Summer Jobs

This is a great opportunity for college students to earn some extra money and add to their resume.

Where Are They?

According to the Bureau of Labor Statistics, the top 5 industries that attracted seasonal workers in the summer of 2009 between the ages of sixteen to twenty-four were:

• Leisure and Hospitality
• Retail trade
• Education and Health Services
• Government
• Professional and Business Services

However, the current state of the economy may affect college students who are looking to get the same jobs that they did last year. While the national unemployment rate is staying steady at 9.7%, some of these sectors are recovering slower:

• Leisure and Hospitality – 12.5% unemployment rate
• Retail trade – 10.1% unemployment rate
• Professional and Business Services – 12.4% unemployment rate

Alternative Sectors

There are alternatives for college students who can’t find hospitality, retail or office jobs. In March 2010, job growth continued in the temporary help services and healthcare industry. The federal government is also continuously looking for educated college students to fulfill internships. For college students who are taking some classes during the summer, government positions are ideal because they can create flexible schedules.

A summer job can give a college student “hands-on” training for a future career. When evaluating your summer job or internship, ask yourself these questions:

• Does this job interest me?
• What’s the hourly wage?
• How many hours per week? Is there any flexibility?
• What’s the level of responsibility?
• Is this going to interfere with taking summer classes?
• Could this help me learn valuable career skills?
• Will this help me build contacts for my future career?
• Could this summer job turn into a recurring, part-time/full-time job?

Is This Job BENEFICIAL?

Make sure you understand your short-term and long-term goals. If you’re just looking some extra money, you’ll choose your job based on salary. However, make sure that there’s a long-term goal, such as valuable job experience or gaining business contacts.

Being short-sighted can hurt you if you graduate and don’t have any experience in your chosen field. Sometimes it’s worth taking a low-paying summer job or unpaid internship if it’s going to lead to bigger and better opportunities. Just make sure that your financial circumstance will allow you to take the job.

Lower temperatures are straining power companies that are struggling to meet consumer demand. Many Southern farmers are seeing their crops put in danger. Stressed and chilled consumers are finding themselves at the doctors to treat an array of coughs, sniffles and fevers.

What is the Big Freeze going to cost you?

From health concerns to heating your house to eating, how will this cold weather affect your finances?

1) Additional Medical Costs

Studies have shown that colds and flus are seasonal. During colder weather, you’re more likely to get a cold or flu than during warmer weather (possibly because you are more likely to be cramped up inside with others!).

Getting sick can lead to spending additional money on over-the-counter remedies, prescription drugs and doctor visits. Make sure to take care of yourself, keep warm and consider boosting your intake of Vitamin C to avoid getting sick during this cold weather.

2) Higher Power Consumption

The formula for estimating your energy usage is: Wattage x Hours Used per Day x Number of Days / 1,000 = Daily Kilowatt-hour (kWh) consumption; then multiple your consumption by your kWh rate.

If you’re using any of these devices, you’re looking at a higher energy bill:

• Electric Blanket (60 – 100 Watts)
• Furnace Fans (750 Watts)
• Portable Heater (750 – 1500 Watts)

As you can see, running a portable heater can use just as much energy as running your furnace fan. If you don’t have central heating, you might consider limiting the number of rooms that you’re running a portable heater in. Consider throwing on an extra blanket rather than using an electric one. Try running your heat at a lower level, so instead of walking around with shorts and a t-shirt, you’re wearing a sweater and pants. The less energy you use, the less your bill will be at the end of the month.

3) Higher Fruit and Vegetable Costs

You won’t see it right away, but in the next few months, you could see your vegetable and fruit costs start to rise. When crops get damaged during a frost, farmers have less to bring to the market. Less products and greater demand, means that grocery prices are going to rise. Although citrus and strawberry crops are faring well during the frost, many Florida farmers are reporting damage to tomato, green bean and corn crops.

You might want to consider stocking up on canned goods and frozen produce that will be affected by this January freeze.

