Wells Fargo - The Student LoanDown

Summer employment is a great way to boost your savings and/or build an emergency fund. While temptation exists to spend your summer earnings, saving as much money as possible will give you greater comfort and allow you to plan for the next school year. These savings can help cover books, equipment, fees and other incidental expenses.

A summer job is also an opportunity to hone your budgeting and spending habits, especially if you have a hard time managing needs and wants. Ideally, when you get paid you will pay yourself first, cover other financial obligations, and have enough money left over to enjoy your summer.

Yet for so many young people the challenge of developing a budget or spending plan is difficult—and yes, even adults have a hard time in this area, too. But the sooner you learn how to budget and save, the sooner you will have more control over your finances.

Hands on Banking®, our free financial education program, provides a wide range of tools and information that help people develop budgets and spending plans. With these tools you can set monthly budgets, track spending, and become a lot more adept at managing your money. After all, if you learn how to budget, you can save. And by learning how to save, you’ll have more discretionary income for meeting short and long-term goals.

Regardless of what type of summer employment you have—whether part-time or full-time—budgeting and savings go hand-in-hand with learning how to become a great money manager. It takes a lot of discipline and requires that you learn how to put off immediate wants for longer term financial goals.

The good news is that you can do it! The main challenge is like everything else in life: You have to stay focused, make a commitment to yourself, and stay on track.

Editor's Note: Please help us welcome Angel Zapata, our newest Student LoanDown blogger!

Oh, summer! Don't we love it? It's the best time go on a nice vaycay or just spend some fun time with friends and family. It's the one time of year where everyone can head outside, enjoy the sun, and—if you happen to live in a place where summer is still like winter—take a short trip to catch some rays!

Of course, we also all know that summer trips can cost a pretty penny or two. So what's the best way to do take one—a staycation—without breaking the bank?

Well, for starters, you can always pick a place that's within driving distance. For example, living in L.A., I know that Santa Barbara, San Diego, Ojai, and Palm Springs are all just about a 2-3 hour drive from me. That means my staycations will cost a lot less since I don't need to worry about airfare, but I'll still be able to "get away" to take a breather and recharge.

If you don't even want to spend more than a few hours in the car or if you worry about paying for a hotel, I recommend looking up cool local spots you've always wanted to visit but never have had a chance to. Live near a museum with a cool current exhibit? Check it out! Got a beach or lake or river nearby you've always wanted to visit? Head to the water! The possibilities are endless, so don't feel trapped if you're staying local this summer.

The most important thing is to be in vacation mode and let go of the things you stress about year-round—you know, taking tests, making classes, buying books, just dealing with life, etc.

Remember, staycation or not, you've earned the time off. So take some time and recharge!

With finals week looming over, it's hard to think about going to school again during summertime. But here's the thing, summer school can actually be one of the smartest, most beneficial things you can do for yourself while preparing for college! Why? Well, let's take a look:

Perfect a study subject. While all your classmates are busy playing soccer or whatever they do during summer, you're working hard and studying a subject you want to stay ahead on. For example, if you want to major in biology, but science was always a weak subject for you, summer school is the opportunity to get ahead of the game.

Earn some college units. I'll keep it real: It's hard to leap at spending all summer stuck in a classroom knowing it's your time off before you have to go back to the grind. But what if I told you about something called double credits? When I was in school, I always took summer and winter classes at my local community college, simply because I could get double credits. One set counted towards high school graduation and the other went to fulfill my undergrad requirements when I went off to college. Now this doesn't work for every school district and state, so you're going to have to do a little research. This was only an option for me because I maxed out on AP classes and wanted to keep progressing. So if you're a study bug like me, this just might be the incentive to get your summer school self in gear! Remember, check in with your counselor and see if this is an option first.

Satisfy the "major" curiosity. Deciding a major for college can be tough. Why not take advantage of summer school to enroll in a subject you've always been interested in but never got a chance to take during the school year? This will give you a chance to get a feel for the topic and decide if it's something you want to spend more time studying once the school year starts, or if it's the right major subject for you. Thinking about becoming an astronaut, chemist, doctor or marketing professional? Start doing some research and see if it's the right thing for you!

