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Real World 101: Blog

 
Explore our many posts about how to easily navigate through the troubled waters of the "Real World". Our blog gives you tips, "how-to"s, insights, guides, and secrets on life in the "Real World".


Thursday
11Mar2010

Choosing a Bank

A checking account is the most fundamental way to manage your money. You can access it to pay your bills via banking centers, online banking, ATMs, debit cards and checks.

Having your money in a checking account lets you write checks, which costs less than purchasing money orders to pay for things. Checking accounts typically cost from $5.00 to $12.00 per month, although some banks offer free checking accounts. But even with a fee, it's still cheaper than paying bills by money order or cashier's check (they cost $0.80 to $9.00 each). If you're paying regular bills such as car insurance, rent, credit card payments, and so on, these can't be paid with cash.

A checking account helps you keep track of your money. It's hard to keep track of the cash in your wallet or sock drawer. Using your bank's online banking services, you can view account activity from your computer to see how much money you spent, how much you deposited and how much you have left. A checking account also gives you proof of payment showing the amount you paid, to whom and when. So if someone says you didn't pay them, you can just send a copy of the check you used.

While you don't absolutely need a checking account, keeping your money in the bank is safer than cashing checks—and much safer than keeping cash in your room or in your wallet. Properly managing your checking account helps develop critical financial skills you'll use the rest of your life.

What should you know about banks and banking? How do you choose the right bank, find the account that meets your needs, and then manage your account wisely? Read on for banking basics, tips, and more.

 

This is an excerpt from Managing Your Money After College Guide which is included in our Real World 101 Care Packages. Visit our Care Package page to find out how to get one for yourself or for a lucky college grad!

Wednesday
10Mar2010

How to Standout at Any Career Fair

Not too often will you find a bunch of employers gathered for several hours in a purposeful effort to meet you and other job seekers. So when a career fair is held in your city or, even better, right on your own campus, it's smart for you to attend.

Job fairs, like interviews, are face-to-face meetings between jobseekers and employers. They are one of the easiest places to find good job leads. Every employer attending is there to hire one or more workers.

Find the Fair

Career centers, associations, State and local governments, and private companies organize job fairs. Find the fairs in your area by looking everywhere they might be announced. Ask a career counselor, review the business bulletin board at your school or local library, check the employment section of the newspaper, and search online via an Internet job fair locator. If you cannot attend the job fair, contact sponsoring organizations, a sponsor may be able to give your resumes to participating employers before or after the fair.

But to get something from the experience beyond a few free key chains, you need to understand what you should do before, during and after the career fair -- and then follow through.

Before

1. Visit the Career Fair’s website or ask for a listing of participating organizations a few days before the fair, and rank visits before you arrive.

2. Identify a minimum of 3 organizations that you would like to visit:

Study the organizations you’ve selected and others attending the fair. Nothing impresses an employer less than a student asking, "So what do you guys do?" Instead, be one of the few students who knows something about each of the companies. The more informed you are, the more likely you will be positively remembered.

Based on the organizations you selected and researched, brainstorm a few questions that you can use to generate conversation with a representative and learn more about their organization or industry:

3. Have your resume ready. If you have the time, try to tailor your resume to those companies you’ve selected. If you not, make several copies of a general resume, since you'll probably visit with more than one employer. Leave at least one with every company that seems promising. (NOTE: Cover letters are not necessary when hand delivering your resume)

4. Get or make business cards. You can buy blank business cards at stores like Office Depot, and then use a computer and laser printer to create some personalized cards. List your name, contact information, and perhaps your major and the career you'd like to pursue after graduation. Review the business card section in the article Step Up Your Game.

5. Develop a 30-Second commercial. "Tell me a little about yourself." You're likely to get that invitation from many of the employers at the fair. So spend a little time beforehand figuring out your response. Briefly describe your background and what you are looking for. Relate your education, experience and skills to the employer’s needs. Think of your reply as a 30-second, self-promotional commercial you'll deliver to each employer who asks.

EXAMPLE:

Hello! My name is Mary Smith. I am a senior journalism major. Currently I am the Editor of the Ivy Tower, Ivy College’s paper. I’m looking for a full time position utilizing my editing skills and experience. I am extremely organized, efficient and deadline oriented. I read about your organization on your web site and became interested through the information provided there. Can you give me an idea of the opportunities you might have for a person with my background?

