Know Your Resources - MyBrandeis

Tired of using Craigslist to sell your old bike or electronics? Has Ebay become too expensive? These websites are a convenient way for students to earn extra cash for those items in the corner collecting dust, but they can also be a bit suspect at times. A great alternative to these sites and perhaps a hidden gem at Brandeis is the my.brandeis.edu classified ads. This website offers students the opportunity to connect with one another to buy and sell items, be part of PAID research opportunities, share carpools and other awesome chances to network with other Brandeis students and local people in need of assistance.

If you are viewing this site for the first time you can be assured that all the wanted and for sale ads are legitimate, as you need a Brandeis issued email address to post the information. Additionally, if you plan to sell your items you can use the campus for your pick-up address. Please be advised for job postings, off-campus housing or other ads a Brandeis email address is not required.

Aside from job postings and items for sale, my.brandeis.edu also has a great calendar with all upcoming on campus events. So, next time you are about to search ebay or craigslist, be savvy and check your own campus first.

~ Savvy Student

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Christmas in October?

As each tree changes color and the scent of apples grow stronger it is hard to miss the fact that fall has arrived. With October on our heels, thoughts of Halloween, spiders, witches and ghosts come to mind, not Christmas tree's or holiday decorations. It is always shocking to see marketing efforts for the holiday season inflicted on us earlier each year making us complacent come December, but for many, 4th quarter sales help push the bottom line.

So, instead of being annoyed by the rush of the seasons and lack of holiday spirit it has become apparent that we should take this opportunity to embrace the moment and begin planning for what lies ahead. Specifically, this is a perfect time to begin looking at or creating your holiday budget. With the onslaught of Hanukkah, Christmas and Kwanzaa, it always seems that there is never enough money or time to buy gifts for all those special people on your list, but with Savvy Student we have you covered. Now is the perfect time to get organized and make your list.

You should first figure out how much money you will have to spend on holiday gifts and travel. You will also want to consider what time frame you have if you need to save up. Try to avoid buying gifts on credit unless you have the cash to pay it off. Interest will ultimately hike up the price of your purchases if you are not able to pay off your balance on time.

Determine how many people are on your shopping list and what budget you have set for each person.

If you are handy with tools or possess arts and crafts skills, put these to use and make presents. Homemade gifts are more special than store bought ones and will potentially save you money.

If you start window shopping early enough you can gather great ideas. This will also give you time to potentially find your gifts at a discount.

Another helpful tip is to think backwards in order to save money. As winter approaches, all summer and fall items will be discounted making potentially great gifts. Even though it's cold outside, you are not required to give presents relevant to the season. A gift you get in the winter, but can use in the spring or summer is like a two for one deal. The same applies in the spring, when all winter items are deeply discounted.

Also, think outside the box, literally. Volunteering is free of charge and could be the best gift around. Sending money to a legitimate charity can be a great way to share in the holiday spirit. You can also give your time away as a gift, free of charge by providing services such as shoveling, cleaning or cooking for your loved ones.

Something old, something new, something borrowed...usually pertains to weddings, but why not gather old gift cards for the holidays and re-gift them. Find the cards that you have been holding on to, the ones that have miscellaneous amounts remaining and add to them. It may not be a huge savings for you, but every little bit helps.

So, the next time you are out and about this month and you come face to face with a Christmas tree or Menorah don't roll your eyes, but be thankful for the opportunity to budget and plan, thus saving you a huge chunk of cash for the holidays. A little planning goes a long way.

If you have any other money saving tips please let us know and we will post your thoughts.

Tis the Season,

Savvy Student

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Get to know your loans

Its that time of the year again--time to complete your Entrance Counseling and sign your Master Promissory Note. Don't you hate when you request your refund but can't get it until you complete entrance counseling? Get a head start and visit studentloans.gov and complete it now. Not only should you do that, but you should also do a little research on your loans.

Know your lender and have a plan.
This may seem basic, but you may have multiple loans from multiple sources. Contact your lenders to let them know when you are out of college and about to begin repayment. Can you set up payments online? What repayment plans are available? Check out your repayment plan options and remember you can manage your loan account online.

