It's the end of the month, so I wanted to update you on my unique savings plan.

Since January 10, I've saved $19 that would've been spent in the cafeteria vending machine. It's not as high as I thought it would be, but it's a start.

With the cold weather, a thermos of coffee  has been more my style several mornings. Perhaps it was a subconscious decision to keep a few dollars out of the envelope in my desk. So I think going forward I'll have to charge myself for any beverage consumed throughout the day. That way I won't bring other drinks to avoid paying up!

Now I'm thirsty, so I'm going to crack open a DC and sip the sweet nectar while I transfer $20 from checking to savings!

Posted by Barbara at 10:00 AM |  Permalink |  Comments (0)
Found in Budgeting, Financial education, Money management, Saving, Wells Fargo Bank

I'm older today. Well, you are, too. But I have to jump numbers today. Last year I did some evaluating when I turned 23. And I figured I'd do so again to see where a year older and (supposedly) wiser has gotten me.

To the naked eye, it may seem that I'm even farther from crossing "organize my finances" off my to-do list.

While the year has taken a toll on my finances — from major purchases to unexpected medical bills — I'd like to think the organization piece is there. I might not be in the green, but I am aware of where my money is being spent and how to use my income wisely.

I have to admit that 24 is one of my scary ages. The label "early 20s" is now off limits and full-fledged adulthood is required — at least that's how it works in my mind. So, it feels good to have my financial adulthood on the right track.

I've slowly come to accept my entrance into financial adulthood — however, I keep wondering when it's going to feel real. There are times when I'm sitting down working on my budget, or clipping coupons, or sorting through insurance statements, or transferring money to pay my mortgage when I sit back and think: Am I seriously doing this?

According to an older Money Magazine article , I have the mentality of a financial grown-up.

So why don't I feel like one?

Even a salaried job, mortgage, and 401k don't help me adjust my senses. Some days it seems like I'm dreaming and will wake up to find myself a teenager whose only financial responsibility is making enough tips as a waitress to stay remotely fashionable.

So what will it take? Joint finances with a spouse? Financial responsibility for dependent children? Will the way I feel ever reflect my financial maturity?

What helped you feel financially mature? Taking on student loans...or perhaps repaying them? Your first big paycheck?

Or maybe you feel the same way I do. You tell me: At what point do you really feel financially grown-up? Or do you ever?

Posted by Barbara at 10:00 AM |  Permalink |  Comments (0)
Found in Budgeting, Debt, Financial education, Money management, Paying, Post-college, Wells Fargo Bank

Feeling disheartened about the time and effort it takes to complete the FAFSA  (Free Application for Federal Student Aid)? You're not alone.

But fortunately, the good folks at FastWeb!  have developed this short video to explain the process.

(Note: The following links to a video from a non-Wells Fargo website.)

I like this video for three reasons:

1. It's only five minutes long.
2. It's informative.
3. It's funny!

IMHO, it's definitely worth five minutes to take a look — and hey, it may save you some time and sanity in the future!

Posted by Staci at 10:21 AM |  Permalink |  Comments (0)
Found in College, Federal loans, Financial aid, Financial education, Paying, Student loans, Tuition, Wells Fargo Bank

It's January, and you probably know what that means — time to fill out your FAFSA (Free Application for Federal Student Aid) . The FAFSA is the best place to begin if you need financial aid (including student loans) to help pay for college.

Even if you think your parents make too much money to qualify for aid, you should still look into the FAFSA. Not all aid is based on financial need, and many factors go into the formulas for determining eligibility.

We always recommend that you fill out your FAFSA as soon after January 1 as possible. Some state aid is awarded based on your FAFSA application, and those deadlines vary , so it's in your best interest to get your FAFSA submitted as soon as possible. This is a great article  that makes a good case for filling out the FAFSA and lists all the documents you'll need on hand before you get started.

You can get a paper FAFSA from your high school guidance counselor, or you can fill it out online . This article  covers some of the common mistakes people make when filling out the FAFSA that can jeopardize your chances for maximum aid. Check it out to avoid making any costly blunders.

I'm curious — especially for you first-timers — how you feel about filling out the FAFSA. Did you fill it out online, or use the paper form? Was the application too long and complicated, or was completing it no big deal?

Posted by Caroline at 10:20 AM |  Permalink |  Comments (0)
Found in Back to school, College, Federal loans, Financial aid, Financial education, High school, Paying, Tuition, Wells Fargo Bank

I've spent the past several days shivering. It has been a bit nippy  in South Dakota, and I've been feeling it — especially at home. Last night the heat of a warm laptop on my legs was the only thing that kept me going...well, that, and the episode of Notes From the Underbelly  that I DVR'd while I was snowblowing the driveway (the laughter keeps my body warm, too).

