In our day and age the world is at our feet, we no longer shy away from traveling to beautiful destinations like the Bahamas or amazing chic weekends away in jet setter cities like New York. But let’s face it, even the most seasoned travelers have got to admit those long haul flights can get the better of us. So The Telegraph has kindly supplied with some great top tips to help get us through.
As a nation, we’re getting more and more in debt each year, and some of these debts can come with hefty interest rates and fees. So it is easy to see how our finances can quickly and easily spiral out of control. I’m not a financial expert but I wanted to just put a few ideas out there to anyone who struggles with debts and would like to take some control back.
How Do You Take Control?
Well, you start off by doing your research, it shouldn’t take too long but it will give you a better picture of where you stand. Even if it looks awful once you see it all on paper, don’t panic, you knew it wasn’t great and you are making positive steps to change it. So,
Number one, do a thorough income and outgoings list. These lists need to include EVERYTHING there is no point in conning yourself into thinking you have more that you do, it will set you up to fail.
Number two, check your credit score. Your credit report will provide you with a score. The score gives you an indication of how your finances compare to others in your areas and of how financial organisations may categorise you if they were to do a search for you. It also provides you with a list of all the financial organisations you are connected to, who you have debts with, what your defaults look like and your total amount of outstanding debt.
Now you know where you stand, you can start the improvements.
Creating Your Own Plan.
Now you have had site of your financial position as a whole, make use of your free credit report by using it to assess what action to take first. If you want to increase your credit score slightly then making simple changes like ensuring you are on the electoral roll, contacting companies and closing old accounts and disputing any discrepancies on your report can all help boost your score. However, if you really need to put a consolidation plan in place here’s some tips on where to start:
Balance transfer credit cards: If you are racking up more debt, not by spending but by accruing a load of interest and you have a good credit rating, it might be a good idea to consider a 0% balance transfer credit card. This will allow you to consolidate your credit card debts onto one credit card of which you will pay 0% interest for a fixed period of time. Two things to be very careful of here, one is that you must remember to ensure you switch to another 0% card prior to the end of the fixed period (if the debt is not already paid off) and two is that in order for it to work as debt consolidation and actually minimise your debts, you have to keep paying the full amounts off. If you get tempted to make minimal reduced monthly payments all you will be doing is extending the length of time you have your debt.
Mortgages: For most people a mortgage will be the largest most imposing debt they will ever have but because it is a long term debt, quite often we just allow the banks to make changes to the terms of the agreements, shift our mortgages and we allow ourselves to leave it sat there in the background unaware of how much interest is being accrued. How much of our hard earned cash is really being paid into buying our home and how much is going on interest? If you don’t already know, now is the time to check and then shop around, you never know, it might be time to move from our ‘trusty’ local bank to one that can offer us a much better deal and ultimately make quite a dint in one of our biggest debts!
Low interest loans: If you have credit cards appearing on your credit report it’s important that you find out the interest rate being charged if you do not already know. The company contact details will likely be on your report if you don’t already have them, so you can always call to check if you don’t have all your original documentation. If you find that the credit cards have particularly high interest rates, it may be worth looking into getting a low interest loan to consolidate the amount of debt racked up on the cards as loans have a set payment plan it’ll also be much easier to manage than your cards.
To consolidate expensive credit cards
Talk to the companies: Armed with your income and expenditure call the debt collection companies. Ask them about making minimum payments and ask them their advice on any further deals they may be able to offer you. Occasionally and especially for long standing debt, collection agencies will take a slight hit on the amount of return from you by accepting a full and final settlement, it won’t always be on offer and you have to be careful about the detrimental effect on your credit rating but it is worth asking those chasing the debts for potential options for settlement, you might be surprised at how helpful they will be if they think they can wipe your debts from their books sooner rather than later.
Not Comfortable Going It Alone?
If you are considering using a debt management company then do your research first, make sure they are reputable, make sure you have a good idea of the consequences (ie effect on your credit rating) of any plans they suggest, and make sure you have a good understanding of the fees the company will charge. The clip below will start you off thinking about how debt management companies work so you can expand your research to make sure it is the correct choice for you.
So, you want to get a new job and you think you’re prepared to tackle the recruitment process? Well, let’s make sure you have a really good shot at success by exploring the most important things you MUST have covered to ensure you really stand out as the best candidate for a role.
The Right Job For You.
First things first, have a think about the type of career you currently have, is it the right career for you or do you need to steer your path in another direction or embark on a new challenge? Step two, start to pull together a list of your personality traits, qualifications and experience. Thirdly, open your mind, it is so important that when selecting a role that is right for you, you don’t narrow your chances of a happy and successful career by either dismissing roles without looking at their potential or thinking that you can’t achieve the role you desire. Now you have your mind set in check and a little bit of ‘you data’ start to do your research. Research is your ally, well-meaning advice from friends and loved ones is fine to a point, but it is all anecdotal, to get a broad perspective on what’s waiting out there for you take a really good look into: the profession you would like to work in, the types of companies that match up with your personality type and the job roles that best suit your skill set. If there are jobs out there you know you will be passionate about and happy in and they match up well with your personality traits but you are lacking a few or the qualifications, or some desired experience, research how you can get those qualifications, if there are any work experience opportunities, are there any entry level roles that lead to that role in the future. Never say never. And if you are still struggling to pinpoint the right road to go down then you could consider looking up a career counselor service in your area who will be able to give you further guidance and advice.
