In today’s era of online banking and competitive interest rates, online banking has almost become a commodity. There are only a few things that separate banks from each other: brand recognition & trust, technology and features, high interest rates, and low or no fees. CIT Bank is a leader in several of these aspects.

If you are looking for a new online savings account, then take a look at CIT Bank. They offer excellent interest rates and easy online account access. To top it off, they have low minimums, and virtually no fees when compared to some of the mega banks.

CIT Bank Interest Rates – Among the Best in the Nation

CIT Bank is among the leaders among national banks when it comes to interest rates, with their base interest rate higher than most other online banks. They also offer a higher interest rate for customers who maintain a daily balance over $25,000. Current rates are 0.90% for regular accounts, and 1.05% for accounts with a minimum daily balance of $25,000 or more.

CIT Savings Accounts and Certificates of Deposit

CIT Bank offers their customers several account options:

• CIT Savings Accounts: Their are two savings tiers at CIT Bank – the standard tier, which requires a minim m deposit of $100 to open an account, and features a 0.90% interest rate, which is currently among the best you will find. The Preferred Status rate is 1.05% if you maintain a minimum daily balance of $25,000, and it is compounded daily.
• 1-Year Achiever CD: This account has a minimum deposit of $25,000, and gives you the opportunity to increase your rate of return one time during the term of your CD if rates rise. This CD is compounded daily, giving you a slight increase to your total returns. You will also have the option to add funds one time during the term of this CD.
• Term CD: These are standard certificates of deposit, with terms ranging from six months to five years. The minimum deposit for opening a Term CD is $1,000.
• Jumbo CD: These CDs have a minimum deposit requirement of $100,000. You can choose either two, three or five year terms. Rates vary by term.
• Click to find current interest rates for Savings Accounts
• Click to find current interest rates for CDs

Each of the CD options offer daily compounding, and feature automatic renewal at the conclusion of the term unless you opt to withdraw the funds.

Freedom – as in No Fees

With many banks raising their fees, it’s refreshing to see a bank offer so many free services, including:

• Monthly Maintenance Fee – Free
• Online Transfer Fee – Free
• Mail Check Fee – Free
• Incoming Wire Transfer Fee – Free
• Outgoing Wire Transfer Fee – Free (with a daily balance over $25,000, otherwise $10 each)
• Account Closure Fee – Free

Some banks are now offering free ATM withdrawals at non-network ATMs, usually in the form of a reimbursement of fees each month (up to a limit). I haven’t seen anything like this with CIT Bank, but careful planning can minimize your ATM fees or help you avoid them altogether.

Key Features

CIT Bank has a lot of great features that make it a competitive option for your banking needs. Like all good banks, their funds are FDIC insured, so you can rest easy knowing your money is backed by the US government. In addition to a variety of account options and excellent interest rates, CIT bank features strong security and excellent customer service. Customer support is available Mon – Fri from 8am – 9pm EST, Sat from 9am – 5pm EST, and Sun from 11am – 4pm EST.

The Importance of High Interest Rates

Many people gloss over interest rates for their savings accounts, but I think this is the wrong thing to do. Take a look at this savings calculator to get a feel for how much more interest you could earn on your savings by moving to a bank with higher interest rates.

Opening an Account with CIT Bank

Opening an account is quick and easy, and can be accomplished in about 10 minutes. You will need the standard information, including your SSN, drivers license, the account information of the bank you wish to link to your CIT account, and similar information. You will need to make a deposit when you open your account. The minimum for a savings account is $100. The minimum deposit for CDs is $1,000 and up, depending on which CD you open.

Like many online banks and financial institutions, CIT bank will make two small test deposits to your account. You must then verify the deposit amounts before you can officially link your account. Once this has been accomplished, you can transfer money between accounts.

What I would like to see from CIT Bank

As mentioned above, technology and features are fast becoming an important trend in online banking. Only a year ago, all a bank needed to remain competitive was security (basically a commodity among the best online banks), and the ability to sync your accounts with Quicken, Mint.com, and other money management tools.

