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 |  Contact Dinna |  Permalink  |  Comments (0)
Found in Back to school, Budgeting, College, Credit cards, Financial education, Money management, Parents, 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 |  Contact Caroline |  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

We got an email via Ask The Expert recently with some great questions about credit. I thought all of you might benefit from a little credit Q&A as well, so here are some highlights of my response to the reader:

Q: Is it a good idea to get a credit report for myself? I have heard that requesting your own credit report decreases your score; I don't even know what my score is.
A: Anytime a person requests their own credit report or score (also known as a self-inquiry), neither is affected. You can request a credit report from each of the three credit reporting agencies (Experian , TransUnion  and Equifax ) annually free of charge . However, you'll have to pay for your credit score, which you can do at any of the previously mentioned credit reporting agencies. To find out where you stand currently, I'd recommend purchasing your score.

Q: I have one credit card that is two years old with a $3,000 limit that I don't use — have never used — what is this doing to my credit score?
A: This credit card that you don't use increases the available credit you have, so you're using less of your possible credit, which is a good thing. You've also had it opened for a while, so it may be helping your length of credit history. One thing you want to consider with this card is that because you don't use it as frequently, you might not catch any fraudulent activity as quickly.

Q: I have another credit that my mom thinks I should switch to a miles rewards card. Is switching the balance a good idea and what will it do to my credit score? Can I ask them to decrease my interest rate?
A: If you decided to switch the balance to a new card, you may have an inquiry by the credit card company that could affect your credit score. If you think that the rewards you'd get from a new card would be worth it, switching may work for you — be sure that you research all the terms of the new card before you make any changes. If you stick with your current card and are interested in lowering your rate, I'd say ask. If they say no, at least you tried!

We'd like to talk more with you about credit in some upcoming posts! What credit questions do you have?

Posted by Barbara at 10:00 AM |  Contact Barbara |  Permalink  |  Comments (2)
Found in Credit, Credit cards, Credit history, Credit score, Financial education, Money management, Reader questions, Wells Fargo Bank

I know, I know, you thought school was out for summer , right? Well the other night, my stepdaughter called me with some basic questions about her credit card, and it got me thinking that there are probably lots of college students out there who don't know the details about their credit cards  either.

Can you answer the following questions about your credit card?

1. What is your credit card balance right now?

2. What is the interest rate on your card? (not the introductory rate  that lasted a few short months after you got the card, but the actual rate you pay if you carry a balance currently)

3. What is the fee if you make a late payment?

If you can't answer these questions off the top of your head, it's time to get more familiar with your credit card — what you don't know can hurt you when it comes to credit! So, dig out that credit card bill and take a close look at it.

Got any questions about what things mean? Ask us!

Posted by Caroline at 09:50 AM |  Contact Caroline |  Permalink  |  Comments (0)
Found in College, Credit cards, Financial education, Interest rates, Work-study

A few weeks ago, I watched the protests around the Olympic torch  with quite a bit of interest. You see, I had already booked and paid for a family trip to Beijing to see the Olympics  this August!

This is something that we had planned on for some time, and we had saved up for this trip over the last couple of years. We even cut back on vacation plans in 2007 to make sure we had enough money set aside for the trip. Generally I am very careful with my money, but I knew that for a once-in-a-lifetime experience like this, I would find a way to make it work!

Before I leave for China, there is one important thing I will do: I will call my credit card issuer and let them know that I am traveling overseas. Credit card companies monitor cardholders' transactions for suspicious activity — this way, they can detect any fraudulent card usage quickly and protect their cardholders by shutting down their card. Transactions in a foreign country are sometimes a red flag for this monitoring, so I will let them know not to shut down my card due to purchases being made in China.

So, barring any unforeseen circumstances, my family and I will be cheering on Team USA  in person this August!

Anyone out there planning to join us?

Posted by David at 08:00 AM |  Contact David |  Permalink  |  Comments (0)
Found in Credit card fraud, Credit cards, Travel, Wells Fargo Bank

One of my great pet peeves in life is late fees. Whether they're at the video store, the library or on my credit card bill — it drives me crazy to have to pay extra just because I'm disorganized.

Recently my Gap  credit card bill arrived with a $20 late fee attached. Oops, I forgot to tell my husband that I applied for the card — he thought the first bill was junk mail and tossed it.

Fortunately, I was able to explain the circumstances to the nice people at the Gap, and they reversed the charge. But that only works once in a great while!

