To tip, or not to tip, that is the question

What do the following professions have in common: a waiter, a hair dresser, a taxi driver and a pet groomer?



Answer: Tips



Tips are considered a part of their wages, and as the patron you are supposed to offer a little compensation for their services! But, ask anyone and I am sure they will admit to being unclear as to what is considered fair. Sure, tipping the wait staff at restaurants has become routine, but visits to a hair salon or spa, taking a taxi or using a concierge service are more likely to be done on occasion. Therefore, most people are not as confident with tipping etiquette for such services.

Boston.com has prepared a brief guide to tipping that will help you in those oh so uncomfortable situations, and this is far better, less cliche than the plastic, wallet size tip charts we had decades ago. For example, if you buy take-out food tipping is not expected from you, but if you are getting a manicure 15% tip is the way to go.

Interestingly enough, according to a survey by PayScale.com , 52% of hotel maid service income consists of tips, and such compensation covers up to 41% of a rabbi's income!

Some other important tipping highlights to keep in mind: tip the bar tender $1 per drink or 15% of the total bill, tip your delivery food person 10% and $2-5 for your cab driver.

Happy Holidays from Savvy Student!!!!

References:

http://www.pfadvice.com/2006/12/18/how-much-should-you-tip/

http://www.getrichslowly.org/blog/2006/10/12/basic-tips-on-tipping-how-much-and-to-whom/

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The cost of your skipped classes

Have you ever wondered how much it costs you every time you choose to skip a class?

Savvy Student decided to calculate the approximate amount and here are the results.
If you take Brandeis per semester tuition of $20,257 and divide it by # of classes you are enrolled in, and then by 15 weeks of instruction, you will end up with about $337.61 per class per week.

If you take four courses per semester, each class is worth about $112.53!

On one hand, tuition is a set cost, so if you choose to take five classes the cost per class will go down. It also obviously does not matter whether you go to all or none of your classes since the tuition will remain the same.

Economists sometimes refer to this fallacy as the "sunk cost fallacy". Once you have paid your tuition, these funds have already been "sunk," and thus don't play a role in your decision making. Interestingly enough, animals and small children don't think this way!

On the other hand, there is an opportunity cost to every class you skip, which consists of the information you miss out on. So, really, unless you have a flu, you should always attend your lectures.

However, in case you ever doubt whether or not you should be going to class, you can always use the Skip Class Calculator , which, after asking you several questions about the course, will tell you whether the skipped class is likely to play a big difference in the long-run!

However, if you are studying for your finals now and wondering how you could have helped yourself be more prepared, the answer of course is, by going to class. And now you know that you would have also saved $$$!

Good luck with finals ;)

Savvy Student

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Money Matters - at Home and Abroad

The questions that our office gets concerning Study Abroad Financing are infinite...
It is time for the SavvyStudent to try to clarify those, so read ahead!


BEFORE YOU GO ABROAD:

The main things to keep in mind:

- Pay Brandeis tuition by January 6th, 2012 (this will also include a study abroad fee of $400).
- Make sure you are aware what the costs are for your program's room and board, and you have received that bill as well.
- If needed, book an appointment with a financial aid advisor to discuss any additional options you have to assist you with the fees. Please, do so by contacting us at (781) 736 3700.
- If you are planning to use a Brandeis financial award when abroad, be aware that Credit Refunds will not be processed earlier than 10 days before the start of classes in the Spring semester. This means no earlier than January 7th. Please, account for mailing time if requestuing the check to an address abroad or in the US.
Please, refer to our comprehensive post from this spring for further details.


ONCE YOU ARE ABROAD:

Savvy Student won't be able to provide you with a spreadsheet for all the costs you will encounter when abroad, however, these are some questions you should strat thinking about:

- To prepare, first, do research on your country destination: what is the currency conversion rate? What is the average cost of a meal? How much does public transportation cost? Can you save by buying a pass?
- Most programs will send you a brochure containing most of the answers to the above questions, however, some research won't hurt. You can always contact students who have already done the same program and inquire of their monthly budget. The Study Abroad Office has an alumni base for all Brandeis approved programs, don't hesitate to utilize that! Keep in mind - everyone has their own spending limits!
- This being said - what is your budget going to be? Does your program provide daily/weekly meals? Are you planning to go out? Will you cook? Will you have to buy pots/pans? Buy souvenirs for 25 relatives? Shop for clothes? Travel around the country or abroad? PLAN ACCORDINGLY!
- Depending on the area of the world you are travelling to the cost of living may be higher or lower than in the U.S. However, regardless of where you are, be ready to face the fact that you will have more expenses than you would normally have at Brandeis. If you have a student job on campus, your student visa won't necessarily allow you to work in the country you are - so make sure you have pocket money on you!

