College Money Myths

One of the biggest challenges in adjusting to college life is not actually related to academics, but rather personal finance. For many students, it will be their first time working and earning a weekly paycheck, opening a checking or savings account and even building up their credit through student loans or credit cards. And, although this may seem like standard practice, students being introduced to these types of financial responsibilities for the first time can either be oblivious to what it entails or overwhelmed by it.

When it comes to working, students often times do not even know how to properly complete the W-4 Federal tax form, nor do they understand interest rates, APR's or the like. So, where do students turn to, for answers in this tech savvy day and age? The internet. And, with so much information available on personal finance and money management it is hard to sort through what might be fact, fiction or opinion when it comes to your financial well being.

So, as we often pledge to do, we have come across an article from Fox Business on 6 College Money Myths that we think you should read before heading back to school. These tips could prevent you from damaging your credit or that of your parents. The article focuses heavily on credit cards and understanding how to use them responsibly, as well as, the importance of checking your credit report annually. FYI, the article does refer to 9 money myths, but only 6 are posted.

Savvy Student

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Samsung, Droid, HTC Let's Talk Cell Phones...

Are you in the market for a new cell phone? And, not just any regular old cell phone since smart phones are all the rage-are you looking for the latest Android, HTC or Samsung? If so, keep reading...

We have come across two very legitimate websites that can save you more than 50% on your next purchase. These websites will not interfere with your cell phone plan unless you are already receiving a discount. So, if you're coming up for a contract renewal or you just need a new phone you can save more money with these online companies than with your cell phone provider. Just for example, the Samsung Galaxy sells at Verizon Wireless for $99. Through our online suggestions you can purchase the exact same phone for FREE.

Are you intrigued yet?

The websites we have found and had personal experience with are WireFly.com and LetsTalk.com. The deals offered change frequently, but are worth comparing to the price given by your carrier. You should do your research ahead of time to determine which phone you want to purchase and then let the deal come to you.

Just checking today we have found significant savings on the HTC EVO from Sprint. Carrier price is $149, but through LetsTalk.com you pay just $39.99. The HTC Thunderbolt is on sale with Verizon Wireless for $249.99 down from $569.99, but with our online search you can get the same phone for $39.99. These websites serve the same purpose as a mall kiosk or cell phone carrier at BestBuy. You can purchase the phone and renew your service all at once. Again the savings are spectacular, but do your research and definitely check with your carrier first.

~Savvy Student

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Budget Friendly Father's Day

With Father's Day this Sunday it may seem impossible to show your dad how special he is without spending a lot of money. The ads on tv or the radio imply that the best gifts to get for Sunday are either an Ipad or smart phone. This may be the case for some tech savvy father's, however, they each come with a hefty price tag. So, what can you do if you are on a budget and you need last minute gift ideas? Well, stick with Savvy Student because we have the 411.

Our previous post provided information on coupons and how best to use these money saving devices. Well, gift buying is no different. The thought put into the gift is what counts not the price tag, and if you are able to save a few bucks along the way, who care's? Always be sure to check the circulars or the internet for product discounts. You may be able to save a percentage on the item itself or on shipping. Simply type in "(Business Name) Coupon Code" into the search engine to see what pops up.

A father called into the radio station just the other day giving advice to "poor" college students. What he suggested was a gift of time and effort that involved no exchange of money and was often more appreciated than any store bought present. His list of ideas included cleaning and detailing your father's car or completing a task or chore you know he dislikes, but to do it as a surprise, not as a promise of something you "will" do.

If you don't have money to spend on dear old dad, you can still spend time with him and make it special. Schedule a father/son or father/daughter day where it is just the two of you. You can go for a walk, play a game, go fishing or any activity that he enjoys doing. Making memories is priceless and will last a lifetime.

If you find that you do have money to put towards a present for your father just remember that you don't have to break your budget. Most father's would appreciate any gift and would probably rather see you save your money.

We at Savvy Student wish all you father's out there a very Happy Father's Day!

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Mastering the Art of Couponing

Twenty years ago coupons were rarely ever looked at, much less used. They were included with the Sunday paper only to be tossed aside while searching for store flyers. Fast forward to June 2011 where coupons have taken on a brand new identity, changing the once negative stigma surrounding them into a hip way to save money. Beginning as newspaper inserts, then in-home mailers such as ValPak, coupons have finally and most successfully hit the internet, which has become quite popular amongst today's tech-savvy shoppers. Since not all coupons are created equal and "clipping" coupons is a time consuming deterrent, we at Savvy Student have decided to help make you a couponing guru. So, please read on for the best tips and advice to keep you at the top of your game.

In our research, we have come across several websites that discuss couponing and its money saving benefits. Couponing has become so popular that TLC even created a reality tv show on obsessive couponers called Extreme Couponing. Individuals featured on this program save hundreds of dollars at the check out with their coupons and even have the ability to donate certain goods that they purchased too many of. The key for these shoppers is to get organized and get multiples of all coupons. While TLC does not recommend this, it has apparently become common practice to steel coupon inserts from the Sunday paper, which is almost funny being that they were once considered junk mail. Luckily, you don't need to take to dumpster diving 0r coupon theft to save money. Below are some websites that we found useful to help get you the biggest bang for your buck.

