This Week in Your Wallet: January 17, 2012
Today, I’d like to talk about jobs. Not the jobs numbers or job creation, but your jobs. If you have one, how’s it going? Are you happy?
I ask because according to recent surveys, only about 45% of us are happy with our jobs. That’s right — fewer than half of us report positive job satisfaction. This is not entirely surprising. During the recession, many people took whatever job they could get, simply to have a paycheck. But now that we’re (slowly) coming out of it and things are (slowly) looking up, many people are looking to make a change. And according to this CNN Money article, your chances of getting hired elsewhere are better than they have been in years.
The key is to not leave your current job prematurely — you may be unhappy, but employers look favorably upon those who are already employed. Update your resume to reflect recent successes at work, and use your free time (nights and weekends, not downtime at the office) to network and pursue leads. If you can’t find much in your current industry, consider switching to a field that needs workers. (Hint: healthcare is a big one.)
If it’s been awhile since you’ve looked for a job, Forbes recently published this week-by-week guide to job searching that I think is really good. Among their tips:
- Have a specific goal. You know you want a new job, but in what industry? What job function? And in what city?
- Reconnect with 100 people. Don’t say you’re job searching, just say hello and initiate contact. This way, if you need help from them later, it won’t be the first time they’re hearing from you.
- Pick five to ten target employers. Focus on researching and networking with these employers first.
Happy hunting! And now, here are the other headlines for the week:
Leaving (affordably) on a jet plane
If you’re a frequent traveler (or just a frequent travel browser, like me), you may have noticed that airfare seems more expensive than it was a year ago. Your eyes are not deceiving you — airfare is 21 percent more expensive than last year, to be exact. The lowest airfare in the top 40 routes is $210, thanks to the combination of inflation and costly jet fuel.
The good news is that despite seeing these costs tick up and up and up, you don’t have to cancel your summer 2012 vacation just yet. The New York Times posted this great list of the top 19 travel websites you can use to find the best deals on flights, hotels and car rentals. Some of the sites featured have been around for awhile, like Kayak.com or Airbnb.com, while others are newer. Of these newer sites, I particularly like the looks of Biddingtraveler.com, which helps you find the best bidding strategy to use on booking sites like Priceline.
Also, if you’re sick of all the middlemen in the travel search process, take a look at Roomkey.com. This brand new website launched last week and is a joint venture among Hilton Worldwide, Hyatt, InterContinental, Mariott, Wyndham and Choice Hotels. If you see a deal you like on Roomkey, the site will link directly to each hotel’s booking page. No more “convenience” fees that occur when you use middlemen like Expedia or Orbitz.
Credit card trends
Last week, CardHub.com released its 2011 Credit Card Landscape report. Of all their findings, the one I think is the most interesting is this: balance transfer fees and foreign exchange fees fell last year, while cash advance fees rose. Fees are more transparent now, thanks to the CARD Act, and competition is driving down certain fees, as we see with balance transfers and foreign transactions. Additionally, the report found that cash back rewards are 60% more lucrative. Not bad, right? For the full results from the report, click through using this link.
Examining the fine print
Finally, when you buy a new song on iTunes or a train ticket on Amtrak, do you read all the terms and conditions of the purchase, or do you just click the little “I have read” box without reading another word? It’s okay if you fall into the latter category — I know I do! According to this new SmartMoney article, 61 percent of consumers do not read the fine print on a purchase — and those are just the people who will admit it. I think that number is actually a little higher. After all, one study even found that 96 percent of participants were willing to sign a contract that included clauses saying they’d do push-ups on demand. Clearly, they were not reading the fine print!
While the push-up example is funny, it reveals a serious problem that can cost households up to $2,000 per year. Information about fees, exclusions and waivers are often buried in the terms and conditions, written in a print so small it’s virtually impossible to read. The good news is that consumer agencies are fully aware of the problem, and a contract-translating service called Transparency Labs will be going public in the very near future. I’ll be sure to keep you posted on their progress, because this is a service we all need! In the meantime, perhaps it’s wise to invest in a magnifying glass…
Have a great week!
Jean
