A few weeks ago Staci blogged about back-to-school spending and how students and parents will spend less this year than in previous years. Sounds like everyone is trying to save money these days!

If you're among them, did you know that if you have a Visa card, you can get exclusive savings, tips, special discounts, and more on the Visa website? 

Just click on "Personal" and select "Visa Student" to find:

• Student savings, discounts, and offers from online places you love to shop

• Helpful credit management tips

• Advice on planning and living within a budget

Go check it out — you might find yourself a deal and learn something besides!

Posted by Dinna at 10:00 AM |  Permalink |  Comments (0)
Found in Back to school, Budgeting, College, Credit cards, Financial education, Money management, Parents, Saving, Shopping, Wells Fargo Bank

As I've mentioned, my stepdaughter is about to start her senior year in college. Boy, these last three years have gone by quickly!

I can't help but think back to the beginning of my senior year in college — not the best time for me. I was filled with panic, actually. I had just completed a time-consuming but unrewarding summer internship that left me feeling like I was completely unprepared to land a job after graduation.

Thinking back on it, there are some things I did and some things I wish I had done to have a more productive senior year in college. Here are just a few:

• Find a mentor . If you haven't already cultivated some relationships with professors or professionals in your field, it's not too late. Talk with your academic advisor, join a club related to your field, stay connected to coworkers from your internship — get creative about seeking out professionals who have achieved the kinds of things you'd like to in your life. They can help you get there.

• Work on your resume  early. Don't wait until May to get started on this document. Take the pressure off and start working on it this fall. This gives you time to get help fine-tuning it before your job-hunt starts in earnest in the spring.

• Try something new. This is your last chance to soak in all college has to offer. So don't get stuck in the same old rut. Go to a music performance, lecture or sporting event you've never attended before. Work out at the fitness center or join a club or activity you've never made time for in the past.

• Get a handle on your finances. Don't wait until you land your first job to start thinking about money management. Take a look at any debt you may have accumulated while in school (both in student loans and on your credit card) and start planning how you'll tackle it. (Will you make some student loan payments while in your grace period? Or will you try to whittle down your credit card debt before your student loan payments come due?)

• Make a plan A, B and C for post-graduation. I posted about this earlier. Be ready with a backup plan if your dream job doesn't come through. Set a time limit if you're moving back in with your parents. Anything to keep you moving forward as you step into your new life.

• Make some memories. Senior year can be an anxious time. Don't get so stressed that you forget to have fun! It's likely the last time you'll live in such close proximity to so many of your friends, so enjoy!

Posted by Caroline at 10:00 AM |  Permalink |  Comments (0)
Found in College, Debt, Financial education, Looking back, Money management, Post-college, Preparing, Remember, Student loans, Wells Fargo Bank

Since Caroline and Barbara have recently been extolling the virtues of frugal living, I thought I'd chime in and offer up a tip of my own: In this high speed internet age, you just might be able to survive without an expensive cable TV plan.

As crazy as it sounds, that's exactly what my husband and I have been doing for the past several months, and so far it's working out great! We recently downgraded our cable package from one of those 200+ channel options that was costing us around $80/month to a basic package — just the networks and a few other channels — for about $25/month. That's big-time savings for a small budget!

When we took stock of the channels that we actually watched, we found that there were only a handful that we regularly tuned into — and even then we were really focused on just a select few programs. One of my new favorite shows, Greek , is available via the ABC Family website so we can watch full episodes right there online. Furthermore, my husband got clued into the website www.hulu.com  and found that almost all of the shows we watch regularly are available (legally!) on that site. We hooked up our PC to the TV and viola! Television content delivered over the World Wide Web!

One disclaimer is that we're not HD junkies and can handle the occasional computer freeze-up which can happen when streaming video content online. For me, it's a small sacrifice to make for big monthly savings!

What do you think? Would this option work for you?

Posted by Kathy at 10:00 AM |  Permalink |  Comments (6)
Found in Budgeting, Financial education, Money management, Saving, Television shows, Wells Fargo Bank

I just got back from the airport. Unfortch, I was not returning from a fabulous trip to a tropical location . However I was buying a ticket to one...well, Florida's not quite the tropics, but I'm sure it will seem that way when leave the frozen tundra (a.k.a. South Dakota) to visit there in January.

I've decided to celebrate living a quarter century (a.k.a. my 25th birthday) surrounded by white sand while visiting a good friend in Daytona Beach . Luckily, certain airlines are offering great deals from Sioux Falls directly to the Orlando area, and my entire airfare is less than $300 — $282 to be exact.

