Frugal Friday Tips

If you're looking for some frugal fun this weekend, check out some of our readers' suggestions:

• Tempo on Moody Street offers $7 appetizers before 7 pm on Friday nights.
• Spoolads.com offers coupons for pizzerias in Waltham.
• Five bucks goes a long way on Moody Street... Stop by Global Thrift for anything from books to decorations for your dorm or apartment. Items may be "gently" used, but you get great deals. If you pick up a book bundle (five books for five bucks) from More than Words you'll get 10% off a drink at their cafe.
• Rent a Deis Bike for free and take a ride down the bike path along the river.

Do you have any deals or ideas to share? Leave us a comment and we’ll post them next Friday.

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Dear Savvy Student,
I have some questions about banking. First, I want to open up a checking and savings account but I’m not sure how to pick a bank. What should I look for and what questions should I ask the customer service representatives? Second, will I have to pay to open up an account? Finally, how can I avoid getting overdraft fees?

-Anonymous

Thanks for your questions. Opening a bank account, whether it's checking or savings, is the most convenient and safe way to handle money. Having an account open allows you to make deposits and cash paychecks. With a savings account in particular, your money will earn interest just by being there. A checking account is the most common account opened by students. Banks will typically issue a set of starter checks and a debit card for these accounts.

When determining which bank to give your money to ask around and do your research. Most banks offer internet banking and customer service by phone, but read the fine print and determine what services are important to you. If you shop the local branches you will be able to get a feel of how they operate and their level of customer service. Make sure you keep the following in mind:

• The location of the banks branches and ATMs. If these are not conveniently located you may end up paying additional money in fees to use an ATM or branch you do not belong to.
• How much, if anything, the account will cost you. Most banks will offer free checking and savings accounts, but again read the terms and conditions to ensure that you won’t be hit with any fees.
  
• Whether or not the account requires you keep a minimum balance. If this is the case, make sure it is a balance that you can maintain.
  
• How many money transfers you can make per month from checking to savings and vice versa. Banks may charge a fee or change the terms of your account if you exceed the limit.

Additionally, you should track your purchases, save your receipts and be aware of the money in your accounts at all times. If you overdraft (spend more money than you have in your account), the bank charges a minimum fee of $25. This is also good practice to ensure your account is accurate, that all of your deposits and cash withdraws are ones you have actually made.

Lastly, check in with your family and friends to hear about their banking experiences and hopefully you can benefit from their information as well. Best of luck to you!

Until next time,

Savvy Student

As always, please send your comments or questions to sfs@brandeis.edu. Thanks!