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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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Helpful Tips on Repaying your Loans

Before it's time to repay your student loans, it's essential that you understand the options available to you. Savvy Student wants to inform you that a little planning and knowledge now, can go a long way toward making your student loan repayment easier and less stressful.

Step 1: Know Your Lender

This may seem very basic, but many students have loans from different sources. For a detailed view of your financial aid history check out NetPartner on Sage or stop by our office, if you are unsure of your loans. Once that is complete figure out ways in which you can repay your loans. Can you make payments online or set up automatic bill pay? What repayment plans are available?

Step 2: Consider Consolidation

According to Student Aid on the Web, a Direct Consolidation Loan allows a borrower to consolidate (combine) multiple federal student loans into one loan. The result is a single monthly payment instead of multiple monthly payments. However, you want to 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.


Step 3: Repayment Options

Most loans will require minimum monthly payments, but sometimes you may be able to afford to pay more each month. If you find yourself with a little extra cash, you should try to make a larger than usual payment to at least one of your loans. Pick the loan with the highest interest rate and largest principle, this way you might prevent yourself from building up a little more of that evil interest. Keep in mind that loan companies will usually consider larger-than-usual monthly payments as just that, and not as an advance payment for the next month. Therefore, you will still probably owe the minimum monthly payment for the next month, and you should plan for that. If you get extra cash this month, but will likely have a deficit next month, save today's cash for next month's payment.

It may be helpful to use a budget spreadsheet. This way, you would be able to plan for all of your expenses and income, and be able to save in advance for any foreseeable loss of income or foreseeable increases in expenditures. A few excellent budget spreadsheets are available here, including spreadsheet specifically for debt-reduction. Don't forget to include your monthly payments towards your loans!

For any and all loan repayment advice you may always stop by our office to speak with Steven Doona, the Assistant Director of Student Loans.


Best of luck to you!!!!!!!!!!!!!!!!!!!!!!

Savvy Student



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The Power of Ten

As a college student you have hopefully become a master at stretching the 'ole dollar, so if given $10 how long could you make it last? What does $10 even get you when the economy is weak and gasoline is so expensive? If you suddenly found $10 on the street or in a coat pocket you would be ecstatic right? So, to begin with $10 can buy a bit of happiness- yes?

Savvy Student has provided a link to Wikipedia here, so that you can read up on the $10 bill and become acquainted with it's interesting history.

For instance, did you know that the average life of a $10 bill in circulation is 18 months before it needs to be replaced from wear and tear? Or, that Alexandra Hamilton, U.S. Secretary of the Treasury is only one of two non-presidents to be featured on currently issued U.S. bills. The other one is Benjamin Franklin whose face appears on the $100 bill.

Portraits on the $10 bill changed multiple times since it was first issued in 1861. Those having been featured on the bill include President Lincoln, Andrew Jackson and Lewis and Clarke, just to name a few.

In 1869 the $10 bill became known as the "jackass note" because it featured an eagle that when turned upside down looked like a donkey. This same note also included a representation of Pocahontas being presented to the Royal Court of England.

So, now that you know all about the $10 bill (and more) what can $10 get you these days? Leave it to Savvy Student to find out...

Spend a rainy day at the MFA. Bus fare from Brandeis to the MFA is around $9.50 and entry to the MFA is free.

According to BestTravelDeals.net there are 10 things to do, under $10 in Boston including a visit to Jamaica Pond, Coit Observatory or taking in a movie at the Coolidge Corner Theater.

Take the bus or train into Cambridge and walk around Harvard Square or visit Boston and walk the Freedom trail- all under $10.

Visit the Brandeis bookstore and you will find several branded items for under $10. Brandeis memorabilia runs the gamut from coffee mugs to key chains and pennants to socks.

So, if you find yourself short on cash, but can scrape together $10 think of all the fun things you can do.

Have a Savvy Summer!
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To Thee I Owe For This Degree They Bestow

If you are graduating college this year Congratulations! And, oh yes don't be alarmed at the loan debt you have accrued, you are not alone.

(insert sounds of tires screeching to a halt or as I prefer to visualize the old Flintstone's Cartoon with Fred Flintstone bringing his car to an abrupt stop)

Sorry to bring you down, but unfortunately the reality is that the Class of 2011 will be graduating with an average of $22,900 in loan debt. According to YAHOO! Finance in reference to an article from the Wall Street Journal, this year's graduates will be the most indebted ever. There is an 8% increase this year compared to 2010 and a 47% hike (in inflation adjusted terms) from more than a decade ago.

According to the same article, the good news is that the investment is worth it (Yes! There is a silver lining). Furthering your education is a much better reason to borrow money rather than building up debt for cars or expensive homes. Statistics also show that as of 2009, the annual pre-tax income of households headed by people with at least a college degree exceeded that of less-educated households by 101%, up from 91% in 2006. As of April, the unemployment rate among college graduates stood at 4.5%, compared to 9.7% for those with only a high-school diploma and 14.6% for those who never finished high school.

View the YAHOO! Finance/ WSJ article in-full here.

And, stay tuned to Savvy Student because we will have some suggestions on minimizing your loan debt and tips for paying back all those lovely loans.

