Wells Fargo - The Student LoanDown

Barbara

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Lately, I've been a bit more on edge. My stress level is palpable. I'm going a million miles an hour, and for some reason I just can't seem to calm down.

And then there was a light bulb moment. While having a conversation with a co-worker about her recent lunch-hour trip to Banana Republic, I remembered what has changed: no more spending on stuff.

Clearly, over the years I have become a little dependent on buying things to lift my spirits when I'm tense. Yes, I, like many, have become accustomed to retail therapy. Now, I knew that I had a tendency to buy a new pair of shoes or home accessory from time to time without really needing them. However, I had no idea how much not buying those things could affect my mood.

So began my quest to curb my retail therapy habit. I had to find something to boost my happy factor without spending a dime. It's all about stress management, and here's what's been effective so far:

• Working out. A tried and true stress buster, exercise boosts your energy and your endorphins. The only caveat to this retail therapy remedy is my intermittent lack of motivation. But with ample opportunities to workout at or close to home it's a lot easier to make it a priority.
• Tickling the ivories. Last year, I purchased a digital piano. Yes, it was part of a stress-related spending spree, but in my defense it was a used find from Craigslist, not a full-priced indulgence. When I'm feeling overwhelmed, playing music has helped me escape. There's something really great about getting lost in a pile of sheet music.
• Tackling a home project. Now, I know what you're thinking. Projects around the house mean shelling out cash. Au contraire, there are plenty of projects I can undertake without spending. For example, a little closet organization or deep cleaning in the kitchen gives me the satisfaction of accomplishing something. Plus, it helps me feel like my world is just a little more put together.

Have any of you kicked the retail therapy habit? Tell us: What helps you resist the urge to spend when you're stressed?

Caroline

Caitlin Grey is a senior at Alameda High School  in Alameda, California. For almost four years, she's been reporting and writing commentaries for Youth Radio-Youth Media International , a Peabody Award-winning youth-driven production company in downtown Oakland. She is very passionate about the environment, and is president of the environmental club at her high school. Caitlin recently traveled to Copenhagen, Denmark for the United Nations Framework Convention on Climate Change's Fifteenth Conference of the Parties as one of eighteen national delegates for the Sierra Student Coalition.  She enjoys writing, art, the outdoors, and music festivals.

Being a second semester senior is not nearly as exciting as I thought it would be.

Part of me expected the Monday after fall semester finals to be completely different — like only 4 kids to showing up to class, "NO HOMEWORK!" written in huge letters on the board, and incessant pizza parties. Instead, I was shocked by the fact that really nothing had changed at all. We had just as much homework in every class, teachers were lecturing just as long, and everyone was in their seats.

The eyes of the students were a little less bright, texting was a bit more rampant, and a general vibe of "meh" permeated throughout each classroom. But my classes are definitely not letting up.

However, becoming a second semester senior has shifted the way I feel about school (and life in general). I still do everything I did first semester but with a little less gusto. "I'll be gone in 7 months anyways!" has become my excuse for just about everything. I feel like a marathon runner who is so close to the finish line, but instead of sprinting to the end, has just started walking.

I've noticed the trend in my friends too. Picture-perfect 5.0 students — who are all varsity soccer team captains and presidents of clubs — skipping class! They've planned their whole academic lives just so they could put these activities down on their transcripts, and now they're embracing their second semesters like it's the afterlife.

Throughout high school, I've made a point of only participating in activities that I care about, which makes second semester pretty much just like all the rest. So I soldier on (although with a little less umph).

Most college applicants write about their love of learning and how they are self-motivated students, but to me, slacking off in the second semester makes us hypocrites. And who wants to be a hypocrite? But the second I start to feel bad about it, I remember "I'll be gone in 7 months anyways!"

Caroline

With graduation coming up in just a couple of short months, job interviews can't be far behind for college seniors. Or maybe you're interviewing already?

I know for me, the last semester of college was consumed with lots of worry about landing a job after graduation. And my worst fears were actually realized — it took me much longer than I'd planned to land a job in my field.

I don't say this to scare you! Hopefully you can learn a little bit from my experience. I wasn't really ready for my job interviews.  Why? A few reasons. Some of the jobs weren't a good fit. I was nervous, not being myself in many of the interviews.

But also, some of the interview questions really threw me.

At one interview, they actually asked me who my favorite comedian was. Huh? I panicked and gave the name of the first comedian that came to my mind — definitely not my favorite. I cringed inside when I saw the interviewers give each other a sidelong glance that said, "Uhh, this woman is not going to fit in here."

Light bulb moment: They wanted to know something about my personality that the standard interview questions weren't going to tell them. Needless to say, I didn't get the job.

So how can you be ready for those curveball questions? I came across an article a couple months ago that listed some "creative" interview questions for employers to ask potential applicants. Check them out  and try to work through the answers you might give. It's a great exercise to get you thinking about what a potential employer might want to know about you, and how to best present yourself.

Have you been through any job interviews yet? Tell us about your experiences.