All set to Apply?
You’ve decided which direction to go in with your job search you’ve picked a few roles you’d like to apply for and you’re all set to attach your CV and get the ball rolling. But hold your horses, when was the last time you actually looked through your CV? First impressions count, so before you start the application process it is so important that you make sure you have a professional looking CV that is tailored to the roll you are applying for. Firstly, check the basics formatting, grammar, punctuation and that it’s not too long. More often than not one opening will have hundreds of applicants, anything over a couple of pages and badly formatted with glaringly poor grammar and spelling is likely to hit the trash can pretty quick. Secondly, any experience that is not relevant to the job role you are applying for should be scrapped, recruiters don’t have the time to go through irrelevant info and it also shows that you have read the job specification rather than unwittingly applied for jobs in bulk, a great cover letter can assist with this too. If you are struggling with this element then there are lots of good professional CV writing services out there who can help you stand out from the crowd. Once your CV is in tip top condition, still hold your horses, there’s something else to bear in mind…
Be prepared to be researched.
It’s not just the candidate who needs to research, good recruiters will want to make sure they are choosing someone suitable for their company, brand and someone who is worth investing their time and training in, so it’s likely they will be doing there research too and this is why there are lots of companies that carry out background checks. So, before you send that CV, make sure you have your personal brand and background ready to be researched. It’s likely that a company will do; a right to work check, a search of your social media profiles and various other pre-employment checks. Right to work checks are a business requirement as a government measure to minimise the mistreatment of illegal migrant workers, poor housing/working conditions and tax evasion. So as a candidate who has done their research and picked a good company to apply to, you can be sure you’ll have one of these. For this check all you need to do is to ensure you have the correct ‘right to work’ documents available for potential new employers. They will provide you with a list of acceptable documents, validate the documents and make copies for them to retain. In terms of your social media profiles, this is something you can do A LOT about, if your profile is mainly of you doing tequila slammers off barmaids on holiday and shows your ‘fun’ side a little more than it evidences your positive employee traits, you can do one of two things, either do a social media cleanse of all your profiles or lock down your personal profiles so only friends and family can find them, and create a new more business like profiles that are open to the public and will help push your personal brand. Try not to forget that you are going to be packaging yourself up and selling yourself to recruiters, so anything online is part of your marketing. There are other pre-employment checks that may be carried out depending on the role for which you are applying, so be prepared for things like references, background checks that may include credit history, criminal record checks, qualification and health checks. Employers want to know who they are employing before they employ them, just as you should want to know who you will be working for before you sign on the dotted line.
Is your salary leaving you with little disposable income and a quality life that doesn’t quite live up to your expectations? Is it forcing you to start shopping around for another job? Well, before you jump ship ask yourself a few questions: Do you enjoy your job? Are you good at your job? Does your job provide you with opportunities you are happy with? Would you be unhappy about leaving? If the answer to these questions is Yes, then perhaps there is another way…perhaps it is time to ask for that pay rise. If the thought of a confrontation and actually asking for a little bit more salary has just filled you with immediate dread, then these tips might help you feel a little bit more confident and ultimately lead to a successful salary negotiation.
Tip 1 – Do Your Research:
There are two main pieces of research you need to do before you ask for a pay rise. Firstly, research your role in other companies, especially direct competitors. It is pointless asking for a pay rise if you are already sitting on a salary way above others in similar roles to yourself, if you are on a lower salary than others in your area of expertise than it will give you a ball park figure to help you decide what amount of money to ask for and if you go into your negotiation with this information available then it will show that you have done your research and are being reasonable in your request.
The second piece of research that you should complete is on yourself. Have a look at the past year or so of your career. Have you; got an example of outstanding performance, gone above and beyond, taken on new responsibilities, had an exemplary sickness record or got involved with projects outside of your job role whist maintaining great standards of work or regularly worked overtime? Make a note of anything similar to this and use it to sell yourself. You need to show them that you are an asset that should be valued and rewarded appropriately with that pay rise!
If you face the negotiation armed with facts and reasoning it will be easier for your boss to understand your request and perspective, allowing them to come to a quicker and easier decision.
Tip 2 – Ensure your Timing is Right:
Don’t start off on the wrong foot by bombarding your boss unexpectedly whilst either they are busy or you should be. If you have regular ‘catch ups’ or one to ones this would be a great time to ask them if they would be able to arrange a meeting with you about your salary. Alternatively, if they are difficult to catch, pop them an email asking them. They will appreciate the warning and not being caught off guard and it might give them some time to do their research too which might just work in your favour.