However, while beginning to book my flight online, I found some interesting fine print on various fees. It turns out that by purchasing your flight online or over the phone you are charged a convenience fee for using that service — $11.50. That's a meal while I'm in Florida!

To be fair, this is a pretty common practice among online ticket purchases. Customers pay for the handiness of not having to leave their home to get their tickets. But for me, a trip to the airport is a mere five-minute jaunt from work. So I decided to go directly to the ticket office over my lunch hour and avoid a convenience fee. Subtract two quarters for the airport parking meter and I saved $11 on the trip! Woot!

On any purchase you make or agreement you enter into, it is very important to understand the fine print . It could end up saving you much more than $11.

Take student loans, for example: When you accept the loan, you get details on paying off their interest before it's added to the principal balance — also known as capitalization  — when you enter repayment. If you understand the impact of paying that accrued interest before capitalization, you could save hundreds of dollars over the life of your loan.

So read up!

Posted by Barbara at 10:00 AM |  Permalink |  Comments (1)
Found in Fees, Financial education, Money management, Paying, Preparing, Student loans, Travel, Wells Fargo Bank

Whether in a dorm room, apartment, or house, it's likely you'll be sharing space with someone when you head back to school. And when you're sharing space, you're also sharing expenses.

Chances are that you have some type of relationship with your roommate, and to make sure you are still on speaking terms after living together, it's best to have a financial plan for your shared expenses. Some people even go so far as to put it in writing through a roommate contract .

Here are some things to think about as you plan for shared costs:

• What's in whose name? (I feel like Abbott and Costello .) Try to get as many of your roommates' names on each of the bills (especially the lease). This way each of you is equally liable for the cost. For those bills that you can't put in multiple names, distribute the responsibility among your roommates so each person's name is on the line for something. This will help each person build a good payment history as well.

• How will you split costs? Decide whether you're going to split equally or based on usage and space. Does the person with the biggest bedroom have to pay more? Is the person who doesn't watch cable still responsible for paying part of that bill?

• What about bigger items? For big ticket items, like furniture, try to have each person contribute something that will be theirs to take when you part ways. If everyone went in on a couch, it'd be hard to split that 3 or 4 ways!

• What about the things everyone uses? When it comes to shared household items like light bulbs and paper towels, many roommates set up a schedule to rotate when each roommate buys something. Of course, you have to be conscious of whether or not it's an item that is used more by certain roommates. For example some grocery items, like milk, may not be consumed in equal quantities.

• When — and how — will bills get paid? Develop a routine for paying your bills. Put them in a specific place or have a message center with your roommates so you can see what bills are coming up and who you owe money to. Are you planning to write checks? Pay with electronic transfers? Use cash? Figure it out before the bills start coming in.

• How will you deal with financial conflicts? Be sure to consider possibilities of conflict about financial responsibilities. Is it OK for one roommate's significant other to do laundry at the house? Does that person become responsible for more of the utility bills?

Anyone out there have advice on splitting costs with roommates?

Posted by Barbara at 10:44 AM |  Permalink |  Comments (0)
Found in Budgeting, Financial education, Housing, Money management, Paying, Preparing, Wells Fargo Bank

When you're choosing a roommate, there's a lot to think about — especially if you'll be living off-campus, where you have many more responsibilities than you do with on-campus housing.

One of the things to consider seriously is whether your financial lifestyles match.

What does that mean? Let's see...remember the early episode of Friends  where Monica, Ross and Chandler all had money to do things, and Joey, Rachel and Phoebe didn't? Well, it created a rift — similar to what can happen with roommates who aren't on the same page financially.

Here a few things to think about before you sign a lease with a new roomie:

• Do you agree about how much rent you can afford? This is basic, but you shouldn't even be apartment-hunting  with someone who's looking at housing that's out of your league. Let him find another roommate and you can use the pool and gym at their apartment complex when you visit.

• What about utilities? Remember, utilities go beyond water, lights and heat. What type of Internet service do you want to get? Will you be investing in cable or satellite television? Do you "need" TiVo^®?  Don't assume you both agree about what's necessary.

• How will you furnish the place? Are you both okay with mismatched hand-me-downs, or does one of you want to furnish the place from scratch? Can you afford whatever your future roomie is proposing?

