SFS and Savvy Student Go Social

We are increasing our visibility around campus and on the web. Check out our new FaceBook page, BrandeisSFS.

Visit it us often for up to date deadlines, money saving tidbits and access to all things financial including account information and student employment.

And, while you are there give us a "thumbs up".

-Savvy Student

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Want a New Look For Free?

Winter in the Northeast is a force to be reckoned with this year. The days seem unbearably long, homework is piling up and various application deadlines are approaching with the speed of sound.

Perhaps you could use some change to freshen things up?

What better than to shake it up and do it in a truly "Brandeis Social Justice" way while supporting a good cause? If this peaks your interest consider donating your hair. If you have an extra 10 to 25 inches of hair that you can live without give it up in support of Locks of Love. Just visit a hair salon in or around Boston that provide free or discounted rates on hair cuts for just this purpose.

Locks of Love is an organization that provides hair pieces to financially disadvantaged children suffering from long-term medical hair loss from any diagnosis. The organization has no religious or political affiliation and their mission is to promote well-being and restore children's self-esteem through this service.

In order to donate your hair you have to make sure that it is long enough and have not been bleached. Permed or colored hair works though! Locks of Love do sell some of the hair that is donated to the organization in case it is too short to be made into a wig.

Any salon can cut your hair and then you can mail it to the Locks of Love following the online instructions. However, if you are looking to save some money on the cut you should consider one of the salons that offer free or discounted rates for those willing to support a good cause.

One of these places is the high end Salon MJH on Newbury Street. Though a hair cut would normally cost you from $5o and up, if you choose to donate your hair it will only be $30 or less. The stylist will also wash and blow-dry your hair for free!

If you want to get inspiration for a new style check-out Pantene Beautiful Lengths, another hair donations' accepting organization.

Get excited!
Savvy Student

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Is Financial Literacy a Concern?

Should we be concerned that Financial Literacy programs are not mandatory on the high school or college level?

Yes!

In general, Americans are not properly trained to manage their own money and we are certainly not receiving a grade of "A" for effort. According to a National Survey conducted by FINRA, Financial Industry Regulatory Authority when focusing on four main components, "Making Ends Meet", "Planning Ahead", "Managing Financial Products", and "Financial Knowledge and Decision Making" the results are alarming. Nearly half of the survey respondents reported facing difficulty in covering monthly expenses and paying bills, while the majority of respondents did not even have a "rainy day" fund set aside for unanticipated financial emergencies. The survey also shows that American adults, although we feel we are able to manage money, engage in financial behaviors that generate additional expenses and fee's. Additionally, we also show an inability to do basic interest calculation and other math orientated tasks.

Yikes!

So, the big question out there is "Why does this matter?" and of course, "What's in it for me?" The answer is in the evidence of what our economy has become and the new regulations passed on banking and credit cards. For those of you reading with student loans, it will matter more when you graduate and begin repaying your debt. However, if you don't possess the necessary skills to manage your money now, it will be quite difficult later making you more likely to miss payments, make late payments or even default. The idea is to equip you with the appropriate tools, putting them into practice now, so that you can manage your debt, budget your paycheck and be financially successful later. That is why teaching Money Management skills now is of the utmost importance.

Your Credit Score, good or bad along with debt to income will affect future purchases such as a car, house or even renting an apartment. These long term goals may be easy to forget in the present when classes take priority, but eventually the time will come and we hope you will be prepared.

As a result of the survey and just in general, Savvy Student is putting a call to action out on the web to our readers. What interests you about personal finance? What topics would you like covered and what will help you focus on being financial independent after Brandeis???

Please write back and help us tackle financial literacy at Brandeis.

Cheers!

Savvy Student

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February FUN Land

For those of you still shivering from the past couple of draft-causing storms, you may want to review our previous post, "Winter Weather Advisory." For the rest of you, there are plenty of ways to enjoy the newly snow-filled wonderland (or escape it!) without emptying your wallets. Here are some tips for finding the cheapest way to a great spring break!

There are tons of websites that offer airplane tickets or hotel stays for discounted rates, just for college students (lucky you!). American Airlines gives students up to 10% off airfare costs and other travel components when booking on AA.com

Another great site geared towards college students is statravel.com, which guarantees the lowest prices. If you do find a cheaper price, the site with give you a free ISIC discount card(International Student ID Card), which offers discounts at typical retail stores and discounted train or flight rates. What a deal!

If you're willing, a great website for standby flights is AirTran. The website offers standby tickets specifically for students, which often turns out to be a great deal.

This website also mentions some great tools to finding tickets, such as Student Universe and Priceline. Check it out!

But if you aren't planning on traveling, there are still plenty of fun winter activities. Go see a hockey or basketball game at the TD Garden. Check out the ticket exchange option here, where you can purchase tickets, often cheaper. If you get inspired by the Bruins fancy footwork, perhaps you would like to do some ice skating yourself. The Boston Common Frog Pond is a popular attraction, where you can even rent ice skates! If you love to ski, check out this site for a great list of trails.

