My something finally arrived!
Now it’s time to share my Somethingstore.com 
package unveiling with you. I know you've waited with baited breath to see what I got, so check out the video to watch me open my something!
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Found in Budgeting, Shopping, Social networking, Wells Fargo Bank
When I was just out of college, working at my first job, grocery shopping was no fun. I carried a calculator with me to make sure I didn't run my bill over $40 each week. I bought lots of hot dogs, mac-n-cheese and generic pop . Back then I longed for the day when I'd just be able to walk into a grocery store and buy whatever I liked.
Fast forward to today. I've been buying whatever I like at the grocery store for the past 10 years. But now, with two little ones at home and another one in college, and price of gas three times what it was when I was a struggling recent grad, I'm taking some tips from that younger, poorer version of myself.
I've embarked on an experiment to see how many store-brand items I can buy, and which ones are truly unacceptable substitutes. For some items, I've always bought store-brand: paper towels, aspirin, that sort of thing. But recently I've started wondering why I pass by the store-brand on other items. Typically store-brands run anywhere from $.30 to a dollar or more cheaper per item. So I've started branching out and I've found that most times store-brands are practically indistinguishable from their brand-name counterparts. I really haven't hit a clinker yet — store-brand breakfast cereal was a particularly tasty surprise — and I'm saving upwards of a $1 per box.
I don't know why I'm getting such a kick out of saving money this way now — when it bothered me so much in my younger days. Probably because now it's a choice, and back then, it wasn't.
If you're in post-college penny-pinching mode — are you doing anything to save money that you hope is just temporary?
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Found in Budgeting, Financial education, Looking back, Money management, Paying, Post-college, Saving, Wells Fargo Bank
A few weeks ago, I sent a graduation card to my cousin’s son. He graduated from high school with honors and will be going to UCSF this fall. The family is very proud!
Seems like we’ve had quite a few parties to attend lately—graduations, weddings, bridal showers, and baby showers. Plus, more are on the way. While I'm very thankful to be included in all the celebrations, I can’t help but notice that things are starting to add up!
It's not just the cost of the gifts. When you add in the cost of flights, hotels, outfits to wear at the parties, etc., celebrating can get expensive. Even gas is becoming a factor as I just paid $4.55/gallon to fill up my tank!
I’m trying to balance these kinds of expenses while still sticking to a budget, but admittedly, I'm struggling.
How do you budget for celebration expenses? Or do you have any ideas to keep costs down? Share your ideas here.
Editor’s note: Speaking of celebrating, the Student LoanDown team is taking the next few days off to fete the 232nd birthday of our nation. A very happy Independence Day to everyone! We’ll be back the week of July 7.
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Found in Budgeting, Paying, Post-college, Saving
Every once in a while I make an online purchase so good that I track its movement almost ritualistically. For example, when my new iPod Nano was on its way, I hit up the FedEx package tracker on pretty much an hourly basis to watch my new gadget travel from China to South Dakota (with stops in Alaska and Kentucky along the way).
I’m currently tracking something else, and my excitement is palpable. I seriously can’t wait for my something to get here. And literally I mean “something.” The package is coming from the Something Store .
Now, you know I’m trying to be good about frivolous spending, but when I heard the story about the Something Store on NPR , I just had to try it. So here’s my endorsement for one-time frivolous spending … with a $10 cap! :)
The anticipation of what my something is has been worth the price! The store offers you a chance to see recently shipped somethings to get an idea of the kinds of items they send. I’ve been checking it regularly and guessing what my something will be. Fingers crossed for an auto emergency kit.
Of course I’ll let you know what my something is once it arrives! Hopefully it will be here soon.
Yay, surprises!
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Found in Budgeting, Money management, Shopping, Social networking, Wells Fargo Bank
Okay, technically, it's not ME that has been framed. It's my new house!
Now that the walls are up, it's starting to feel more real each day. My contractor says I can expect to be finished sometime in September, almost a month earlier than planned. That means I need to get moving on selling my existing home — good thing I watch a lot of "Designed to Sell" on HGTV .
Although I'm optimistic that I won't have too much trouble selling my current place (fortunately, the real estate market is still pretty healthy here in the Midwest), I've started to panic about funds. That's because in my Online Banking profile, I can see all the money that I'm on the hook for: my existing mortgage, my home equity loan (which I used to buy the land), and my construction loan. Let's just say that the debt outweighs my deposits by quite a bit, not a comfortable place for me.
