Saver in the City’s five for Friday
Here’s the third installment of Saver in the City’s five for Friday! I love reading other blogs so it’s usually hard to narrow this list down to a handful, but here are five posts that caught my eye this week:
Having trouble sticking to your New Year’s resolutions? Regain your resolve and re-motivate yourself to succeed by reading The Wisdom Journal’s very doable list of 6 ways to motivate yourself.
They deliver through rain, sleet and snow…but apparently not through a recession. DebtFree4Ever brings to light a proposal made by the Attorney General this week to save the U.S. Postal Service money by cutting mail delivery to 5 days a week.
If the possibility of massive sales at soon-to-close Circuit City have you salivating (like me), be sure to read FiveCentNickel’s tips for shopping liquidation sales.
Mmmm, McDonald’s french fries…it’s hard to imagine life without them. Luckily we don’t have to. In her series about self-made men, Wide Open Wallet takes a look at Ray Kroc, the fast food entreprenuer who made McDonald’s (which by the way is one of the few companies thriving in this economy) a household name.
Ha, now that I’ve tempted you with french fries, consider some of SoundMoneyMatters’ great reasons to start your fitness goals in February. I know, I’m cruel :-)
Have a great weekend!
Filed under Career, Economy, Finances, Shopping | Comment (0)Tough love for a job seeker
Yesterday I met with a girl who used to work at my company but who now is unemployed after nine months in New York City pursuing PR and event marketing. She moved back here with a job offer from an employer in town, but that didn’t pan out so she’s currently looking for work.
In her email to me, she asked if I’d meet with her to discuss career opportunities and I happily agreed since I’ve had several mentors help me throughout my career, and I’m always trying to pay their kindness forward.
Unfortunately, the kind of help she needed required a little tough love.
Her resume – which she’d sent me in advance – contained 22 errors. In case you think that’s a typo, let me repeat: 22. Everything from incorrect grammar usage and misspelled words to style and font inconsistencies…and this from someone who wants to work in public relations and marketing!
After the requisite small talk, I steered our conversation toward her success thus far in securing interviews. As expected she was frustrated with the lack of responses she’d received in her search.
And here’s where I dashed the hopes of a young, aspiring worker in one fell swoop <insert evil laugh>!
I’m kidding, of course. I would never do that, but I was completely honest with her. I told her that the job market is extremely tight right now and employers have their pick of candidates, especially in the city in which we live.
Therefore, her first impression – typically a cover letter and resume – needs to stand out…and by stand out I meant not in a negative way. I then took a highlighter and went through all 22 errors with her, showing her the mistakes I’d noticed.
That may sound harsh, but most employers wouldn’t have read past the first or second error before filing her resume in the NO pile, better known as the trash can.
I then went on to give her some advice, and it’s the same advice I’d give to any other person looking for a job right now:
*Always put your best foot forward: From your resume, to your follow-up phone call or email to your actual interview, be sure you are putting forward your best. Read and re-read for typos, ask others to double-check your work and practice what you’ll say in your interview, changing it up as necessary. With 500 people applying for the same job, you can be sure others will be going out of their way to make a great first impression.
*Get out there and network: Sure, many companies aren’t hiring right now, but that doesn’t mean you can’t meet with a contact informally to “learn more about what their job entails.” Successful people usually like talking about their successes, and once you’ve met with them face-to-face (and hopefully made a great impression – see #1) they’ll likely think of you first when they do have an opening.
After your meeting, be sure to send a follow-up email – both to thank them and to ensure your email address is recognized. This way, even if they don’t automatically consider you for an opening, at least they’re more likely to open your email when you send them your resume/cover letter in the future.
*Don’t be proud: In this girl’s particular case, she has debt and needs to get a job to start paying the bills. I know she wants to find her “dream job,” but in the short-term she needs to be realistic and take care of necessities.
When I first graduated from college, a lot of companies were laying off workers and implementing hiring freezes similar to those we hear about today. After little success in my job search – despite graduating magna cum laude and having three internships under my belt – I had a tear-filled breakdown on the couch one day with my mom. She knew I was in debt and she told me to stop being proud and to start being smart. I drove to a temp agency that day.
*Be smart in the interim: I’m not advocating working for a temp agency or at a random job for the rest of your life, but having a semi-regular paycheck and not being in financial distress may actually help your search for a dream job because you won’t have the pall of desperation that comes with being unemployed.
Also, your interim job – whether temp or otherwise – has the potential to be a learning experience in addition to a meal ticket. Even if it’s not quite up your alley, important skills that are universal can be learned and used to your advantage in the future.
*Look for the long term: The last piece of advice I gave her was to take her time looking for the next job she plans to include on her resume. This seems to contradict #4 but let me explain.
This girl has had four separate jobs in the span of a year and a half. HR folks and those in the position of hiring (including me) see that as either a lack of commitment, or worse, a reflection on the quality of her work.
Since she seems intent on finding that elusive concept known as a dream job, I advised her to first find a job that pays the bills to meet her immediate needs. Then she can have the luxury of being picky because ideally she will stick with her next PR/event marketing job for a minimum of two years.
I left the meeting with two different feelings. The first: hope that she took the advice for what it was – constructive criticism – and that she finds something soon. In person, she comes across as polished, professional, intelligent and eager, so if she can just improve her first impression I think she will find success.
The other feeling? Gratitude. Gratitude that I have a career I like and that I’m not looking for a job in this economy.