If you have more suggestions or comments on how to budget abroad, please, feel free to share them with Brandeis Savvy Student! Your feedback is always welcome!

~Savvy Student

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The Real Deal on the Occupy Movement- How Much it's Actually Costing

On the eve of the two month anniversary of the Occupy Movement, NYC Mayor Bloomberg commented on his decision to clear out Zuccotti Park, saying, "Protestors have had two months to occupy the park with tents and sleeping bags. Now they will have to occupy the space with the power of their arguments"

This statement and the Occupy Movement have truly become a symbol of the latter half of 2011 reflecting the dramatic downfalls in the economy and public dissatisfaction with the decisions made by politicians in attempts to tackle these problems. The protest has quickly spread around the country being taken on by the enthusiastic "99%". The movement, however, has also been critiqued by many arguing that, in fact, the participants are not as diverse as they present themselves to be. Whatever the make-up of the crowd it is important to point out their incredible ability to self-organize, while noting that the city governments have been nothing but respectful towards the freedom of speech and self-expression.

Since the Movement is addressing today's economic challenges it is only natural to be curious as to the costs involved with such a wide spanning, long lasting event. So, Savvy Student has done some research and come across the following information...

Occupy Wallstreet has became a tourist attraction and has inspired more than $500,000 in donations!

By Oct. 11th the New York Police Department already spent $1.9 million, mostly in overtime pay, to patrol the area near Zuccotti Park, where hundreds of protesters were camping out for several weeks.

By Oct. 27th in New York City, overtime costs were $3.4 million. In Minneapolis, the sheriff’s department reported spending $200,000. And in Boston, the tally was $2 million.

By Nov. 13th The New York Post reported on the effects that the Occupy Movement had on many small businesses in the Zuccotti Park area. They have lost approximately $500, 000 in profits since the protestors took over the park making it unapproachable for the use of others.

By this time Public Safety chair Councilman Peter Vallone reported the total costs of NYPD have risen to $5 million.

At the same time, in a city like New York protests and demonstrations are not a novelty."By comparison, it cost about $50 million for one week to secure the Republican National Convention in 2004." Roughly $5 million spent on the Occupy does not seem to be a big sum in the context of $66 billion annual budget of the City.

Not everyone, however, shares the city officials' respect and commitment to the freedom of speech. Some Occupy participants have reported losing their jobs, because their employers did not approve of their involvement with the protests. It is perhaps an extreme example, yet, it makes one reflect on the ways and means of expressing opinions. The Brandeis community has a reputation of being highly involved with activist demonstrations, but do we often evaluate the financial costs of such?

~Savvy Student


References:

http://www.quora.com/How-much-does-Occupy-Wall-Street-cost-New-York-City-each-day/answer/Avi-Atkin

http://www.digtriad.com/news/local/article/198990/57/The-Cost-To-Occupy-Winston-Salem

http://www.theblaze.com/stories/occupy-wall-street-costs-local-nyc-businesses-close-to-500k/

http://www.gobankingrates.com/banking/is-the-cost-of-occupy-wall-street-worth-it/

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Black Friday: A day of dazzling deals or a day of devious deception?

Black Friday: The day when the daring shoppers of America venture out of their homes at three in the morning to fight off their fellow (wo)man for unbelievable savings. The day that kicks off the retailer's holiday season, providing approximately 20% of annual sales.

However, it seems that these coveted deals may not be as miraculous as advertisers lead us to believe. That beautiful new Samsung TV that you buy for half of the original price may be half of the quality as well. The products are being referred to as "derivative" products and there are a few substantial differences between these products and the original products. In fact, in a 2009 investigation, Consumer Reports highlighted derivative electronics and "found that these products are generally manufactured more cheaply, sometimes with less-expensive components, and that they are generally missing a few features present on the standard models" (Time.com).

If you're worried about purchasing a derivative product, be sure to check the model number. If the product is a derivative, the model number will be slightly different from the model number listed for the original product.

Some other Black Friday deals are questionable as well:

• Beware of store credit cards! Although many stores will dazzle you with extra savings if you sign up for their credit cards, this discount could be taking points off from your credit score, which could be detrimental to you if you plan on applying for a loan in the near future.

• Some of the deals that retailers such as Staples or Best Buy boast about are equal to deals that can be found frequently online.


• Some stores require that you mail in a rebate in order to actually get the deal.
  

For more information on Black Friday, check out this article from Time.com.


Hopefully these tips will help you have a successful, derivative-free Black Friday!

Happy holidays!