Now, however, banks need more features to be competitive. Smartphone apps, the ability to make remote deposits from your phone or tablet, and similar features are becoming more common among the larger banks, and with that, they are almost becoming a requirement among customers. CIT Bank meets the security test, but lacks some of the other technology features that set other banks apart.

Additionally, CIT Bank doesn’t offer checking accounts or investment services (outside of CDs). So this account is better geared toward someone looking to stash some cash at a high interest rate.

Who This Account is For

Overall, I would put CIT Bank among the industry leaders in online banking, and recommend this as a great place to stash your cash if you are looking for a solid return on your savings and don’t mind a lack of a smartphone app or remote deposit via your cell phone. If you need a better mobile experience, I would recommend banks such as USAA, Ally Bank, or Capital One 360. If you are primarily interested in the interest rate and easy access to your money, the CIT Bank will do just fine.

To learn more or to open an account, visit CIT Bank.

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GMail is the most useful email program I have come across. I use a single GMail account to manage about a dozen different email accounts for my business. Handling everything in one place makes for easier management and helps me keep my sanity! Aside from being able to manage multiple email accounts through one login, GMail also plays nicely with others, and allows companies to develop useful extensions users can add to their account for various purposes. I covered one of these before when I wrote about how SaneBox helps me manage my less important email.

Control how people see you

Another tool I use on a regular basis is Rapportive, which is a free GMail plugin that works with GMail and Google Apps Mail (it’s available in FireFox, Chrome, Safari, and Mailplane). When you install Rapportive, it replaces the GMail ads on the right column with a visual profile of the person you are emailing. The image at right is the Rapportive profile for one of my email accounts (I must have about a dozen of them!).

Instantly know who you are communicating with. I love this tool because it allows me to quickly see who I am writing to, and lets me quickly decide if some people are worth responding to. This isn’t about being elitist, this about about eliminating spam. I get dozens of emails every day, many of which are poorly crafted solicitations for my business. I have found that to a high degree, people who work for legitimate companies use emails branded to their domain and have profiles that show up in Rapportive. They usually have other quality signals as well, including other social media profiles such as Twitter, FaceBook, Google+, LinkedIn, etc. (Note: Rapportive is now owned by LinkedIn). Many low-quality companies and spammers use generic free GMail accounts and rarely have any additional quality signals or social media accounts.

All of the information Rapportive displays is publicly available, and is parsed together through various APIs and data sources. For example, the image you see comes from Gravatar, which is linked to my email account. If I leave a comment on a site with this email address, the image of my face will appear. To change the image people see, all I need to do is change my image hosted by Gravatar. If you don’t have a photo through Gravatar, you can sign up at here.

Rapportive also links social media profiles such as my Twitter, LinkedIn, FaceBook, and other accounts. You can even follow people by clicking a link in the Rapportive tool. It’s very useful!

Keep tabs on people. Another great feature is the ability to add private notes to help jog your memory. For example, let’s say you meet someone at a conference and send them an email the next day. You could then jot down a quick note about how you met them, what business they are in, etc. Only you will have access to the notes you keep and they can be a great way to quickly remember small, but possibly important, details.

The Rapportive tab also shows recent mail to and from the person, so you can quickly click on a recent email if you need to reference something in a previous email.

Are You Worried About How Others See Your Profile?

It makes sense to be concerned that others might “see too much” about you. The good news is that you can control what others see. When you are logged in to your account, click the little “my profile” link at the bottom of the profile section. You will see a popup that looks like this.

You can control what others see on Rapportive.

Take control of how other people see you on Rapportive. You have the opportunity to change almost everything people see about you, including your image, linked social media accounts, and more. Using this feature can help you protect your online image, as well as show people right away that you are a real person, not a spammer. You can highlight your personal website or social media profiles, your business site or social media profiles, and more. Use it well.

What About Privacy?

