Latest news with #foodservices
Yahoo
3 days ago
- Business
- Yahoo
Navigating Now: How to save for the future when you don't make enough today
Traditional personal finance goals can be difficult — if not impossible — to achieve on a low income. Just because you can't meet those goals doesn't mean you can't make goals that work for you. To save more money on a low income, adjust your goals, track your spending, pay yourself first and look for opportunities to further your education. For Andrea Schrag, a 45-year-old working mom in rural Kansas, saving feels impossible — because, for her, it is. Schrag is the only earner in her household, as her husband is a full-time student. Her job in food services, which allows her to work while her kids are in school, pays $1,200 a month. By using their existing savings from before her husband began school, student loans and food stamps, Schrag says her family is able to scrape by with nothing extra to save for the future. 'I've been in situations where we've been able to save money, and now we really just can't,' Schrag says. 'People assume it's because you're lazy.' Saving more, paying off debt and investing in your future are all key pillars of personal finance. But it can be downright impossible to do those things if, like Schrag, you don't make enough to both pay your bills and have any money left over to save. And saving may have become even tougher this year. Rising prices, tariffs, high credit card interest rates and expensive housing have all locked the lowest-income households out of the ability to build emergency savings and prepare in case of economic hardship. Experts predict the U.S. has a 1-in-3 chance of a recession in the next year, according to Bankrate's Q1 Economic Indicator Survey, and without the ability to save, many people will find it hard to recession-proof their finances. In today's economic landscape — marked by market volatility, inflation concerns and tenuous job security — financial decisions have never felt more consequential. Our Navigating Now series cuts through the noise with expert guidance and targeted advice for diverse financial situations —whether you're struggling to build savings amid rising costs, protecting retirement funds during market volatility or securing your income in an uncertain job landscape. Other articles in the series: How parents can shield their families from tariff-driven inflation How to protect your small business from the latest round of tariffs As they face a variety of intense economic pressures, Americans overall are feeling pessimistic about their incomes and future financial situations. At the end of 2024, nearly one-quarter (23 percent) of U.S. adults said they expected their financial situation to be worse in 2025, according to Bankrate's Personal Finances Outlook Survey. Low-income Americans feel worse about their situation than those in higher income brackets: 24 percent of people who make under $50,000 per year say their personal financial situation in 2025 will be worse, compared to only 20 percent of those making $100,000 per year or more. The problem isn't that low-income people just aren't working enough. Many full-time jobs just don't pay enough for many people to live comfortably. As of 2024, a full-time worker in the 25th percentile of income (or the bottom 25 percent of American incomes) makes $42,328 per year or less, according to the U.S. Bureau of Labor Statistics (BLS). That's $3,527 per month before taxes, but the average national monthly rent alone is around $2,000, according to Bankrate's Rent vs. Buy Affordability Study. After taxes, low-income workers have little money left over to pay for utilities, food and transportation. Nearly half (45 percent) of lower-income Americans can't pay their bills in a typical month, according to Pew Research Center. As a result, Americans' savings are suffering. Only 25 percent of Americans making less than $50,000 per year would pay a major unexpected expense, such as $1,000 for an emergency room visit or car repair, from their savings, according to Bankrate's Emergency Savings Report. That's compared to 48 percent of people making between $50,000 and $99,999. In today's economy, if you're a low-income person trying to save for the future, you're going to need to be creative in your spending and saving goals. Your goals might look different from someone else's, but that doesn't mean they're any less valuable. Bankrate spoke to personal finance experts to share how the lowest-income families can realistically save money for the future. If you find that: traditional personal finance goals feel unrealistic for your income level. Try: creating your own goals that work for you. One of the most common pieces of personal finance advice is to save three to six months of expenses for emergencies, like a medical bill or job loss. That's