Here we go again...

Its about that time--fresh snow on the ground, new faces and brand new professors. It's the start of a new semester and many are awaiting their refund checks. But here at Savvy Student, we are here to remind each student ways to be smart and chic while on a budget.

Step one is simple. Don't splurge!

Watch what you do when your money comes through.

It's very tempting, when you get your refund check at the start of each term, to get a false sense of financial security and spend accordingly. Use your will power and try not to splurge. If you do this, you'll reap the benefits at the end of term when you actually do have money and are not scraping the barrel. You should also consider spending your money on things like books and equipment that you'll need and use for the semester or even longer. Keep yourself from buying things that you really don't need, no matter how badly you want them!

Step two : Give yourself pocket money.

Control your spending with a self-imposed allowance.

Just as your parents may have given you a weekly or monthly allowance, this strategy will help you begin to think about and control your spending. On the same day each week, withdraw a fixed amount of money to cover your weekly expenses. Each weekly withdrawal must be for the same amount. This way you will begin to create a healthy spending pattern.

Step three is be wallet aware!

Only carry the amount of cash you allow yourself to spend daily.

If you're a sucker for an afternoon latte or tend to get cash-happy on a night out with your friends, put money in your wallet on a daily basis. Not only will this stop you getting that final round in and blowing tomorrow's money, it will also allow you to save in advance for a special occasion.

Step four is to keep an accurate record of expenditures.

It may seem like a drag and you may think you do not have time to do it daily but in the end it works out. Basic bookkeeping helps to keep spending in line and underscores the importance of writing a budget and sticking to it. The extra five minutes a day of writing your charges will help when your wondering "Where did all my paycheck go?"

Step five is to routinely visit Savvy Student.

Here at Savvy Student we know how to keep you informed about the latest ways to budget and save. Not only are you going to learn to budget that refund check and all your checks to come but you'll also look savvy doing it.

Savvy Student

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What a Girl Wants...

Not all women wake up looking as beautiful as Jessica Alba, Carrie Underwood or Vanessa Hudgens. It takes make-up, air brushing and a ton of work to look like the stars. So, instead of attempting to emulate the Hollywood beautification process, women buy specialty products to DIY at home. While these products are fun to use and can serve as self-esteem boosters, they can also feel like burdens (particularly at the check out). The difference in cost between products developed for women and products developed for men can be quite significant. Sure, razors and shaving gel may have to be replenished more quickly than foundation or mascara, but either way our pockets are being emptied every time we decide to purchase something as simple as facial cream.

An article in MSN Money referred to research conducted by Consumer Reports which compared several "his" and "hers" products. The goal of this comparison was to determine if there was any truth to the rumor that it costs more to be a woman than a man. On average, Consumer Reports found that it costs 50% more to purchase products aimed at women. Many companies justified a price difference due to higher costs in packaging or special technology used to produce the item for their female audience.

At the end of the day do these products work any more miracles than their male counterparts? Not sure, but food for thought next time you are purchasing body wash or facial cream.

Savvy Student

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Savvy Savings

The start of a new year means many things to many people. It is a time to say goodbye to old habits and realize the truth in resolutions made just days earlier. Although this may cause some angst, it should fill each of us with hope and understanding for the adventures that await us.

Included in these adventures are the grocery store and mall which transform into a jungle after the holidays. This is the time of year when retailers need to unload their inventory by way of a massive sale, thus making shopping a very chaotic and unpleasant experience. To avoid the frenzy, it may be best to plan ahead, do research and be a savvy shopper. As always we want to help you on your path to savings and in doing so, we've come up with a couple of strategies you can use next time you brave the battleground. Many stores offer either a price matching or price adjustment policy to ensure they are maintaining their competitive edge.

When stores offer competitive price matching it is their way of guaranteeing that you, the consumer will make your purchase at their store. This puts you in the driver seat, giving you the responsibility of finding the best rate for the item you wish to purchase and then deciding what retailer you wish to shop at. For many stores the only catch is that the item must be "in-stock" with the competitor.

Stores that participate in this bargaining war of sorts, include Lowe's and Home Depot, Best Buy, Target and Walmart. Each store's policy is slightly different, so please follow the links to view their guidelines.

