To tip, or not to tip, that is the question

What do the following professions have in common: a waiter, a hair dresser, a taxi driver and a pet groomer?



Answer: Tips



Tips are considered a part of their wages, and as the patron you are supposed to offer a little compensation for their services! But, ask anyone and I am sure they will admit to being unclear as to what is considered fair. Sure, tipping the wait staff at restaurants has become routine, but visits to a hair salon or spa, taking a taxi or using a concierge service are more likely to be done on occasion. Therefore, most people are not as confident with tipping etiquette for such services.

Boston.com has prepared a brief guide to tipping that will help you in those oh so uncomfortable situations, and this is far better, less cliche than the plastic, wallet size tip charts we had decades ago. For example, if you buy take-out food tipping is not expected from you, but if you are getting a manicure 15% tip is the way to go.

Interestingly enough, according to a survey by PayScale.com , 52% of hotel maid service income consists of tips, and such compensation covers up to 41% of a rabbi's income!

Some other important tipping highlights to keep in mind: tip the bar tender $1 per drink or 15% of the total bill, tip your delivery food person 10% and $2-5 for your cab driver.

Happy Holidays from Savvy Student!!!!

References:

http://www.pfadvice.com/2006/12/18/how-much-should-you-tip/

http://www.getrichslowly.org/blog/2006/10/12/basic-tips-on-tipping-how-much-and-to-whom/

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The cost of your skipped classes

Have you ever wondered how much it costs you every time you choose to skip a class?

Savvy Student decided to calculate the approximate amount and here are the results.
If you take Brandeis per semester tuition of $20,257 and divide it by # of classes you are enrolled in, and then by 15 weeks of instruction, you will end up with about $337.61 per class per week.

If you take four courses per semester, each class is worth about $112.53!

On one hand, tuition is a set cost, so if you choose to take five classes the cost per class will go down. It also obviously does not matter whether you go to all or none of your classes since the tuition will remain the same.

Economists sometimes refer to this fallacy as the "sunk cost fallacy". Once you have paid your tuition, these funds have already been "sunk," and thus don't play a role in your decision making. Interestingly enough, animals and small children don't think this way!

On the other hand, there is an opportunity cost to every class you skip, which consists of the information you miss out on. So, really, unless you have a flu, you should always attend your lectures.

However, in case you ever doubt whether or not you should be going to class, you can always use the Skip Class Calculator , which, after asking you several questions about the course, will tell you whether the skipped class is likely to play a big difference in the long-run!

However, if you are studying for your finals now and wondering how you could have helped yourself be more prepared, the answer of course is, by going to class. And now you know that you would have also saved $$$!

Good luck with finals ;)

Savvy Student

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Money Matters - at Home and Abroad

The questions that our office gets concerning Study Abroad Financing are infinite...
It is time for the SavvyStudent to try to clarify those, so read ahead!


BEFORE YOU GO ABROAD:

The main things to keep in mind:

- Pay Brandeis tuition by January 6th, 2012 (this will also include a study abroad fee of $400).
- Make sure you are aware what the costs are for your program's room and board, and you have received that bill as well.
- If needed, book an appointment with a financial aid advisor to discuss any additional options you have to assist you with the fees. Please, do so by contacting us at (781) 736 3700.
- If you are planning to use a Brandeis financial award when abroad, be aware that Credit Refunds will not be processed earlier than 10 days before the start of classes in the Spring semester. This means no earlier than January 7th. Please, account for mailing time if requestuing the check to an address abroad or in the US.
Please, refer to our comprehensive post from this spring for further details.


ONCE YOU ARE ABROAD:

Savvy Student won't be able to provide you with a spreadsheet for all the costs you will encounter when abroad, however, these are some questions you should strat thinking about:

- To prepare, first, do research on your country destination: what is the currency conversion rate? What is the average cost of a meal? How much does public transportation cost? Can you save by buying a pass?
- Most programs will send you a brochure containing most of the answers to the above questions, however, some research won't hurt. You can always contact students who have already done the same program and inquire of their monthly budget. The Study Abroad Office has an alumni base for all Brandeis approved programs, don't hesitate to utilize that! Keep in mind - everyone has their own spending limits!
- This being said - what is your budget going to be? Does your program provide daily/weekly meals? Are you planning to go out? Will you cook? Will you have to buy pots/pans? Buy souvenirs for 25 relatives? Shop for clothes? Travel around the country or abroad? PLAN ACCORDINGLY!
- Depending on the area of the world you are travelling to the cost of living may be higher or lower than in the U.S. However, regardless of where you are, be ready to face the fact that you will have more expenses than you would normally have at Brandeis. If you have a student job on campus, your student visa won't necessarily allow you to work in the country you are - so make sure you have pocket money on you!

If you have more suggestions or comments on how to budget abroad, please, feel free to share them with Brandeis Savvy Student! Your feedback is always welcome!

~Savvy Student

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