is going, or not going depending on who you ask, it is no surprise that for most of us the goal is to save. So you do budgeting and you follow it but regardless of that fact we all have spending that for one reason or another we aren’t even noticing—simple ways to waste money. There are many ways to waste money and once you’ve read the examples that I will talk about you will probably realize your doing something similar. Let’s begin shall we? Open your refrigerator. Smell anything funky, like a cross between sweaty socks and a dead rodent? Ok maybe that’s a little much but unless you’re a mad scientist and that smell is normal for you, that smell is an indication of spoiling food.
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Have you ever used your ATM card to take money from an ATM machine that is not owned by your financial institution? I have, and I’m sure that you have as well. And when you do you get charged an ATM fee of between $1.50 to $2.50 per transaction not only by the institution that owns the machine but also by your own that provided you with your ATM card. These charges are just one of many that are putting a bite on your savings and the thing is these outrageous bank fees add up over the long term. How big is it exactly? According to Bob Hammer, CEO of R.K Hammer, a banking industry advisory firm, bank fees account for over 53 percent of the banking industry’s income in 2008.
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I just had my car bought in to have its regular maintenance and while the cost was not prohibitive, I noticed that it had gone up. It made me realize that like cars, maintaining our own bodies so that it stays fit and healthy is becoming more and more expensive. No, I’m not talking about the general rise in health care costs per se but rather about the rising cost of personal fitness, one that is putting a drain on your individual finances. Exercising, being fit, and being healthy are supposed to give you the energy to tough it out during this difficult economic times and relieve the stress that it brings.
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I’ve received a few emails from people asking me to give them advice on how to find the right bank for them. Now it may seem such an easy thing to do—go to the nearest banking institution and open up either a savings account or a checking account, or both. But that necessarily isn’t the case. Remember, this is the place that you will be entrusting your money to so you want to make sure you find the right bank for you to have a meaningful financial relationship with. Finding the right bank can be difficult, and I’ve seen people who have multiple checking and/or savings accounts at the same time either with the same financial institution or with different ones and getting no actual benefit.
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The numbers are staggering to comprehend. Despite the fact that our workforce has increased by over 12.5 million for the past nine years we actually have less people working since that time. The Department of Labor has already reported that for June alone, unemployment due to job loss totaled 467,000, a number that has pushed our country’s unemployment rate to a 26-year high of 9.5 percent. President Obama said that “it took years for us to get into this mess and will take us more than a few months to turn this around.” While that is a pretty optimistic view I doubt if it will take more than just a few months to turn this around.
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We’re Finally Saving But Are We Doing More Harm Than Good
I had the occasion to stay over my friend Edward’s home one weekend since his place was quite a ways from mine, it was getting late, the weather wasn’t exactly cooperating, and I didn’t feel like driving. I had asked for a razor since obviously I didn’t bring any and with a sheepish grin Edward tossed me a pack of disposable razors that he bought from the local dollar store. While he didn’t say anything else I pretty much understood the implications in light of what has been happening in our economy lately. For the most part, we Americans are cutting back on our consumption and spending and are putting more in savings.
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Update Your Personal Budget Today
Given the current state of unemployment, a lot of people need to tighten their belts. So over the past week I went over the expenses that I could cut and some of the habits that I could adapt to my lifestyle. I realize that even if I'm doing well now, there could very well be a time in the future that I'd need to pick myself up again despite the contingencies I've put in place. So I've done a little research on other websites and took a look at some of their budgeting tips. Here are a few that I've picked out for myself which you can apply to your personal budget.
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How To Save Money During Difficult Times
How much or what percent of your monthly income go to savings? Majority of us are aware about the importance of savings but how to actually do it is the hardest thing to achieve. With the temptations everywhere and piles and piles of bills, sometimes, you don’t have any money left for savings. However when you just continue ignoring the value of savings in your life, what will happen to you in times of financial crisis? What if some kind of emergency has suddenly come up and requires cash outlay from you? That’s why, as early as now, you should be practicing the art of savings.
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Passbook Savings Account: Grow Your Money In A Traditional Way
Before the rise of various investment vehicles in the market, banks have long been offering to people the wonders of opening a savings account. Most often, people deposit their money in banks for security purposes. The amount they save for a month goes directly to the bank account. This method of saving up has been very popular even up to now. Majority have various accounts with different banks. The best thing about it is the way it teaches people to save up even with just a minimal amount. Even though money market savings account and certificates of deposits are becoming popular among investors, there are still some who believe in the power of passbook savings account.
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