I understand how something like this can seem unnerving. Many people desire to remain private. This is difficult to do online, and as mentioned previously, Rapportive only displays information they can publicly obtain.You also have the opportunity to edit much of the content that displays for your profile.

It’s also important to mention that Rapportive doesn’t store any of your information, they don’t see your email, and they can’t see your password (they get a secure token from GMail which authenticates your login). Feel free to view Rapportive’s privacy policy.

Give Rapportive a Try

As a small business owner, it’s important that I highlight myself and my business in a professional manner. By controlling what others see, I can create a good impression and show people that I am a real person. As a user, Rapportive helps me see person at the other side of the email in a different light. This can be useful for connecting more easily, keeping notes, or simply determining if it is likely they are a spammer. This is a free app – give it a try on their installation page.

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Many government employees are facing the challenges associated with the budget sequester. One of those challenges are furloughs.

Should you vacation on a furlough, or do something else?

A furlough is an effort to save money by cutting back on employment. Employees might be forced to take time off without pay in cycles, for weeks at a time, or they might have their days cut back by between one and three days a week – with a corresponding reduction in pay.

For those affected by a furlough, it can mean the need for adjustments in your finances. The reduction in pay means that your budget is likely to be tighter. On top of that, you might have to cut back on your retirement account contributions, putting your future at risk.

How to Handle the Reduction in Pay

The most difficult issue to deal with when it comes to a furlough is the reduction in pay. You will need to figure out how to avoid a complete breakdown of your finances as a result of the furlough. Here are some steps to take:

1. Prioritize your spending: Figure out what items need to be paid for. Bills, groceries, and other necessities need to be covered. Determine which items are the most important in your budget, and recognize which items are unnecessary. Know how to say no to items you really don’t need.
   
2. Make cuts: Once you have distinguished between the needs and the wants, start cutting the wants. Where possible, cut items from your budget. It’s important to start cutting even before your first furlough so that you can start saving up a little bit to prepare for the time when you won’t be working.
3. Find ways to earn more: In many cases, you will have time to earn a little extra money. Consider freelancing or consulting on days that you aren’t working at your job. Look for a flexible part-time job. You can also sign up with a local temp agency, and work on your available days. While this income might not be enough to completely make up for the furlough, it’s better than nothing.

Try to arrange your finances so that you can keep making the same contributions to your retirement account. If this isn’t possible, try to avoid stopping contributions altogether. Keep making some contributions – as much as you can – for as long as possible.

If you have debt, contact your creditors and find out about your options. Deferment and forbearance might be options, or you might be able to adjust your payment plan, or get a reduction in interest rate that makes your payments more manageable.

What to Do With the Extra Time

Another concern is what to do with the extra time on your hands. If you can arrange your finances so that you don’t need to try to fill every forced day off with work, this could be a good time to improve your own situation. Some things you might be able to do during your furloughed time include:

• Going back to school: If you have been meaning to get a certain degree, or if you want to complete a certification, now might be the time for it. If you can get financial aid, it can even help you pay for the education. If you can develop a marketable skill during your furlough, you might be able to come back on when the furlough is over with higher pay (and partially make up for your reduced retirement account contributions), or even find a better job.
  
• Working on your hobby: For those with really “together” finances, the furlough can provide opportunities to work on your hobby and just enjoy yourself. You can treat furlough as a mini-retirement or a vacation.
• Starting a business: If you’ve always wanted to start a business, the furlough might provide you with the time you need. Get your idea off the ground, and you can create another source of income that can benefit you down the road.

You can use your time to do a few things that you want, and even create a situation in which you actually become better off than you were before the furlough.

Do you have a furlough coming up? What are you going to do during that time? Leave a comment!

Photo Credit: anda (:

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Mother’s Day is right around the corner, and if you haven’t thought of a gift to give your mother, mother-in-law, or mother of your children, now is a great time to start thinking about what you will give that special lady in your life!

These gift ideas are creative and inexpensive ways young children can show Mom they love her.

