I recently came down with the cold/flu bug that everyone seems to be sharing this month. While glued to my couch with my "supplies" (Odwalla , applesauce , Emergen-C , biscuits  and soup ), I watched an unhealthy amount of television &mdash including every episode of the incredibly lame addictive new Bravo show Millionaire Matchmaker . The main dame, Patti, is really passionate about her business and is pretty straight-up with her approach to matchmaking.

What got me thinking were these love-challenged millionaires. What are they doing to make their millions? What are they doing to be financially successful? But clearly that's not what the show is about.

As for the rest of us "common folk" and millionaire wannabes, I myself have been trying to be a little more disciplined about saving money lately. Wells Fargo tells me the easiest way is to make it automatic. So I did. Check out My Savings Plan. (Not mine, but how to set up yours.)

What you do is create an automatic transfer from your checking to your savings every month. Or, separate from My Savings Plan, if you have direct deposit, you can divvy up your paycheck to have some go into checking and some going into savings, automatically. Money you don't see in your checking account is money you won't spend, right?

On that note, if you are really into tricking yourself with the whole out of sight, out of mind bit, you can alter the look of your online banking accounts. If you click on the "Account Services" tab, then select "Remove Accounts" (under "Account Information"), you can actually hide your savings account from yourself. You are not cancelling your account &mdash simply removing it from your view. (And you can always add it back just as easy.) This way, you know how much you are saving in your head and on your monthly statements, but it's not staring you in the face with every online session taunting you: I'm liquid savings and can easily be yanked out to buy an iPhone  .

Yes — automatic savings gets a bravo in my book!

Posted by Rachel at 09:54 AM |  Contact Rachel |  Permalink  |  Comments (0)
Found in Banking, Financial education, Money management, Online banking, Saving, Wells Fargo Bank

I'm a conflicted frump  (see definition #2).

On the one hand, I'm kind of resistant to new things, especially when it comes to technology. But on the other hand, once a friend starts to sell me on it, I'm pretty easily converted.

DVR ? No way. My kids are going to wait to see their TV shows at the time they're aired. Just like I had to.

iPod ? Well, I have this Walkman, see. And it still works.

iGoogle^tm ? What the heck happened to my plain old Google  page? This is so annoying! (Yeah, even little changes tend to throw me.)

Well, in the past year, I've fallen in love with my DVR, (Staci sang its praises to me), my iPod (I took one look at Staci's adorable Nano  and it was all over) and now iGoogle (again, Staci convinced me how cool it was to customize my page).

I'd like to say I'm old-fashioned because of my age, but I can't. Staci and I are both proud grads of the class of 1989 ! I think I just have to chalk it up to my personality. So with that, I can totally relate to people who are resistant to changing their banking ways. But let me try to be the friend who changes YOUR mind.

A few years ago I was pretty old school when it came to finances (imagine that!). I got my bank statements in the mail and I paid all my bills the traditional way: checks, envelopes, stamps. But when I got married, my husband introduced me to the world of online banking.

I eventually came to realize that banking online is pretty great for a lot reasons – quick balance checks, you can transfer funds easily, pay your bills online, etc. But the really cool thing about it is that it lets you cut down on all those paper bank statements you receive.

Recently we've implemented a system at Wells Fargo where if you bank online you can view your student loan statements there, and with a couple clicks, you can request to stop receiving your paper billing statements. Getting online statements not only helps minimize the amount of paper mail you have to deal with, it also reduces your risk for mail fraud and is generally a nice thing to do for the environment.

Even a frump like me can get on board with that.

Posted by Caroline at 11:05 AM |  Contact Caroline |  Permalink  |  Comments (1)
Found in Banking, Blog Action Day, Environment, Online banking, Wells Fargo Bank

A funny story comes to mind about my son when he was about 5 years old. He assumed that since Mommy works at a bank, she can just get money out anytime she wants. Oh, if it were only that simple.

Fast forward about 7 years to the future – now he thinks that a credit card is the simple solution to anything we could ever want.

"Why, he asked me very innocently, "can't we get a Wii ?

