04 Sep
2010

Students at college have access to great credit card deals. Credit card companies are often willing to take a chance on students without an extensive credit history because they want to start developing a life-long customer relationship with customers who are just getting their first paychecks. As a result, college students often find themselves pre-approved for credit cards. Some credit card companies even set up displays and booths at colleges in order to woo students into getting credit cards.

If you are a student, you can actually build and repair your credit score with these offers and credit cards, but you need to be savvy about it. Compare the different deals being offered to you and select the best deal you can find. Choose just one credit card. Although it can be tempting to have more than one card, that’s an easy way to get in over your head in debt.

If you already have bad credit, consider getting a prepaid debit card, which can work like a credit card but can help you manage your money more effectively and can help you build up your credit without tempting you with debt. It is possible to rebuild your credit with a bad credit credit card or a debit prepaid card, but it does take effort.

No matter what kind of card you get, work on paying it off every month and focus on making your student loan your only debt. Avoiding further debt and paying your responsibilities (including your credit card) on time each month can go a long way towards ensuring you have good credit when you graduate.

04 Sep
2010

If you go to college, your tuition costs cover a lot more than just school and classes. You can also often save just by being a student, especially if you save using:

1) Services costs. Schools provide all sorts of services at no charge to students. You could be eligible for free counseling, career counseling, academic counseling, and other services. You may also have free access to legal help, doctors, tax preparers, and more. Contact your student association or student union to find out what services are offered to students at no charge and take advantage of these services, if you need them. It makes more sense to take advantage of free services rather than to get deeper in student debt by paying for these services elsewhere.

2) Insurance coverage. Your tuition may cover term life insurance, dental coverage, health care, and more. Read the fine print or call your local student union to find out more. If you already have insurance, you may want to opt out of some insurance to pay less in tuition, or switch to your school insurance to avoid paying twice.

3) Freebies. Contact your student union or student association to find out about freebies that you qualify for. In most cases, you will get free samples, calendars, and other accessories for free. Most schools also offer free concerts, refreshments, film screenings, and more.

4) Student status. Make sure you carry your school ID with you off-campus as well. Many businesses – including most museums and movie theaters – have special rates for students that can save you money.

5) On-campus perks. Explore your campus to find out what perks are available to you. You may have access to libraries, free computer access, free or inexpensive printing services, gym membership, and more.

03 Sep
2010

Income tax season may seem as far away as next summer, but now is a great time to start planning for your income taxes so that you pay less next year:

1) Budget for final donations to your favorite charities. Now is a great time to donate to your charities so that you can save money on your taxes.

2) Visit your accountant or tax preparer. Most tax preparers are less busy at this time of year, so now is a great time to visit to create an income tax strategy for next year.

3) Budget to contribute more to your retirement fund. Find out whether you can get an income tax break if you contribute. In most cases, you can. Contributing to your tax fund can help safeguard your future and can help you save on income taxes!

4) Set aside some money in your emergency fund if you think you may need to add to your taxes this year. That way, you’ll have the money in place and won’t have to pay interest or late fees on taxes owing.

03 Sep
2010

Even if your child is very young, you may already be thinking about college tuition and student loans. You have good reason to be. Currently, most students graduate with tens of thousands of dollars in student loans – loans that can take years to pay off. While a college education is becoming more important for good jobs, tuition costs are increasing. If you have a child, considering school costs now can save lots of money down the line.

One great way to start funding your child’s education is to check your library for all-ages contests and scholarship competitions. There are competitions for children as young as four years old. If your child can color a picture, compose a few words or take a photo, he or she can compete. Some of these contests pay thousands of dollars and allow your child to start funding their education. Most children also find these contests lots of fun. Some are billed as scholarship opportunities, while others are simply advertised as contests.

You will also want to check online for contests, scholarships, and competitions. However, keep in mind that you will have to carefully research any opportunity you find online. Some are scams. Be wary of any contest that seems too good to be true or any “scholarship” that requires an entry fee.

Once you have your child entering scholarship competitions, set up an educational savings account. This will allow any money you put into the account to grow and remain safe until your child is ready for college. You can also place your education money in CDs.

03 Sep
2010

This month, you can save money on your bills if you follow these tips:

1) Slash your grocery bill by shopping in your own kitchen. Rather than shopping for lots of new ingredients, check your freezer, pantry and fridge. You may find enough in there to make meals for a week or more.

2) Check out grocery discount stores and farmer’s markets in your area. For grocery items you need, check out grocery wholesalers open to the public (you can find these in your phone book) or grocery discount stores. Most discount stores are linked to a major grocery chain but offer food for less. Bring coupons you find online to save even more. Also, check out farmer’s markets at this time of year to save even more.

3) Shop with a menu and a list. To avoid wasting food, determine your menu for the week and then buy anything you need. You’ll save time as well as money. To save even more, go online to find economical meal ideas. You can often find entire meals for just a few dollars online.