Frugal Gift Ideas for Mother’s Day

A hand-made card. Hand-made Mother’s Day cards are a classic – I remember making these when I was a little kid! I’m sure these are something mothers never tire of receiving; a hand-made card shows you took the time to create something special for the woman who helped create you.

Breakfast in bed. Sunday mornings were always a “special” breakfast day in our house when we were growing up. We ate as a family and always had eggs, or pancakes, or French toast, or something similar. On this special day, why not cook Mom’s favorite breakfast and bring it to her in bed. If there is room, the entire family can have a picnic on and around the bed. Just bring plenty of napkins!

A day off. Every mother has one thing in common – she works hard and deserves a break! Have the family pitch in and clean the entire house, cook all the meals, do the laundry, and all the other little tasks mothers often do, but which may seem to go unnoticed. Even better – up the ante and give Mom a week off!

“Hand” made crafts. You’ve seen them – the t-shirts or aprons with the hand prints on them. The set up for this is very inexpensive. Just buy a few dollars worth of paint and a blank t-shirt or apron. The total cost can be well under $10.

Coupon book. This gift works well for kids and husbands. Create a coupon book with “coupons” Mom can redeem for things such as cleaning your room, washing dishes, vacuuming, or even a massage.

Create a story book. My mom often read to me when I was growing up, and I’m sure there are a lot of moms out there who read to their children most nights. Why not write Mom a book, complete with story and illustrations? Then, the children can read it to her, and she will have a nice gift to keep.

Create a scrapbook or memory book. Moms love pictures – that’s why they always have a camera nearby! Take some time to create a scrapbook or photo album with your children’s favorite memories with their mom. She’ll love it! So much in fact, that she will be sure to pull it out to show her child’s first date.

Grow Mom some flowers. Why buy flowers when you can grow them? Little flower pots are very inexpensive and so are paints. Have each child decorate a pot with his or her name, a hand print, or a drawing, then plant seeds in each pot. The children can then help take care of the plant through the year. It’s also a great learning experience. If you can’t grow them, here are some tips on how to save money on flowers for any occasion.

Put on a show. My wife told me she loved to put on song and dance shows, or make up plays. This is a great way to entertain Mom and show her you care. You can even write in a part for her if you want, but since it’s her day, you should probably make her the heroine!

Spend time doing her favorite activities. It’s Mom’s day, so do some things she enjoys. Pick some fun activities you know she loves to do, and spend time as a family enjoying each others company. If the weather is nice you can go for a picnic or to the lake or beach, or if the weather is bad you can stay inside and have movie marathon complete with popcorn and purple Kool-Aid. Yeah, my mom likes the purple kind.

Decorate a picture frame. Have each of the children decorate a picture frame for Mom. Then they can present it to their mom with a picture of them in it. Mom is sure to love it!

A memory box. Have your children write down their favorite memories of a time they had with their mother and place them in a small box. Then, Mom can read through them whenever she likes. Chances are, some of her children’s favorite memories will be some of hers as well.

Bake cookies. Everyone loves homemade cookies! If the children are old enough, they can make a batch from scratch and serve them to Mom when they are still warm and soft.

Write a letter. One of the most beautiful things you can do for your Mom is to let her know how much you love her and how much she means to you. She probably knows it already, but actually saying it or putting it on paper will mean more to her than you think it will.

Be creative. There are hundreds of ways you can show your Mother how much you care about her and appreciate her, and many of them don’t cost anything.

I hope everyone has a safe and wonderful Mother’s Day next week.

photo credit: flaivoloka.

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For many Americans, it may seem as though living with a car payment is the only way to ensure that you have safe, reliable transportation. But you can save money and pay cash for a car you’ll love — and continue to remain debt-free. Here are some strategies for both finding an inexpensive, reliable car and for saving up the money to pay for it in cash:

Research, Research, Research

One of the reasons why buying a new car – and getting an expensive financing plan – feels so convenient is because there’s not that much research involved. Sure, you may check the Consumer Reports statistics on safety, reliability, fuel economy, and more, but once you’ve zeroed in on the particular car you want, you can just basically stroll onto the lot.