Both Lowe's and Home Depot promise to beat the competition by 10%, all you have to do is provide proof of the deal and hope that the item is in stock there. Best Buy just matches the competition as long as the item is available, but I say who cares if they don't offer bells and whistles, the time and gas money you are saving by not driving all over the place is well worth it. As for Target, they will match print ads and redeem coupons, where as Walmart will look for a competitor's shopping card such as the CVS Extra Care Card before they match the price.

Another hidden gem in the world of retail is the price adjustment policy that many stores offer. Target, Gap and Bed, Bath and Beyond all offer a variation of the same principal that if you purchase an item and it goes on sale with in two weeks you will be entitled to a savings of the difference. This is a one time per item deal, but it beats going shopping only to discover if you had waited, you would have saved. Instead of kicking yourself, you can simply head on over to the cashier to claim your saviness.

So, the next time you need to go shopping, before entering the safari, stay at home and do a little online research. Save yourself both time and money by taking advantage of the policies these retailers are offering.

Until next time,

Savvy Student

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Year in Review

2009 has been filled with its ups and downs. We have been fiercely waiting for the upswing of the
economic downturn, but it is up to us to prepare for 2010 and be as financially savvy as possible.
The new year is always filled with resolutions that begin in full force, but loose energy by spring. Let's all resolve to stick to our budgets and spend less, while saving for the future- whether it is a small goal or larger venture such as an apartment or new home. And, instead of losing steam let us all resolve to be diligent and mind-full of our finances the whole year through.

We have offered various tips and tools to get you thinking about ways to save. Instead of buying a $4 coffee at Starbucks or Dunkin Donuts you can invest in a coffee maker. And, although the initial expense is more, you will save money in the long run. We have suggested that saving money may be easier with a specific goal in mind. For instance once you determine what you are saving for, and the overall cost involved, it may be easier to see that broken down per day the amount needed is nominal, making the goal and savings a little easier. This means that you might forgo eating out to save money, but if your goal is a vacation then when you pass on dinner out think about all the dinners you can treat yourself to while visiting a new place.

If you have attempted unsuccessfully to save money in the past it is never to late to begin again or ask for help. If you know that you are in a negative spending habit the only way to change your situation is to admit there is a problem and redirect your efforts. One of the keys to a successful budget is to revisit it and reevaluate how much you are actually spending. If 2009 was a banner year for you then keep up the good work and please pass along your helpful hints.

Savvy Student wishes you a very happy end to 2009 and a most successful new year. As always we appreciate the time you take to read through our posts. We hope you find the information both current and useful. If you have any suggestions for different posts or ideas on how to successfully manage money please share your comments with us.

From all of us at Savvy Student, thank you and happy new year!

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Warehouse Shopping

BJ's, Costco, Sam's Club - these three stores have become unanimous for saving, but here at Savvy Student we like to do our research before we hit the stores. Before you stock up on all your favorite foods we'd like to call attention to some things that you need to be aware of when it comes to shopping at these types of stores.

On a whole, consumers are more likely to overspend when shopping at these types of retailers. There are many reasons why, but one of the more surprising reasons is the infamous membership fee. These fees, which range from $40-$100 are not only a way to generate profit, but many members buy more as a result, believing they need to in order to justify the expense.

When it comes to buying in bulk it often makes sense to shop the warehouses, but not always. If you're just one person, the chances you'll eat through a three pound bag of salad before it goes bad are quite slim. Do the math, and by the time you factor in this waste, you would be better off buying the smaller bag from your supermarket.

Beyond the waste factor, often times those every day low prices at your local BJ's or Costco is not cheaper than your local supermarket sales. You'll often do better buying at the supermarket if they have sales, over the warehouse every day prices.

The question remains: are you really saving when you shop at those warehouse stores? Although many times you can save, don't assume everything you're buying is a good deal. Before you buy that 60 ounce bottle of spaghetti sauce, make sure you'll finish it in time for it to truly be that great deal you think it is.

