I don't have to tell you how much it hurts to fill up my gas tank. You probably feel it, too. I've had to stop watching the pump as I fuel my vehicle. As I approach $30, I always feel like I should almost be done pumping, only to realize I still have more than five gallons until my tank is full.

It's just too painful to watch!

Rising gas prices are top of mind for many people these days, and school administrators and students are no exception. Both groups are searching for solutions to curb higher prices at the pump .

Some schools are offering hybrid classes  with a portion of the classes held in person and the other portion online or through remote video systems. I've also heard of some schools discussing shorter school weeks.

Students are turning to other methods, as well. Online class  registration has surged at many colleges and universities. Even traditional students who'll live on campus are altering their college choice  based on traveling costs.

I'm curious if any of you readers have been affected: Is the higher cost of commuting changing your education plans?

Posted by Barbara at 10:00 AM |  Contact Barbara |  Permalink  |  Comments (0)
Found in College, College selection, Money management, Paying, Preparing, Saving, 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?

Posted by Caroline at 11:15 AM |  Contact Caroline |  Permalink  |  Comments (0)
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.

Posted by Dinna at 09:00 AM |  Contact Dinna |  Permalink  |  Comments (4)
Found in Budgeting, Paying, Post-college, Saving

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!

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

Sometimes there is no better feeling than arriving home after a long day at work. Just entering my house, I often breathe a bit easier.

On my arrival home last week (after greeting Bill and supplying her dinner, of course), I grabbed the mail and plopped down on my couch to sort the "keep" (mail I need/want) from the "shred" (junk mail o' plenty).

Included in the pile was my bill from Nebraska Furniture Mart  — that's where I purchased my living room furniture and later a kitchen table, both of which were financed at 0% interest for a set number of months. As I opened the envelope and read through the detailed statement, I realized: I'm sitting on something that I own.

What's a better feeling than the first step into your home after a long day at work? Paying something off. Removing a debt. Owning a large item outright. It's an awesome feeling. This furniture is completely mine — no more $100 a month from my budget!

Which brings me to another great thing about paying off one debt: more money to throw at other debt. Snowblower, anyone? (BTW, that's also at 0% interest!)

So what could possibly feel better than paying something off? I'm happy to say I know the answer to that, too! Buying something you've saved for. No financing needed.

I'll talk about my big purchase in another post soon...stay tuned!

Posted by Barbara at 08:57 AM |  Contact Barbara |  Permalink  |  Comments (0)
Found in Debt, Financial education, Money management, Paying, Saving, Wells Fargo Bank

Editor's note: The Student LoanDown is thrilled to welcome back Caroline Hanson from family leave — and just in time for all the earth-friendly festivities happening this week!

When I graduated from college 14 years ago, people weren't all that serious about "going green." Most of us recent grads were driving giant gas-guzzling cars from the '70s and early '80s. And back then, being a "granola" was much more about wearing flannel shirts and Birkenstocks  than saving the environment.

For those of you in college now, you really have a great opportunity to live "green" for your whole adult life. For me, I've really only recently become more conscious of living "green." The cool thing I've noticed is that doing things that are environmentally friendly will almost invariably save you money.

It's almost like if you just make a conscious choice to spend less money, you'll automatically be doing things that are also good for the environment, whether it's buying a car  that gets great mileage, turning down your thermostat, or using compact fluorescent light bulbs .

Conversely, if you struggle with saving money, try shifting your focus to living eco-friendly instead. You might find that living green saves you green.

What environmentally-friendly things have you done that saved you money?

Posted by Caroline at 09:29 AM |  Contact Caroline |  Permalink  |  Comments (1)
Found in Environment, Looking back, Remember, Saving, Wells Fargo Bank

It's April 15: Tax day. (Insert your favorite ominous music here.)

My 2007 taxes  were finished a few weeks ago, and already the small refund has been directly deposited in my account. Barbara had to pay in a little this year, but in 2008 she should be able to reap the tax benefits of a full year of homeownership.

However, the April 15 deadline still looms for other financial decisions. Just yesterday I made the mad dash to my broker's office to deposit the allotted 2007 nondeductible contribution amount for my Roth IRA. Nothing like getting it in under the wire.