Filed under Career | Comments (2)Deducting sales tax for big savings
As mentioned in yesterday’s post, one of the benefits of the massive $700 billion bailout was an extension of a bill that allows taxpayers to deduct either sales tax paid or state income taxes in both 2008 and 2009.
Since I live in a state with no state income tax, I was thrilled about the possibility of deducting several thousand dollars in sales taxes should I decide to purchase a new car in 2009.
But what about 2008? I didn’t buy any big ticket items but I know for certain I paid my share of sales taxes. Unfortunately, I’ve never been great at saving all my receipts so how could I a) come up with an accurate amount to claim on my taxes and b) prove it should the IRS contest the amount I pulled out of my arse?
After doing some digging, I found out the IRS doesn’t expect all of us to be master packrats, saving every receipt that shows a sales tax charge throughout the year. Instead, they offer a calculator on their website that takes your income, zip code and a few other factors to calculate the assumed amount of sales taxes you paid.
To access the calculator, visit the IRS website and type in the search box “Sales Tax Deduction Calculator.” Click on the resulting link, enter a few details and viola, you have your suggested (a.k.a. defendable should the IRS question it) deduction amount.
Things you’ll need for this exercise:
- W-2 forms for 2008
- Sales receipts showing sales tax paid for specified add-on items (i.e. car, motor home)
- All of your residential addresses for 2008
When I guessed a number initially, I estimated I’d spent $1,000 in taxes in 2008. The amount the calculator generated based on my income and local tax rate? $867. How much this saves me on my taxes? $232. Heck yeah!
Sure, there’s a difference between the two numbers and I might have been able to deduct a lot more if I’d kept all my receipts. But seriously, not having to live surrounded by piles of receipts is well worth any money I’m potentially leaving on the table.
Filed under Finances, Saving Ideas | Comment (0)More reasons to watch The Bachelor
Okay, if my first post about The Bachelor didn’t convince you to watch, here’s new fodder for the “why I need to add this show to my life” file. This is a direct quote from one of the girls immediately after she was rejected by hottie bachelor Jason:
“I’m going to go home, brush my teeth with my electric toothbrush and French kiss my dog.”
I had nine women in my house watching the show last night and you could have heard a pin drop after that comment. At least for two seconds until we started gagging and screaming at the mental picture she’d painted.
Did I mention the girl was a dental hygienist? Not that this fact makes it okay in any way, but it adds a little irony to her whole statement I think.
So who’s it down to? Well, last night Jason thankfully got rid of psycho Megan, insecure beauty queen Nikki and dominatrix Lauren (sorry, you have to watch if you want to understand all the references), leaving:
Molly
Melissa
Naomi
Stephanie
Jillian
My current favorites are Melissa, Molly and Jillian, but considering I’m 1 for 3 on my original favorites I’ve decided I kinda suck at predicting these things. Now I’m just worried closet Bachelor fan J. Money is going to come back and say “I told you so”…
Filed under Dating, Personal | Comments (3)5 reasons to buy a new car in 2009
My current car leaves a lot to be desired. A 2002 Chevy Blazer with 97,000 miles and front windows that no longer go down, it also has a possessed ”Check Engine” light that turns on randomly.
On the other hand, it’s given me very little maintenance trouble in said 96,000 miles, saved me from more than a few late-night binges at Jack in the Box (you try and order drive-thru without rolling down your window) and the “Check Engine” light always goes off after a few days.
Even so, I know the day is fast approaching when I will need to buy a new car. While personal finance logic tells me I should wait and save as long as possible, the current economy is doing its best to convince me to do this sooner rather than later.
Here are 5 reasons why 2009 is shaping up to be a great year for a new* car purchase:
1. Decreasing Prices: Weak sales and robust competition are forcing dealers to make deals they wouldn’t have even considered a few years ago. According to the Comerica Auto Affordability Index, the last time cars were this affordable was 1979, nearly 30 years ago!
2. Increased Incentives: Cash back, low or zero-interest financing and creative promotions – such as Chrysler’s three-year $2.99 per gallon gas guarantee and one dealership’s buy one, get one free truck deal - are just a few of the incentives being offered to tempt hesitant buyers.
3. 2009 Tax Break: At least there’s one silver lining to the massive $700 billion bailout: as part of the bill, Congress has reinstated in 2009 an expired tax break that gives taxpayers the option of deducting either state income tax or sales tax paid during the year. If you’re lucky enough to live in a state with low or even no income tax (like me!), this provision can save you big bucks come April 15.
4. More Inventory: Want a teal green Toyota with tan trim, leather seats, a sunroof and 4-wheel drive? With sales stalled, dealerships are sitting on more inventory than usual meaning your dream car may be available off the lot – a less expensive option than customizing it from scratch.
5. Better Treatment: It’s a buyer’s market out there, so like real estate agents, car dealers are learning there’s more to sales than price and product. Sure, savvy buyers are going to concentrate on these two factors above all, but they’ll enjoy bottles of chilled water, complimentary snacks and other extras while they’re doing it.
Living in Texas, the 2009 tax break is probably one of the bigger factors for me in deciding to purchase a car, so you can be sure I’ll be keeping an eye out to see if this provision is extended to 2010.
*In my case, by “new” I mean a gently-used car from 2007 or 2008 with low mileage. Even all of the above pros don’t make up for the immediate depreciation of a new car once it’s driven off the lot.
Filed under Economy | Comment (0)