Dinna

Hello, Student LoanDown readers! I know it's been a while since you've heard from me on the blog. I've been pretty busy this past year working on a project related to new regulations for the credit card industry.

You might've heard about the Credit Card Accountability, Responsibility and Disclosure (CARD) Act which was signed into law by President Obama  in May of 2009. The CARD Act outlines a series of new regulations on open-ended consumer credit accounts that are meant to strengthen consumer protection in the credit industry.

Why should you care? Well, there are specific regulations that apply to consumers under the age of 21. These regulations apply to any financial services company that issues open ended credit card accounts. Here's what you should know:

• If you are applying for open-ended credit (such as a credit card) and are under 21 years old, you must show proof that you can independently repay your debt. Otherwise, you'll need a creditworthy co-applicant who is 21 years or older on the account with you.
• If you are under 21 with a joint accountholder on your credit card account, the joint accountholder who is 21 or older must provide written authorization for any credit line increase that you request.
• Giving college students "inducements" or giveaways to apply for a credit card is not allowed. This applies to all students attending an institution of higher learning, regardless of their age.
• If you are under 21, you must submit a written application that contains your signature and the signature of your co-applicant (if applicable).

As I mentioned, the CARD Act has many other new regulations meant to protect credit card consumers. If you want to learn more, head over to the Federal Reserve website.

If you are a Wells Fargo credit cardholder, you should've received a notice in December or January outlining how Wells Fargo is complying with the CARD Act and what it means for you. And if you have any specific questions, please let us know!

Barbara

Alright, I'll admit it: After rereading my spending diary, I realized that too often I rationalize my purchases — especially those I shouldn't have made.

Take, for example, my Tuesday purchase at ACE® Hardware. Have I actually used that power sander? Nope. But because I could get it on sale and thought it would be handy in the future I had to buy it.

I had to buy it? No, I didn't. No one was forcing me to take that item to the cash register, slide my Check Card and sign my name. But yet, I felt it necessary to make that purchase.

So with my recent spending habits in mind, I made the decision to stop buying non-essential things until April.That means no new clothes, shoes, home accessories, power tools, etc. No "stuff."

I'm hoping to change how I think about the things I purchase and develop a better spending perspective. It comes down to "wants" vs. "needs" and most of the stuff in my life falls into the "want" category.

I'm already learning that there are a lot of non-essentials that I consider buying on a daily basis. Mostly it's because of my day-to-day routine. When a promotional email that offers free shipping hits my inbox, I have a knee jerk reaction to see what's available. When I'm lounging on the couch, I tend to browse my favorite online shoe store.  When I run to grab deodorant and laundry detergent at the store, I swing through the home décor first.

So, I'm adjusting my routine (i.e. no more aimless wandering through Target®) and stopping to think about why I'd even be considering a purchase. Wish me luck!

What's your thought process before you make a purchase? Do you find yourself more prone to spending when you're in certain situations?

Caroline

Here at the Student LoanDown, we are always recommending that you complete the FAFSA as soon as you possibly can after January 1. (You can read a couple of my earlier posts about the FAFSA here and here.)

As a result, we’re really curious when most of you actually do complete the FAFSA, if you’re using it at all. So if you would, please take a quick second to vote in our poll and let us know what you're thinking about completing the FAFSA.

Thank you!

Barbara

Editor's note: Today we're excited to introduce Asha Richardson, a guest blogger from Youth Media International.  Asha's a Bay Area  native and freshman at Mills College. She has been reporting at Youth Radio/Youth Media International for two years, and her work has been featured on NPR , American Public Media, PRX , and the Huffington Post. On campus she is an Economics major and the historian for the Black Women's Collective. In her spare time she enjoys photography, writing poetry and having adventures with her friends.

When I started at Mills College  this year, managing my own money didn't seem so hard. I got a free rug from a friend, picked out a table from the re-use depot on campus, and bought a used refrigerator for half the price of a new one.

But as I began to make friends, we wanted to go out and have fun — and fun adds up quickly. We would go out for frozen yogurt, but end up shopping and going to a restaurant for a dinner, and I'd be out $40 by the end of the night.

Some of my friends were broke before the second month was over. I wasn't much better off. When I checked my statement online and realized I only had $19 in my checking account, I knew I was in trouble.

Now that I don't have to ask for permission each time I want to buy something, it's easy to lose track of where my money's going. Temptation is everywhere: from shiny new textbooks to a pair of Steve Madden  heels I need for the party next weekend!

I have found a few ways to save: I put a certain amount of money aside that I can blow and put the rest away, and I make sure I have a strict list of what I need when I go shopping. That's helpful, but the temptation to spend can be so hard to resist! What else could I do to manage my money?

Well, what better way to get you to stop spending than getting your friends to help? I mean, in real life, I ask my friends if an outfit is cute. So why not use Facebook to get their opinion on how much they think it should cost?

With that in mind, a few of us at Youth Media International  got together to figure something out. We decided early on to create an app that helps young people resist temptation. After many meetings with Context Optional , the developer we partnered with to build the app, we came up with "Stop Me From Spending!" 