If you're still in college, you might not be thinking about retirement just yet — I know I wasn't. In fact, my IRA was a college graduation gift from my father. He contributed $2,000 annually for 10 years — a pretty generous start to my retirement nest egg. (Thanks, Dad!) Over time I converted it to a Roth account from a Traditional IRA and upped the contributions as both the law and my income allowed.

This year, I decided to put some of my tax refund toward my IRA contribution and use the rest to pay the first installment of my 2008 property taxes — certainly not the splurge items I used to treat myself to! It all feels so grown-up.

Where's your tax return going this year?

Posted by Staci at 09:56 AM |  Contact Staci |  Permalink  |  Comments (0)
Found in Financial education, IRAs, Looking back, Money management, Preparing, Roth, Saving, Taxes, Traditional, 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?

Posted by Barbara at 11:30 AM |  Contact Barbara |  Permalink  |  Comments (0)
Found in Budgeting, Cars, Financial education, Money management, Paying, Saving, Wells Fargo Bank

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

Did you know that there's a lot more to this February than Black History Month, Ash Wednesday, Valentine's Day, President's Day weekend, and Leap Day ? It's also Financial Aid Awareness Month, which we certainly would be remiss not to acknowledge (being that we're a student loan blog and all)!

In the spirit of awareness, I offer the following tidbits of advice for making the best of financial aid:

1. Save, save, save. Save your birthday money from Great Aunt Millie, your summer job earnings, and your tax return. I know it's hard. But save at least part of it, and sock it away for the biggest investment you'll ever make — your own education.

2. Find all the free money you can. Apply for every scholarship and grant that's applicable to you. Be tenacious — there's money out there for those who are willing to do a little digging. If all else fails, look for spare change on the sidewalk.

3. If you're gonna borrow, borrow a federal student loan first. Federal student loans have the lowest interest rates and the most flexibility for repayment, so you have options when the time comes to pay them back. Take the bit of time and effort it takes to complete the FAFSA (Free Application for Federal Student Aid) and get a federal loan first. Seriously, it's worth it.

4. Only AFTER you have secured federal funding should you borrow a private student loan. Private student loans are based on credit, and they're usually more expensive than federal student loans. You'll probably need a cosigner to get one, too. For some, private loans are necessary — that's why Wells Fargo provides them. But before you borrow, check out all the loan terms very carefully and think about what it'll cost to pay the loan back. (You will have to pay it back.)

5. Borrow only what you really, really need. C'mon, do you really, really need a BMW, a daily $4 latte, or a spring break trip to Cancun? No, you do not. You're in college. Be poor and whiny now so you don't have to be poor and whiny later.

Recently there was a great article in BusinessWeek  that provides some family financial aid strategies and an overview of the student lending landscape. In honor of this special month, check it out to boost your financial aid awareness, or share your own thoughts with the community here!

PS: I actually have a Great Aunt Millie.

Posted by Staci at 12:03 PM |  Contact Staci |  Permalink  |  Comments (0)
Found in Financial aid, Financial education, Money management, Paying, Preparing, Private loans, Saving, Student loans, Wells Fargo Bank

With one child in college, one in preschool, and another one due any day now, college savings plans are never far from my mind.

I've given some consideration to a 529 Plan , but after looking over some of the details, I'm not so sure. There are a few pros and cons  to consider, but the thing that keeps stopping me is that if the money is not used for education-related expenses, there are heavy penalties to pay.

I certainly will encourage my kids to go to college, and hope that they do. But do I want to pay a penalty if by some chance they don't? It's not that I won't save money for their education — we're certainly investing and saving right now, if not in a college-designated fund — I just wonder if there isn't another more flexible option  that is still a smart choice.

Parents: How are you saving for your child's education? Do you have any concerns about the investment vehicle you've chosen?

Editor's note: There's a new addition to Caroline's family — her son Gus was born on January 25, 2008! Caroline will be on leave from the Student LoanDown for the next few months. Please join us in congratulating her!

Posted by Caroline at 10:10 AM |  Contact Caroline |  Permalink  |  Comments (1)
Found in College, Financial education, Money management, Parents, Paying, Saving, Tuition, 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!

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

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

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

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

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

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

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