What Data You Need to Compare Job Offers

We  have been talking to lots of students about comparing job offers by including in the value of employer benefits, as well as looking at the differences in cost of living in different locations. 

NOTE: What is cost of living? The amount of money needed to sustain a certain level of living, including basic expenses such as housing, food, taxes, and healthcare. Cost of living is often used when comparing how expensive it is to live in one city versus another. Cost of living can be a significant factor in personal wealth accumulation because a smaller salary can go further in a city where it doesn't cost a lot to get by, while a large salary can seem insufficient in an expensive city. 

You need to do your research and gather data to make informed decisions about what job offer is the best. We can help at the SMMC! Recently we’ve helped students collect data for 2 popular jobs: Marketing Coordinator and Social Media Analyst. Many of our students compare job offers in Lincoln, Chicago, and Kansas City. 

Data for Marketing Coordinator Job Offers

Job Description:

Coordinates and implements marketing communication projects with responsibilities that include public relations, special events management, advertising, and creating brand awareness. Prepare status reports on marketing efforts. 

Median Salary & Benefits (From Salary.com):

In Lincoln

Core Compensation    Median            % of Total

Base Salary                           $ 43,832            67.9%

Bonuses                                 $ 500                  0.8%

Value of Benefits

Social Security                   $ 3,391              5.3%

401K/403B                         $ 1,685              2.6%

Disability                             $ 310                  0.5%

Healthcare                          $ 6,507              10.1%

Pension                                $ 2,837              4.4%

Time Off                               $ 5,456              8.5%

Total Compensation       $ 64,518           100%

In Chicago

Core Compensation    Median            % of Total

Base Salary                           $ 53,527            69.2%

Bonuses                                 $ 610                  0.8%

Value of Benefits

Social Security                   $ 4,141              5.4%

401K/403B                         $ 2,057              2.7%

Disability                             $ 379                 0.5%

Healthcare                          $ 6,507              8.4%

Pension                                $ 3,465              4.5%

Time Off                               $ 6,663              8.6%

Total Compensation       $ 77,349           100%

In Kansas City

Core Compensation    Median             % of Total

Base Salary                            $ 49,700            68.8%

Bonuses                                  $ 566                   0.8%

Value of Benefits

Social Security                    $ 3,845               5.3%

401K/403B                          $ 1,910               2.6%

Disability                              $ 352                  0.5%

Healthcare                           $ 6,507               9.0%

Pension                                 $ 3,217               4.5%

Time Off                                $ 6,187               8.6%

Total Compensation       $ 72,284           100%

Comparing These Numbers (Cost of Living Figures from cnn.com)

·         Comparing Lincoln to Chicago:

Lincoln Salary =
$43,832 (Rounded to $45,000 for cost of living comparisons)
 Comparable Salary in Chicago =
$56,866
Actual Salary for Marketing Coordinators in Chicago =
$53,537
Benefits: Lincoln = $20,686 vs. Chicago = $23,822
 
Reasons for Cost of Living Difference in Chicago

• Groceries = 16% more
• Housing = 69% more
• Utilities = 9% more
• Transportation = 29% more
• Health Care = 0% more

·         Comparing Lincoln to Kansas City:

 Lincoln Salary =
$43,832 (Rounded to $45,000 for cost of living comparisons)
 Comparable Salary in Kansas City =
$49,008
Actual salary for Marketing Coordinators in Kansas City =
$49,700
Benefits: Lincoln = 20,686 vs. Chicago = $22,584

      Reasons for Cost of Living Difference in Kansas City

• Groceries = 7% more
• Housing = 17% more
• Utilities = 14% more
• Transportation = 2% more
• Health Care = 1% more

Data for Social Media Analyst Job Offers

Job Description:

Collects and analyzes data related to social media marketing campaigns. Assists organizations in identifying appropriate social media channels for their specific business needs, and tailors campaigns to the target audience. Tracks performance of various social media initiatives and develops/implements changes to improve business results. 

Median Salary & Benefits (From Salary.com):

In Lincoln 

Core Compensation    Median            % of Total

Base Salary                           $ 43,819            66.4%

Bonuses                                 $ 1,670              2.5%

Value of Benefits

Social Security                   $ 3,480             5.3%

401K/403B                         $ 1,729              2.6%

Disability                             $ 318                 0.5%

Healthcare                          $ 6,507             9.9%

Pension                                $ 2,911               4.4%

Time Off                               $ 5,599               8.5%

Total Compensation       $ 66,032           100%

In Chicago

Core Compensation    Median            % of Total

Base Salary                           $ 53,511             67.6%

Bonuses                                 $ 2,039               2.6%

Value of Benefits

Social Security                   $ 4,250              5.4%

401K/403B                         $ 2,111                2.7%

Disability                             $ 389                 0.5%

Healthcare                          $ 6,507              8.2%

Pension                                $ 3,555              4.5%

Time Off                               $ 6,837              8.6%

Total Compensation      $ 79,198           100%

In Kansas City

Core Compensation    Median            % of Total

Base Salary                           $ 49,685            67.1%

Bonuses                                 $ 1,893                2.6%

Value of Benefits

Social Security                   $ 3,946              5.3%

401K/403B                         $ 1,960               2.6%

Disability                             $ 361                  0.5%

Healthcare                          $ 6,507              8.8%

Pension                                $ 3,301              4.5%

Time Off                               $ 6,348              8.6%

Total Compensation       $ 74,001           100%

Comparing These Numbers (Cost of Living Figures from cnn.com)

