If You’re Laboring Today, Save that Extra Cash
41% of employers require at least some work on Labor Day, but 86% are giving you incentive to cut your long weekend short.
For most Americans, today marks the end of the long weekend that marks the end of summer, but a new survey by Bloomberg BNA indicates at least some readers may be browsing this article while they’re at work. That’s because two out of every five employers surveyed are requiring at least some of their employees to labor a bit this Labor Day.
So while 97 percent of employers are giving most of their paid employees a full paid day off to enjoy the vestiges of summer, 41 percent also admit that some of their staff will be required to log at least a few hours today. Security and technical staff top the list for the departments most likely to be called in on what’s typically a day off for most office workers.
Luckily, of those who say they’ll have some staff working, 86 percent will give those workers at least some incentive:
- 27% will pay time-and-half
- 16% will pay double
- 18% pay extra and give compensatory time
- 9% will only give compensatory time
Only 9% of the respondents said the employees would receive regular compensation.
“The first urge when you get extra pay in a paycheck is often to spend it and splurge on something,” says Gary Herman, President of Consolidated Credit, “but extra cash can be used effectively to bolster your finances instead of getting wasted on instant gratification.”
With that in mind, here are five useful and unique ways you can spend the extra cash you should earn if you’re working through any part of the holiday today:
- Make a bigger payment on the outstanding credit card balance with the highest interest, since this debt costs more each month you leave the balance to carry over.
- Open a myRA account if you don’t have a retirement account set up yet – you only need $25 to open this type of retirement account.
- Set it aside in your savings account for holiday spending, so you can avoid credit for the $800-$1200 most families spend at the winter holidays.
- If you’re currently enrolled in a debt management program, call your credit counselor to make an extra payment on your program – you’ll complete your program faster!
- Open a 529 college savings plan for your children – like the myRA, you can open the account for as little as $25 and then let it grow to help with their education costs.