I reminded him matter-of-factly that money doesn't grow on trees and, besides that, Wii's cost a lot of money. I thought that would end the discussion. This time, however, he'd been thinking a lot about his response.

"You have a credit card, he said. "Why can't you just buy it with your credit card? For some reason, he's convinced that a credit card is just like a gift card you get on your birthday. Someone gives you money to spend, so it's your duty to spend it.

I've fallen short of my parental role because what he really needs to know are the basics. Luckily, there's this great, online educational tool from Wells Fargo called the Hands on Banking® program that I haven't introduced him to yet (but it sounds like I need to start soon). The Hands on Banking program guides you through the fundamentals of smart money management, dividing learning into four different age groups: 4th & 5th grade Kids, 6th to 8th grade Teens, Young Adults and Adults. It's one of those things that I wish had been around when I was venturing into the world of credit – kind of like how I wish there'd been Wii's around when I was younger.

But don't feel too bad for my son. He may not have a Wii, but he is armed with the knowledge that it's something he has to work for to get.

Too bad Wii's don't grow on trees.

Editor's note: We're excited to benefit from Karen's customer insight (and killer dance moves) here on the Student LoanDown!

Posted by Karen at 01:27 PM |  Contact Karen |  Permalink  |  Comments (0)
Found in Banking, Budgeting, Credit cards, Financial education, Money management, Online banking, Parents, Preparing, Wells Fargo Bank

What was our big summer trip this year? We didn't go Costa Maya, Costa Brava , or Costa Rica — but it sure did "costa lotta!" Sorry, couldn't resist the pun.

Our family vacation was a road trip to "The Happiest Place on Earth": Disneyland ! With my five-year-old getting ready to start kindergarten, my two-year-old obsessed with princesses, and the newly-opened Finding Nemo  ride to check out, Disneyland was the perfect destination to please the whole family.

But jeez, it was hot, hot, hot! The new Nemo ride was very well done, but the wait in line was at least 1½ hours and we were just melting. On the other hand, since everyone was in line to find Nemo, other favorites like the Pirates of the Caribbean  and the Haunted Mansion  were only a 5-10 minute wait. Sweet! Plus, the rides were air-conditioned — ahhhhhhh...nice!

We all had a great time! If only going to Disneyland were FREE it would truly be the happiest place on earth for parents.   We thought the trip would be cheaper than going to Europe, but after reviewing my credit card statement online and seeing the cost of the hotel, park tickets, breakfast with characters, dinner at Ariel's Grotto, princess costumes, collectible pins, autograph books, and many other priceless souvenirs only found in the Magic Kingdom — well, maybe we should've just gone to Neuschwanstein  instead to see the real Cinderella Castle!

Next time we'll do a better job of budgeting ahead of time and practicing self-restraint with our spending. I'll have to stop myself and think: Do we really need another princess outfit? Will I have sleepless nights if I don't buy that limited-edition collectible pin, light-up Mouse ears, or $18 spray water bottle?

Have you ever spent more than you expected? Do you have any tips for how to control spending on your credit card?

Posted by Dinna at 12:24 PM |  Contact Dinna |  Permalink  |  Comments (0)
Found in Back to school, Banking, Budgeting, Credit cards, Looking back, Money management, Online banking, Parents, Travel, Vacation, Wells Fargo Bank

Some of the comments we've been receiving as of late—and I haven't been able to publish them all because they don't meet our Comment Guidelines—indicate that the Student LoanDown blog hasn't been spending enough time discussing student loans.

I'm not going to argue with that—we have diversified our content a bit this summer, adding new bloggers and broadening our topics. But here's what I would argue: that we're here to talk with you about financing college and managing debt, and that includes much more than just student loans.

These days, what I hear from so many young people is that their student loans feel like Monopoly®  money—abstract, unreal amounts with no consequences attached. That they're not even sure how much they owe. That they have no idea how they'll pay it back. Wait, you mean I have to pay it back?

Earlier this week I read an article quoting a 22-year-old college grad who said something along the lines of "we're too young to understand that we're going to owe this much" and that "it doesn't feel real until later."