a great goal, but it may not be attainable for low-income Americans. For example, let's say you make $3,500 per month and spend $3,000 per month on necessities (rent, utilities, transportation and food). Six months of necessary expenses would total $18,000. If you're only able to save around $100 to $300 a month, depending on your discretionary budget, trying to save tens of thousands of dollars probably feels impossible. When your income is low and/or your necessities are expensive, it can be de-motivating to even try reaching a savings goal at all. '(Saving six months of living expenses) just seems so insurmountable. It's such an unrealistic goal that it can actually have the complete opposite effect for many people,' says Jesse Jurgenson, an assistant professor at the Texas Tech University School of Financial Planning. 'It becomes more deflating.' While saving six months of expenses might seem unrealistic (depending on your income and necessary expenses), that doesn't mean you should discount savings goals entirely. Setting a savings goal gives you a tangible figure to work toward, and it can give you an incredible sense of accomplishment when you achieve it. Telling yourself 'I just need to save more money' can be unhelpful and introduce unneeded anxiety because, with an open-ended goal, there's no end in sight. You'll never actually be able to complete the goal. Instead, setting a finite savings target makes it more attainable. 'Open-ended lean living can be maddening, so set a time or monetary goal,' says Bankrate Financial Analyst Stephen Kates, CFP. 'Make it achievable so you can meet it and then do it again. Set checkpoints to take a breather and seek help so you don't have to go it alone. Sharing costs and the challenge of saving can make the process easier.' If you struggle to save money, try setting a small savings goal, like $200 over the course of four months, to start. That amount may seem too small to be useful — it definitely won't pay all your bills if you lose your job. But it could still be a much-needed lifeline for a small emergency, like a new tire or a doctor's visit. Once you hit that initial $200, you can incrementally increase your savings goals. Try increasing your goal to $500 over eight months, then $800 over a year, then $1,000 over 15 months and so on. If during that time, you need to dip into your savings for an emergency, it might then take a while to meaningfully increase your savings back up to your goal — but that's OK. It's easier to save when you're doing a marathon, not a sprint. Your goal will give you a motivational boost to reach the finish line at your own pace. Jurgenson recommends giving yourself a reward whenever you meet a savings goal. Try rewarding yourself by making time for an activity or hobby you love, or by splurging for low-cost rewards like a movie ticket or nice drink. If you find that: there's no room to cut money in your budget. Try: tracking your spending for a while and taking the opportunity to make adjustments to your spending. Despite popular perception, many of the lowest-income American households likely aren't spending frivolously. With today's high cost of living, a household making a low income is likely spending every last dollar on their rent, transportation, food and other necessities. That being said, if you're a lower-income or middle-income household who's still struggling to save, there actually might be room in your spending to trim down to make more room for savings — you just might not know where at first glance. That's where thorough budgeting comes in. Even if you think there's no room to cut in your budget, give yourself the challenge to track every single transaction you make for one to two months. John Pelletier, director of the Center for Financial Literacy at Champlain College, recommends keeping a careful log of your spending for a short period of time to better understand your spending. Chances are, you might be spending more than you realize. 'People who do that type of budgeting exercise are generally surprised about where their money is going, (once) they keep track of it at that detail,' Pelletier says. Pick a set time, like once a week or once every two weeks, depending on your schedule, to sit down and go through your debit card spending, cash spending, credit card spending, Venmo charges, etc. If you pay in cash, keep your receipts. Log every transaction you make and label it as either a need or want. Needs are: Rent or mortgage payments, including insurance and fees Utilities, phone and internet Transportation, such as a car payment, car insurance, fuel, parking fees and public transportation passes Groceries, household necessities (like shampoo, toilet paper or cleaners) and pet necessities, like food Insurance premiums and health care co-pays Debt repayment, such as student loans and credit cards Wants are: Subscriptions and memberships (including gym memberships) Eating and drinking out, including alcohol and coffee Beauty, skincare and salon services Clothing and shoes Entertainment, such as movie or concert tickets Books, movies, video games and hobby items Travel expenses Gifts and donations While you probably can't change your needs immediately, this exercise will help you know where you can cut out spending on your wants. You might have subscriptions you pay for but don't use, or realize you were spending more on food out than you realized. See if you can cut at least $50 of that unnecessary spending from your budget per month — that's an extra $600 a year towards your savings goal. 