• How about the day-to-day stuff? Make sure you discuss your approach to buying food and other household stuff. Don't wait until she eats your favorite organic pasta sauce to have this discussion. Make sure you agree about what to share the cost of, and what is "hands off." Find a fair way to split the community items. Otherwise you might always be the one buying the paper towels and dishwasher soap.

If you've already been through a financial mismatch with a roommate, got any stories to share?

Posted by Caroline at 10:08 AM |  Permalink |  Comments (5)
Found in Budgeting, College, Financial education, Graduate school, Housing, Money management, Moving, Paying, Post-college, Preparing, Wells Fargo Bank

Editor's Note: It's inevitable, Student LoanDown readers...school is about to start! In the next three posts, Barbara and Caroline — who have many years of roommate experience under their belts — share some tips on how to make dorm and roommate living a little more chic, comfortable, and fiscally responsible.

At back-to-school time, I usually have mixed emotions. Much like Staci, I love seeing the new school supplies in the aisles of the big-box stores. But I'm less excited to start seeing ads for an array of color-coordinated dorm accessories.

Room decorations and necessities can be a big clash between roommates. Have you had the talk with your roommate about what you need/want in your room? Make sure you consider your budget when you do!

You want to make your dorm room a comfortable, functional space. However, especially in these tough times, you don't need to break the bank to do it. After all, once you factor in studying in the library, participating in clubs, socializing with other students, etc., you might not even spend that much time there!

I'm a big believer in budget solutions to create what you need. (I heart watching Decorating Cents on HGTV and perusing thrift stores  and garage sales...including Staci's free sale.) So, here are some ideas to keep the dorm room essential costs down.

• Furniture — While coordinating papasan chairs may seem like a necessity, you can spice up a dorm just as easily by covering a second-hand love seat or recliner with a tapestry or even an extra bed sheet. Going frugal on furnishings doesn't mean compromising style. You can always bring in a funky retro item or personalize something with your own taste.

• Accessories — Just like with furniture, there's no need to buy all new accessories. Here's a great place to show a little ingenuity with some do-it-yourself projects. Check out DIY sites like Instructables  for ideas.

• Appliances — Instead of getting brand-new gadgets for your room, check with relatives or at garage sales to score inexpensive (or free!) necessities like a toaster, microwave, etc. Also, make sure you know if your dorm has a kitchen available for you, so you don't buy something you may already have access to.

• Space and storage solutions — If space is an issue in your room (which, let's face it, is the case at most colleges) check with older students to see if they have any lofts, shelving, or organizing units they are trying to get rid of. Students moving out of the dorms might have already created a solution that could help you.

What other tips do you have for furnishing your dorm room the frugal way?

Posted by Barbara at 10:00 AM |  Permalink |  Comments (0)
Found in Back to school, Budgeting, College, Money management, Preparing, Saving, Shopping, Wells Fargo Bank

In this last month before school starts, you've probably got a long list of things that you need to do before heading off to college — especially if it's your freshman year. While you're making preparations, be sure you cover all the basics on your financial to-do list.

Don't have one? Luckily, I've made a handy checklist of things to help get your finances organized before you head off on your own.

1. Make sure your college financing is in order. Taking out student loans? Be sure you have contact information for your lender and your school's financial aid office so you can work with them to ensure you've got your tuition bill covered.

2. Set up a bank account. If you don't already have one, be sure you've got a savings account and an ATM card. If this is your first time owning an ATM card, be sure you know how to use it to make both deposits and withdrawals.

3. Get a credit card   for emergencies. This is nice to have as a backup plan — especially if you're taking a car to college. But be sure you understand the interest rate and how it's calculated before you ever use it.

4. Create a budget. Remember that this will be a working document that will be adjusted as you learn more about how you spend money when you're on your own. But for now, make a list of all the expenses you can anticipate at this point, as well as the income you plan to be generating.

5. Get your financial information organized. Buy a flexible file folder and keep track of any financial papers that you receive in hard copy (statements from your bank, student loan papers, etc.).

6. Talk to your parents  . Visit with your parents about money and expectations. Share your budget with them. (See item #4!) Make sure you understand what expenses they expect you to cover, and what they will pay.

7. Make a bill-paying plan. If you're going to start receiving your own bills for the first time, make a plan to ensure that they get paid on time. Will you pay them online or by check? Will you pay them as they come in, or set up a couple times a month to get them all paid at once?

This list should get you started. Now, what other financial "to-do's" do you have before college?