Now that you're equipped with loads of tools, all that's left is for you to decide your destination! Will it be a winter ski trip? Perhaps a warm getaway? Or maybe just a visit home? Regardless, you'll now be able to find the cheapest way to get there.

Happy Traveling!
Savvy Student

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Winter Weather Advisory

This is not your average advisory to tell you school's closed for the day (which by the way it is not), but I urge you to keep reading because at Savvy Student we always have your best interest in mind and today is no different.

If you haven't looked outside your window, it is snowing yet again! No big surprise that you will have to bundle up and dig your car out. And, because this isn't the first snow of the season you may want to take extra precautions around your dorm, apartment or car.

As it usually does, winter can take a toll on your wallet from heating bills and car repairs to doctor visits. However, if you take extra time to care for yourself and your belongings you might be able to cut back on these heavy hitters that strike your wallet and the most inopportune times.

For instance, take care of yourself by wearing weather appropriate clothing, washing your hands, using hand sanitizer and eating your fruits and vegetables or taking vitamin supplements. This is total common sense, but sometimes it slips by the wayside when other factors come into play.

If you are feeling under the weather take extra precautions by drinking lots of liquids, getting to bed early (and I don't mean midnight early) and if you believe in it, drinking Emergen-C or Airborne. Definitely seek medical attention if it is not just your average cold, but if you take extra precautions ahead of time, you may be able to avoid a visit to the health center.

If you live in a drafty apartment or dorm you can very inexpensively fix the problem without turning up the dial on your thermostat. There are insulation kits for windows under $15 available at stores like Home Depot that are fire safe and help trap the heat inside. An example of such a kit can be viewed here. You may also wish to cover your windows with heavy curtains instead of going to the trouble of saran wrapping them. If it is a door that's causing the problem you should consider purchasing a draft guard. Some versions of a draft stopper are more spendy, but you really just need something to block the gap by your door that is causing the cold air to come in. This could be as simple as a towel, but please be aware of items that are not fire safe.

For those of you who drive, since cars take the biggest bite out of your wallet we have saved this for last. It is of utmost importance to have your vehicle serviced regularly. If you have not done so already, you should also have your car winterized, making sure all your fluids are topped off, your tire pressure is good and your gas tank is full to avoid moisture build-up freezing the gas line. We have included a great article here from eHow on winterizing your vehicle.

Now that we are in the throws of winter, don't forget to take care of yourself and avoid extra bills that will add up and ultimately hurt your wallet.

Be safe and stay warm,

Savvy Student

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The Scary Truth About College Loan Debt

At Savvy Student we are always trying to provide you with the best advice for managing your debt, budgeting and saving your money. This is because each choice you make "today" will affect your "tomorrow". So, start now by developing good financial habits and making sound investment decisions, which can of course be done by reading our blog ;)

As many of you already know paying for college can be quite cumbersome and although, many students survive on credit cards and loans it is not the wisest solution. If handled responsibly, these make fine alternatives, however, most students lack the appropriate funding to make reasonable payments thereby increasing their debt and harming their financial future. The truth of the matter is that debt management is very easy, it just requires patience, dedication and a desire to achieve your goals. There is always help if you are willing to ask for it. Unfortunately, many students do not realize they are headed down "Bad Debt" Road until they are actually there and as equally alarming many are too embarrassed or ashamed to ask for help. We have all kinds of resources available at Savvy Student, including one on one personal assistance, if need be. Budgeting is a time consuming process, but essential towards debt management and spending control.

It is never fun to focus on other people's tragedies, however, it can be a learning experience for those not impacted by such events. And, we are bringing this to the forefront not to stress you out, but to prepare you. Unfortunately, college debt is real for many students and our hope is to educate you through other experiences, so as to avoid adverse actions thus impacting your financial future.

Recently CNBC posted an article and ran a program about the College Debt Crisis. This may come as a shock to some, but well worth checking out. If interested you can access the article here.

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11 Tips For Investing in 2011

With the start of a new year comes new resolutions and new opportunities for financial growth. In our effort to keep you up to date with the latest advice, we have come across eleven great suggestions for investing in your future, Brandeis education aside.

The website, mymoneymanagement.net is a wonderful resource which is supported by The Financial Services Roundtable. This Roundtable is comprised of CEO's from 100 of the largest financial services companies. Both member companies and their employees help finance the U.S economy, so you know their advice must be worth listening too right? And, we are talking about this now because mymoneymanagement recently published 11 new tips for becoming financially stable in 2011 that are easy to follow and require little to no finance background.

Suggestions include starting out early and ending late. By putting a little money aside now and slowly adding to it overtime you will have more of a financial cushion after retirement. Mymoneymanagement also advises reading the "fine print", knowing and understanding the details first before investing your money. If you wish to learn more the full article is available here.

Happy New Year!!!!

Savvy Student

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