Find a study buddy. If going to summer school is a huge feat for you, find a study buddy to go with you. The great thing about having another student and friend as a partner is that not only will the two of you be able to study together, but you'll also become each other's motivation. Plus, isn't it always better to have someone supporting you through the process?

With everything you have on your plate preparing for college, be sure to consider summer school. It isn't spending your summer locked away somewhere—it's something you're doing for you and your education! Isn't that what going to college is all about? Be motivated and put together a game plan and go to summer school. You can do it!

High school graduation is almost here, and May can be the world's busiest month for you seniors, but I have to ask—do you have a plan for after graduation? You know, something to keep you organized so you're fully prepared when it's time to pack up and head off to college?

If not, we've got you covered. Take a look at this checklist to make sure you've got all your bases covered:

Orientation. Stay on top of your summer orientation dates and be sure to get signed up. There's no better way to get ready for fall then with this all-important visit to your school. If you need to, plan visits with the financial aid office, academic advisor and any other key people on campus while you're there.

Summer job. Now is the time to get a job lined up, if you haven't already. If you're having trouble finding a traditional job, try to be creative: babysitting, lawn care, running errands for people, walking dogs, pet and house sitting for people on vacation are all options for making a few extra bucks during the summer.

Savings plan. You'll want to put away as much money as possible for college. Try taking money right off the top of each paycheck and funneling it into savings—you'll never miss it that way.

Bank account. Get ready for college with your own checking and savings account, debit card, etc. Talk with your parents and banker about which bank products make sense for you, and give yourself a little time to get used to using them before you take off for school.

Financial aid. Is your college financing all lined up? If you're not sure, check in early with your school's financial aid office and with your lender, if necessary to be sure things are in order. You don't want any surprises on this front come fall.

Shopping. No doubt about it, you need gear for school: bedding, towels, laundry soap, possibly furniture, carpet, etc. Spread out the shopping over the summer, so it isn't an overwhelming trip in August. It will give you time to pack slowly and stay organized.

This basic action plan should keep you on track for the summer. What other things are in your after-graduation action plan?

Everyone has had a job in their past that they consider to be their worst, right? Mine was the summer between my freshman and sophomore year in high school, at a fly-infested fireworks stand on the edge of my hometown in Texas.

This was NOT a superstore but a stand, sans air conditioning. The pay was bad, but they gave me all the lemonade I could drink and a small budget to buy fireworks on my last day. (Cherry bombs for everyone!) To make matters worse, the stand didn't have a cash register so the charges and sales tax had to be calculated by hand. To this day I can still calculate 8% sales tax in my head, to the penny.

At the end of the day, we can always learn something positive from every experience. Here's what I learned from mine: I REALLY dislike hot weather and flies; no deodorant is up to the challenge of keeping you dry and fresh under those conditions (hence the flies); and since we've all had horrible jobs before, instead of thinking about everything you hated, take a minute to think about what you may have gained from the experience.

Here are some of the worst job experiences from some of my fellow SLD bloggers have had—please share yours with us too!

Brenda
When I was about 18, I got hired on as a server at a chain restaurant popular on the East Coast that was trying to break into the California market. Since it was pretty slow usually, it was common that one server would serve the entire floor which probably had a max occupancy of 100.

In theory, this 1:100 ratio seemed reasonable, especially since it was a soup and salad buffet-style restaurant, and my only responsibilities where refilling drinks and checking out customers when they were through. In reality, I found myself running frantically between the soda bar and the cashier drawer, trying desperately to keep patrons from seeing the bottom of their soda glasses.

Another one of my responsibilities was to clear tables and dump all the remaining food and soup into this disgusting bin. By the end of the night, that bin looked like a swamp that would intimidate the Loch Ness Monster! One time, I accidently dropped the cashier key into the stew of grime and had to stick my hand in to find it. It was beyond gross! As the only server, I also had to clean every table, tray and counter, and mop the entire floor before locking up the store. It was a gruesome job that left my 18 year old body feeling 81.

But before I had a chance to throw in the towel, I learned the restaurant went out of business when a co-worker called me on my day off. The managers had not even informed any of us and had simply left a sign on the door. To this day, I am missing my final paycheck! But to be honest, I was relieved it was over and I would never see the bin of bile again!

