7 easy ways to grow your savings
Want to get rich quick? You’ve come to the wrong place! But don’t despair, we can help you build wealth with realistic long-term tactics that are simple to implement. Read on for more info… Growing your savings doesn’t have to be as daunting as it sounds. Just like any project, when you break it into little chunks, the end result starts to seem a lot more achievable. The same goes for saving — when you tackle small changes to your spending, you will start to see your savings grow. Follow these 7 easy steps and you’ll start saving instantly. 1. Plan before a grocery trip How many times have you made a trip to the grocery store for a carton of milk and eggs, but found yourself leaving with the milk, a large bag of Doritos, and a 12-pack of cinnamon buns? Oh, and you forgot the eggs. It’s okay, it happens to the best of us. That’s why making a grocery list before heading out to the store will save you from spending on impulse purchases and help you remember the essentials. Preparing before a grocery trip — checking your fridge and pantry, making a list of items you need for the meals you plan to cook, and checking for any coupons or discounts at your favorite stores — will help you save tens of dollars each month. 2. Set an eating-out budget each month Going for the double cheeseburger combo twice a week at lunch breaks can be tempting, but it quickly adds onto your spending. Eating out every day will dwindle your savings, so a good way to cut back on eating out expenditures is to plan your meals out for social events, and bring lunch for work shifts. According to USA Today, the average American spends 4.2% of their gross income on eating out a year. Using this as a benchmark for your budget, don’t forget to account for taxes and tips when eating out. And yes, delivery pizza counts as eating out too. 3. Set automatic bill payments and transfers Forget relying on memory when you can set up automatic bill payments so you never have to pay a late fee again. Interest charges and late fees on bills are a burden you can avoid. Many banks offer free bill payment features so you can set it, and forget it! Setting automatic transfers between your checking account to a separate savings account for small amounts each paycheck is also a good way to start saving, without really thinking about it. Over a few months, you’ll start to notice your savings grow. 4. Anticipate major purchases When we don’t plan for all the major purchases each year, we often cut through our savings quickly. Keep annual sale periods in mind when shopping for gifts, large household items, and electronics. If the purchase can wait until Boxing Day or Black Friday, your wallet will thank you later. Planning ahead also allows you to scout for deals online. 5. Review your subscriptions If you’re like most of us, you probably have subscriptions for Netflix, Spotify, Amazon Prime, and more. Make a list of all the subscriptions you have and evaluate if you really need them. Cutting back on some of your monthly subscriptions will easily keep tens of dollars off your credit card bill each year. This also goes for cell phone plans — are you fully utilizing the 8GB data plan or could you scale back? 6. Skip the macchiato A survey found that 50% of working Americans spend approximately $1,000 a year on coffee. Most of us can’t start the day without our cup of joe, so why not actually start your day by brewing your coffee at home and taking it on your commute to work? Instead of spending the $1,000 on Starbucks, you could cut your spending to less than $50 a year by purchasing beans to brew at home. And that’s $950 you just saved by changing your daily coffee habit. 7. Stop paying interest If you’re not fully paying off your credit cards, this is a slippery slope and you may find yourself wound up in debt. Prioritize paying off credit cards with high interest on time, and as quickly as possible. Every dollar you pay on interest is a dollar you could have saved.
Why employee financial strain is taking a toll on your business
Engaged and invested employees are the backbone of any successful business, especially in the service industry. From waiters to retail clerks, these employees provide the first–and sometimes only–human interaction a customer has with your brand, which makes growing employees engagement at your business invaluable. But holding on to your most engaged and invested employees is a challenge, and it’s even more of a challenge to develop and grow these characteristics if many of your employees are disengaged from the workplace. Before even beginning to nurture workplace investment and employee engagement, you need to find an answer that explains why they’re disengaged in the first place. One of the main reasons is financial stress. According to a 2017 study conducted by Gallup, only 32 percent of Americans feel engaged at work. That means a staggering 70 percent feel disengaged. Today’s hourly workers are far less satisfied with their jobs compared to individuals in salaried positions, and that has less to do with the nature of the job and more to do with the benefits and pay that come with it. Hourly Workers Work-Related Satisfaction Only 34% are satisfied with the benefits offered by their employer Only 29% are satisfied with their pay Gallup’s’ research also shows clear links among financial distress, workplace productivity and health. So, when employers improve their employees’ financial well-being, they’ll also see improvements in their business–engaged employees are far more involved in, enthusiastic about and committed to their work. Employee financial strain isn’t just a societal problem, it’s a business problem. Here are four ways employee financial strain can have a negative impact on your bottom line as a business. Distracted Employees Poll results show that 45 percent of millennials–which make up a majority of today’s hourly workforce–say personal finance worries impact their ability to do their job. 85% of working Americans say they deal with personal finance issues during working hours at least occasionally. 56% believe they have coworkers whose job performance has been impacted by financial stress. Less than 50% say their employers offer some type of help or benefits for employees seeking financial assistance. *Information via Workplace Options Each time you switch your focus, you compromise your effectiveness at work. Employees who are distracted by outside stressors like finances are more forgetful, less attentive and less capable to make quick decisions. These distractions not only affect the quality of your customer service, but depending on your business, can simply be dangerous. Absenteeism Worry over financial matters can cause anxiousness, irritability, fatigue and sleeplessness—all of which can take a toll on a person’s overall health. For a business, this means more sick days and higher health costs. According to research conducted by the Society for Human Resource Management, absence and tardiness are 34% higher among financially stressed employees. Higher Turnover Employee turnover in the U.S. is at an all-time high, especially in the service industry, which is largely made up of hourly employees. A recent survey conducted by Gallup found that in 2016, the restaurant industry saw a whopping 73% employee turnover rate, with the retail industry not far behind at 65% turnover. With only 29% of hourly employees reporting they were satisfied with their wages, this leaves the majority of our hourly workforce on a constant search for better opportunities, making them more likely to quit their job for an employer that provides more pay and financial support.