'Saving on a low income requires making savvy choices about how and when you spend,' says Kates. 'No matter how much money you earn, the only way to save is to spend less than you take home.' If you aren't sure what to cut to make room for savings, consider picking one or two categories that are most important to you — for example, eating out and travel — and cutting down on spending outside of those categories. If eating out is more important to you than, say, beauty expenses, you can cut your beauty spending down while continuing to eat out every month. If you find that: you never have any money left for savings at the end of the month. Try: paying yourself first. Put aside money in a separate savings account, before paying your bills and other expenses. 'Paying yourself first' is a personal finance concept that, simply put, means you should put savings into designated account(s) before doing any spending. While it's common to only put money aside for savings when you have money left over at the end of the month, paying yourself first ensures your savings are a priority. To pay yourself first, determine a set amount of money that you'll put into savings. It can be as little as $30 or $50 a month. Overall, it should be a realistic amount you'll be able to reliably put aside every month. When you receive your paycheck, put those funds in your savings account first, before paying your bills and spending on anything else. (If you're paid biweekly or bimonthly, put aside half that amount each time.) Don't have a savings account? Take this as your sign to get one. Keeping separate accounts will allow you to put aside savings and forget about them. If you keep your savings in your checking account, you're far more likely to spend that money accidentally, according to Pelletier. A high-yield savings account (HYSA) can be the most optimal account to maximize your savings. In many ways, these savings accounts operate the same way as any savings account. The funds are liquid, meaning you can put money in and pull money out when you need it with just a few clicks of a button. The difference is that HYSAs earn more in interest every month when compared to a typical savings account with a big bank. The national average yield on a savings account is 0.48 percent APY, according to Bankrate. Depending on how much is in your savings account, they may only give you a few dollars in interest per year. Many HYSAs, on the other hand, pay over 4 percent APY. You can typically find higher APYs from online banks and credit unions, which don't have as high an overhead as brick-and-mortar banks, but are still federally regulated and insured. HYSAs can help your funds grow even faster than a typical savings account. If you find that: you just need more money. Try: looking for programs at your local community college to gain new skills and certifications and unlock your earning potential. Despite all of these tips, the simplest way to be able to save more is typically by earning more money. But that may be easier said than done if you already work more than one job, have explored gig work or have exhausted options for jobs you're qualified for in your area. If you're struggling to save more with your current income, you might want to consider taking the opportunity now to learn more skills that could unlock your earning potential later down the line. While you can upskill using free online courses using sites like Coursera or Grow with Google, your local community college may be one of your best opportunities to open the door to a well-paying career field for little or no cost, according to Jurgenson. Community colleges are a great resource for career certifications, pathway programs to a four-year degree or, in some states, an entire four-year degree for in-demand fields, such as cybersecurity or nursing. Naturally, the biggest roadblock to gaining an education is often the expense. But nearly three dozen U.S. states offer some form of free tuition. These programs often have income caps or require you to maintain a certain number of credit hours and a certain GPA, among other requirements, but if you're among