Savvy Student

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Unmentioned Holiday Spending Advice

It's that time of year, where the holidays are just around the corner. But before you being your Black Friday shopping spree keep this holiday spending advice in mind, brought to you by Forbes:

1) The human element: Although you might make a budget, when you actually go into the store, oftentimes, that budget goes right out the window. The reason? Your emotions. Once you enter the store, you begin to think that your friend, parent, or significant other deserves more than a $20 dollar gift card. So, you begin searching, oftentimes spending more than you had originally intended. The key to avoiding this is to be aware of the emotions of the gift recipient. If you are in tune with one another, you won't end up wasting money on gifts that you might like but that the recipient won't really appreciate.

2) The reciprocity rule: We've all been there. You are exchanging gifts and you receive an expensive gift. The feeling of guilt washes over you, as you realize that you did not spend nearly as much as they did. Or worse, you're in the store, and you think that the gift recipient will spend much more on you than what you're planning to spend on them, so you decide to get something else instead, something more expensive. Forbes says, the "unwritten reciprocity rule" is more about dollars spent then it is about value. However, shoppers should try to reframe the rule, making it about the value of the gift instead of just the amount spent.

3) The "add-ons": You're shopping in your favorite store with a goal in mind, to buy your friends gifts. But out of the corner of your eye you spot that sweater than you've been drooling over for a month now. You're more likely to purchase it now, maybe even using the excuse, "Well, this will be a holiday gift for myself..." In addition to these purchases, stores often use tactics which help encourage shoppers to spend. They change the lighting, music, and merchandise layout, all to make sure that you spend. All of this drives up the statistics of holiday spending, and making quite the dent in your wallet. The best thing to do is to be aware of these tactics and don't let them sway you.

Be sure to keep these pieces of advice in mind when heading out to do your holiday shopping!

To read the whole Forbes article click here.

Happy Shopping!

Savvy Student

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Under $20 Holiday Gifts

It may be hard to believe, but the with Thanksgiving around the corner, there's something we're all beginning to think about: holiday shopping. Holidays are hard when you're on a budget- and while we at savvy student are big fans of home made gifts, we know that sometimes time is of the essence, so we've been doing our research to find some great gift ideas for $20 or under at some of our favorite retailers.


Pier 1 Imports - http://www.pier1.com/

When you think cheap, your first thought is probably not Pier 1, but they have a lot of great jewlery, scarves and nick nacks on the cheap. We found some beautiful earrings for less than $5 in the clearance bin! Other steals can be found in nice frames, beautiful candles and a crazy hula girl duster!

Fred Flare - http://www.fredflare.com/
Fred Flare is a fun site to find unique clothing and odds and ends that you won't see other places. They have many silly apartment goods, including a "Nice Jewish Guys" calendar for just $16 and a duckie tea infuser for just $15. You can also get good ol' space ice cream for just $5.

Uncommongoods - http://www.uncommongoods.com/
Uncommongoods which self-promotes their "unique gifts and creative design" has a lot of fun stuff for cheap. From hats to tic tac toe plates for $15 you'll find interesting and creative gifts here for sure!

Forever 21- http://www.forever21.com/ Local store on Newbury Street in Boston

While most Forever 21 stores do not have men's and women's clothes, online you can find great deals for clothes and accessories for everyone on your list, including teeshirts for $10 or less. You can also find gender-neutral scarves and mittens for cheap in store and online.

Amazon- http://www.amazon.com/
Always a favorite for students because of the free "prime" shipping deal (Register with your Brandeis email here!) There are a lot of great finds on the site, including a lot of $5 MP3 albums that you can send to a friend electronically!

Urban Outfitters - http://www.urbanoutfitters.com/ Local stores in both Boston and Cambridge

Not only can you find some great steals in the bargain basement at Urban in Cambridge, there are also a lot of fun and unique items for sale on their website.

Restoration Hardware - http://www.restorationhardware.com/
Don't let the title fool you, there are a lot of fun things to buy on this site that have nothing to do with furniture or hardware! We like to go to the stocking stuffers section for some great deals, for some interesting gifts for everyone on your list: including a pocket microscope for just $15 (science friends?) and a race car night light for $18! (the friend who has everything?)

Bath and Body Works - http://www.bathandbodyworks.com Local stores in Watertown and Boston

If you do it right, you can really get some great deals at Bath and Body Works. There are a lot of savings if you buy multiple of different lotions or soaps, like the antibacteral soap, 4 for $15. There are also some fun gift sets, including the $10 travel-ready sets!

Something important to think about: shipping. Many times small online purchases can get costly if you're paying $5-10 on shipping alone. There are sometimes "deals" with free shipping if you spend a certain amount, but that's often for purchases of $50 or more. That being said, you can combine your order with a friend or two to get the deal, or search online for coupon codes for free shipping (retailmenot.com is a great resource for this too!) With Black Friday coming soon, many retailers are celebrating "Cyber Monday" and offering even more great deals with potentially free shipping on smaller orders. Be on the lookout for these deals!

Shop savvy,

Savvy Student

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