4) Upgrading the Wardrobe

Additionally, you might find yourself spending more on clothing this month to replace worn winter clothing. The good news is that January is a typical sales month for winter retail, so you should be able to find some good deals on winter clothes.

Relax, Though

Despite all of these unexpected expenses, RELAX. You have your emergency fund for precisely these reasons, right?

If not, let this be another reminder of why you need to stash away money for a rainy day… or in this case a freeeeezing day!

One thing that the holidays mean is increased financial activity for the economy as a whole. People are busy buying lots of food and lots of gifts.

I wanted to discuss the financial pressures that the holidays bring, and ways to relieve the stress.

Causes of financial stress:

Here are some common social pressures that cause financial stress during the holidays:

• Attaching Happiness with Material Things – Retail industry gears up for the holidays, telling you that to be happy you need things and you believe them. You shop till you drop, thinking that the things in your basket will make this holiday a happy one. However, the more you spend, the larger your debt grows. Once the holiday is over, you’re facing large amounts of debt.
• Social Expectations – Oftentimes you feel the need to protect your friends and family from your financial difficulties. You feel the social pressures to be happy and successful. You might spend money you don’t have to meet these social expectations.
• Too Many Responsibilities – You over commit to your loved ones. You schedule too many parties, too many extra activities and too many family obligations. The financial burden of these obligations can make a difficult situation worse.
• Topping Yourself – Every year, you want this holiday to be better than the next one. You feel as if you can’t “beat” last year’s holiday then you’re a failure. Or you’re in competition with another family member to provide the “better” holiday. Sometimes in the heat of the competition with yourself or someone else, you spend far too much.

If you ignore these social stressors, it can have a negative effect on you and your loved ones.

Negative effects of financial stress:

Stress isn’t just a pain in the butt that exists in some sort of emotional vacuum. No, it effects other parts of our lives in drastic ways. Financial stress can affect you in many ways:

• Health – Financial stress can have an effect on someone’s physical and mental health. It can cause someone to feel angry, depressed and fatigued if they’re staying up at night. More extreme cases can cause headaches, upset stomachs and muscular tension. AARP survey on the Impact of Economy on Health Behaviors found that 20% of the participants reported health issues due to financial stress. (Source)
• Lashing Out – Financial stress can cause someone to lash out against their family and friends. In some extreme cases even lead to domestic violence. Last holiday season, National Domestic Violence Hotline (NDVH) ran a 6-week study on the link between financial stress and domestic violence and found that 54% of victims who called their national hotline reported a change in their financial situation in the past year. (Source)
• Self Destruction – Financial stress can lead to self-destructive behaviors such as increased drinking, illicit drug use, over-eating, excessive gambling and even additional spending. These behaviors can start effecting one’s work, school or home life negatively.

You may feel like you’re alone. That you can’t reach out. You might feel guilty that you can’t offer the holiday that you feel you should. Those negative feelings are not going to help you.

How to Cope with Financial Stress

Instead, start coping with your financial stress with these strategies:

• Be Real – Stop putting on airs to your family and friends and be honest about your financial situation. Being honest with them will relieve many of the financial pressures that come with the holiday.
• Take Care of Yourself – It’s hard enough to deal with problems when you’re healthy. If you’re having physical and/or mental health issues, you need to seek help from a healthcare provider, spiritual leader, school counselor, psychologist or community health clinic.
• Deal with Your Debt – Hiding from your debt problems and continuing your current spending habits will only make the situation worse. It’s never too late to start dealing with debt.
• Release Stress – Physical exercise can go a long way to release stress and reduce anxiety. You can also funnel your negative stress into free activities and hobbies to get your mind off your debt problems.

How Do You Cope?

When you feel financially stressed out because of all of the pressure from the holidays, what do you do?

Just realize: You’re not alone. According to the National Retail Federation, this tough economy is impacting two-thirds of families this holiday season. Many families are going to be spending less, shopping the sales, using last year’s decorations and cutting out holiday travel. Focus on your family and be thankful for what you have this holiday, rather than what you don’t. Just by changing your mindset, you can have a happy holiday.