Savings account may ease being unemployed

By: Alicia Gentile Email
By: Alicia Gentile Email

GRAND JUNCTION, Colo. (KKCO) -- Mesa County’s unemployment rate remains higher than the state and the national average. In addition, based on data from the past several years, January’s unemployment rate tends to be the highest.

The recession has created tough times for many, but small steps to creating a savings account may help individuals if they lose their job.

Mike Berry, of Legacy Wealth Management, says individuals should have a 90-day emergency fund.

“That way you have a cash place to get money and you don’t have to put it on a credit card and it also serves well in case one would lose a job,” explains Berry.

Berry offers a couple simple tips to help individuals who want to start saving part of their income.

“The best way is to pay yourself first…bank your surprises-if you get a birthday gift, put it in the bank,” says Berry.

On the other side of the coin, wages in Mesa County remain very low- making it harder to save money.

“I’ve lived in Mesa County for 30 years and I love it here, but one of the things we’ve always had is a very low wage base,” said Berry.

January’s high unemployment rates reflect seasonal layoffs.

“A lot of layoffs are due to seasonal stuff so there’s not a whole lot of activity- whether it be landscaping or construction- there’s a variety of industries that downsize,” said Suzie Miller of the Mesa County Workforce Center.

The Mesa County Workforce says they are seeing a lot of jobs come in.

You may be wondering why in the middle of March we’re just now getting January’s unemployment numbers. The reason is, The Workforce Center does a large revision looking a previous years numbers to improve accuracy and as a result January’s unemployment numbers are delayed.

February unemployment numbers will be released next week.

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