Caroline
My summer job was the "worst" in that it was the hardest work of any job I'd ever had: I spent the summer after freshman year working as a meat cutter on a production line. My job was primarily to chop big hunks of beef into the tidy little steaks you get in the grocery store. Although the place was frigid (obviously) and the work was messy (of course), it was one of the better-paying jobs for a college kid in my hometown. If you could wield a knife and didn't mind the sight of blood, you could earn a whole bunch of cash for school.

Dinna
The worst summer job I had was in retail at a small clothing store. I thought I would be able to do fun things like talk to customers, sell clothes, and work the cash register. Unfortunately, I was assigned to the boring task of folding clothes and watching for shoplifters.

Bummer. I worked until I got my first paycheck and then I quit and found something else.

So there are a few of ours ... remember to tell us yours!

Editor's Note: Please help us welcome Maurice Benson, our newest Student LoanDown blogger!

Finals week is just around the corner for many of you. But you can start planning now to help ensure that you're not dragging through the week fueled on coffee and 5-hour Energy®, capped by a case of the flu.

Map out a game plan. Take look at your finals schedule and start mapping out your study-plan. Try to plan out the full week before finals as well finals week itself. Since you might have group projects, presentations and papers as well as tests, plan out specific blocks of time for studying, writing, and meetings.

Maximize your time. Let's face it: you're going to pressed for time around finals. Try to get ahead of the curve and start in on what you can do right now. Look for little pockets of time when you can get a couple things done. Can you write an outline for a paper in between classes? Can you review some notes while riding the bus? Think outside your normal routine to find the extra time you need.

Pick a new study spot. When it comes time to sit down and study, don't go to your same old location. My typically study spot in college was way too social, so when I needed to concentrate during finals, I found a quiet spot in the library. The novelty of a new place was just what I needed to improve my focus.

Build in breaks and rewards. You can't study constantly, but you should concentrate when you are studying. Built-in mini breaks and rewards to help keep you on task. Study for an hour, finish three chapters—then take a snack break, check Facebook, or whatever for 10 minutes. Hit the books again and repeat. Plan a reward for yourself if you meet your study goals each day.

Get some exercise. If you can work in some real cardio, it will be worth your time. You'll probably be surprised at how much more energetic you feel throughout the day if you can get in a workout in the morning. But you can only work in a brisk walk across campus, the fresh air and exercise will do you good.

Get some sleep. This may be a joke during finals week, where pulling all-nighters is the norm, but you're probably better off snoozing, rather than trying to cram information into your brain in the final hours. If you don't sleep at night, you'll probably end up napping the next day, when you should be studying. Try to keep as normal of a sleep-wake schedule as possible, even during finals.

Thinking about paying for that hefty college tuition can be scary, but as long as you have a strong budgeting plan in place, you'll be able to avoid the big "D" word (debt) by borrowing only what you need, and prepare for all the expenses that come with college.

For me, I juggled 3 part time jobs and a full time class schedule, it got pretty exhausting. In my last year of college, I finally decided to get a student loan just so I could focus on my studies and accept internships at companies I was interested in. Paying for school can be tough, but I've learned that as long as you have a solid budget and spending plan in place—it can work out a lot better!

Take a look at how some of us paid for college!

Trang
I recently finished paying off my student loan and yes, there was a celebratory dance when I made that very last payment. College for me was paid with a mix of: part time job, student loans and my parents helped filled the gap (when there was one).

Dinna
I paid for college by working as a writing tutor on campus while class was in session, doing internships and working as a temp during summers, then taking out student loans. My dad told me he could help with 4 years of college but he didn't anticipate the expenses... so I worked hard to get out in 4 and supplement with work and loans to fill funding gaps.

Caroline
I paid for college with a combination of Pell Grants, scholarships, Work-Study, and student loans. I later dropped the Work-Study position and took an off-campus job. During the summers and winter break I focused on earning as much money as possible to help cover expenses during the school year. I managed to borrow just a few thousand dollars each year, and was able to pay off my student loans in the standard 10-year timeframe (just in time for my stepdaughter to head off to college!).

When you're planning for college, you probably have a million questions, and your parents and friends may not always have the answers for you.

Now there's a new place to get the information you're looking for: the Wells Fargo Community. This isn't just another college planning website—it's a community of people with similar goals talking with you!

