Save smarter

Save Smarter: Tips to Get Your 20/20 Financial Vision in 2020

22 RuralLeaderMag.com | March 2020 When you made your resolutions at the start of the year, was saving money one of them? How’s that going?

According to the third annual “State of Savings in America” survey by PurePoint Financial, a digital bank and division of MUFG Union Bank, half of Americans believe creating a savings plan is an important goal - but nearly a third think it’s more likely they’ll achieve their “dream body” in 2020 than reach an annual savings goal. And 51 percent think they’re more likely to travel to an exciting new place than achieve their savings goal this year.

While 84 percent of Americans said they were saving for something, only two in five felt confident about their money-saving habits - regardless of their age.

What are the most effective strategies when it comes to saving money? Here are some tips:

Establish a goal. Saving money is always easier with a concrete goal in mind. From there, you can devise a plan to reach that goal. You may want to create a vision board or other visual tool to help keep you inspired and motivated to stick to your plan. Savings goals could include: * Creating an emergency fund - aim for three to six months’ worth of expenses * Paying down a debt * Saving for an important purchase or investment, such as a household appliance or down payment on a car or house

* A special vacation. Set it and forget it. If you’re going to save your hard-earned money, you’ll want an account that works hard for you, too. Begin saving immediately by setting up monthly automatic transfers into a savings account that offers a competitive rate.

For example, if you begin setting aside just $20 each week, you’ll have $1,040 (plus interest) saved within one year. Automatic savings deposits help create positive habits for your future success - and if it’s automatic, you won’t have to think about it.

Talk it out. According to the new survey, over 20 percent of Americans would rather talk to their best friends about an embarrassing health issue than the status of their savings account. Nearly three in 10 who considered themselves bad at saving reported they hide the fact that they have little to no savings from friends because they feel ashamed.

While it can be hard to talk about your finances, chances are your friends and/or family may be in a similar situation. By opening up a dialogue about financial goals and challenges with others, you may learn new tips and tricks to spend less and save more - which will help you stick to your plan. Having a buddy to keep you on track can also be very motivating.

Compare rates and shop around. Make sure that you’re comparing available savings rates and getting the best possible rate for you. If you’re not getting at least 1 percent on your account, you’re leaving money on the table - so it’s time to start shopping around. Save what you can. Just getting in the regular habit of saving is key to improving your financial confidence. Try to save at least 10 percent of your income if you can. However, any amount is a good place to start. What’s important is that you build the habit of saving now.

Eliminate money drains. Just as older generations used to pay for magazine and newspaper subscriptions they never read, paying for today’s streaming services and other online subscriptions you don’t use can drain money you could be putting into savings instead.

According to the survey, one in three Americans do not regularly review their subscription services to keep track of how much they’re spending - and it’s very easy to lose track. Take a good look at your monthly bills, reviewing automatic payments to find subscriptions you may not be using. Once you’ve cancelled any subscriptions you’re not enjoying, total up what you were paying and set up monthly automatic withdrawals for that amount into your savings account instead.

Celebrate America Saves Week by coming up with your own financial goal. To start saving today, begin by looking for the best rate for your account. Visit PurePoint.com to learn more about your options.—

Landing Your Next Job, continued from page 10 say 1,000 words, but a strong LinkedIn profile can say a million. Refresh your profile photo, relevant skills, experience and summary section so that you show up in hiring managers’ searches. It’s a good idea to put in this work ahead of time because once you capture a recruiter’s interest, you want your profile to showcase why you’re the best for the job. Tip: Check out LinkedIn’s new “Featured” section, which allows you to showcase samples of your work on your profile.

Brush up on your skills - and let the world know: Showcasing your skills can make all the difference when it comes to being considered for a job. Everything you’ve learned from your past experience, education, courses and more make up who you are and how you shine as a professional - including hard skills, soft skills and transferable skills that round out everything you bring to the table. Tip: LinkedIn Learning offers 15,000 courses to help you brush up on or learn new skills, and taking a Skill Assessment validates your skills and displays them on your profile (according to LinkedIn, people who complete Skill Assessments are up to 30% more likely to get hired).

Use your secret weapon (people you know): You never know where reaching out to a connection on LinkedIn might lead. Getting introduced to someone through people you know and are connected to on LinkedIn can increase your chances of getting hired by 9x. And the best part is, you have this invaluable tool right at your fingertips! Tip: Start with your family and friends first (you never know who they’re connected to online) and consider joining LinkedIn Groups, where professionals in the same industry or with similar interests can share their insights and experiences, ask for guidance and build valuable connections.

Put in the practice: According to LinkedIn, 54% of job seekers say the interview phase is “moderately to extremely challenging” due to two reasons: uncertainty and lack of confidence. The trick? It’s all about preparation. Get ahead of the interview jitters by putting in the time, research and practice sessions to be sure you’re on your A-game when you walk through the door. Tip: Sign up for LinkedIn’s Premium Career Subscription and get the most out of it by using Interview Prep tools which offer videos and tips from experts and hiring managers to answer the most common interview questions. And, if you’re interviewing for a sales or finance-related job, LinkedIn has interview preparation tools that you can use for the nearly 2 million jobs in sales and finance on LinkedIn*.

LinkedIn has millions of jobs and the right one for you. And remember all the tools you have right at your fingertips to land the opportunity of your dreams!

*Methodology: research was conducted using LinkedIn Talent Insights that found 1.8 million open jobs on LinkedIn in sales and finance functions as of January 2020.—