Comparing Lincoln to Chicago:

Lincoln Salary =
$43,819 (Rounded to $45,000 for cost of living comparisons)
 Comparable Salary in Chicago =
$56,866
Actual Salary for Social Media Analysts in Chicago =
$53,511
Benefits = Lincoln = 22,213 vs. Chicago = $25,687
 
Reasons for Cost of Living Difference in Chicago

• Groceries = 16% more
• Housing = 69% more
• Utilities = 9% more
• Transportation = 29% more
• Health Care = 0% more

Comparing Lincoln to Kansas City:

Lincoln Salary =
$43,819 (Rounded to $45,000 for cost of living comparisons)
 Comparable Salary in Kansas City =
$49,685
Actual Salary for Social Media Analysts in Kansas City =
$49,685
Benefits: Lincoln = 22,213 vs. Chicago = $24,316

       Reasons for Cost of Living Difference in Kansas City

• Groceries = 7% more
• Housing = 17% more
• Utilities = 14% more
• Transportation = 2% more
• Health Care = 1% more

Resources We Recommend:

Salary.com – Get median salaries and benefits by location.

Cnn.com – Offers an easy-to-use cost of living calculator.

Unique Date Ideas

Dating can be expensive! We often get asked for inexpensive, yet interesting, date night ideas.We're skipping the obvious, like the Sunken Gardens, the Lied Center, and the Sheldon Art Gallery (though these are great date ideas!), and giving you some fresh ideas!

Note: Before you plan, make sure to check if there are any FREE events happening on your date night. Find current events at lincoln.org.

FREE 

Cooking Classes
Hy-Vee offers a variety of free cooking classes and food sampling events at many of their locations.

Cake Decorating Classes
Michael's offers many free arts & crafts classes, including cake decorating.

 

First Friday Artwalks

Held on the first Friday of every month at galleries and businesses in Downtown Lincoln. Stroll from gallery to gallery and enjoy free drinks and appetizers while supporting local artists. 

$

Fraternity or Sorority Food Philanthropies

Pancakes, nachos, french toast.....you can always find a Greek organization offering food in exchange for a donation to a good cause. Tickets are usually around $5 and most events are on Thursday nights.

Food Trucks
Lincoln has a vibrant food truck community that hosts many food truck meet-ups, where many vendors come together so you can sample a variety of items. Track the food trucks on the Lincoln.org website.

If You Are Over 21: Wineries

There are some great wineries around Lincoln. Most offer 5 wine samples for $1.

Deer Springs

James Arthur Vineyards

$$

The Corky Canvas

Nebraska's first "paint and wine" studio. With a glass of wine in one hand, a paintbrush in the other and the music rock'n, it's a great way to spend time with friends and paint your very own masterpiece. 

Lux Center for the Arts
This artistic haven offers a variety of "couples" art classes.

Budget-Friendly Entertainment

Though there are some great concerts coming to the Pinnacle Bank Arena, if you don't have it in your budget to attend more than 1 or 2 concerts, there are other venues in Lincoln that offer great entertainment at a lower cost.

Rococo Theatre

Duffy's Tavern

Ghosts of Lincoln Bus Tours

A unique idea for fall, hear all Lincoln's ghost stories.

Day Trips

Sometimes it's nice to get out of Lincoln. Consider these budget-friendly day trip destinations:

Nebraska City - 45 minutes

Tour the home of Arbor Day. Pick apples at Kimmel Orchard, visit the Lied Lodge, and stroll through the picturesque downtown.

Ashland -  20 minutes

Downtown Ashland is a charming place to relax. There are a variety of shops, eateries, and art galleries. For some adventure, visit the Wildlife Safari Park. Take a wild ride and spot bison, elk, cranes, prong horn antelope, and other North American natives right outside your car window.

Secrets for Building a Professional Wardrobe on a Budget

Making a good first impression at an internship is important. According to businessinsider.com, first impressions are made within the first 7-17 seconds of meeting someone. Only 7% of a first impression is from the words you say. The other 93% is from your body language, tone of voice, and appearance.

You can work on building a professional wardrobe that will last you throughout your college internships and even your first job. Experts suggest that before going shopping, interns should first look at what people in the company are wearing and take notes. Their professional image should fit the company’s image. Often the best image is one that is neat, clean, and simple.

Style experts suggest that the best way to get more mileage out of your wardrobe is to focus on buying clothing in three compatible and flattering colors. Often students try to find the cheapest clothing, but remember to choose clothing that offers the best value and quality. It's important to invest in classic, timeless pieces and stay away from trends. When contemplating clothing purchases, ask yourself if you can wear the item for at least three years.

