At Frich, we believe in fostering financial awareness and providing valuable insights to help our users achieve their goals, and in this blog post, we’ll review some of our Questions of the Day from the past week, and provide recommendations along with helpful resources.
Question 1: What’s the most important thing for you when picking a career?
The answers by our users were divided as follows: 63% Salary, 17% Career development, 15% Passion for the industry, 4% Leaving an impact
It’s no surprise that most users reported salary rates as the most important factor when choosing a career, here are some quick career tips:
Salary Negotiation: When you get a job offer, don’t be afraid to negotiate your salary and ask for higher compensation. Research industry compensation standards on platforms like Glassdoor, assess your value, and formulate a reasonable counteroffer based on your findings. Present your case confidently, be open to compromise, and consider negotiating other aspects of the compensation package. Stay focused and aim for a fair and competitive salary.
For current college students, it’s a good idea to gain insights into roles and industries you’re interested in, as well as engage in content about careers, job searches & interview tips. #careeradvice #interntok on TikTok are great hashtags for finding various professionals and you can search for more specific hashtags geared towards your industry/role.
Question 2: What kind of traveler are you?
50% of users said they save up for extravagant trips, 28% Travel often but cheap and 22% of users don't travel at all
Whether you prefer to save up and take more expensive trips, or travel frequently on a cheaper budget, you can still save some $ and cut down on overall trip expenses, or spend less on one category so you can splurge more on another. StudentUniverse is an online platform providing exclusive travel deals and discounts for students and young adults. You can book discounted flights, hotels, and car rentals.
Additionally, some airlines such as KLM, Etihad, and Emirates offer student discounts on flights, be sure to contact your airline to find out if they do as well.
Question 3: Do you have a financial goal that you're saving for?
87% of users said Yes, and the other 13% said No
Actively saving is much easier when there’s a specific goal in place or a purchase that you’re saving towards. Having a set goal also makes it easier to track your progress and be motivated to continue.
Budgeting apps like Mint provide users with a comprehensive view of their financial information. Mint categorizes transactions, sets budgets, sends alerts, and offers personalized money-saving tips to help individuals stay on top of their finances.
Question 4: Do you have a budget that you've created for yourself?
The answers to this were nearly evenly split, with 53% of users answering Yes, and 47% No
For those without a budget, apps like YNAB and PocketGuard simplify the budgeting process by automatically categorizing expenses and providing insights into spending patterns. If you struggle with budgeting because you don’t know exactly how much you spend and earn monthly, these apps could help you gain a clearer picture.