What to Bring

Make sure you have the following items with you when you attend a fair:

  • A supply of resumes
  • Personal business cards,
  • Several pens and paper for taking notes,
  • A briefcase, an expandable folder, or a canvas bag to keep company literature, recruiters' business cards, and applications organized

Go Alone

Leave children and other relatives at home. If you plan to attend the fair with a friend, don't appear to be inseparable when visiting booths. A professional image is easier to maintain if you speak to employers alone.

 

Dress Professionally

A job fair is like a series of mini-interviews, with recruiters forming impressions of the people they meet. If you are unsure about what to wear, ask a career counselor or someone from the organization sponsoring the fair. 

  • Women: A conservative, tailored business suit, just as you would to a job interview, is preferable but you can also wear a skirt and blazer, a conservative business dress or pant suit.
  • Men: A conservative, tailored business suit, just as you would to a job interview, is preferable but you can also wear a button down shirt, tie, sport coat and nice slacks.
  • Neat and comfortable shoes, as you will be on your feet for a while (not sneakers).
  • Substitute a briefcase or bag for your backpack; you want to look less like a student and more like a future professional.

 

During

Survey the terrain and plot a strategy. When you arrive, take a quick walk through the fair. Time is limited, and booths are crowded. Plan a route before stopping at booths to see your favorite companies. Save visits with the best prospects until after you've warmed up with a few other employers.

Master the Mini-Interview

Every time you speak with an employer, no matter how briefly or how boisterous the atmosphere, consider it an interview. Recruiters will expect you to introduce yourself, shake hands confidently, answer questions about your coursework or experience, and have an idea of the type of job you want.

1. Introduce Yourself and Shake Hands. In many ways, a career fair is a test of your social skills. While employers are almost always friendly and outgoing, they'll expect the same of you. If you haven't done much ice breaking before, practice in advance with a campus career counselor or friend. Be sure to make eye contact and speak self-confidently. Now is the best time to use your “30-second Commercial.”

2. Ask Intelligent Questions. If you've studied up on the organizations, you'll probably have some questions you'd like to ask. Not only will you get some answers, but you'll also show yourself to be someone who does his research. You might ask what the hiring process is like or what jobs are available for people with your education.

3. Leave Your Resume and Card with Each Representative. Be sure to grab each representative's card. Make sure that you have the name and title of each person you speak with and verify the appropriate contact person for the future.

4. Check for Applications. Some organizations have job applications that you can fill out at the job fair. If you want to apply, take two, one will be a rough draft. Ask if you can bring an application home to send later, then consider adding a note saying you met the recruiter at the fair. If you have to complete the application at the fair, do it flawlessly. See the filling out job applications section for additional advice.

Tip: There may be employers with lines of students waiting to speak to them. Be aware of how long you are talking and conscious of whether other people are waiting. If time is running low, go to the employer with a line last. Typically employers will stay until they have met with everyone on line, but the employer without a line will leave.

After

1. Take Notes: After the fair concludes, jot down notes about conversations you had with company representatives. If you wait too long, the conversations will start running together in your head, and you'll forget what you said to whom. This is also a good time to go through company literature, recruiters' business cards, and applications while your memory is still fresh.

2. Follow Up on Promises: If, for example, a company representative expressed interest in looking at your Web site, make sure to email the URL like you said you would.

3. Send Thank-You Notes: Write or email each of the people you met and thank them for their time. Reiterate your interest in the company and your relevant skills and experience. Most job seekers fail to take this simple step, often losing out in the end to those who did express their thanks. Send thank-you letters to employers within 2-3 business days.

There will be few other times in your life when employers will make such a concerted bid to get your attention. So when they participate in a nearby career fair, make the most of the opportunity to present yourself favorably, gather useful information and meet new contacts. Your small investment of time and effort -- before, during and after -- might very well turn into an opportunity you wouldn't have otherwise had.

 

This is an excerpt from Finding Your First Job After College Guide which is included in our Real World 101 Care Packages. Visit our Care Package page to find out how to get one for yourself or for a lucky college grad!

Tuesday
09Mar2010

Sticking to Your Budget

Your spending habits aren't the same every month, so you need to keep track of your expenses for several years to get an accurate picture of what you're spending over the long term. Keep monthly budgets or spending notebooks from previous years so you can analyze how your spending habits have changed.

As you begin to pay attention to and focus on your spending habits, you will find yourself spending less and saving more. As with anything else, the more concentrated focus you give to sticking to a budget (as a matter of self-affirmation), the more changes there will be in your spending habits.