Tip 3 – Stay Calm and Avoid Confrontation:
Nobody like confrontation so if you attend your meeting with the research you previously carried out as notes, it should help you not to get flustered. Stick to why you deserve the pay rise, why you are an asset to the company and your passion for the role/company you are in rather than why you need the money. As always, it’s important to remain professional so if you bear these things in mind you should be able to approach the meeting as you would any other. Go in with a figure in mind and the reason behind that figure, you don’t want to be caught on the back foot if they begin a negotiation process as this will be sure to fluster you and could diminish your case if they feel you have made an unreasonable proposal.
Tip from a Professional:
The tips above can be applied to negotiating in general as well, Natalie Reynolds, author of “We Have A Deal”, gives some great tips about how to negotiate a pay rise and the concept of anchoring, explaining how to use it to your advantage in the clip below. The concept applies to a variety of different negotiation subjects so it’s a great bit of Learning and Development in negotiation skills in general.
In the article on Proper Preparation & Planning! (PP&P) I touched on a few of the background checks potential employers could carry out as part of the recruitment process. I know that the thought of some of these checks can be a little daunting for job hunters so I thought it was important to also take a peek at some of them in a little bit more depth, expand our knowledge of them so they don’t take us by surprise and see if there is anything we can do to see ourselves through the eyes of the recruiter. If we can see ourselves in their eyes before we begin the recruitment process then we give ourselves the opportunity to make any possible tweaks and adjustments so that we can boost our personal brand rather than taint it through the checking process.
I’m not going to discuss the Right To Work check as I know we covered pretty much everything in the PP&P article, but just a reminder that it’s handy to make sure you have access to 2 or 3 of the documents on the accepted evidence list in advance as it is just one less thing for you to think about before interviews and meeting new employers. But let’s take a look into; references, background checks inc credit history reports, criminal record, qualification and health checks. Why, when, how might a recruiter carry these out and is there anything you can do to enhance the results before the recruiter gets them?
Potential new employers will ask for references in order to back up the information you provide in your CV and in order to gain an overall image of the type of employee you might be. They are likely to your referees quite basic information, i.e start and end date, amount of days of sick leave. In fact, some companies limit the amount of information they will give as a referee solely to the stats and refuse to embellish further as part of their policies. However character references can also be highly valued and some recruiters may specify that they would like both an employee and a character reference. You can ensure that your references come back squeaky clean by ensuring that you get the facts correct on your CV, don’t embellish and don’t get key dates wrong. You can also select your referees wisely. A recruiter will expect referees to be a; former employer (ideally line manager/mentor) or a character reference to be someone who has a professional title and has known you over two years but is not a close friend or relative. So once you have whittled the list down using that criteria, consider people who; you have recently worked closely with, who have gone out of their way to give positive feedback in the past and that know enough about you to demonstrate that you have the suitable positive traits to get on in your new potential role. It doesn’t harm to ask your selected referees beforehand if they would be happy to do this as it may stop you making a mistake in your selection and it will also give them time to prep a positive and sympathetic reference rather than being on the spot.
It’s unlikely these will be requested until you’re at the final stages of the recruitment process, it’s a good sign, it means they think you are worth the time and close to landing that new role! And, due to data protection regulations you’ll always be made aware/asked that the checks are to be carried out. To make sure the results of these checks don’t make the employer think twice, it is a good idea to make sure you try to get everything in as much order as possible right at the beginning of your job search.
Credit report checks are sometimes carried out as part of the character checks, however it is more likely that this kind of check will be carried out if you are looking for work within the financial sector. You can sign up to companies like My Credit Monitor to get a look at your report. If you do this at the beginning of your job search it might buy you enough time to add explanations to any blemishes or even have some of them removed if there are any inaccuracies.
Criminal record checks won’t be carried out by all employers. Although some employers may choose to do a criminal record check as part of the character assessment, it is not usual practice. However, an application to the Disclosure Barring Service (DBS) will be a certainty in any profession where you will be working with children, vulnerable adults or usually in health services. It is best to be open and honest during the recruitment process as if there is something on your criminal record, especially something considered a ‘minor offense’ (such as a speeding penalty perhaps) it is more likely a recruiter will try to work around it if it does not come to a surprise to them at the end of the process.
It’s quite possible that recruiters will check your qualifications to ensure that you have not embellished your CV so in short, don’t. But if you are applying for a roll that requires specific qualifications for health and safety reasons you can be absolutely sure the recruitment process will include validating these. In fact, if a company recruits a person for a roll and neglects to do such checks, and that person causes a fatal accident (for example a bus driver who’s license has not been validated) the company could actually be accused of corporate manslaughter. Best practice for a candidate is to ensure they have any such qualifications available and ready to be produced for validation during the process.
Health checks may be carried out to ensure suitability for a role, this is usually only likely to happen if health conditions cause health and safety issues and it is made absolutely clear to employers that health checks cannot be used as a means of discrimination, i.e targeting them at only a specific age group. If you are going for a role operating heavy machinery, driving etc then it wouldn’t hurt to ensure your eye sight and other health is checked if you are in any doubt about them.