OK, I'm being very melodramatic here. You see, I've turned down the thermostat, and it's taking a while to adjust.

December's gas bill arrived, and with it came some sticker shock. From what I've heard from fellow homeowners, I'm actually getting by pretty cheap, but it was more than I had budgeted.

So what happens when you go over budget? For me, I pull the funds out of a different area like entertainment or eating out. Unfortunately for Staci, this means my lunches lately have been Lean Cuisine , not Jimmy John's .

And to avoid going over budget next month, I made the executive decision to use a little less gas. Hence the thermostat now resting a few degrees lower, which when armed with an oversized hoodie and my Mary Jane Sock Monkey  slippers really isn't that bad.

Does your budget have a little give and take? What categories do you cut back when your expenses come in over budget?

Posted by Barbara at 11:30 AM |  Permalink |  Comments (1)
Found in Budgeting, Financial education, Money management, Paying, Wells Fargo Bank

As an Iowan, I had the privilege of participating in our "first in the nation" presidential caucus a couple weeks ago.

This was actually my very first caucus. It's the first time I've lived in Iowa during a presidential election since I was in college in 1992, and I didn't caucus that year .

Frankly, after months and months of candidate coverage and our phone ringing off the hook with pollsters, I thought the most exciting part of January 3 would be the peace and quiet that ensued afterward. But caucusing was more interesting than I anticipated — my room was buzzing with interaction and excitement. We gathered in a local school library and it was full to the brim with voters of all ages, as well as TV cameras and national media figures strolling around. Pretty cool.

It was also exciting to see so many young voters on hand. It turns out that "youth voters" (ages 18-29) showed up in big numbers  — over tripling the number that participated in the 2004 caucus, and as a group, they represented about 18% of all caucus-goers.

Just curious, for all you "youth voters" out there — are you planning to vote in your state's primary, and are you looking at the candidates' stance on education when casting your vote?

Posted by Caroline at 10:00 AM |  Permalink |  Comments (2)
Found in Wells Fargo Bank

It arrived in late December: a legal-sized envelope from my alma mater . At first, I thought it was just the usual fundraising letter, but then I saw the bolded, capped outer envelope message: CLASS AGENT LETTER ENCLOSED!

To quote Liz Lemon , my heroine from 30 Rock , "Blurg."

I dread the biannual letter from my class agent, which, according to my school, is supposed to "help to build informed, unified, and motivated classes for a stronger Augustana. Class Agents send a fall and winter letter to their classmates, keeping them informed of moves, marriages, family changes, new jobs, and awards."

Don't get me wrong. The agent for my own college class is a lovely person. Actually, she and I were friends — at least until we had a bit of a falling out during our senior year. It's just that all of my insecurities come rushing out whenever I open the envelope and read about my fellow alums' achievements.

"So-and-so moved to Dubai  and bought a palace!"
"So-and-so had her fifth child, and her entire family is in the Mensa®  program!"
"So-and-so received three Ph.D.s  and won the Nobel Prize !"

Okay, maybe I'm exaggerating just a little. But you get the idea.

I guess you never really stop competing with your classmates, even after you've been out of college for 15 years. And you never stop comparing yourself to them, either. Someone is always going to be smarter or richer or more fulfilled than you are, whether you open the envelope or not.

So I shouldn't let it get to me, right? The fact that my former classmates are doing well now is a testament to the quality of our education. It doesn't take anything away from my own success. And ultimately, it's cause for celebration, not angst.

How do you feel when you compare yourself to your fellow students (or don't you)? Does the competition throw you for a loop, or does it motivate you to work harder?

Posted by Staci at 04:00 PM |  Permalink |  Comments (2)
Found in Looking back, Post-college, Wells Fargo Bank

No, I'm not talking about your Facebook  status ("Barbara Raus is writing a blog post"). I'm talking about your school status. Are you attending full-time, half-time, or less than half-time?

Your ability to qualify for certain types of financial aid or even your health insurance can depend on your attendance status. So you always want to be aware of how many credits you are taking.

This is especially important to consider during the add/drop period at your school, when you can choose to drop a class you are no longer interested in without being financially liable for it. This can get tricky. In some situations if you drop a class, it can change your enrollment status.

Say you're a full-time student with 12 credits. If you drop a three-credit class, you're suddenly a half-time student. For some students that might mean they're ineligible to be included on their parent's insurance.

Or if you're taking six credits and drop a class, you're below half-time status and no longer qualify for federal aid !

So watch your status as you pick and choose which classes to take or drop. If you don't, you could be facing some large financial repercussions.