Gulp. I keep reminding myself that real estate is an investment.
I've also been keeping an eye on mortgage interest rates, since I will need to secure my permanent financing fairly soon. Unfortunately, they have not been going in the direction I'd like them to! I'm trying to be optimistic about this, too. Worse comes to worst, I may end up with a higher rate initially and will plan to refinance down the road.
If you're not yet in a position to build your own new home, or if you think I'm just plain nuts to be doing so, you can get some practice by building a virtual one in Stagecoach Island. They've even got their own HGTV-esque show!
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Found in Budgeting, Debt, Financial education, Home Ownership, Home equity loans, Interest rates, Money management, Mortgage, Preparing, Wells Fargo Bank
Lately, I've been trying to resist summer spending. And I've found a tactic that works pretty well to deter me from a purchase.
Really, I need to give my mother the credit. See, when I was younger and would beg incessantly for something, a frequent response from mom was, "Barbara, it would take me X hours of work to pay for that." It always got my little mind thinking.
And once you start making your own money, it makes you think even more.
In my opinion, one of my generation's biggest struggles is really considering the value of something before you purchase it. We tend to just throw our money down instead of evaluating what it will actually take to buy the item.
Implementing my mom's logic has helped me get my arms around what an item will really cost me. Next time you're out shopping, try it! Make $10 an hour? You'll need to work five hours for those $50 jeans — or a whole day for that $80 to buy a couple new video games.
Kind of puts it in perspective.
Recently, I've been searching for a new dress to wear to summer weddings. After browsing online and selecting some options , I ran the numbers. Turns out, some of my favorites would cost upwards of a whole day at work! A new dress isn't worth that much to me!
Looks like I need to adjust my price range to around two or three hours…or not buy a new dress at all. As Staci just reminded me after popping into my cube, I already bought a dress quite suitable for summer weddings.
Drat! Why does she always have to be so practical?
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Found in Budgeting, Financial education, Money management, Paying, Wells Fargo Bank
For the last few months, I've watched my savings account grow. I've been allocating a bit more than usual from each paycheck in anticipation of a big purchase: a bicycle.
A bike has been on my "want to buy" list for quite some time. The bikes of my childhood were generally passed down. Even during college I had a borrowed bike to get around.
Come to think of it, I'm not sure I've ever had a two wheeler that was just mine.
Biking has always been fun for me. So, after much careful consideration, I decided that it was time to invest in a quality bike that would last me a while — preferably before summer arrived. Luckily, I made that decision with time to save up for my big purchase.
As warmer weather arrived, I started to research my options. I even enlisted the help of seasoned biker Caroline to talk through the information I learned from several biking blogs and forums and by visiting local bike shops.
A few test rides later and I found her: my green beauty .
Speaking of green, I'm hoping shelling out this bit of green will help me save green in the future — and go green for that matter. (Aaah! Color overload!)
Instead of hopping into the car for a quick trip to the store, I'll take my bike instead. This way I save gas and don't overbuy (you think twice about putting an item in your basket when you know there is limited space to bring it home!). And even though the commute will be a bit of a trek, I'm hoping to bike to work on occasion.
Living green to save green: Caroline's wise advice stretches far past biking shorts recommendations!
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Found in Bikes, Budgeting, Environment, Financial education, Saving, Wells Fargo Bank
Anyone else excited for the unofficial start of summer after yesterday's holiday? Personally, my excitement is fueled by the return of white shoes and linen pants to my wardrobe rotation! :)
I'm only half kidding — I'm old school like that.
Important fashion rules aside, I do welcome this seasonal change, even though I don't get the traditional "summer break" anymore. (I knew I should've gone into teaching!) To be fair, I haven't had a true summer break since high school. Summers during college were just as busy as the school year!
How are you spending your summer? Between internships and summer school, I bet you guys don't have much of a summer break either!
Speaking of spending your summer, the unofficial start of the season is a good time for a budget check. If you're living off your financial aid through summer school or during an unpaid internship, it's especially important to resist the temptation to spend on non-essentials.
Here are some suggestions for minimizing your summer spending (I plan to do all three of these):
Cancel your gym membership and play outside — just remember to put on the sunscreen first.
Invite your friends over for a potluck cookout instead of paying for overpriced food and drinks at outdoor cafés.
Find cheap entertainment: convince your father, sibling, or handy roommate to build you a cornhole game for hours of backyard fun!