Then my stepdaughter found a $20 late fee on her credit card bill. Her bill comes to our house, and she ended up paying it a few days late. This was the first time she wasn't able to pay off her credit card without carrying a balance, so seeing the late fee in addition to the accrued interest is not something that she's likely to forget soon!

It seems like I'm always paying late fees on silly things like movies we rent or books I check out from the library. While these aren't much, they do add up over time. My new system to avoid these fees involves leaving myself a Post-It note  on our back door to remind me when things are due.

Hey, whatever works!

How do you stay organized to avoid late fees?

Posted by Caroline at 09:01 AM |  Contact Caroline |  Permalink  |  Comments (7)
Found in Credit cards, Fees, Money management, Paying, Wells Fargo Bank

Editor's note: Peter Kim is our first official guest author on the Student LoanDown blog. A graduate of the University of California at Riverside, Peter is a Client Relationship Officer with Wells Fargo International Personal Banking. He enjoys telling people that the word "eater" is in his name! (SS)

You've probably seen it: the Southwest Airlines commercial  with two young men enthusiastically playing a baseball video game. The batter raises his controller, getting ready to swing and then…CRASH! His friend hurls his controller into the really expensive looking flatscreen television, which falls off the wall and shatters the glass entertainment center.

"Ding! Want to get away?"

That ad makes me think about the last time I actually had a chance to "get away." I was in my last year of college, and my school had what they called the UC Education Abroad Program  — an opportunity for students to attend strong academic programs at over 150 universities in nearly 50 countries such as Barbados, Brazil, Chile, Costa Rica, and South Africa. Pretty cool, right?

Unfortunately, even though I wrote a great five-page thesis on why I was worthy of the program, I missed the application deadline — and my opportunity "got away."

However, my really smart friend Jane did not miss the deadline and traveled for six months to Korea  (our homeland by blood) to study. I was so jealous of her experience — all the beautiful places she visited, the different types of mouth watering foods she got to eat, and blah blah blah.

But one aspect of her trip that proved challenging for her was managing her finances. At one point she lost her ATM card, went through a dramatic ordeal trying to get a new one, ran low on cash, and had to do jumping jacks just to get money from the US.

Has that ever happened to you? If so, or if you're planning a trip soon and would like to guard against that sort of hardship, you might want to think about an International Personal Banking (IPB) program. It's designed exclusively to handle the financial needs of our international clients, including students!

IPBs offer virtually all of the same consumer products as the retail branch — such as checking, savings and time deposits, with dedicated, multi-lingual Relationship Consultants (like me) to help you with any issues in regards to your bank accounts. IPBs even allow you to send wire transfers without actually having to go into a bank!

What's all that mean? Well, my friend Jane could have managed her funds from her Wells Fargo account as she needed them and had me rush an ATM card to her wherever she was in Korea!

Have you ever experienced anything like Jane while traveling? Share some of your crazy travel stories with us!

I'll get you started with some famous advice from Susan Heller: "When preparing to travel, lay out all your clothes and all your money. Then take half the clothes and twice the money."

Posted by Staci at 03:30 PM |  Contact Staci |  Permalink  |  Comments (0)
Found in Banking, Checking, Credit cards, Debit cards, Financial education, Looking back, Preparing, Travel, 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! 

Posted by Barbara at 10:48 AM |  Contact Barbara |  Permalink  |  Comments (0)
Found in Budgeting, Checking, Credit cards, Money management, Wells Fargo Bank

I have a shameful story to share. It's shameful because I pride myself on being financially responsible...and passing on tips of financial responsibility to you readers.

About a month ago, while standing at the Younkers  counter about to purchase some new dress shoes  (on clearance, of course), I noticed an important piece of plastic was missing from my wallet. My debit card was nowhere to be found! I sifted through all my "frequent patron" cards and each pocket, but the card wasn't there. So, I handed an alternate method of payment to the cashier (who was quite patient with me given the circumstances) and started to freak out a little.

I retraced my steps and realized the last time I'd used my debit card was to purchase petrol  and a car wash several days earlier.

The steps went like this: Grabbed the card, swiped it, and started pumping the gas. Car wash? Pressed yes. Hopped in the car and set my card on the passenger seat (first mistake). Drove to the car wash entry and entered my code. Looked at the card on the passenger seat and thought "I should put that away before I lose it." (Famous last words.) This is when my memory trail went cold. Did I follow through? I couldn't recall.

So the next day, after searching my car, house, and person up and down to no avail, I relented and called to cancel my card and request a new one.