How to build a strong and engaged team in the service industry
When it comes to working in the fast-paced, frontline service industry, it pays to have every hourly worker on your team working seamlessly with one another—pulling together when the rush of work hits. A team that works in unison, with a shared commitment to getting stuff done, gives you the ultimate competitive advantage—leading to increased customer satisfaction and leaving competitors wondering how it is you do it. Here are a few tips for you to get started on building your dream team in industries with hourly workers. Always lead by example A team is only as strong as the foundations it’s built on. If you’re in a position of leadership, set a strong example for your employees to follow. Here’s how you can do that: Be an advocate of honest communication and show respect to your employees: this will set the tone for others to follow. Use open dialogue to tackle challenges and talk through issues: setting a precedent of transparency and open communication will help prevent trivial issues festering beneath the surface, leading to tension between colleagues. Be vocal about the values you find important: make sure to let your team know that these are standards you expect them to try to uphold. Communicate and educate your expectations on all levels to ensure everyone is on the same page. Outline responsibilities clearly, then let your employees step up No one wants to be micromanaged. Especially for your ready-and-able hourly workers; it can even lead to them avoiding stepping up and taking on more responsibility. Provide your employees with a clear outline of their responsibilities, then give them the autonomy to be able to get it done. Though they may stumble a bit at that start, trusting them to do the job you hired them for will show that you believe in their abilities. In the situation that you have a number of employees working together for the first time, a clear outline of the role and responsibilities will prevent them from stepping on each other’s toes and reduce task redundancy. A quick team meeting before a shift to run through tasks and ownership can prevent confusion and ensure all jobs are taken care of. Champion their strengths A report by the Journal of Positive Psychology found that workplace performance was closely related to the use of strengths at work. While some employees excel at customer service, others might have a knack for implementing new systems and staying on top of admin. Take the time to understand where your employees’ strengths lie and allocate tasks that play to their abilities. Even when it comes to the smallest of tasks and responsibilities. Take an interest in your employees Your employees are more than just staff. Some are parents, some could be caregivers and the list goes on. With that in mind, there could be several factors in their personal lives that could have an impact on their performance at work. Take some time to learn about your team member’s lives outside of the workplace to get a better understanding of their circumstances. By showing them you are interested in more than just their workplace ‘selves’, you are letting them know they are valued as more than just a resource. Through regular chats and feedback sessions, you’re able to dig a little deeper to find out about their goals and objectives. Some employees might just want to come to work and do the job they were hired to do; with personal situations that may take a fair chunk of their time. Knowing this information is valuable to reveal the best approach to lead each member of your team. Open communication with your employees on their personal and professional needs is valuable in helping build the strong and engaged team you’re looking for. Appreciate their efforts As the old adage goes: manners don’t cost anything. And to add, they prove to be very valuable in the workplace, especially when it comes to recognizing employees with a simple ‘thank you’. A recent study by BambooHR found that 94% of employees who received daily positive recognition were satisfied with their job, while 43% who barely received recognition were dissatisfied. Though appreciation alone won’t be enough to retain your employees, it can certainly help your team members feel more engaged and connected. For most of your employees, verbal recognition and acknowledgment do the trick. When your employees feel valued, even in the smallest of ways, they are more committed to their job, feel more responsibility to their co-workers and have increased productivity.