Now, if only the weather would cooperate, I could get down to business. Summer…hurry up!
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Found in Budgeting, Financial education, Holidays, Money management, Preparing, Wells Fargo Bank
Financial literacy is often on my mind, but this month especially as I'm reading about it on many fabulous blogs and in the news . Last April was declared National Financial Literacy month, and this year many people are using the month again to promote financial literacy .
When it comes to finances I like to think I have a good head on my shoulders. But I'll be the first to admit, I am far from financially fluent.
Obviously, I have a pretty strong grasp of student loans (despite never having any), thanks to my job. I also know about budgeting and emergency savings. But there is one word that still scares me: investing.
Stocks, bonds and all that jazz intimidate me. It has something to do with the image the word "investor" conjures up in my mind, I think. You see, to me investors are those mathy folks who wear suits and say things like "dividend" and "hedge fund."
Now, I have a 401k and make regular contributions, but the money still goes to the default fund. I have yet to research and reallocate my funds. Each time the quarterly statement arrives I think, "You should really read up on this." But I have yet to follow through with that thought.
Since we're in financial literacy month, I'm going to fight my fear and get over my preconceived notions. Local library, here I come to arm myself with investing information!
I know I shouldn't need a special month to motivate me, but sometimes a little extra push helps.
If you need a push, here's one from me: Check out Wells Fargo's Hands on Banking® Program to learn more about the financial topics you don't know much about. There is even a section specifically for young adults.
And if you're looking to boost your student loan literacy let us know what you're curious about or start with some basics from the blog. 
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Found in 401K, Budgeting, Financial education, Hands on Banking, Investing, Money management, Preparing, Wells Fargo Bank
Do you eat breakfast?
I normally don't...well, I guess I get my soy chai latte . But on the weekends, I love to eat breakfast...or should I say I love eating out for breakfast!
So last Sunday, I packed my family in the car. All of us were excited to have French toast, crab hollandaise , savory crepes, and Mickey Mouse-shaped pancakes at our favorite breakfast destination. When we arrived, however, we were devastated to see a "Thank you for your business" sign posted at the entrance. Our beloved Crepevine had closed down! We took our grumbling tummies back home and complained while we ate cold cereal and milk.
Unfortunately, I'm noticing a lot more businesses closing around town...not just restaurants but furniture stores, specialty boutiques, pet shops, tea bars, etc. I guess it's a sign of the times. It makes me think about what I should be doing to prepare myself for a financial "rainy day." Of course the obvious (but not so fun) thing to do is to cut back on expenses.
Comfort food is my vice...but I guess I could make breakfast instead of going out. Maybe I could have that $3 latte a couple of times a week instead of everyday. And do I really need that glass of wine with dinner? Wait, let's not get carried away!
In these economic times, it doesn't hurt to be a little more disciplined. I mentioned in an earlier post that I was thinking of going back to Australia to visit. Well, that's an expense I've decided to do at a better time...maybe when the exchange rate for the dollar is more favorable.
How has the current economy affected your lifestyle?
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Found in Budgeting, Exchange rates, Financial education, Food, Money management, Travel, Wells Fargo Bank
As I get further into the home building process, I'm confronted with a lot of "might as well" temptations. You know — I might as well add extra square footage here, I might as well install more lighting there, I might as well finish the basement now instead of waiting a few years.
Before I know it, I've might as welled myself right over my budget.
College presents you with a lot of "might as well" temptations, too — ones that you might be paying off for a long, long time, if you're not careful. Here are a few examples:
Might as well (MAW): I don't need all of these student loans, but they've been offered to me, so I might as well take them.
Why you should resist (WYSR): If you don't need the money to pay for school right this minute, don't take the loan. You're going to have to pay it back, with interest. In most cases, the interest starts accruing as soon as the loan is disbursed. Why pay interest on money you don't need yet?
MAW: I've got leftover financial aid money — I might as well use it to buy an Xbox
WYSR: If you have leftover financial aid money — and really, you shouldn't, if you look at the previous WYSR — throw it at next semester's tuition, or use it to pay for living expenses. An Xbox does not count as a living expense. Besides, shouldn't you be studying? If you really need to play Halo
MAW: Even though I'm financing my college education with loans, I might as well skip my Economics class. It's boring, and I'm tired!