According to the personal finance blog, MONEY NING it is possible to save money at the grocery store by getting extra coupons, shopping the grocery circular before your trip and by organizing all of your coupons. If you would like to see MONEY NING's other tips you can view the article in full here.

The Money Beagle says to "Keep it simple." Look online and check the Sunday paper for money saving deals. If you are doing a search online type "Amazon coupon code" or "promo code" in the search engine and see what comes up.

About.Com/Frugal Living has a beginners guide to couponing which offers great tips on locating coupons, store policies on coupons and how to get organized with your clippings.

Vastly different from the other websites listed we have come across thekrazycouponlady.com. This website offers a snapshot of the best product deals, as well as free printable coupons and a "Brag Lounge," amongst other fun couponing items.

As you take on this new challenge, be leery of spam websites. We found that several coupons were blocked by random surveys and subscriptions. But, if you do your due diligence you should be on the fast track to savings.

If there are other coupon sites that you have used and like, such as Retailmenot.com, please let us know and we will post them.

~Savvy Student

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Out With The Old and In With The Money

If you are searching for a way to earn a few extra dollars while clearing out some space in your basement or garage, we have your answer...a yard sale! And, if you are a boarder-line hoarder, this may also pave the way to recovery.

Either way, Savvy Student has a few tips via Today Money to help make your next sale a profitable one.

Advertising and organizing are among the top suggestions offered by experts. Although this may seem like common sense, it's all in the details that people tend to leave out. Make sure to use bright, easy to read signs that are placed throughout your neighborhood. As we are in a technology led world, don't forget to advertise online through sites such as Craigslist. Organize as you pick through items in your house to be sold and add post-it notes to help answer shoppers questions such as "dishwasher and microwave safe".

Presentation is also important. Set up areas with like items and leave walking room for customers. Make sure to clear away cobwebs and clean off any dusty goods, as well. And, to further entice shoppers mow the lawn and clean up your flower beds.

For more hot tips on summer yard sales you can view the article in-full here.

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How to Lower High Cost Utility Bills

For those of you who have taken the summer to venture off-campus and away from home you may find the independence exciting. However, once you settle in the responsibilities can be a little overwhelming. Aside from rent there are always going to be variable expenses such as food and transportation. If you are a regular to Savvy Student, then you have hopefully learned how to manage a budget and monitor your spending habits, so those types of expenses should already be covered. Yet, there are some bills that are hard to plan for especially if you have never had to pay for them before, i.e. your utility bills. And, different seasons can impact the amount of your bill depending on usage. But, do not fret! Savvy Student knows a few simple steps on how to decrease those high summer (and all year round) utility bills.

WATER
1. Check to make sure none of the faucets in your household are leaking/dripping. A slow dripping faucet can accumulate over two gallons per hour!
2. Take shorter showers. I know it sounds obvious, but did you know that a shower uses approximately 6-10 gallons of water per minute? Think of how much money you could save if you shaved a few minutes off of your shower.
3. Contact your utility company to see if they offer reduced rates at certain times of the day and either timer-delay your washer/dishwasher or wait until that time to do your loads.
4. Recycle your water from fish tanks and use it to water your plants. Fish emulsion is a good and inexpensive fertilizer. It is high in nitrogen and phosphorous- just think that you will save on fertilizer AND water.

GAS
5. Close off the rooms that aren’t in use in your home. This will help keep the rooms you do use warmer or colder.
6.Invest in a water heater timer if you have an electric water heater. By turning the heat off during the time it is not in use you will save money on your bill without even making a sacrifice.
7. Turn your thermostat down just three degrees. By doing so you will save approximately three percent on your heating bills.

ELECTRICITY
8. When purchasing new appliances it's best to consider energy efficient models. You may have to shell out a little more money for the switch, but you can save hundreds of dollars a year, making it worth the investment.
9. Get into the habit of turning off ALL lights and appliances that are not currently in use . You'll be surprised at how quickly the energy savings will add up.
10. The dryer will use less energy if you dry several loads of clothing, one after another because the dryer will already be hot. What an easy way to save money and get your laundry done faster!
11. You can call your utility company to find out if they have off-peak hours and when they are. Many companies charge less for your electricity at night and more during the day. By doing your laundry and dishes during off-peak hours you could easily save money off of your utility bill.
12. Its best to use low-wattage light bulbs or energy efficient fluorescent lighting. Compact fluorescent typically last ten times longer and they use 75% less electricity.

With time, these simple acts will prove beneficial--financially and environmentally. So, stop spending 40 minutes in the shower and save enough $$ to pay for that parking permit next semester :) .

Smart Living,
Savvy Student

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