Another last thought on warehouse shopping: coupons! Coupons are a great way to add more savings to your bill and in doing research we've found that only BJ's takes manufacturers coupons. That dollar off coupon may make the price that much better, so this is something to think about before you hit the stores.

'Tis the Season for Shopping,

Savvy Student

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Outlet Malls

Now that the holiday shopping season is in full force, we at Savvy Student want our readers to know some important secrets involved with many of our favorite shopping destinations. When it comes to outlet stores there are a lot of tricks that retailers make pushing you to spend more. Retailers use holiday sales and bargain prices to entice you, making you believe you are saving.. but in reality, you might be spending more than you realize or more that you budgeted for because of these incentives to buy.

Outlet malls are great places to shop, but you also have to be weary of some of the ways they take advantage of you. Did you ever think about how outlet malls are placed in the middle of nowhere? Not only is there an advantage in real estate costs, but the fact that a person has to make an effort to go to the stores makes it more likely that they will spend more money. Your time and effort to reach these stores is usually more than if you were going to a regular shopping mall and the outlet stores know this. Many outlets are also missing the conveniences of benches or restaurants to allow you to rest, meaning more of your time will be spent going in and out of stores, spending more money.

Another important piece of information is, branding. Many retailers such as Coach and Gap make their own outlet brand, however, the quality is not as good as it's non-outlet counterpart. So, sometimes what you're saving isn't actually saving at all.

We hope now, that before you run to the outlet malls to make all of your holiday purchases, you will think twice, not only about what you're buying, but what you're spending your money on. What may seem like a real deal might be worth less than it seems.

Seasons Greetings,

Savvy Student

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Holiday Spending Tips

So you survived the madness of Black Friday and we want to congratulate you for that. But we all know, there are more presents to buy...

At Savvy Student we want you to save money and spend wisely. The stress of the holiday season is in full force and can often times distract us from our goals and make us into holiday grinches. Jennifer Lane, Certified Financial Planner has offered up her advice on how to manage your holiday money stress and celebrate the true spirit of the season.

Make a list and check it twice
· The holidays can get crazy. Create some focus around what's really meaningful and be sure you can do the important things by making a list of everything you might spend money on. Include gifts and events, and don't forget items like extra gas or travel expenses, food for special meals or even extra take-out, and party clothes you might need.
· Next, sort your list by priority with the most important things on the top. Then fill in what you plan to spend on each.
· Total the list from top-to-bottom. Once the budget is spent, cross out anything left at the bottom of the list that didn't get funded. These should be the smaller, less important things. If not, try some of the tips below.

Stretch your holiday budget
· Use your list to set a per-person gift limit to minimize impulse purchases while you're shopping.
· Give one gift to a couple or a family. Gift baskets and coupons for chores or babysitting are always appreciated.
· Go green; save paper and postage. Trim your gift and card list where you can.
· Write a note or make a phone call - sometimes what you say can mean more than the most expensive thing you could buy.
· Remember, it's the thought that counts. Give handmade gifts or share potluck meals in place of a big party.

Give fun gifts that are financially savvy

For the young and not so young on your list:

· A savings bond coupled with a tour of a local bank can get the younger crowd excited about saving.

· Money Savvy Piggy Bank , a fun way for kids to learn about saving, spending, donating, and investing.

· Give a gift certificate for a SmartyPig account. SmartyPig is an online savings account that's been assigned a goal. The account accepts deposits from the account owner, friends, and through gift certificates. Once the goal is met, the account owner can make a withdrawal.

· YoungMoney.com is a great online and print magazine for teens and young adults.

· Food and gas cards can be a welcome gift this time of year.

· Make a charitable contribution to your hosts' favorite charity or an organization in their town in place of a hostess gift. Check CharityNavigator for info.

Gift cards and certificates

Read the fine print when purchasing gift cards:

· Where card is valid - online, in-store, or both

· Replacement policy

· Payment policy if purchase is larger than the card balance

· Refund policy for balances remaining after a purchase

· Expiration, transaction, maintenance, and service fees

Access to these tips was provided by Compass Planning Associates.

We hope you find all that you need for everyone on your list this year. If you have any additional tips or techniques for this holiday season please send us your comments.

'Tis the Season,

Savvy Student

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