WYSR: Think about what your classes cost per credit hour, figuring in books and other materials. Then think about the interest rate on your student loans. There's some sort of mathy economics formula for figuring out exactly what skipping class costs, but you don't know what it is because you skipped Economics! Bottom line: time is money. Get your money's worth by getting out of bed and going to class.
Feel motivated to fight off the "might as wells" now? I sure do. I'm off to resist the temptation of granite countertops.
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Found in Budgeting, College, Debt, Financial aid, Financial education, Money management, Paying, Preparing, Student loans, Wells Fargo Bank
When it comes to my finances, every cent is accounted for somewhere in my budget. Usually, I cut it pretty close due to my savings goals, some debts and my choice to spend more on housing.
In general, I run a pretty tight ship financially speaking. However, lately (and forgive me for going all Titanic on you) I've hit some financial icebergs. And slowly, my checking account balance has depleted while my credit card balance has grown.
To put it frankly, my budget is sinking.
The change stems from my recent medical expenses. Starting to pay off my account balances with the doctors and hospitals means less to spend (or save) elsewhere. For three months now I've been throwing $100 toward the balance. And it's beginning to wear on me.
But I can't complain too much on this one. My health insurance is amazing, so it's not a huge burden. I'm paying just over $1,000 for a major medical expense that totaled around $115,000, which is downright awesome.
Still, it's amazing how an additional $100 out of my pocket can skew my finances each month. Celine Dion should be playing in the background when I check my account balances these days!
Perhaps my budget is a little too tight. To remedy the situation, I'm looking for ways to cut back and control truly unnecessary spending. Some spending (wants not needs) will have to wait until that $100 each month is back in my pocket.
What kinds of financial icebergs have you encountered? And how do you stay afloat when you hit one?
P.S. No matter how hopeless, I'll never let go! 
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Found in Budgeting, Checking, Credit cards, Money management, Wells Fargo Bank
I saw my dream car on the way to work today. While idling at a red light about 6 blocks from work, my eye drifted over to the car on my right. And there she was...Galaxy Gray Metallic with an Ivory interior and the "hybrid" stamp on the trunk. Ahhhhh.
I heart that car...a lot.
But lately, as the 2008 Diet Coke Savings Plan (part of my down payment savings) slowly progresses forward and my Alero keeps on truckin', I've been taking a closer look at my options.
There are quite a few things to consider when searching for a new or new-to-you car. I recently came across a fantastic tip sheet from our friends in the Wells Fargo Personal Credit Management group — they specialize in vehicle lending. This resource really got me thinking about my auto search and financing.
Pretty early into my search, I settled on a hybrid. The idea of going green , plus some tax credits for doing it, really appealed to me. However, that means paying more upfront.
And if I want to reap those tax benefits on the specific model I've chosen, I have to buy before the end of the year. But that's probably not realistic given the amount I want to save for a down payment, so I've got some thinking to do.
Could I finance a little more with a smaller down payment? Should I give up the tax break? Would it be better to wait and buy used? Should I rethink my hybrid mentality? And the list goes on...
The wheels are turning (ridiculous pun, sadly, intended).
So I decided to follow tip #6. Get the opinion of an objective friend (or more than one). What do you guys think?
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Found in Budgeting, Cars, Financial education, Money management, Paying, Saving, Wells Fargo Bank
I was talking with a co-worker the other day who was telling me all about his vacation plans this year...how he had planned everything at the end of 2007 and had made all of his flight and hotel arrangements already.
It got me thinking: What do I want to do this year? And is there any place I could visit this spring?
Then it hit me: "Yes, there is!" As I was driving in to work, a commercial came on the radio. The voice had that familiar, friendly accent and hyped up places like Bondi Beach and the Sydney Opera House . "Now is the perfect time to visit Australia!" the voice said, encouraging me to get info about Qantas flights .
I visited Australia while in grad school. I really had no money, but a friend of mine worked for an airline and got me a "buddy pass" that allowed me to fly for a steal. Once there, I was also able to stay with my friend's relatives. Unfortunately, because we were flying standby, our trip was short, and I've always vowed to return.
Nowadays, I use frequent flyer miles to go on vacation. But nothing is ever "free," and I still have to consider the cost of airport taxes & fees, hotel, meals, ground transportation, sightseeing, and of course, local shopping!
So, even though I really want to go, I have to ask myself: Can I afford to go? I could charge everything — I usually use my credit card anyway when I travel because it's safer than cash, adds additional insurance, the exchange rate is usually better, and I get rewards points for every purchase. But can I (or would I) pay it all back when I return?