For women, style experts recommend the following classic clothing items (in descending order of professionalism): a skirted suit, a dress with blazer, a dress with matching jacket, and a tailored pantsuit. For skirts, lengths should be no more than one hand-width above the knee. The most recommended type of shoe is a plain pump with a 1 1/2 inch heel.

For men, style experts recommend investing in solid blazers. Men should learn to coordinate outfits around the jacket. It’s an easy way to make sure everything matches. Experts recommend solid colored, button-down oxford shirts with diagonal-striped and small patterned ties, and pin-striped shirts with solid or muted paisley ties.

Many popular clothing stores offer students discounts on professional clothing. Students just need to show their student ids. Following are some examples (please inquire at the store before assuming these discounts are still valid): The Limited – 15% off in-store, Charlotte Russe - 10% off in-store, Ann Taylor LOFT - 15% off in-store, Ann Taylor - 20% off in-store, and Banana Republic - 15% off in-store.

Traditional or Roth IRA?

We have many students come to the SMMC to learn about opening individual retirement accounts, or IRAs. IRAs are basically savings accounts with big tax breaks, which is why they are the best way to save money for your retirement.

NOTE: We suggest that before students start investing, they should consider having at least $500 tucked away in an emergency fund. Additionally, it's wise to pay off any credit card debt before you start investing. If you are going to open an IRA, you want to strive to leave the money in the account until you retire in order to maximize your earnings.

 What is an IRA?

Many people think an Individual Retirement Account itself is an investment - but it's just a basket in which you keep stocks, bonds, mutual funds and other assets.

The money in an IRA grows tax-free. The income from interest, dividends (amount of a company's earnings that is paid out to shareholders), and capital gains (the difference between what you paid for an investment and what received when you sold that investment) can compound each year without being taxed. You also can escape taxes on either the money you put into the IRA or on the money you withdraw in retirement, depending upon if you have a traditional or Roth IRA.

The government limits the amount of money you can put into an IRA each year. Most people under 50 can contribute no more than $5,500 a year (2013).

You can contribute funds to an IRA at any time throughout the year. Additionally, for tax purposes, after the end of the year you can still make contributions towards the previous year's IRA, as long as the contribution is made by the April 15th tax deadline.

Unlike 401(k)s, which are accounts provided by employers, the most common types of IRAs are accounts that you open on your own. You have the choice between Traditional IRAs and Roth IRAs. 

Traditional Individual Retirement Accounts
With a Traditional IRA, you get a tax deduction for the money you put in the account. This deduction reduces your taxable income, so you are not paying tax on the income you put in your IRA. Your contributions grow tax-deferred, which means you don't include interest, dividends, or capital gains from the IRA in your annual income.

When you withdraw the money, the distribution is included in your taxable income. It is taxed as ordinary income. If you withdraw the money before reaching age 59 and a half, there is an additional tax on that early distribution.

Roth Individual Retirement Accounts 
With Roth IRAs, you do pay taxes before you put contributions in your IRA. However, you do not pay taxes when you take distributions in retirement. Your money does grow inside of the IRA without needing to pay any taxes on the earnings and growth.

Which Type is Better for Young Adults?
For young people, generally Roth IRAs are better. Paying taxes on your contributions now is better than getting a tax break today. Most people can expect to be in the same or higher tax bracket when you withdraw the money - usually the case if you contribute when you're young and in a lower tax bracket. Thus, pay less tax now versus more tax later. 

Where Can You Open an IRA? 

You can open an IRA with almost any large financial institution, including banks, credit unions, and mutual fund companies. Most IRA providers offer a variety of investment options, ranging from money market funds to mutual funds to individual stocks, so you can put together a diversified collection of investments within your IRA.

The major difference between most institutions is the fee structure. Make sure to carefully compare fees before choosing where to open your IRA. A no-load (no commission or sales charge) mutual fund family such as Fidelity, T. Rowe Price or Vanguard can be a option.

5 Steps to Making Couponing Work

Using coupons is an easy way to save money on the items you frequently purchase!

Items That Students Frequently Purchase with Coupons

• Non-perishable snacks
• Food staples – Ketchup, pop
• Frozen foods
• Toilet paper, paper towels, hand soap
• Cleaning supplies, garbage bags
• Personal items – makeup, toothpaste
• Vitamins

5 Steps to Making Couponing Work

Stock Up
Know what items you use often and can stock up on. The basic rule of couponing is to buy in bulk when you can get the most savings.

Stack Your Coupons
Stacking simply means use one manufacturer coupon (from the company that makes the item) paired with a store promotion/sale. Target, Walgreens, and CVS allow you to stack coupons.

One of the biggest mistakes you can make is using a coupon just because you have it. Wait until the item goes on sales, then add a coupon on top of it, and you’ve just scored an amazing deal!

Sign Up for Store Rewards Programs to Get Store Promotions

Follow Blogs to Get Manufacturer Coupons
Examples:
ChicksDigDeals.com
TheKrazyCouponLady.com
CouponGeek.com
MoneySavingMom.com
FabulesslyFrugal.com

Take Advantage of Double Coupons
This is when a store will accept your coupon at twice the face value. For example, if a coupon is $0.50 off, the store will honor that coupon at $1.00.