~Savvy Student

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Financial Nirvana

You may not be able to tell by today's weather, but summer is just around the corner, and as with any new season, new expenses are certain to follow. So, how does one stay financially healthy amongst all new obligations and responsibilities? The quick answer is to begin reading or better yet, continue reading our blog!!!

But, in all seriousness you should get to know your spending habits- do you tend to buy things you need or want? Also, do you shop and make purchases when you are in a certain mood?

Below are just a few things we want you to know, think about, and ask yourself as you build your financial life:

1.) If you had all of the money in the world, what would you do? How would you spend your money? Would you buy experiences or things? At the end of your life, many of the things you purchased may not withstand the test of time, but by contrast, all the experiences you have will stay with you forever. The trips to Europe with your friends, the vacations with your family, and the walks on the beach with your significant other – you’ll come to understand that using money to buy experiences may just be what you really value money for. At the end of the day, it is much easier to make decisions about money when the choices you make are aligned with your values.

2.) All financially successful people have some type of budget and stick to it. We understand that some people are frightened by the word! “Budget” means you have to cut back and can’t really spend money on the things that make you happy. Right? Wrong! If you create a realistic budget for yourself you'll begin to see that by cutting back in certain areas, you will have found money to put aside for savings and yet, still have money left for entertainment. Sounds great, doesn't it? Its all in the way you look at things--"Tomato, Tomatoe".

3.) Are you a natural entrepreneur, or do you like the stability of working for someone else? We understand that it will be hard to start a lemonade stand this summer at the age of 19, but you are all Brandeis students and thus capable of starting a great summer job such as your own landscaping company. As an entrepreneur, you are the key decision maker. How does that feel to you? If you prefer to be the employee, you have more job security and a steady paycheck. It’s ok to be either an employee or an entrepreneur. Make a conscious choice and do what feels right.

4.) What is it that you really like to do? If you have no idea, then try new things this summer (but make sure to stick to your budget). It never hurts to try. By knowing what you enjoy doing, you will be able to figure out where you spend your money the most. This will help in budgeting for the month--you can now create an amount for that particular habit for the month and stick to it, instead of spending an unknown amount of money.

5.) What have you learned from your parents about managing your money?
What did they teach you and why? Did they even talk to you about money? Or was it a taboo subject? Are you now faced with the fact that you have to get some financial education on your own? How are you going to do it? This is where Savvy Student comes in with all our useful information. Visit our website weekly for exciting news on how to manage your money, eat and shop for less and many more budgeting tips.

Now that you have answered all 5 questions and know your financial self, it is time to put what you've learned to the test. Create a budget and see how easy it is to stick to it! Now that's financial nirvana.

Sweet Sailing,
Savvy Student
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Make your Mother Proud, Remember Her This Sunday and Do it on a Budget!

Mother's Day and Father's Day, like any holiday can become very commercialized. But for an affordable, more personalized gift get back to basics. And, since we are Savvy Student we are more than happy to show you how.

Be creative and helpful!

With finals around the corner you may be limited on time, but you can quickly and easily create a coupon book for your rockstar parent. The coupons could offer help with cooking, cleaning, yard work or even babysitting for younger siblings. This is a gift that any parent would enjoy and has $0 out of pocket cost to you.

Go Green!

Since April showers are bringing May flowers plant some seeds to create a container or herb garden. If you start now you should begin to see the "fruits" of your labor in time to gift it away. Plus, seeds, potting soil and a container should cost under $10.

Support Brandeis!

Buy merchandise from any one of the campus clubs or organizations, for example Starving Artists, a Brandeis A Cappella group released their new CD for just $10.

Be Organic!

Make a special meal with all natural, healthy ingredients to show you care about your parent and their health. You can also find recipes for low-fat or flourless cake if you prefer to do dessert instead.

There are many ways to show your parents that you care about them without having to spend a lot of money. I am certain they would appreciate any effort on your end and even more that you were being conscious of your finances. Save the big ticket items for when you are out of school and can more readily afford it! For now, just stick to the basics!

For all the lovely mothers and mother's to be...

Savvy Student!
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Groupon and Coupons

If you are not one of those frequent online shoppers you might not be familiar with the many ways you can save even more when ordering on the Internet. No worries!

Here are some tips:

1. If you are planning to make a purchase online, before officially placing your order, check Google for any discounts or coupon codes available for that particular web-site. Most of the time you get lucky , but every once in a while you get spammed. A good site with reliable coupon codes is RetailMeNot.com.

2. Make friends with Groupon - a web-site that offers day-to-day deals based on your geographic location. Planning on doing something fun with your friends before the semester ends? Good chance is you will find the perfect opportunity through Groupon: sushi making classes, sailing, or just half-priced dinners at a restaurant in Waltham - they got it all!

3. For more coupon and online deal web-sites read the Savvy Student Post from September 2009 (Yes, Savvy Student was already up and running back then!).

We have also posted other articles on websites such as SlickDeals.com, so check out our blog for other money saving tips and ideas. If you have a website we haven't mentioned let us know and we will post it.

-Savvy Student
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