But if you’re going to buy a used car with cash, there’s a great deal more research you need to do. First of all, you’ll need to figure out what is most important to you. For instance, over the past 10 years, excellent fuel economy has become the holy grail of car buyers — meaning cars with excellent mileage are much more expensive, even if they’ve got a few years on them. You may find that you can get a reliable car for much less if you’re willing to compromise on the MPG. So do some research to find out what will be the cheapest car to buy and to own – including maintenance, insurance, and gas in your calculations.

In addition, regularly checking local classifieds, Craigslist, dealer websites, and the like can help you to know average prices for your area. For example, Toni at MoneySavingMom.com was able to discover that white vans would sell for less than any other color, and that Ford vans were generally cheaper than Chevys by regularly researching local sales sites. That kind of information was invaluable in helping her find a good deal on her family’s van.

Ways to Save Money for a Car

Once you know what kind of car you’re looking for, your price range, and when you want to buy the car, you’re ready to put your car savings into high gear. Simply divide your price range by your time frame, which will tell you how much you need to stash away each month. Even if you think there isn’t a single penny to be pinched from your budget, here are six ways to save money (and save quickly) for your new wheels:

1. Have a base amount of savings auto-debited from each paycheck.

You can’t miss what you don’t see. Even if all you can afford from your paycheck is $50 or $100 per month, setting that aside each month into a savings account you don’t touch will be enough to start a nice cushion of payment for your car. You can think of it as a reverse car payment — you pay yourself the equivalent of a car payment each month, until you’re ready to buy your car with cash.

2. Carry cash (and leave your credit card at home).

If you’re regularly sending a lot of your hard-earned money to your credit card company every month, you might want to try carrying cash instead. You’ll save a lot on impulse purchases if you remember that you only have $20 in your wallet.

3. Clean out the house.

Selling your unwanted items at a yard sale or on eBay can not only help you declutter your home, it can get you closer to your new car purchase.

4. Cancel services and memberships.

When’s the last time you went to the gym? How often do you watch the premium cable you’re paying for? You can put your savings into high gear if you cancel your unused memberships and services and put that money toward your car. (Bonus if you use the time you’d spend watching television to go for a walk — kill two birds with one stone).

5. Bank your raises and bonuses.

Rather than let lifestyle inflation get you used to extra cash in your paycheck, send that money directly to your savings.

6. Boost your income.

Finding a side hustle to do in your off hours is a great way to earn extra money toward your goal. You can find anything from dog-walking to house-sitting to lawn-mowing which will help your bottom line.

Saving money for a car you’ll love will take time and effort. That means you’ll take excellent care of your ride, and you’ll be that much prouder of the effort you put into researching and saving for your car.

Are you planning on purchasing a new or used car for your family? How are you going to pay for it? Leave a comment!

Photo Credit: Fadzly @ Shutterhack

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My husband has been using T-Mobile for years. He’s been using the unlimited talk and text on his non-smart cell phone for quite some time, and it’s worked well for us. (I’ve been using a non-smart cell phone with Tracfone for years.)

Recently, we decided to upgrade both of our phones to smartphones, and, since we’re not fond of contracts, sticking with T-Mobile seemed like a good idea. We have to pay more for our phones, but we also aren’t tethered by a contract – and we’re paying less per month for unlimited talk, text, and data than we’d pay if we went with Verizon, which is our other major option here in town.

Here is a look at our options, and what we’re doing:

Before the Switch

Upgrading to the iPhone 5 means that we are paying more per month for phone and Internet services than we were before. Before making the switch, we had a home phone through the Internet, paying a total of $93.90 for voice and Internet service.

My husband’s monthly plan cost $50. Since I was on Tracfone, the cost varied according to how much I used the phone, with the monthly cost breaking down to between $4 and $7 per month. If you add all of that up (and assume the higher $7 cost for my Tracfone), the monthly bill came to $150.90.

