More Ways to Track Spending

We love nifty gadgets and programs that help us with the task of tracking expenses, especially when they're free. We've posted some budget worksheets before, but the cornerstone of personal finance is tracking your expenses as you go. If you don't track your expenses, you'll never be able to create a budget that will accurately represent your spending.

Angela from thecouponproject.com made her expense tracking spreadsheet available for free! Check it out here (click on the link in the upper left). Be sure to save your own copy to your hard drive before you make any changes. Not only will you be able to track what you're buying, but you will also be able to see how much you're saving by taking advantage of discounts and coupons. The best thing about this software is that is does all of the math for you! No need to fiddle with your calculator-- just input your purchases and watch where your money is going.

Also, be sure to check out some of Angela's other features, like how to score amazing deals at Rite Aid and Walgreens.

Here's another great link with programs to manage spending, and even information on "financial groups" that allow you to compare shopping interests with people, all while tracking your goals: http://www.brokegradstudent.com/6-cool-ways-to-track-your-expenses-online/.

So remember, with so many different ways to monitor your spending and manage your budget, you should always be able to keep track of your money.

Thanks,

Savvy Student

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Getting Ready For Brandeis...

Summer is an exciting and stressful time for incoming first years, jam packed with shopping for dorm room decor and school supplies, registering for classes, communicating with new roommates and finding peers to connect with on Facebook. But what is often ignored are those tasks that relate to being independent and away from home for the first time. Knowing where the local banks are and what you’ll need to open an account, familiarizing yourself with public transportation options, and learning where amenities are in your college town should be done ahead of time to make the transition as smooth as possible. Over the next month we’ll be posting about each of these things as a part of our “Getting Ready for Brandeis” series. This time, check out our directory of local banks and credit unions (in no particular order).

Bank of America
800 Main Street, Waltham, MA
781-642-7254 (ATM located in the Gosman Sports Complex)

Citizen’s Bank
716 Main Street, Waltham, MA
781-647-8310 (ATM located in the Shapiro Campus Center)

Sovereign Bank
1 Moody Street, Waltham, MA
781-529-9001 (ATM located in the USDAN Student Center)

Danvers Bank
775 Main Street, Waltham, MA
781-891-1390

TD Bank
305 2nd Avenue, Waltham, MA
781-466-8105

RTN Federal Credit Union
600 Main Street, Waltham, MA
781-647-0848

Watertown Savings Bank
6 Lexington Street, Waltham, MA
617-928-9000

Many of these options are national branches, so be sure to visit the website for the bank you’re thinking about using to check out account options. If the bank is a local credit union, you can always give them a call at the number listed to find out if they have an account that will work for you. Always ask about student checking and savings accounts-- these tend to have few or no fees attached.

Stay tuned for more tips!
Savvy Student

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Cheap Summer Fun - Free/Discounted Concerts

We have to fight for our right to party, people. Of course, the fight isn't so difficult when everywhere you turn there are free music festivals of sorts. It seems no matter which music genres you're interested in, you can find somewhere cheap to rock your socks off just around the corner. You could even pick something that's less your passion and more of an excellent reason to laugh with friends.

For example, I am not the world's biggest Eddie Money fan (get it? Money and Savvy Student?). I'm not sure you could even call me a casual fan of Eddie Money. However, I do know his top three greatest hits - as any 80s lover should. If you're in the dark on who the heck Mr. Money is, I bet you've still heard these: Take Me Home Tonight, Two Tickets to Paradise, and Baby Hold On. If you still have no idea, just Google. Mr. Money happens to be giving a free concert this Saturday, July 17th at the Hatch Shell on the Esplanade, and I have every intention of attending. There's nothing like rocking out to awesomely ridiculous 80s tunes with a handful of friends, out in the fresh air.

You can simply Google events in your area, but you may wish to narrow your search by looking at nearby venues you've heard of or fairs and festivals usually in your area during the summer. State Fairs often host free concerts, and if you're going to the fair anyway, why not take advantage? Also check with your favorite (non-satellite) radio station to see if they have free or discounted tickets available for upcoming events. At the festivals themselves, be sure to check with each vendor for discounts. I once scored two free tickets to the local Six Flags with this technique, from Time Warner Cable. Since a friend and I spent the day there for free, we could afford to treat ourselves to a concert there that night. (Day at a theme park = 5 flags. Day at a theme park chased by a concert that evening = 6 flags. More flags, more fun).