4) Turn off your lights and appliances. When you leave your home, make sure you turn off all appliances and lights. Anytime you are not using your appliances, you should also unplug them to prevent the appliances from leaching energy. The more you save on energy, the more you save.

5) Break the shopping habit. Put off shopping as long as you can. Most of us use shopping as entertainment, so for this month, look for free, fun ways to have fun.

02 Sep
2010

Living expenses – such as housing, utilities, food, and other necessities – usually take up the majority of your household budget. However, there are ways to save money on your living costs:

1) Consider living in a slightly more remote area. The more central and convenient an area, the more you will pay. Living outside a major city in a more remote area will usually save you a lot of money. Buying a year-round home in cottage country, for example, may require a little more driving but usually means that you can buy a home for a fraction of what it might cost to live in the city.

2) Look for areas with high numbers of seniors and few economic building blocks. Areas with lots of jobs and families tend to attract more buyers, which drives prices up. Areas with a graying population are usually still quite safe and even family-friendly, but without the high cost.

3) Look for a smaller house. Another option is to buy the smallest home you can find. Even in markets where the per-square-foot price is high, you’ll end up saving.

4) Buy less furniture and stuff in general. The less you put in your home, the more you will save. Those knickknacks and occasional furniture add up.

5) Separate needs and wants. You may want a home in the center of the city or in an exclusive neighborhood, but consider how you want to live. You may find that you are just as happy in a more affordable community.

02 Sep
2010

Many financial experts give the advice “pay yourself first” but customers tend to be confused by this bit of wisdom. You already get a paycheck – how are you supposed to pay yourself? Paying yourself means that when you budget for your month, you tabulate your savings and your investments first, and then pay bills and pay for essentials out of whatever is left.

Paying yourself first is good financial advice for a few reasons. First, if you budget for everything else first and then decide to put whatever is “left over” into a buffer account or emergency fund, you will always fund that there is hardly anything “left over.” By considering your financial goals first, on the other hand, you make those the most important, so that you wind up economizing from other, less important areas of your budget. As well, by paying yourself first you are sending yourself the message that your financial goals are most important, and you will meet other goals as well. This is important, as it ensures that you have savings instead of putting every spare penny towards personal loans or bills.

02 Sep
2010

You probably work hard at your job all year – but where is that money going? The truth is, very little of that money likely goes towards you. Consider:

1) Taxes. Part of your paycheck goes towards taxes and social benefits. While you may benefit from this in terms of some services, you may be paying in more than you use.

2) Creditors. If you have payday loans, personal loans, and credit cards, part of your paycheck is going towards your loans and the interest you pay on your loans is going towards making your creditors and lenders wealthy.

3) Rent. If you rent your home, part of your rent is pure profit for your landlord.

Every time you pay a bill or pay for something, you are helping to add to someone else’s profits – even if you are getting a benefit or product as well. This is important to keep in mind, because the more you buy, the more you are paying others rather than yourself. Of course, you will want to pay for some services and products. However, before spending on items and services you don’t need, you may want to consider who you would rather be paying.

01 Sep
2010

You likely receive bills each month – payday loan bills, credit card payments, mortgage bills, utility bills, and more. Every month, it’s a good idea to do an inventory to determine how many bills you need. The truth is, the more bills you have, the more you pay. Not only are you paying for more services, but you also are paying to pay your bills. Every time you cut a check, you likely pay a fee to your bank. As well, each bill usually contains taxes as well as additional hidden fees. You can streamline your bills by:

1) Cutting out the bills you don’t need. This is often the easiest and best solution. Take a close look at your bills. Are there some personal loans you can pay off so that you no longer have to get that bill each month? Could you cancel some services that you no longer need?

2) Bundle or consolidate the bills that remain. Take a look at the bills you have left once you get rid of the bills you don’t need. Combining those bills into one or a few bills makes your life simpler, makes bill payments easier, and saves you money. Consider your insurance bills – could you get all your insurance from one provider? You can often save money doing this. Ditto with bundling your phone, cable, and Internet services. If you have lots of credit card debt and personal loans, you can often consolidate your loans to get just one bills instead of several. You’ll save money on interest when you do this, as well.

01 Sep
2010

Books, music, and movies are a great way to stay entertained, but you don’t want to spend so much on entertainment that you need payday loans to see you through to your next paycheck. Here are some easy ways to save on CDs, movies, and music:

1) Get to know your public library. You can take out movies, CDs, music, and books for free. And you get a great selection.

2) Check out library sales, video store sales, yard sales, and pawn shops for deals. There are lots of ways to find great deals. Your library likely has an annual sale where you can stock up on books, music, and movies for a few dollars. Video stores routinely sell off older movies, often for far less than in takes to borrow a film. Yard sales and pawn shops are other places to look for entertainment items for less.

3) Choose older technology. Buying DVDs rather than blue-ray can often save you cash.

4) Do the math. Some movie stores charge you three to six dollars to rent a movie. Borrowing movies from your library or even buying them used can actually cost much less.