Our phones were also quite inexpensive, costing about $50 apiece, so $100. Over the course of two years, we paid $3,621.60 for voice services plus Internet.

With T-Mobile

As part of our switch, we ported the home phone number to my cell phone and ditched the phone portion of our service. This leaves our monthly high-speed Internet at $64.95 per month. My son now has my Tracfone, and will be using it much less than I did (for now anyway), at a monthly cost of about $2. Our new T-Mobile service is $80 for our shared plan with unlimited talk and text. To receive unlimited data access, it’s another $20 per month per phone, so our monthly total for the T-Mobile plan is $120. (This plan also comes with 500 MB free Hotspot data.) So, the monthly total cost for voice, messaging, and Internet service is $120 + $2 + $64.95 = $186.95.

We’ve already decided this monthly increase of $36.05 is worth it, since I’ve been able to use my phone for work on the go already, and my husband has made liberal use of the phone as a GPS device.

The phones aren’t subsidized, so they cost $580 (we got the cheapest option). However, if you turn in your iPhone 4 or iPhone 4s, you can get a credit of between $100 and $120 to knock down the cost. The other cool thing is that T-Mobile will let you pay off your iPhone 5 over the course of two years, interest free.

Two year cost for voice, messaging, and Internet service with T-Mobile: $4,486.80.

Verizon Alternative

Finally, we could have gone with Verizon. The phones are $199.99 apiece, with a two-year contract. However, the monthly cost with Verizon is more. There is the “Share Everything” plan that costs $40 per month. However, that doesn’t cover data access. According to the data estimate, my husband and I use about 16 GB per month (this is consistent with our trend of usage so far). This plan level costs $130 per month, plus the two $40 charges for a total of $210 per month. Add in the home Internet and my son’s $2 per month, and the monthly total is $276.95.

The two-year cost with the phones and the monthly charges is $6,646.80.

In our case, T-Mobile is worth it over the cost of Verizon – especially if you add in the fact that it costs $350 to cancel the Verizon contract early, if you decide to move on before the two years is up. There’s no worry about a cancellation fee with T-Mobile, although if you take the lower pricing on phones with T-Mobile, you’ll still be liable for the monthly charges for the phone hardware.

Is the new T-Mobile “Simple Choice” plan right for you? Run the numbers in comparison to other plans to see what’s best for you and your family! Will you save money on your cellphone bill?

What do you think? Would a T-Mobile plan work for you? Leave a comment!

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When I first got out on my own, I’d often stash my change in the ashtray of my car. That way, if I needed a quick meal the day before payday, I could find enough quarters and dimes to go to McDonald’s or Taco Bell.

After all, one of the real benefits of fast food is how cheap it is. If you order off the value menu, you can often get a full meal for under $4.

But despite the fact that you can actually buy a fast food meal using the change you find in your couch, the cost of what you’re eating is much greater. Here is what you need to know about the real costs of that double cheeseburger:

Why it’s Inexpensive

Beyond volume, there is a reason why McDonald’s is able to offer burgers and fries at such low prices: government subsidies. Since the 1970s, the American government has subsidized corn and soy production, to the tune of nearly $30 billion per year (currently).

This is why nearly any processed food you can buy can be linked back to one of those two crops: corn and soy are fed to cattle for the production of meat and dairy, high-fructose corn syrup is used to sweeten everything from soda to barbeque sauce to salad dressing, and soy is turned into hydrogenated soybean oil, which can be found in many processed foods.

Since the government is helping to pay for these foods, that is part of the reason why it is much cheaper to purchase a value meal than it is to buy fresh produce and meat to make your own meal.

It’s More Expensive than You Think

The other problem with the “cheapness” of fast food is that it’s not entirely true. Even with government subsidies, it will still generally cost between $4 and $7 per person for a meal. Multiply that by the size of your family, and suddenly the golden arches are no longer an inexpensive indulgence. Particularly considering the fact that meals cooked at home can cost very little—and many frugal cooking gurus can help you find recipes for as little as $1-$2 per person (or less).