the lowest-income households, it's very likely you qualify for them. Some states only offer free tuition for two-year schools or apprenticeships. The Washington College Grant, for example, offers funds depending on the size of your family, your income and the cost of the program. But unlike many programs, you don't have to attend college full-time, allowing you to work and go to school at the same time. If your state doesn't offer free college tuition, you may still be eligible for Pell grants, a federal program for low-income students. Pell grants offer up to $7,395 per year, depending on your aid eligibility, the cost of your program and whether you're a full-time or part-time student. Reach out to your local college's student aid office to learn more about eligibility for local programs and what aid you might be qualified for. You might be surprised what scholarships and aid is available for low-income students or students looking for specific degrees. Depending on your income and current life priorities, this advice won't be applicable to everyone. Take what you need, and if you can't follow all of it, that's OK. Above all, remember that personal finance is just that — personal. Your financial picture is yours alone, and only you can determine what is best for you. For more on introductory personal finance advice, consider these Bankrate guides: How to make a monthly budget in 5 simple steps How to fill out the FASFA for students What if you don't get enough financial aid for college Expert contributors to this article Bankrate interviewed three experts for their insights on saving money and meeting financial goals on a low income: Jesse Jurgenson, Ph.D., assistant professor of practice, Texas Tech University School of Financial Planning Jesse B. Jurgenson, Ph.D., AFC® an Assistant Professor of Practice at the Texas Tech University School of Financial Planning where he teaches students in the Personal Financial Planning undergraduate and graduate programs. He additionally serves as the Director of the Charles Schwab Foundation Personal Financial Planning Clinic which connects emerging Financial Planners with members of the community for pro bono financial coaching and education. He is an Accredited Financial Counselor (AFC®) from the Association for Financial Counseling and Planning Education (AFCPE) and holds multiple graduate degrees in Human Development and Family Science and Personal Financial Planning along with a Ph.D. from Iowa State University. Stephen Kates, CFP, Bankrate Financial Analyst Stephen Kates is a CFP® professional and personal finance expert specializing in financial planning and education. He is a Financial Analyst for Bankrate, providing strategic insights on economic trends, wealth management, retirement planning, and personal finance. With over 15 years of experience in the financial industry, Stephen focuses on creating targeted consumer finance solutions for individuals, families, and business owners. He leverages his passion for financial literacy by simplifying complex topics and making financial planning accessible to everyone. John Pelletier, director, Champlain College Center for Financial Literacy John Pelletier is the founding Director of the Center for Financial Literacy at Champlain College. Since its creation in 2010, John has been deeply committed to increasing the financial literacy of all of our citizens. The Center has been nationally recognized for its work by the White House, CFPB, NEFE, the FDIC and the national media for the Center's unique teacher training programs, research, and advocacy. Prior to working at the Center, John was chief operating officer and/or chief legal officer at some of the largest asset management firms in the United States.
The Independent
08-06-2025
- Health
- The Independent
Study connects career choice to depression rates
A study analyzing survey data from 536,279 workers across 37 states from 2015 to 2019 examined the relationship between careers and depression rates. The study found that people in community and social service roles had the highest rate of lifelong diagnosed depression at 20.5 percent, followed by food prep and serving jobs at 20.1 percent. Other industries with high rates of diagnosed depression included arts, entertainment, sports, media, accommodation and food services, retail trade, and legal, education, and library jobs. Industries with lower depression rates were mining, construction, and agriculture and engineering, though mining and construction have the highest suicide rates, possibly due to stigma or limited access to mental health services. A separate report from Resume Genius in December 2024 identified low-stress, high-paying jobs requiring at least a Bachelor's degree, including water source specialist, astronomer, actuary, environmental economist, mathematician, and geographer.