If your shindig is a bit of a drive, you could always look for local campgrounds to spend the night at afterward - a much cheaper alternative to hotels. You can find state campgrounds for as cheap as $10 per night versus more main stream parks that could cost upwards of $70 and we all know hotels can cost more that $100 per night, so that is a huge savings.

Be sure to look for local blogs with listings of cheap events. Boston's example: Cheap Thrills Boston.

Feel free to let us know about upcoming free events you’ve heard about at sfs@brandeis.edu, and we’ll post your suggestions here.

As always, Thanks!

Savvy Student

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Cheap Summer Fun Series

Ahoy there, readers! Savvy Student would like to introduce our new "Cheap Summer Fun" series. Come here for great summer ideas that won't require damage to your piggy bank. This week, we're bringing you Reading at the Beach!

I know, I know, you're thinking - "Everyone knows about reading at the beach, it's not a secret club." However, we're bringing you great, cheap book finds and information on the beautiful beaches of Massachusetts. Our goal as Savvy Student is to help make your beach plans easy and stress free - giving you more time to relax.

Libraries are, of course, a great option for finding a good book - but most people prefer to know what they're looking for, rather than navigate each isle or consult a card catalog . Below are some great book review sites, as well as a few recommendations from the people behind Savvy Student.

House of Leaves by Mark Z. Danielewski
Shelter Me by Juliette Fay
Invisible Man by Ralph Ellison
House Rules by Jodi Picoult
Anything by James Baldwin (Giovanni's Room is a good example)
The Vampire Chronicles by Ann Rice (the original vampire series, 10 novels)
Freakonomics by Levitt & Dubner (followed by Superfreakonomics)
Something Borrowed or Something Blue by Emily Giffin
Game Change by Heilemann & Halperin
Lies My Teacher Told Me by Loewen
The Kite Runner by Hosseini
The Time Traveler's Wife by Niffenegger


Book Review Sites:
The Week - http://theweek.com/topic/sub_section/arts_life/books
NY Times - http://www.nytimes.com/pages/books/
San Francisco Chronicle - http://www.sfgate.com/books/

Other than libraries, second-hand shops are a great alternative for finding stacks upon stacks of cheap reads. One great option close to Brandeis is Diskovery in Brighton. We have provided their address below for your convenience.

Diskovery
569 Washington St
(between Bigelow St & Brackett St)
Brighton, MA 02135
(617) 787-2640
*If you're allergic to cats, beware - two friendly felines inhabit this local gem!

Just Google "secondhand bookstores" to find one in your area.

If you are tapped out for funds there are other great ways to get books. Friends are your number one resource. Not only can you borrow books from them, but they would be able to give you personal recommendations too. And, if your friends are away from Brandeis for the summer you can always resort to using your trusty PC or Mac and visit online libraries at educhoices.org or other sites such as ReadPrint.com.

Now for the best part - the beaches! Publicly owned land is usually well taken care of, and only a few bucks to get into for the day, if not free. Sure, there are totally free and enjoyable grassy knolls and parks everywhere - but sometimes you just want to feel the sand between your toes! Savvy Student recommends looking for nearby State Parks. These are usually cheaper and less crowded than National Parks or well-known ocean beaches. Below are some great finds in Massachusetts.

Picnicking:
http://www.mass.gov/dcr/recreate/picnic.htm

Swimming:
http://www.mass.gov/dcr/recreate/swimming.htm

If you have a weekend on your hands, try camping at one of these parks for about $12/night (depending on the park) to maximize your beach time! This is especially nice for those of us who live more than an hour from the nearest beach. Be sure to search for the parks in your area, and don't be afraid to cross state lines - MA parks, for instance, tend to be less expensive than NH parks. Savvy Student is working on a camping blog, to be posted soon, so be sure to look for it!

Where are your favorite beaches or summer reading and relaxing spots? Let us know, so we can include them in future posts.