As Barbara Ehrenreich pointed out in her book, Nickel and Dimed, fast food is the cheap option if you do not have a decent kitchen, as you might not have the tools necessary to cook and store the cheaper, healthier meals you could make with basic ingredients. When faced with the option of buying two avocados for $5 or two cheeseburgers for $5, the second option makes more sense.

Health Costs

Of course, beyond the dollars and cents difference between fast food and home-cooked, there is the much larger issue of health costs. Eating a diet heavy in processed foods has been linked to obesity, heart disease, cancer, diabetes, and many other health issues. Cheap eating now will often lead to expensive health care in the future, and according to a recent study in The New England Journal of Medicine, Americans are spending about $20,000 per person for each extra year of life gained from medical interventions to deal with obesity-related problems.

Of course, a single fast food meal never hurt anyone. The problem is it becoming a habit — and the food itself has been formulated to be habit-forming. According to Mark Bittman of The New York Times . . . .

The engineering behind hyperprocessed food makes it virtually addictive. A 2009 study by the Scripps Research Institute indicates that overconsumption of fast food ‘triggers addiction-like neuroaddictive responses’ in the brain, making it harder to trigger the release of dopamine. In other words the more fast food we eat, the more we need to give us pleasure; thus the report suggests that the same mechanisms underlie drug addiction and obesity.

So, the more you eat, the more you want, and the more likely it is that you will do some sort of harm to your health.

Cheap and Healthy Eating

Even more than finances, one of the biggest reasons for eating fast food is the convenience. Not only do you not have to cook, but cleanup is also taken care of for you. But if you want to save money both now and in the future, it makes much more sense to work on making your own personal convenience foods. If you cook several days worth of meals and individually package them, you can heat them up and eat them faster than you can get through the drivethru.

The real trick to saving money and time when it comes to food is planning ahead. That way, no scrambling for pocket change will be necessary.

Photo Credit: acidpix

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Moving across the country and finding a job after you move is difficult. I’ve done it before, but it’s not something want to do it again. As I explained in my recent article about finding a job in the hidden job market, many of the available jobs in today’s economy aren’t advertised. They are, in effect, hidden. The best way to find these jobs is to network and meet people. But this is much more difficult when you are relocating to a new area and don’t have any connections there. But just because it’s more difficult, doesn’t mean it’s impossible. These tips can help improve your odds of finding a job when relocating.

Finding a job when relocating can be difficult, but it’s not impossible.

Looking for a Job When Relocating

I received the following question in our article on the Hidden Job Market (from Jake @  Common Cents Wealth):

This is an awesome article. It’s so true that the majority of jobs are never listed on the major job websites. I’ve moved positions twice and both were from internal references. Knowing someone in the company gives you a leg up on most other applicants. My wife and I are considering moving to a different part of the country where we don’t know anyone, which makes finding these “hidden” jobs harder. Do you have any specific suggestions for finding a job while changing locations?

Thanks for the kind words about the article, Jake. Relocating to a new area when you don’t already have a job lined up can be tough. I experienced that when I separated from the military and I had a difficult time finding a job. That said, I would be much better equipped to handle it now because I have done it once, I am more confident in my abilities and my background, I have a stronger resume, and I have more work experience. Beefing up your resume and expanding work experience should be the first steps you take.

Ultimately, your ability to find a new job in a location you aren’t familiar with will boil down to your work experience and accomplishments, coupled with your ability to network with people in the field you want to join. I’m going on the assumption that you have the professional side of things locked down and you don’t have the option of an internal move through your current company. So lets look at two things: researching a new location, and growing your network there.

Here is how I would start the job search process:

I would focus on narrowing your targets as much as possible before you begin your job search. For example, start by deciding two things: where you will live and what type of job you are looking for. Saying, “I want to live in the west coast and want to work in the technology sector” isn’t a great answer. San Francisco and the Silicon Valley area, Los Angeles, Seattle, Portland and several other places fit the location description, and there are thousands of jobs in the technology sector: coding, development, management, user experience, design, etc.

