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Despite an improved economy, employers are granting workers limited pay raises this year and plan only slightly larger increases in 2005. Companies are budgeting pay increases of 3.3 to 3.5 percent this year and plan raises of 3.5 percent next year, according to a pair of surveys. The modest increases will keep workers' pay increasing faster than the rate of inflation. But analysts say higher worker contributions for health care could eat up much of the pay gains.
If you're not putting much money aside for retirement, here's a point to ponder: Nearly a third of your life could be spent as a retiree. As a result, experts say "working retirements," in which we spend a day or two each week at a small job, are likely to become common as many retirees need to make ends meet.
Marrying couples should have a heart-to-heart talk about money. First, disclose your complete financial situations to each other, a family law expert says. Next, discuss attitudes about money for understanding, not necessarily agreement. Joyce Franklin of JLFranklin Wealth Planning says the best way to minimize spending fights is to set goals. "It may be to retire or buy new cars every five years. Then we work backward to determine what kind of spending patterns happen now so they can achieve these goals," Franklin says.
When it's time to buy new appliances, check their energy efficiency by looking for the government's Energy Star designation. Energy-efficient appliances generally cost less to operate, and the Energy Star designation certifies the product exceeds federal guidelines for energy efficiency. An air conditioner with an Energy Star rating, for example, should be 20 percent more efficient than its standard counterpart.
Looking to buy a treadmill? Expect to find prices ranging from about $300 to $4,000. The American College of Sports Medicine recommends spending at least $2,000 on a treadmill if you're a runner and about $1,000 if you're a walker. You may find a more economical model that works for you, particularly a used one.
- Compiled from Times wires and Web sites