What would you do? What are some of your vacation planning considerations?
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Found in Budgeting, Credit cards, Debt, Exchange rates, Looking back, Paying, Vacation, Wells Fargo Bank
For many animal lovers it's natural to want a pet of your own once you are able to house and afford one. I've always been a cat person, so it was only a matter of time before I found a feline friend.
I adopted the adorable Bill the cat (her cuteness has been previously displayed on this blog) about a year and a half ago. And what a ride it's been.
Let me preface by saying that I love my cat very much. She's been a fabulous, constantly purring companion during some difficult times, and she's always good for a laugh with her random kookiness .
However, Bill has put an interesting spin on my financials! I knew that getting a cat meant funding trips to the vet, food, litter, etc. However, I did not bargain for the expenses of her multiple "issues."
Soon after I adopted Bill, she started biting and scratching herself. I mean ferocious, violent scratching to the point of losing her fur and breaking the skin. I'll spare you the gore-filled details. At the time, I thought it'd be a trip to the vet and things would be smooth sailing again. Well, a couple vets and multiple rounds of trial and error later, the issues are subdued with medication.
But to be honest, the cause of this is still a little fuzzy. It's likely a combination of allergies and anxiety. At the other end of the spectrum from fuzzy, the additional costs are very clear. Thanks to My Spending Report through Wells Fargo Online® I can see that during 2007, my Pet/Veterinary category totals $788.40. Yeesh!
That grand total includes:
Declawing to prevent her from physically harming herself
Limited-diet food (yummy) since she's allergic to the proteins in most cat food
Monthly steroid shots to keep allergies at bay
Daily anti-inflammatory medication
Some animal hoodies (go ahead, I'd groan, too) so she doesn't bite at her sides
A pheromone plug-in to keep her relaxed in her environment
Clearly, Bill is an extreme case of pet expenses blowing up in your face. But the point of my tale is this: Animals are one of those variable expenses. You never know what could happen that could end up costing you a pretty penny. Luckily, I could swing a few extra pet expenses. If your finances aren't that flexible, perhaps you could consider a nice house plant! :)
Have any of your variable expenses (pet or otherwise) ballooned into bills like Bill's?
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Found in Budgeting, Financial education, Money management, Paying, Wells Fargo Bank
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!
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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?
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Found in Budgeting, Debt, Financial education, Money management, Paying, Post-college, 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?
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Found in Budgeting, Financial education, Money management, Paying, 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?
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Found in Budgeting, Financial education, Money management, Saving, Wells Fargo Bank
Over the Thanksgiving weekend, I ate a lot of pie and watched a lot of TV. In fact, I'm now down to 47% capacity on my DVR (anytime I get below 50% is a big accomplishment for me). I got caught up on most of my favorite shows, including the fantastic How I Met Your Mother . But the series' "Dowisetrepla" episode — though hilarious — left me worried about some of my beloved television characters.
Here's why: Lily (played by the terrific Alyson Hannigan ) is over her head in credit card debt and refuses to tell her new husband Marshall. Together the two of them make a terrible decision to purchase an overpriced apartment down wind of the sewage treatment plant. With Lily's financial baggage, they qualify for a mortgage — but at 18% interest, gasp — and decide to buy!
C'mon, Lily! You were Willow on Buffy the Vampire Slayer , for heaven's sake! You're stronger than that! I expect more from you!
Sorry about that. Sometimes I have a tough time separating television from reality.
See, in television, a series of poor financial decisions like Lily and Marshall's are funny. In reality, not so much. So take note: If you're married and have a lot of credit card debt, tell your spouse. If you're considering buying an expensive piece of real estate near a sewage treatment plant, think again. And if someone offers you an 18% interest mortgage, run.
But if someone offers you pie and time in front of the DVR, by all means, settle in and enjoy. 
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Found in Budgeting, Credit cards, Debt, Financial education, Food, Money management, Newlyweds, Paying, Wells Fargo Bank
One thing I've done is make my holiday gift list. Man, it's long!! All I could think was, "How much am I going to spend this holiday? Can I afford to get something for everyone on my list?"
To that end, I grabbed my laptop, got comfy on my couch, opened up an Excel spreadsheet, and started making a holiday gift-giving budget . I listed potential gifts and expenses for my family, extended family, friends, neighbors, hostess gifts for parties, etc.