I don't want to be judgmental here, but it's this kind of attitude that frustrates me. You're not too young to grasp the concepts of borrowing—you're just not doing it.

That's why we discuss the broader topics of debt and credit and wants and needs and budgeting and saving on a "student loan blog." We share our personal experiences for the same reason. If we can get any of these financial concepts to resonate with you in any way, we will have built a better educated, more responsible community of past, present and future student loan borrowers.

Because, my friends, it's not Monopoly money—it's as real as it's ever going to be. So do not pass Go, do not collect an unnecessary $200 at 6.80% interest, and, above all, do not claim ignorance. You're old enough to know.

Posted by Staci at 10:39 AM |  Contact Staci |  Permalink  |  Comments (10)
Found in Back to school, Banking, Budgeting, Credit cards, Debt, Federal loans, Financial education, Lenders, Money management, Online banking, Paying, Post-college, Preparing, Private loans, Student loans, Wells Fargo Bank

Recently I got a call from my credit card company asking me about some unusual charges. Since it was on a card that I have for emergencies and knew hadn't been used in quite some time, I knew that someone was committing fraud with my account.

I was infuriated. How could this happen? I checked my wallet right away and my card was still inside. The customer service rep on the other line explained that there are many ways that people find to commit fraud.

Fortunately, I was told I would not be responsible for any of the charges. My account was closed, and I was given a new account number and sent a new plastic card. I also had to fill out an affidavit stating for the record that none of the charges made were authorized by me. The affidavit had to be returned to my credit card company within a specified timeframe in order to keep the status of the charges as fraud.

Although I am hopeful my situation will be resolved quickly (and without impacting my credit history ), it still highlights the importance of being vigilant with your card to help avoid fraud. Here are a few "Credit Card Safety Tips" pulled from Hands on Banking®, Wells Fargo's free money management education program:

1. Keep your card in a safe place. Never leave your credit card lying around—particularly in communal living situations like dorms—and protect your credit card number as much as possible.
   
   
2. Don't let anyone else use your card. No matter how much you trust someone (including boy/girlfriends and roommates) you are ultimately responsible for any activity on your card. Avoid conflicts over misuse by never sharing your credit cards.
   
   
3. Report your lost or stolen card immediately. If you misplace your card or suspect that you have been the victim of theft, contact your credit card issuer right away. They may be able to freeze your account and begin the process of correcting any charges that may have occurred without your consent.
   
   
4. Save receipts and compare them with your statements. Be sure to monitor your account often to ensure that all activity on your card was actually authorized by you! Most issuers provide online access to your account, so sign up and make a habit of logging on frequently. If you notice any suspicious transactions, contact your card issuers immediately to begin the process of resolving the suspected fraud.

Finally, you might want to contact your credit card issuer to see what tools are available to help you combat fraud on your account. At Wells Fargo you can set up email alerts that will notify you of unusually high activity on your card—this simple "heads-up" could be a potential fraud-prevention tool!

Credit card fraud is a serious issue, but following a few proactive steps can help you avoid its damaging consequences. If you have any tips on how to avoid or recognize credit card fraud, or if credit card fraud has happened to you, share your thoughts.

Posted by Dinna at 11:38 AM |  Contact Dinna |  Permalink  |  Comments (2)
Found in Banking, Credit card fraud, Credit cards, Financial education, Online banking, Student loans, Wells Fargo Bank

I'm not a fan of long-distance relationships . So it's hard to believe I spent an entire year in a long-distance banking relationship. About 130 miles separated me from my hometown bank during my freshman year of college.

While I was living at home, my old bank served all my needs just fine. But once I got to college, I started to see the signs that as a long-distance relationship, it just wasn't going to work …

There was a lack of communication. Without being able to stop into the branch, I didn't talk to my bank that much. Really, the only time I heard from them was when they sent my monthly statement. I didn't even have the chance to communicate with them securely online.

I wanted different things. I wanted to have easy access to my money. But five years ago, my bank didn't offer me a debit card. I also wanted online access, which wasn't an option (apparently, I was ready to start my obsessive account-balance checking early on in college).