Posted by Barbara at 10:40 AM |  Permalink |  Comments (3)
Found in College, Federal loans, Financial aid, Financial education, Wells Fargo Bank

Each morning I make the journey from my desk to the cafeteria where I purchase my breakfast — a 20 oz. Diet Coke . Certainly not what champions are made of, but it gets me going.

Recently, I've been paying closer attention to where my money goes. What I've found is that my current habit means spending roughly $260 each year on my morning soda. Factor in an occasional (read: daily) afternoon Diet Coke and I'm at over $500 each year! It's not coffee, but it's definitely my latte factor .

Enter the 2008 Diet Coke Savings Plan, devised by the super creative Staci Schiller. Instead of doling out $1 each time I want a soda, I buy 24 packs of Diet Coke and bring cans to work everyday. Now instead of putting that dollar in a vending machine I pay myself. Each time I partake in the glorious dark beverage, the dollar I would have spent in the cafeteria goes into an envelope in my desk.

At the end of each month that money is going into a savings account to start earning interest. With my reallocated funds I'm saving up for a big-ticket item. Remember my automobile woes? Well, hopefully this plan will give my savings the boost it needs for a down payment on a new car .

Do you have any similar plans to save your money? What small daily purchases add up for you? Or better yet, what would you rather be using that money for?

Posted by Barbara at 10:00 AM |  Permalink |  Comments (3)
Found in Budgeting, Financial education, Money management, Saving, Wells Fargo Bank

In recent weeks, several colleges have followed Harvard University's lead  in reducing tuition costs for families below certain income levels. Student loans are being replaced with increased grants — most of these funded by the schools' endowments . Just yesterday, Yale University announced a similar initiative .

Sure, this is good news about college tuition and affordability — for some. But not all schools have such well-funded endowments or are in a position to make these kinds of sweeping financial aid changes. And as such, the majority of students are still struggling to afford their rising tuition.

So, tell me what you think: Are changes like the ones Harvard and Yale are making a step in the right direction for making education more affordable, even if they're just for a select group of students and families?

Posted by Staci at 10:41 AM |  Permalink |  Comments (0)
Found in College, College selection, Financial aid, Financial education, Grants, Student loans, Tuition

Do you start thinking about filing your tax return in January? I definitely do.

When January hits, I start thinking about when my tax forms will arrive in the mail, and how quickly I can get my return filed. I am not this Johnny-on-the-spot with everything in my life, believe me. But tax returns are something I can never procrastinate about—even if I’m not counting on getting a return.

To help you get inspired to file your tax return early, check out our tax guide designed specifically for students and their parents. This chart outlines tax deductions and savings opportunities available to students and their parents. The IRS also offers a helpful page  with tax information for students.

Remember to consult with your own tax advisor regarding your own tax needs.

Posted by Caroline at 11:35 AM |  Permalink |  Comments (0)
Found in Remember, Wells Fargo Bank

Post car breakdown, my father suggested I start thinking about purchasing a new vehicle when summer rolls around.

A car loan can be a large undertaking. Before I got too committed to the idea of a new vehicle, I decided to first research my credit score and credit report. Both affect the rate I would get on a car loan.

There are a number of ways to see how you're using your credit. I chose to take advantage of a free trial of FICO® Score Watch® —a program that allows you to check your credit score and credit report through Equifax, one of the nationwide consumer credit reporting agencies.

The program lets you know what’s helping your score and what’s hurting it. I found out that my history of no late payments is an advantage, while my short credit history is one of my pitfalls.

You can also check your various credit accounts, any inquiries by lenders or business looking into your credit, reports from collection agencies, and any public records you may have like tax liens, bankruptcies, foreclosures, and garnishments.

For me, the coolest part of the program was the Score Simulator. This tool allows you to see how different scenarios would affect your credit score. It also gives you a best course of action—the plan of attack that will help your credit score the most.

So I simulated applying for an auto loan. Applying for this new credit in my current situation could lower my credit score by 30 points. It really got me thinking about what I could do to improve my current credit score before applying for new credit.

Just for fun (well, it wouldn’t be fun if it actually happened), I simulated my score if I maxed out all my revolving credit accounts—those include credit cards, store cards, and lines of credit. With that, my score dropped about 100 points! Yikes!

Better just follow my best course of action and pay off my credit cards over the next 24 months.

If you’re curious about your credit score, what you could do to improve it or what future actions could hurt it, Score Watch might be something to check out.

Do you check your credit/scores on a regular basis?

Posted by Barbara at 10:05 AM |  Permalink |  Comments (2)
Found in Credit, Credit cards, Credit history, Credit score, Default, Paying, Private loans, Wells Fargo Bank