Arab News
02-06-2025
- Health
- Arab News
Catering companies use cutting-edge solutions to serve 12 million Hajj meals
MAKKAH: As Saudi Arabia gears up for another Hajj season, an intricate web of preparation is unfolding across Makkah, in which catering services are a critical backbone of the operation. The Kingdom's comprehensive approach to serving Islam's pilgrims combines early strategic planning, seamless inter-agency coordination, and technological innovation to ensure millions can perform their sacred duties safely and comfortably. Officials have unveiled the scope of this year's food service operation: 380 catering companies working in concert to deliver up to 12 million meals during the pilgrimage. The service is a logistical challenge that extends far beyond simply feeding crowds — it is about maintaining food safety, nutritional quality and operational efficiency under extraordinary circumstances, alongside the smart transition to electric cooking in the kitchens of the holy sites, contributing to improved food quality, enhanced safety, and reduced environmental risks in one of the greatest rituals of the Islamic world. Mohammed Al-Sharif, who heads the association responsible for catering at Makkah's holy sites, emphasized the government's commitment to pilgrim welfare. 'The leadership has spared no expense in serving the guests of pilgrims,' he said, noting the direct oversight provided by Makkah's municipal authorities. The preparation process has been methodical and intensive. Six planning meetings addressed potential obstacles and elevated service standards. He explained that the meetings were held to assess preparations, address obstacles, and tackle challenges in a way that contributes to raising the quality of services provided. Al-Sharif highlighted the productive partnership with the ministry of health in establishing comprehensive food safety oversight systems. This collaboration has resulted in extensive training programs for quality control supervisors at all catering companies. These preparations involve simulation exercises by catering contractors, carried out in the presence of security personnel and regulatory officials, as stress tests for the entire food service system. The virtual trials are designed to identify and resolve any potential operational weaknesses before the pilgrimage officially commences. He also noted that the municipality in Makkah, in cooperation with the ministry of commerce, verified food stocks and confirmed their readiness. He concluded his statement by emphasizing that all agencies are working at full capacity to provide the best services to pilgrims. Meanwhile, Dr. Ibrahim Al-Saini, who owns catering companies, confirmed that preparations are proceeding at full pace, emphasizing the efforts of all relevant authorities to provide the best and finest services to pilgrims and working day and night for their comfort and care for their food. 'The conditions during Hajj differ fundamentally from the rest of the year,' he said, highlighting the distinct operational requirements between different phases of the pilgrimage — from the Day of Arafat and Muzdalifah to the extended period in Mina. He pointed out that the Kingdom, under the leadership of King Salman and Crown Prince Mohammed bin Salman, continues to develop the Hajj system year after year, whether through distributing locations to Hajj companies in studied ways, or through improving crowd management mechanisms and organizing traffic flow, which reflects on service quality and pilgrim safety. Al-Saini described the process of providing food and drink as a 'major challenge,' but the new systems that allowed food preparation in advance in model kitchens in Makkah and later transporting it to the holy sites for cooking and serving directly contributed to improving meal quality and distribution efficiency. Al-Saini highlighted developments witnessed in kitchens at the holy sites, where kerosene gas was replaced with electric cooking, leading to improved safety levels and cooking speed, and reducing environmental and health risks. He praised national efforts to serve pilgrims, confirming that the repeated successes achieved each year are the fruit of advance planning, integration between different agencies, and continuous commitment to innovation in providing the best services to pilgrims.
Zawya
12-05-2025
- Business
- Zawya
Egypt: Madbouly inaugurates $19mln dry bulk wheat terminal in West Port Said
Arab Finance: Prime Minister Moustafa Madbouly has inaugurated an EGP 1 billion dry bulk wheat terminal in West Port Said Port, according to an official statement. The terminal has a storage capacity of 100,000 tons and an unloading capacity of 1,200 tons per hour. Sherif Farouk, Minister of Supply and Internal Trade, stated that the project represents a qualitative addition to Egypt's silos system, bringing the number of port silos designated for subsidized wheat to six. There are two port silos in Alexandria Port, two in Damietta Port, one in Safaga Port, and one in West Port Said Port. Total storage capacity stands at 530,000 tons, with an annual handling capacity of 6.4 million tons. On his part, Waleid Gamal El-Dien, Chairman of the General Authority of the Suez Canal Economic Zone (SCZone), said the project marks a comprehensive model for integrating logistics and food services within Egyptian ports. Gamal El-Dien highlighted that the dry bulk terminal covers an area of 15,251 square meters and includes eight storage cells, with a total storage capacity of 100,000 tons. The project aims to receive ships with large loads exceeding 65,000 tons. The terminal is expected to receive between 23 and 36 ships annually, securing around 275 direct and indirect job opportunities. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