Even though I'm full of shame, I still have three quick tips related to my situation (please don't take them with a grain of salt!):

• Keep a handy list of contact information for all your financial service providers

• Know how to protect yourself  if your card is lost or stolen

• Take precautions to avoid identity theft

Since I had performed such a thorough search for the lost card, I was sure I could've been susceptible to identity theft. I imagined my poor card lying in the middle of the road, just waiting to be snatched up.

Turns out I had no reason to worry: Just last week I found my old debit card in a pair of pants I rarely wear. Fantastic. My card really needed a stunt double!

Anyone out there have a shameful story of your own that turned out better or worse than mine?

Posted by Barbara at 12:30 PM |  Contact Barbara |  Permalink  |  Comments (0)
Found in Credit card fraud, Credit cards, Debit cards, Financial education, Fraud, Identity theft, Preparing, Wells Fargo Bank

A couple of weeks ago, our good friend Staci shared a useful resource related to checking accounts and received a comment requesting something similar for credit cards.

Well, look no further!

The Student Guide to Good Credit, Smart Moves Today for College and Beyond has the basics for understanding and building a solid credit history. This short brochure explains why a high credit score is important, offers three easy ways to build good credit, and provides tips on how to avoid fees and finance charges. It also includes online resources and important phone numbers for reference.

FYI, the brochure automatically comes with every new College Credit Card but is helpful for anyone wanting to shore up on basic credit knowledge. Check out the file here on the blog or request it at your local Wells Fargo store!

Posted by Dinna at 10:20 AM |  Contact Dinna |  Permalink  |  Comments (3)
Found in College, Credit, Credit cards, Credit history, Financial education, Preparing, 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?

Posted by Dinna at 10:00 AM |  Contact Dinna |  Permalink  |  Comments (0)
Found in Budgeting, Credit cards, Debt, Exchange rates, Looking back, Paying, Vacation, 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 |  Contact Barbara |  Permalink  |  Comments (2)
Found in Credit, Credit cards, Credit history, Credit score, Default, Paying, Private loans, Wells Fargo Bank

Today, there's no beating around the bush. I'm just going to put it all out there.

I accrued a finance charge.

And I am ashamed.

You see, I pay off my credit card balance in full every month. I never carry a balance. It's even a running joke between me and my best friend Charlie.

But this month, I received my credit card statement in Online Banking and was aghast to see in BIG BOLD TYPE a finance charge of $4.83. How could this have happened?

Turns out I'd had a case of keyboard dyslexia when I made my payment online. I'd entered a two where I should have entered a five. And because this particular bill was substantial (like Dave, I also like to use my credit card to get reward points, and I'd made a couple of big purchases during the last billing cycle), that three-dollar error cost me almost five bucks in finance charges.

Fortunately, you're not required to pay off your balance in full every month—that's just something I do—so the only thing damaged was my pride. But the experience did get me thinking about what those finance charges could've been if I'd made a $30 error or a $300 error—or just made the minimum payment.

So tell me: Are finance charges a necessary evil, or do you go out of your way to avoid them, like I do?

Posted by Staci at 10:05 AM |  Contact Staci |  Permalink  |  Comments (0)
Found in Credit cards, Paying, Wells Fargo Bank

Now that we are fully into the holiday shopping season, I have to admit, I'm feeling kind of ignorant about how college students treat Christmas shopping these days. My college junior stepdaughter is not a big shopper in general, and limits her Christmas shopping to just a few affordable gifts for family. And I don't remember buying people much of anything when I was in college.

However, as I wander the mall these days trying to wrap up my own shopping, I see one big temptation that's probably even bigger for college students: the store credit card.

I actually promoted these when I was in college. I worked for JC Penney  and we got reimbursed for every application we turned in. It was a nice way for me to take home some extra cash, so I definitely encouraged any and every customer to apply.

But these days, it's not just the big department stores that offer credit cards — almost every single store pushes them. And some of their offers are pretty tempting. They quickly tell you exactly how much you can save today just by signing up, and go on about their valuable rewards programs. It always sounds like a great deal, and it can be hard to say "no."

Admittedly, I sometimes have a problem refusing these offers when I'm making a big purchase, or when it's being made by a store I visit frequently .

As a college student, however, it's not a good idea to start opening up a bunch of new credit cards — even if you can save $20 here and there. Even if you promise yourself you'll cut it up as soon as it arrives. Some people have the discipline not to use these cards or to cancel them right away — you don't want to find out the hard way which type of person you are.