Stay prepared, stay in touch, and stay organized. Getting ready to repay loans means understanding your responsibilities and being ready to make good on them. Do you have any money saved to prepare for when you have to start repaying? It's a smart idea to put a little aside during your grace period (and before if possible) so the monthly payments have less effect on your monthly budget. Open all mail and e-mails you receive about student loans immediately, because the information can be vital and time-sensitive. Keep all files and communication about your loans organized, so you can stay on top of your payments and stay on track to repay them on time.

Should you consolidate? Consolidating multiple loans into one loan can simplify your payments.You can consolidate your federal loans as well as your private student loans. Plus, if your financial situation has changed or you apply with a cosigner who has good credit, you may qualify for better terms on a private consolidation loan. Keep in mind that by consolidating you're extending your repayment term, which may lower your monthly obligation, but could mean paying more interest over time. However, since student loans have no prepayment penalty, you could always make additional payments when you are able to do so.

Understand deferment and forbearance options. No matter how much you plan for repayment, you may still run into unexpected bumps in the road and need to postpone your payments. We offer several deferment options for federal loans. And if you experience financial hardship, can't make your payments and don't qualify for deferment, you should be aware of the option to get a loan forbearance.

Hope this helps!

Savvy Student

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Money Management Tips For College Students

Just because we love talking about it, we have included a link to Bankrate.com's website where they have established 12 really great tips for saving money and learning how to budget.

Bankrate, Inc was established in 1976 as "Bank Rate Monitor," a print publisher for the banking industry. After two decades of conducting quality, trusted rate research Bankrate made their online debute in 1996.

If you are interested in checking out their article please click here.

Let us know what you think and please give ideas for future posts that you want to read/know about.

Savvy Student

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Fun Free Fantastic

Those of you who just moved to the East Coast might not be aware of how cold it gets out here. It is hard to imagine 20 degree weather now, especially after the recent heat wave. This is a perfect opportunity to enjoy a nice day while you can! And what Savvy Student particularly likes - spend zero dollars on it!

Explore Free Fun Fridays last weekend offers!

Discover Prospect Hill Park in Waltham (free!)

Take the Brandeis shuttle into Boston and visit the Berkley Jazz Festival on Columbus Ave. from September 15th to the 25th (free!)

Grab a book and visit The Public Garden and Boston Commons (free!)

Take the Freedom Trail from Downtown to the North End (free!)

Share a ride to the Walden Pond State Reservation in Concord Mass. Hike, swim and fish! Take 117 to route 126. (Parking $5)

Watch a free movie at Brandeis.

Or check out this calendar :)

Happy September!
Savvy Student

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Overdraft Protection

If you have a debit or ATM card, it's likely you've received a letter encouraging you to opt-in to their overdraft service. For anyone who previously saw a $5.00 purchase turn into a $40 expense, it may seem strange that your bank would request your permission to participate in overdraft protection. The letter you received was prompted by a series of new federal overdraft rules that went into effect Sunday, August 15th. Included within these rules was a provision that requires a bank to receive permission to charge you fees for their overdraft service.

If you choose to participate in overdraft protection, your overdraft service will continue as it has in the past.

If you decline the bank's offer, your card will be declined when a debit or ATM transaction would overdraw your account, but you will not pay a fee.

For more information, check out this MSN article.

As always, continue checking on your personal finances frequently. You shouldn't depend on your bank to police your spending. Even though this new regulation will help you avoid unnecessary expenses, paying attention to your money will help you build good habits, and good habits will take you (and your wallet) far.

~Savvy Student

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Credit Card Protection For Students

As our government passes new legislation to help our economy recover, there is news all over the place about what changes are occurring, specifically in the world of Credit Cards and Debit Cards. You may have heard recently about Overdraft Protection, this went into effect at most banks back on August 15th. We will post more about this later. As for now, please check out an article from the San Francisco Chronicle here that discusses the new Credit Card law. This law went into effect back in February, so please look for our other posts on the details of this law.

If you like this article please let us know. If you have ideas for other posts we would love to hear them.

Thanks,

Savvy Student

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