Posted by Caroline at 10:00 AM |  Permalink |  Comments (0)
Found in Back to school, Budgeting, College, Credit cards, Debit cards, Federal loans, Financial aid, Financial education, Parents, Preparing, Student loans, Tuition, Wells Fargo Bank

These days you can't open a newspaper, click on an online news site, or turn on the television without being bombarded by reports on the state of the economy. I'm not sure if it's as bad as the news reports make it out to be (is it?), but I've gotten to the point where I have to tune it out. If I don't, I start to panic.

Even with the news spouting doom and gloom, time marches on. And now that it's August, you may be getting ready to go back to school or head off for college for the first time. Either way, the gear to get you settled comfortably in your dorm room — the laptop, the mini-fridge, the coordinated bedding with twin extra-long sheets — doesn't come cheap. Of course, these are extras that come after you've already paid for the essentials: tuition, room and board, and textbooks.

Recently the National Retail Federation released their annual survey on back-to-college spending , which — like everything else — has been impacted by economic issues. According to their figures, back-to-college consumer spending will drop seven percent this year, to just under $600.

But parents have the real say in these matters, since they're usually the ones paying for it. Earlier this week, I was chatting with a co-worker who is about to send his eldest daughter off to college in Minnesota. He'd found a carpet remnant for her dorm room at a home improvement store for a song — but it took some convincing before his daughter agreed to it. Ultimately she, like many college freshmen, knows that beggars can't be choosers! 

As you ready yourself for college, what adjustments have you made in your spending? Are you finding yourself being more frugal, or aren't you worrying about it?

Posted by Staci at 10:55 AM |  Permalink |  Comments (1)
Found in Back to school, College, Money management, Parents, Paying, Shopping, Wells Fargo Bank

Think quick: How much loan money would you be responsible for paying if you graduated today?

Don't know? Don't worry; you're not alone. It's not uncommon for students to put loans out of mind until repayment. Even those who do know that they'll owe X amount once they graduate usually don't know what that means.

But since I've got you thinking about it, I challenge you to stray from the norm of being oblivious of your student loan obligations until repayment begins.

Here's a new way of thinking about borrowing: for the loans you already have (or those you are about to take out): Estimate how much your monthly obligation will be for that debt. Use a repayment calculator like these ones for Federal Stafford loans and private loans. Then, keep a running tab of what your total student loan debt will require each month.

I'll give you an example. Say I have $12,000 in Federal Stafford loans at a fixed rate of 6.8% and $10,000 in private loans at a variable rate of 7%, each with a 10-year repayment period. Using the calculators I find out that each month I'll be required to make minimum payments of $138 and $116.11, respectively. So once I graduate, I know that I'll have to budget at least $254.11 of my monthly income to my student loans.

Of course, since my private loan rate is variable, this amount could fluctuate.

By taking an approach like this, you'll know exactly what you're on the line for, and how much additional debt you'll be able to take on without feeling stretched each month. Ideally, your monthly student loan payments should not exceed 10-15% of your monthly income .

So in my above example, if my projected monthly pay will be $2,000, it may be a better decision to work more hours at a part-time job to help pay for my education so I can borrow less in the future.

You tell me: Is it easier to understand your student loan debt when think of it in monthly payments?

Posted by Barbara at 10:00 AM |  Permalink |  Comments (1)
Found in Budgeting, College, Federal loans, Financial education, Interest rates, Money management, Paying, Preparing, Private loans, Student loans, Wells Fargo Bank

This weekend is our annual "Sales Tax-Free Weekend"  here in Iowa. Is yours one of the many states  that offers this special shopping weekend?

In a year when practically everyone is trying to trim their budget, this sounds like a great deal. But personally, I avoid the "tax-free" weekend like the plague. I shopped on that day a couple years ago, and the mall was more ridiculously crowded than it is two days before Christmas. Not my idea of fun.

Plus, I can't get around the fact that the savings of 6-7% that you get with a sales-tax holiday isn't all that much of a savings. After all, most clothing and shoes go on sale for 15-25% off or more at some point. If you're only saving the sales tax, you're better off waiting for a real sale, when the markdowns will be higher.

But there is something to be said for the tradition of "back-to-school" shopping — and if you're the type who thrives on the crowds and gets the urge to revamp your wardrobe in the fall (even if you're in college), then the tax-free weekend is probably right up your alley.

What do you think about tax-free weekends? Are they a good way to save?

Posted by Caroline at 10:00 AM |  Permalink |  Comments (0)
Found in Financial education, Money management, Paying, Shopping, Wells Fargo Bank