Even if you don't use the card, having too many open lines of credit can hurt your credit score  since it's an open door for you to quickly get into debt. And if you don't have a proven credit history, this looks dubious to potential creditors. Also, having a number of open lines of credit leaves you increasingly vulnerable to fraud and identity theft — especially if they are accounts you don't pay much attention to.

Your best bet is to stick to just one credit card while you're still building your credit history, and find another way to save during the holiday season.

Posted by Caroline at 11:54 AM |  Contact Caroline |  Permalink  |  Comments (0)
Found in Credit, Credit cards, Credit history, Credit score, Financial education, Fraud, Identity theft, Looking back, Money management, Wells Fargo Bank

In my first post, I mentioned the trials and tribulations my son has had to experience by not being a part of the "Wii"  crowd.

As the holidays approach, my son reminds me almost daily of how great it would be to get a Wii for Christmas. My husband and I decided that if we could find one, given that these tend to become almost like Where's Waldo  around the holidays, we would get it.

Yesterday, my husband called me to announce that he is the "best dad ever" since he found and purchased a Wii. Whew — checking that off the shopping list right now!

So we were surprised when Wells Fargo contacted us last night. Why were they calling? To ask if we had made a recent purchase using our Wells Fargo card, since it was a purchase we didn't normally make. Wow, that's looking out for us! We verified that the purchase was one we made and thanked the representative for checking in.

Although I know Wells Fargo has many services to protect my accounts, it's still reassuring to know that they're working hard to make sure my money is safe.

Posted by Karen at 11:00 AM |  Contact Karen |  Permalink  |  Comments (0)
Found in Credit card fraud, Credit cards, Fraud, Identity theft, 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.

Posted by Staci at 10:00 AM |  Contact Staci |  Permalink  |  Comments (2)
Found in Budgeting, Credit cards, Debt, Financial education, Food, Money management, Newlyweds, Paying, Wells Fargo Bank

The other day as I was dropping off my daughter at her kindergarten class, I ran into my friend Dave's family. I was surprised to see them all — mom, daughter, and son — riding their bikes to school!

As I watched them pedaling with a parking lot full of SUVs  in the background, I thought to myself, "They're definitely doing their part to save the environment!"

I guess I shouldn't be surprised, since Dave rides his bike to work everyday. But it did get me thinking about what I'm doing. I recycle my paper, glass and plastic at home religiously — even my 2- and 5-year old daughters know that bottles and cans go in the "circle" and that regular trash goes in the "square." But every little bit helps, and I always wonder what else I can do to make a difference.

Then, as I was browsing through the Rewards programs available through my Wells Fargo credit and debit cards, I came across a "Green" option...cool!

I was planning to go for an Amazon gift card, but now I think I'll redeem 5,000 points and get a Renewable Energy Certificate. The best thing? Each certificate supports 6,000 kilowatt hours of green power — that's like planting three acres of pine trees!

I know there's a lot more I can do, and I am always trying to learn as much as I can about how to be green. In the meantime, if I'm already going to use my debit card for necessary purchases, then at least I can feel good that I can do something for the environment. And as a Wells Fargo employee, it's nice to know my company is giving customers an eco-friendly choice.

What do you think about Green Rewards? Does having an environmental Rewards option matter to you?

Posted by Dinna at 11:04 AM |  Contact Dinna |  Permalink  |  Comments (0)
Found in Blog Action Day, Credit cards, Debit cards, Environment, Rewards Program, Wells Fargo Bank

Credit card offers are everywhere when you're in college. In your mailbox, in booths on campus, in stores – you name it. But what about when your university gets involved in these credit card offers?

A recent editorial  in the Des Moines Register addresses the issue of marketing credit cards to students. Two major universities in my state are providing student information to their alumni associations , who have deals with credit card companies (those credit cards with your school mascot on them, for example). In turn, the alumni association gives some of the profits from these deals back to the universities.

There's also an interesting comment that follows this editorial about how this practice is just capitalism at work, and students are free to choose whether they get a credit card.

So what do you think? Is it wrong for universities to help market credit cards to students – and to profit from student credit cards? Are they putting students in a position to build up more debt than they can handle?

Or should schools have every right to see that students get offered credit cards that can benefit their university? Are they justified in assuming college-age students should be savvy enough to understand and manage the responsibility that comes with applying for credit?