After going through the budget, I realized that I needed to develop a gift-giving strategy — something that allowed me to give meaningful gifts but also stay within my budget constraints. Maybe I could give gifts to kids only, make family gift baskets, suggest to extended family that we pull names from a hat, contribute to a charity in a family's name, or even do a white elephant gift exchange.
I haven't quite figured out what I'm going to do, but one thing is clear: Making a gift-giving budget helped me see where I needed to cut back/modify/expand my gift-giving so I don't spend blindly.
What are your gift-giving strategies?
Editor's note: The Student LoanDown team will be spending the rest of the week in tryptophan-induced comas . We wish you all a Happy Thanksgiving — gobble, gobble!
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Found in Budgeting, Financial education, Money management, Paying, Preparing, Wells Fargo Bank
Eventually Charlie's* transcripts were released and he obtained his degree — summa cum laude and Phi Beta Kappa — from the University of Minnesota. I told you he was smart! But with the degree and all its honors came a wide range of emotions, including severe financial fear.
Once the debt had been paid, how did you feel?
Honestly? I felt like telling the messed up and unsympathetic bureaucracy of that school to take a flying leap.
But, most importantly, I finally felt free and unfettered. I felt like nothing else, no matter how bad, would ever get me down. I felt grateful to my family and my friends for being constant sources of emotional support during the dark years of debt. Most of all, I am grateful to my father, who worked up to four jobs at one time to keep our family financially afloat and to make headway in the debt owed.
I will say this, and perhaps it is not entirely appropriate, but money is an emotional issue for me, and this is an emotional response to the issue. I said I am grateful to my father for all he did for me and for my family during some very dark years financially. But because my dad worked so much and was so burdened with the stress and constant worry about this debt, he became seriously ill. In the end, he was diagnosed with cancer and passed away when he was only 61 years old. For me, this debt will always be linked to the emotions of my father's untimely death.
What advice would you have for others who may be in a similar situation?
Start talking about money BEFORE you even THINK of applying to school. And honestly talk about what your family can afford and what sort of debt you can support. Students should do a lot of research, speak with the financial aid offices, and apply for every loan and grant available. And remember that there would be NO schools if it were not for the student. Remind the colleges of this and do not allow yourself to be brushed off by the bureaucracies.
How has this experience changed how you approach finances?
As I have said, money is linked to emotions for me. It is not the simple clear-cut idea of dollars and cents. It's linked to my father's death and to my own struggles to support myself and finance my continuing education. I find myself very cautious when it comes to finances and loathe to repeat the experiences of the past. However, I am much less emotional and terrified of money and debt than I once was.
How did the situation end up impacting your credit?
Miraculously, the debt owed did not reflect negatively on my credit. When I began requesting my credit reports
That huge sum of money owed, just sitting there and dragging me down, that's what truly affected me mentally and emotionally. The anxiety and stress of trying to come up with a plan on how to pay the debt was arduous, but, eventually, a payment plan was agreed upon with the school and the whole amount was paid off last year.
Even though your credit didn't take a negative hit, what made you decide to work on improving it?
My partner and I have a goal of purchasing a house within the next year or two. As such, we wanted to make sure there were no skeletons in our financial closets and that we had everything in order before we began the process of applying for a mortgage. Knowledge IS power and it's important to understand that money SHOULD work for YOU, not the other way around.
I review my credit reports every six months to check for any discrepancies and to see how my credit rating is improving, pay my bills ahead of time, and pay well over the minimum amount due. I've instituted an aggressive savings plan, including the purchase of CDs.
How are you feeling about your financial situation these days?
I make a lot of jokes about Suze Orman
But I do have her "tough love" tactics for financial health to thank for being in a much better place than I have ever been. I do not feel as weighed down and helpless as I once did. I feel very positive and confident that my goals for continued improved credit and the purchase of a home are well within my reach.
I'll have you know that I'm very proud of my dear friend Charlie. Throughout this whole financial ordeal (and there were some seriously trying times), he never let it get the best of him. When his debt was paid last year, we celebrated — celebrated his dignity, his tenacity, and ultimately, his freedom!
If Charlie's story has given you something to think about, I hope you'll share your thoughts.
Oh, and in case I didn't make it clear before, I'm thrilled about the prospect of getting his canned goods and embroidered dishtowels for Christmas!
* Names have been changed to protect the financially challenged.
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