How does it work? You post your question with as little or as much detail as you'd like, and then the community will chime in with their feedback. Answers could come from students, parents, guidance counselors, or financial advisors, so you'll have the benefit of many points of view.

And not only will you get your questions answered, but you can help other people as well! Think about all the times you've thought, "If only someone had told me... ." Now you can be that someone. When you share your knowledge, the community will give you points for your contributions (although they're only redeemable for good karma at this time).

Whether you have a question or you're ready to answer one, give the Wells Fargo Community a try. Trust me, it's easy, painless, and you might even think it's fun! Here's why:

• It's free.
• You don't need to be a Wells Fargo customer.
• It's open 24-7 and you never need an appointment.
• Anyone can browse questions and answers.
• All you need is an email address, a username, and your name to participate. (Bet you have those already.)

I could tell you more, but it's better if you just experience it yourself! So check out the Wells Fargo Community. Browse some discussions. Ask a question. Answer someone else's question. Learn something new. Take a few minutes to see if you like it.

I think you will!

If you're anything like me, you spend a lot of time throughout the day with your eyes glued to your mobile phone. There are so many great things you can do on your phone, from checking email, playing games, keeping up with your friends on Facebook, and even ... wait for it ... banking! Most banks these days have at least some way to access account information on your phone, and Wells Fargo is no exception!

There are several ways you can access your Wells Fargo accounts on your mobile phone, including:

1. Text banking. Allows you to quickly request and receive account information via text message. I usually use Text Banking when I want a quick balance update or reminder about payment due dates for my credit card.
2. Mobile website. Access account information and make certain transactions from your phone's web browser at wf.com. Before I got a smart phone, I would use wf.com all the time to see a more complete picture of my Wells Fargo accounts. I also paid bills and made transfers easily on my phone!
3. Mobile apps. Made specifically for certain smart phones, give fast and free access to account information and use your phone's built-in functions to provide a better banking experience. Now that I have an iPhone, I use the Wells Fargo iPhone app to access my account information. One feature of this app that I love is the ATM locator—my phone knows where I am and shows me the closest ATMs so I can go take out cash! Awesome!
4. Rapid Alerts. For Wells Fargo consumer credit card customers, Rapid Alerts provide near real-time information about account activity based on personalized settings. Okay, I am totally addicted to Rapid Alerts. I get a text message, usually in less than a minute, every time my credit card is used. It helps me keep track of my spending and gives me peace of mind that my card is not being used without my knowledge—a great feature to have in this day and age with concerns about fraud and identity theft!

I personally use all of these features of Wells Fargo Mobile Banking from time to time to customize my own banking experience on my phone. What features do you use?

Some of the most important lessons I learned during college happened outside of classrooms or lecture halls. Like, learning to keep track of my spending and pay monthly bills on time! And sometimes I had to learn the hard way to make trade-offs between going on a trip or paying a utility bill.

Luckily, thousands of students are learning about money and budgeting sooner than I did thanks to a national campaign called "Teach Children to Save Day" sponsored by the American Bankers Association (ABA). This is a special time where bankers across the nation volunteer their time to teach important savings lessons in classrooms or in the community. To celebrate Teach Children to Save Day, Wells Fargo team members are visiting schools and community groups to deliver valuable financial education lessons on budgeting or saving throughout the month of April.

There are many reasons why I wish a Wells Fargo banker had spoken to my class in high school or earlier. I could have avoided having to eat microwave ramen each night! I could have also opened a savings account at an earlier age. Did you know that according to a study by the New America Foundation, kids with savings accounts are seven times more likely (PDF*) to attend college! With the earning power of a college degree, it really pays to save.

I think I would have really valued having a Wells Fargo banker instill the importance of saving and tracking my spending early on. But, it’s never too early or never too late to get the know how to be a wise money manager. Maybe you’ve learned a great deal about budgeting and spending smart and want to share that information with a younger sibling or a friend.

In the spirit of teaching children to save, consider visiting Hands on Banking® for some great lessons like "Spending Smart" or "School and $." Or visit a local Wells Fargo store and ask a banker about "Teach Children to Save Day."

Editor's note: Please help us welcome Brenda Gonzalez, the newest Student LoanDown blogger!

* You will need Adobe® Reader® to view PDF files. Download Adobe Reader.