So break it down. Start by narrowing down your job search. If you have one primary skill or career field, then you know what job to look for. If you can work in more than one field, try to narrow your search to as few fields as possible. This will help you focus your search and improve your results.

The next step is to choose a location. If you have already chosen where you and your wife want to relocate, great. If you haven’t decided where you want to live, then narrow it down to a region first and begin researching the area. Research the different cities. Go for an extended vacation. Take a driving tour through the area. Make sure you are 100% certain you want to live in the area before you invest the time and money in a job search and relocation. This will save you a lot of money and frustration. On a related note, I also recommend renting in your new location before buying. This will give you a better idea of the homes and neighborhoods before you make a massive financial commitment.

Be strategic with your visit. There are also professional benefits to visiting the location where you think you want to move: you have the opportunity to learn more about your chosen industry and how it is doing in that location. You may also have the opportunity to meet people in the industry before you try to find a job.

Before you visit, try to get an idea of which companies in the area might be a good fit for you professionally. The idea isn’t to go out there to seek job interviews immediately, but rather to make some connections in your chosen industry and get a feel for how the industry is doing. Is it growing? Are companies hiring? What are the needs in the industry? Are your skills a good fit for the growth areas?

To accomplish this, you will need to set up some informational meetings with people in your chosen industry. This will require a little work on your end. You will first need to research your industry and the companies that are the big players in the location where you want to move. Then you will need to identify a few people who work at the companies you are interested in and ask them if they would be willing to meet you for a coffee or for lunch. This sounds intimidating, but many people are willing to help you if you just ask.

How to meet a cold contact. Since you don’t know this person, you will either need to cold-contact them, or get an introduction from a common contact. LinkedIn can be a great way to gain introductions to people in your field. Cold-contacting someone may not be as difficult as it sounds, as long as you are genuine and you let them know you aren’t expecting anything from them—you just want to learn more about the industry. Spend a little time researching the person, their company, the industry, etc., and tell them how they came to be on your radar.

Your email could be as simple as, “Hi Joe, I saw a paper you wrote in XYZ publication and it resonated with me because (fill-in-the-blank). I’m going to be in your city next week and I wanted to know if you have a few minutes to grab a coffee our lunch, my treat!”

Here are more tips on cold-contacting someone, and another by using LinkedIn.

What to do, and what not to do during the informational interview. The key to making this work is listening. You contacted this person because you feel they have something to offer in regard to the industry. So learn from them. Prepare a few questions that show you are knowledgeable about the industry, then sit back and allow them to talk. Learn from them and let them know you are interested in the industry and you are considering relocating to the area. But don’t outright ask them for a job. This goes against the reason you invited them out and can leave a bad impression.

If you impress the person you meet with, they will let you know what they know about the industry, their company, which companies or segments of the industry are growing, which companies are hiring (or laying off workers), etc. This knowledge is incredibly valuable if you are planning on relocating to the area. You can use this information to help form the basis of your job search.

This process works even better if you can meet with several people while you are visiting the city. Different perspectives and more contacts can help you in many ways.

Meeting in person is great, but isn’t required. In-person meetings are always the best way to create a more lasting impression. But it’s also possible to make a connection via e-mail, LinkedIn, phone, etc. My preference, however, is meeting in person.

Then the job search begins. Once you have researched your location and industry, you are ready to begin the job search. Start with the company websites, and try to get in contact with some of the people who work with the company, and specifically in the division where you want to work. You may also try asking for an introduction from one of the people you met when you visited the city on your fact-finding trip.

I admit, it isn’t easy. But it’s a good place to start.

Readers: do you have any recommendations for getting a job in a new location?

~$~

Related Articles:

1. The Hidden Job Market – How to Find a Job that Isn’t Advertised
2. What to Do When You Know You Will Lose Your Job
3. 5 Online Job Search Techniques to Avoid