You need to gain some initial budgeting experience through trial and error, but once you have identified your spending limits and felt the benefits of effective financial control, budget watching can evolve into a healthy, lifelong habit.

 

This is an excerpt from Managing Your Money After College Guide which is included in our Real World 101 Care Packages. Visit our Care Package page to find out how to get one for yourself or for a lucky college grad!

Monday
08Mar2010

Where to Look for Jobs

Knowing where to get started with your job hunt can be daunting. But it’s daunting for no reason, because there are plenty of options to help you get off to a winning start.

Career Counseling/Vocational Centers

This resource is richest if you're looking for a calling or hoping to find a job prior to graduation, but it can also come in handy for the alums. They can help polish your résumé, put you in touch with other alumni in your chosen field, and provide helpful hunting tips and listings of available positions. 

Career Fairs

Most colleges (or college consortiums) offer at least one career fair during the academic year. Even if you are looking for a job in a different part of the country, go to the local fairs and get to know with the recruiters.

Find out how to make the most of any job fair, by visiting RealWorld101.org/Career-Fairs

Alumni Office

Your alma mater will have a job board that you can usually use if you're a recent alumnus.  The advantage to looking at jobs posted on campus is that the employers who placed the ads are looking for graduates of your school. So you’re that much closer to convincing the employer to hire you

Industry Publications

Look at trade publications for the industry where you'd like to work and review their lists of entry-level or assistant jobs. Many companies who place ads in the trades don't advertise elsewhere. So the only way to find out about them is to think like an industry insider and read what they read.

 

This is an excerpt from Finding Your First Job After College Guide which is included in our Real World 101 Care Packages. Visit our Care Package page to find out how to get one for yourself or for a lucky college grad!

Sunday
07Mar2010

Reviewing and Adjusting Your Budget

Always balance your income and your expenses monthly. Are you spending more money than you're making?

If you're able to meet all your expenses, make regular payments on any debt you have, save a portion of your income, and have some money left over for discretionary purposes, good for you. You're in good financial shape.

If, however, you're spending everything you earn without saving anything, or you're spending more than you earn, you must change your ways. If you have credit card debt that never gets paid off, or you're in over your head with car loans or other debt, your financial condition is shaky. If your expenses are higher than your income, you have two options

  • Increase income. Increasing income can be difficult with limited time on your hands, but you might think about what you can do.

Remember, if it doesn’t work on paper, it won’t work in real life.  Learning to balance your budget is the most important step on the road to your financial future.

Tweaking and Targeting

After a month or so, you may find that your budget needs some tweaking. Cutting back or trimming expenses can be a lot easier than trying to cut things out completely

If your rent is more than you can afford, you might have to move to a smaller place or get a roommate. You may really like the club you've joined, but if the membership fees are too high, you may have to consider dropping it. If you're spending a lot more on movies than you planned, you'll know where you can cut back. Still, fixed expenses are not the easiest ones to scrimp on.

You can always make adjustments if your budget isn't working for you, but don't abandon ship completely. It's important to remain consistent and committed to following your budget. Besides, if you skip this step now, you will pay a hefty price later.

Adjusting a budget

Your situation can change rapidly. You might decide to get a part-time job or leave a job. Maybe your landlord increases the rent without notice or you have major car trouble. Any of these events will affect your financial condition.

How do you adjust your budget as your money situation changes?

Income increase

Two healthy budget adjustment decisions to consider if you take on a part-time job or gain reliable new income through some other source include:

  1. Increase savings account deposits: Adding just an additional $100 to your savings account each month will build an additional reserve of about $1,200 over the year. If you do not have a savings account, now is the perfect time to open one. See Chapter 5 ”Choosing a Bank” for more information about savings accounts.

  2. Make larger credit card payments: How much faster will your balance shrink if you double your payment? Set an account balance reduction target for the year and call your credit card company. A representative can inform you what your lower monthly interest payment will be based on the reduced balance.

Income decrease

Losing a job or suffering any other reduction in income forces you to control your spending-particularly the purchase of nonessential goods and services. Here's an approach that can help you adjust your budget so you don't have to cut out entire spending categories:

  1. List the areas in your monthly spending plan that are not vital to your living situation, such as snacks, entertainment, and clothing.

  2. Divide the amount of your monthly income reduction by the number of spending categories you selected. In this case, there are three. Dividing a monthly income reduction of $150 by three will give you a spending reduction target of $50 for each category.

  3. Subtract your targeted reduction from the existing "budgeted amount" column in each spending category.