Sincerely,

Savvy Student

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Food For Thought

In our search for tips and tricks to help save you money we came across the USDA Fact Sheet for College Students. Please visit their website here to learn about safe food handling. Although this may not seem like it fits in with personal finance- it does! By keeping your food fresh, it will last longer and ultimately save you money.

Also, as a college student it can be quite difficult to plan meals out in advance and buying groceries can be a budget buster. Instead of buying food that will ultimately go to waste we found a post on EHow with suggestions on what to buy in order to keep your wallet in check. If you are interested in the article follow this link.

College can be challenging enough without the burden of cooking and grocery shopping. Food is a necessity and because of that, it is easy to discount how much money goes to waste when food is discarded. Even if you are on a meal plan and don't spend money on food waste can still occur from stale pieces of pizza to a half eaten plate of food at the dining hall. At Ohio State, College Green the student run publication reports that students throw out at least $250,000 worth of food each year. That may not seem like it directly impacts you, but expenses like these incurred by a university can potentially impact the bottom line.

So, the next time you are eating out or at the grocery store think about what you will eat and what your budget for food truly is.

To all our Frugal Foodies, let us know what you think. Did you find this information helpful?

Savvy Student

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Lower Loans and Less Debt, Myth or Reality?

For many, “student loans” are scary; they are synonymous with multiple years of having no money, sending your entire paycheck to your lender, and working just to repay your college expenses.

Recent changes by the Department of Education to the federal loan programs are designed to benefit all students. These changes allow the Department of Education to maintain more control over federally backed student loans, while Sallie Mae and other lenders will be confined largely to servicing loans held by the government and collecting on defaulted loans.

These changes will eliminate fees paid to private banks acting as intermediaries in providing loans to college students, freeing funds to expand the Pell Grant program and help low income students (allowing a maximum grant of $5,975 by 2017).

Further changes have been made to help borrowers by expanding the repayment options, and allowing some borrowers to qualify for partial loan forgiveness for working in particular jobs. For complete details of Stafford Loan Entrance Counseling, Promissory Note signing, Loan Repayment and Public Service Loan Forgiveness, visit www.studentloans.gov. Parents may also apply for A Parent PLUS loan at this site as well.

As a result of completing the Financial Aid process, a student may also be awarded a Federal Perkins Loan. Very different from a Federal Stafford Loan, this loan has only 1 repayment plan—10 years with monthly minimum payments of $40 and a fixed, 5% interest rate. If this loan is awarded, a student will be sent instructions to do additional Entrance Counseling and sign a second Master Promissory Note. This loan also has some great benefits, including up to 100% loan forgiveness for borrowers working in specific fields (including some teachers, nurses, law enforcement or corrections officers, firefighters, medical technicians, librarians, those working with high-risk children, and others). Visit http://www.campuspartners.com/documents/4884FactSheet.pdf for more information regarding this loan.*

*this program may be experiencing several changes over the next few years.

Families interested in private loans should research their options carefully, and consider which loan is right for them. Information about private loans can be found at www.borrowsmart.com or
www.studentlendinganalytics.com. Each private loan has its own origination fees, interest rates and repayment options.

Student loans are designed to help borrowers reach career goals without paying for their education up-front. And while their on-time repayment is mandatory, lenders can be very helpful during the sometimes-difficult repayment period.


Happy borrowing! Savvy Student :)

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Money Management and more...

Budgets, credit cards, savings accounts, who has time to read through all of the fine print much less understand the terms and conditions? It is very understandable, yet unfortunate that money management is so difficult. Schools do not place much importance on personal finance, rather it is thought to be common sense or something our parents pass along. However, how can knowledge about a topic be passed along when it is rarely understood?

Savvy Student is here to connect you to materials and information about money management, in the hopes of making the process that much easier. In digging for information we have come across a great financial guide, Money Talks, which comes to us from the Office of Mayor, Thomas M. Menino in conjunction with the Office of Consumer Affairs and Licensing.

The guide, which is meant for teens, should be referenced by anyone not well informed about money management. We hope you will access the guide from the link above to learn about credit scores and credit cards, checking/savings accounts, as well as consumer tips on false advertising, Bait and Switch tactics and car buying.

Let us know what you think,

Savvy Student

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