Caroline

High school seniors, do you feel like you're coming down with something? Not feeling as ambitious as usual? Thinking you might just want to coast ‘til the end of the year?

You might have a case of senioritis. 

A little senioritis is understandable. You've worked hard and now you're in the homestretch of high school — it can be hard to stay motivated.

But try not to let senioritis get out of hand — and don't let it affect your grades. Even if you've been accepted to college, your final transcripts still count. There are horror stories of students who blew their college acceptance  because of bad final semester grades. It really does happen.

So how do you fight senioritis?

First, you might have to readjust your thinking. After all, high school graduation isn't the end goal — getting to college and succeeding there is what you're really striving for. To do that, you're going to have to work hard your final semester in high school. Your ability to focus and study  — even when you don't feel like it — are going to be critical to your success in college. Consider this your real college prep.

Reward yourself. You have worked hard in high school and you do deserve a reward, but that doesn't have to involve slacking in school. Find another way to reward yourself for a job well done, like planning something special with your friends. Just don't take your eye off the ball in the meantime.

Shake things up. Your symptoms of senioritis might be a sign of burnout. If you're overscheduled , see if there is something you can drop — it's not going to hurt to give up one activity, especially if you're involved in 10. Conversely, could your senioritis be due to boredom? Maybe trade out an activity that you've done year after year for something new this spring — it might give you a fresh outlook.

Have you been hit by senioritis? Tell us what you're doing to fight it!

Barbara

One of the tips usually offered to folks starting or refining a budget is to keep track of where your money is going. An easy way that I do this is through Wells Fargo Online^®.

However, I decided to take it a step further and share some thoughts on where my money is going — a spending diary if you will. Here's one week in my finances:

• $6.71 @ Jamba Juice^® — Mmm, Strawberry Surf Rider^TM for breakfast.
• $2.39 @ the local grocery store — On the way to climb Piestewa Peak we stopped to grab a six-pack of bottled water to stay hydrated. Alas, we did not bring refillable ones with us.
• $4.51 @ Taco Bell^® — Sustenance!
• $40.00 @ Southwest Institute of Healing Arts Student Massage Clinic — After climbing a 2,600-foot peak, an hour-long massage was in order.
• $36.80 @ Best Buy — The most needed, yet avoidable purchase of the trip, A GPS charger. "Gary" my Garmin^® was running on empty and I forgot to pack mine. Threw in a magazine for the trip home, too.
• $6.78 @ Village Inn^® — Here's a chuckle worthy purchase. Driving from dinner with a friend in Phoenix to Tempe I stopped to use the facilities at a gas station, which unfortunately were out of order. Given the urgent need, I went next door to the restaurant and purchased a couple slices of pie afterward.
• $7.00 @ My Big Fat^TM Greek Restaurant — A couple dollars for something to sip on while catching up with someone from my hometown.

Total for the day: $104.19

Caroline

I don't have many regrets about my college career, but honestly, if I could take a do-over on a couple things, I would.

So, what would I do if I could jump in my time machine and head back to good old 1989? I would make a point to truly get to know some professors, my advisor, my boss and any other professionals in my field. They're called mentors, folks — and they're good for much more than just job references. The ones you really click with can help guide you through the bumpy years as you get started with your career.

And believe me, the first few years out of college can be rough. You might feel lost, disillusioned, or just plain disappointed with your job specifically or where your career is headed generally. Your mentors can help you through those times — they've been there and are in a great position to encourage you or help redirect you.

For example, I've talked before about how lost I was in my first job search post-college. Looking back, if I'd only known a pro in my field to ask for advice, I might have made some smarter choices.

By contrast, a couple friends I know really did make great connections with mentors during college. They seemed to come out of school much more focused and inspired than I was. I was frankly a little jealous when I heard about the great advice, encouragement and insight about themselves that they'd gotten from these mentors.

So how do you go about getting a mentor? Well, I don't know exactly, but it's not going to happen without some work from your end. You've got to have the right mentality — that a mentor can be crucial to your success, and you have to be proactive to develop a relationship with a good mentor.

If I was doing things all over again, here would be my game plan:

• Look into an official mentoring program. See if your department offers an official way to connect with a mentor in your field.
• Slow down and stick around. Instead of bolting out the door after class, stick around and chat with your professor about an assignment. Because profs are sometimes mobbed by students after class, you may want to drop by during his or her office hours instead.
• Join an organization related to your field. Then participate. Go to meetings or other functions and try to meet other professionals. Ask them about their career, tell what your plan is, or admit that you're always seeking advice from pros. Most people are happy to share their experience. At minimum, you'll probably get some good insight. Keep going back and you may really get to know someone who'll make a good mentor.
• Get an internship. We've said it before, and I'll say it again. Internships are a fantastic way to meet professionals and find out if you're on the right track career-wise. In an internship setting, you've got the best opportunity to make the real connections with people that leads to a mentoring relationship.

Do you have a mentor? Tell us how you got connected with them!