Posted by Caroline at 10:13 AM |  Contact Caroline |  Permalink  |  Comments (1)
Found in Banking, Budgeting, Credit cards, Financial education, Money management, Paying, Preparing, Wells Fargo Bank

Today the Student LoanDown blog is excited to introduce a new tool for our community called "Ask The Expert." You'll see it in the right -hand navigation section here on the blog. If you have a question about student loans, credit, budgeting, or something else that isn't addressed in one of our posts, this is your place to ask. Submit your question via email, and we'll do our best to answer it!

One caveat: If your question is about what happened on the latest episode of MTV's The Hills , this blog probably isn't the best venue to ask that. But you already know that I could help you out there, so 'nuff said.  

Posted by Staci at 10:29 AM |  Contact Staci |  Permalink  |  Comments (2)
Found in Budgeting, Credit cards, Student loans, Wells Fargo Bank

I just returned from a quick business trip to Las Vegas , the city of ultimate decadence. But not to worry — much to my mother's chagrin (she loves to play the penny slots), I didn't gamble a cent.

While I was there I had the chance to visit the UNLV  campus with a few colleagues, and I left feeling three emotions: impressed, jealous, and disheartened.

I was impressed with the campus itself — it's open and sprawling, with an architecturally stunning, technologically advanced library and a gorgeous, brand-new student union building. This year UNLV is celebrating its 50th anniversary  — also an impressive milestone.

I was jealous because in the gorgeous, brand-new student union building, there are — among other things — funky comfortable chairs, tons of natural light, wireless internet access throughout, and a food court that would put any shopping mall to shame. The place was hopping, filled with people and energy, and busier than a casino on the Strip.

And I was disheartened because I observed young UNLV students throwing money around like crazy. There were huge lines at both Starbucks  and Jamba Juice  — certainly not cheap at $4 a pop. Students were streaming in and out of the campus convenience store with their arms full of Red Bull and bottled water. Most of the students I saw were using cash, although some used credit cards or their Rebel Cards  to pay for their expensive beverages.

As we walked around, my colleague Rachel said to me, "I would've spent all my student loan money in here!"

Sadly, student financial services at UNLV are relegated to an older, out-of-the way building. Other than a few people in line to pay their bills at the Bursar's Office, no one was there.

I'm not trying to pick on UNLV, because this on-campus decadence isn't limited to Las Vegas. Colleges are undoubtedly responding to the demands of their student populations, and giving students what they want. This generation  seems to want lattés and smoothies and energy drinks not just as occasional treats, but as daily purchases.

College life has come a long way since I graduated, but so have the temptations to spend on campus. For those of you out there living it right now, how do you balance those wants and needs? Or do you not, and just figure you'll pay for it later?

Posted by Staci at 10:08 AM |  Contact Staci |  Permalink  |  Comments (0)
Found in Credit cards, Currency, Financial education, Food, Looking back, Money management, Paying, Remember, Student loans, 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

"Pssst! Hey, buddy, can I interest you in some free cash?"

Most people would run away or think, "Yeah, right. What's the catch?" But earlier this year, I did indeed get a check for $600 – and I didn't have to spend a penny to get it!

OK, I lied. I actually did have to spend a lot to get it. But it was on things I needed anyway, like groceries, gas, restaurants, etc.

See, I have an optional rewards program on my credit card, so I get one point for every dollar I spend. Whenever I buy something, I use my credit card and get points. When I fill up the gas tank, I get points. When I buy a latté at Starbucks , I get points. When I travel and buy a plane ticket with my card, more points. This spring I reached 50,000 points and called up to get my $600 check. Score!

You can get your own check, too – but rewards programs aren't for everyone. The key is: You have to be able to put as much of your spending as possible on your credit card, and then pay it off in full – on time, each and every month. If you can't do that, the "free" cash will suddenly become a lot more expensive! Finance charges for any balance you carry and late fees for not paying on time add up very quickly! If you aren't very careful and responsible, you can get into trouble fast. So it's best not to try these programs if you think you'll be tempted to overspend or you won't be able to pay on time.

Also, while I don't have to pay an annual fee for my credit card with rewards (another great benefit of working for Wells Fargo!), you may or may not be able to get the rewards program for free. Check with your friendly neighborhood banker to find out.

Well, I've got to run. I've got 600 bucks burning a hole in my pocket, and I've got my eye on one of these... 

Editor's note: Finally, the Student LoanDown adds a male blogger to the team – it only took a year. Welcome, Dave!

Posted by David at 01:46 PM |  Contact David |  Permalink  |  Comments (0)
Found in Banking, Budgeting, Credit cards, Financial education, Money management, Paying, Rewards Program, 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 |