Everything was too complicated. Because my bank didn't have online banking, I had to call to check up on things or to make a transfer between my accounts. Plus, with no branch to stop into, I found myself mailing deposits back to my hometown—wasting a stamp and putting my money at risk of being lost or stolen.

I started liking someone else. Sometimes I didn't have time to deal with my hometown bank. So, I'd go to the Wells Fargo store in Vermillion . Even though I wasn't a customer at the time, if the check was issued from a Wells Fargo account or if I took a Wells Fargo customer with me and signed the check over to them, I could still get my money. I liked the interaction with the staff there and how they handled my needs.

All the signs started to add up, and I knew what I had to do: break up with my hometown bank. When I headed back to school for my sophomore year, I went to my local Wells Fargo store with my tuition refund check—all 800-some dollars of it—and opened a College Combo®.

A lot has changed since 2002, but it's still something to think about for those of you headed to college soon. If you're facing a long-distance banking relationship, make sure you weigh the pros and cons of staying or switching.

Considering a bank swap? Done one already? Let us know how you feel.

Posted by Barbara at 08:56 AM |  Contact Barbara |  Permalink  |  Comments (2)
Found in Banking, Budgeting, Checking, Financial education, Money management, Moving, Online banking, Paying, Preparing, Student loans, Wells Fargo Bank

It's August, which means that it's tuition time for the many of us heading back to school.

*GULP*

Over the next few weeks, the loans I am borrowing will be disbursed to my university to pay off the tuition and fees I owe as I continue my education. Once I have settled my bill with the school, the remaining funds will be deposited into my bank account in a ceremony I affectionately refer to as "Student Loan Payday."

Let's face it, getting a degree is expensive, and many of us need to borrow money just to cover our cost of living. Here in the San Francisco Bay Area , that burden is especially high. I am eagerly awaiting the additional money in the bank so I know I'll be able cover all of my expenses for the next few months!

The kicker about "Student Loan Payday" is that it only comes about once a semester, which means you have to figure out how to make those funds last. Creating a budget—and sticking to it—is crucial to making that happen!

What tips do you have to help stretch your student loan dollars?

Posted by Kathy at 09:39 AM |  Contact Kathy |  Permalink  |  Comments (3)
Found in Back to school, Banking, Budgeting, Consolidation, Debt, Federal loans, Financial aid, Financial education, Money management, Online banking, Paying, Preparing, Private loans, Student loans, Wells Fargo Bank

I love the Internet.

No matter what your interest, chances are there's a website out there that covers it !

For example, I have two cats, Rocky and Boo, and I'm always amused by the funny things they do. It's especially cute when Boo climbs into my bathroom sink and just hangs out there, sometimes for hours. Certainly this behavior is unique just to her and no one else would find this particularly noteworthy, right?

WRONG! Turns out there is a website out there completely devoted to pictures of cats in sinks ! It's the funniest site and a good way to spend five minutes if you think adorable pictures of kitties in sinks are entertaining (like I do).

Another reason I love the internet? Online banking!

Online banking has completely revolutionized the way I manage my money and stay on top of my bills. (What can I say? I'm a busy girl in graduate school , so I get excited by things that make me more efficient!)

Oh yes, not so long ago, I had to go to a branch or call a customer service representative just to check a balance, and snail mail was the typical method of paying most bills. Nowadays many of these crucial services can be done electronically. Depending on where you bank, services may vary, but in general you can:

1. Monitor your account online—you can check your account activity, view online statements and more, depending on what products you have signed up for.
2. Pay bills online—this one's self-explanatory but unbelievably important so that you are sure to make payments on time!
3. Receive email alerts—if you're feeling forgetful of your payment due dates or your balance is getting low, you might be able to sign for email alerts to let you know.

Ask your bank what services they provide online—or if Wells Fargo is your bank, check out online banking here.

How does the Internet impact your world?

Posted by Kathy at 09:18 AM |  Contact Kathy |  Permalink  |  Comments (4)
Found in Banking, Budgeting, Cats, Checking, Financial education, Online banking, Paying, Student loans, Wells Fargo Bank