money·6 min read

Skimm Money: Job Hoppers, Homebuyers, and Money Goals

woman looks concerned in front of a laptop
Design: theSkimm | Photo: iStock
Sep 9, 2022

Eyes On

Job Hopping

The Great Resignation isn’t over yet, and job hoppers are still reaping the rewards. People who found a new employer in July saw their paycheck increase by about 8.5% vs. 5.9% for those who stayed put. But quitter’s remorse is real. According to one survey, 43% of pandemic quitters felt they were better off at their old job (hey, boomerang employees). And another found that 72% of quitters felt surprise or regret after starting their new job. The grass isn’t always greener.

Your move: 

  • Update your resume. Even if you’re not planning to leave. Add new responsibilities you’ve taken on or major goals you’ve hit (we see you exceeding those sales numbers). And avoid these common resume mistakes.

  • Get noticed. To stand out during the hiring process, start with a convincing cover letter, then don’t forget to prep for the interview.

  • Negotiate. The tight job market could mean you have more power to negotiate your salary, benefits, and remote work options. Make a list of your must-haves and ask for what you deserve.

  • Stay put. Quitting isn’t always the right move. Build new skills to level up at your current job, which could lead to a promotion or different role within the company. PS: If it is time to move on, know the right way to say goodbye.

Financial Goal Unlocked

Design: theSkimm | Photo: iStock

The Goal: Owning a home.

A Winning Mindset: Being realistic. Not gonna lie, homebuyers have had it rough these past two years. And ICYMI, buying a home wasn’t easy for millennials even before COVID hit. But there’s good news in some of the hottest markets: Home prices dipped in July. TBD if they’ll continue to drop. Some housing experts say prices will continue to go up, just less drastically. Even if prices do fall, buyers face higher interest rates and, in many cases, still-high home prices

A Winning Strategy: If owning a home is where your heart is, here’s what you can do to make it happen… 

  • Save. Then, save some more. Focus on that down payment. And take advantage of programs like the Federal Housing Administration loan program, where you can put as little as 3.5% down on a home. 

  • Check your credit score. A good credit score (think: 670-739) could mean the difference between an affordable mortgage and one where you pay $$$ in extra interest. Psst…here are a few ways to raise your score

  • Figure out how much you can afford. Get your income and expenses ready. As a general rule, your housing costs (think: your mortgage payment, utility bills, and homeowners’ insurance) shouldn’t exceed 30% of your gross income.  

  • Be patient. A housing correction could be coming. Ivy Zelman, the analyst who correctly predicted the 2008 housing crash in 2005, predicts the overall housing market will drop 4% in 2023 and 5% in 2024. Which could make purchasing a home much more affordable.

theSkimm: Where the housing market goes next is anyone’s guess. If buying a home is high on your priority list, consider your savings goals, credit score, and timing before you start your home-buying journey.  

And Also…This

Whose historic reign came to an end…

Queen Elizabeth II. Britain’s longest-serving monarch wore the crown for seven decades. She reigned through 15 prime ministers and 14 US presidents. Many will mourn her leadership and celebrate her legacy. But her passing is also a reminder that many have a critical view of the monarchy, British colonialism, and their relevance in the modern world. 

What’s giving peanuts a run for their money…

In-flight sundaes. As airlines compete for your $$$, some are rolling out new menus to try to attract customers. Extra legroom with a cherry on top, please.

What makes breastfeeding even harder for working moms…

Harassment from coworkers. Which is what a former Goldman Sachs employee says she experienced during her 17 years at the company. 

While some college grads have major buyer’s remorse

High costs aren’t deterring current students from decking out their dorms.

Save Your Seat: SkimmU Money

No need for the Midas touch, we’ve got a better way to up your savings. (Hint: It’s investing.) Register for SkimmU Money to learn how to build your portfolio, assess your risk tolerance, and more. Four days, four courses led by four financial experts — starting September 19. Oh, and it’s free. That’s money. Register now.

Skimm’rs

Tell Us How You Really Feel: Whether it’s building an emergency fund or getting out of debt,  you’ve got money goals and we wanna hear them. Fill out this form to tell us. Last week, we asked you to share your most recent money win, and we couldn’t be more proud. Here are some of your Ws… 

"I got a new job that's salaried and pays me 10k more per year than my last one! I'm staying in the same apartment too, and even though my rent increased, the salary increase was bigger, so more money into savings/investment!"

"After only just getting my first 'big kid' job last year, I just got a raise! It isn’t a ton of extra money each month, but it’s enough to give my husband and I the stability to afford to adopt a rescue cat. Our family is now complete!"

"I finally have an emergency fund which came in handy this week as my windshield was cracked by a rogue rock. No more going into debt for emergencies!"

Skimm Deal of the Week: From now until September 12, use code BEST to get 20% off bestsellers at Homesick, and add to your candle collection before cozy season officially arrives. Between Pumpkin Picking and Autumn Hayride, it’s really hard to go wrong. Fall lovers, rejoice. Shop here.


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