Student Credit Card and Credit Education Blog

Hello Everyone,

I hope you all had a nice Thanksgiving. I wish I had some good advice as to how you can save money when the holidays come around, but I’m coming up short. The only thing I can say is don’t be tempted to buy things you don’t need just because they are on sale. And if you missed some of the big sales over the weekend, don’t worry because there will be more when Christmas time approaches (and afterward for all the stuff they didn’t sell).

Any way, the whole idea of this post was to give you an easy way to save. So here it is: Pretend that you smoke. Smokers can’t go a day without their pack of cigarettes. No matter what, they find a way to get them. If you do the same with your money, you can save a lot. Everyday stuff 3 dollars into a jar or container, and forget about it. This is your pack of cigarettes. You do this religiously, because you can’t go a day without it. The money thereafter is “spent.” You can’t get it back, and you don’t use it when you need to go to the movies. Every once in a while, deposit this growing wad into your savings account. This will help to lessen the temptation of spending it. Or you could do it like some smokers, and “buy” a whole carton once per paycheck. Put about $25 or so in your jar every paycheck.

Another easy way to do this is to set up an ING Direct Savings Account and have the money deducted from your bank account and put into your savings account automatically. This could be weekly, bi-weekly, or monthly. That way, you don’t have to worry about forgetting to do it or physically taking your money to the bank. It’s all done for you.

If you follow this plan, you should end up with about $1,000 in your account by this time next year. Wouldn’t that be nice?

If you already do smoke, one way to save is to stop smoking. It will save you about $1,000 per year (and probably several years of your life).

That’s all for now.

-Brad

Does anyone else out there have a turkey hangover? I’m typing this diary entry from my bed with ESPN News playing in the background and my third turkey sandwich of the day by my side. I think I’ve seen the Terrell Owens TD catch about 30 times already! But anyway, I’ve come up with a new way to save so I thought I would share.

Did you know you use the most amount of gasoline when you start your car? The oil needs to coat all the gears and burns extra gas to do so. Not to mention when you live in New England it’s prudent to warm your vehicle in the cooler weather for 3-5 minutes before you dash off which burns more gas. Of course if you have one of those ultra sheik hybrids that auto stop (they shut down the gas engine while at a light), than you are the envy of my eye.

Anyway, my plan is I’m going to use my vehicle around campus less and walk my pleasantly plump behind to class. My campus is a good size so zooming in and out of parking lots and classes is very convenient, but can also be very expensive. Between food/beer runs, going to the movies, heading to a friends, and going to class I can easily crank my little Nissan Sentra 5-6 times per day.

So that’s my plan. I know gas has come down BIG TIME, which is super sweet. I am saving money already because of that fact (like $10 per week), but this can hopefully kick me up to the $15 per week category. I may even make a game of it. See how many days I can go without driving. I’ll see if I can get my buddies to drive. I’ll just tell them I left an egg and cheese sandwich in my car and can’t get the smell out – that oughta do it!

Wish me luck!

Just remember that in life you are either the hunter or the hunted. We certainly know which side of the fence the turkey falls on. In fact, I think I’m gonna get me another sandwich…..almost done with this one already!

It seems places all over the world have their own day of thanks, although most don’t have a Black Friday, and for that I am jealous 

I want to say I’m thankful for all of you who are grateful for what we have, but are always willing and striving to do better for yourselves and the people you care about.  Have a good one!

Hoping to make another deposit soon, when my check is sent to me…

So I was reading the latest blog about credit cards on the site here, and I must admit I’m not surprised that banks are yanking credit cards. The whole idea of getting your credit checked is a good one; I had mine checked yesterday, just by coincidence. I was told by the bank that impeccable credit is 850, and mine is 808.  Paying off my bills every month and refusing to carry a balance on my credit card DOES pay off.  There are more factors than just a credit score; someone who only has student loans to pay off might be building what looks like a good credit score, but that score can drop by 100 points if they apply for a loan, because it’s just one small aspect of the whole picture.  Some ways to build credit?  Again, pay your bills on time, don’t carry a balance if you can help it, and open an ING savings account, since bank accounts are considered an indicator of stability (that would be financial, not mental, my roommates remind me to add).

So, how’s everyone holiday shopping going?  I’ve discovered the joys of soldering my fingers as I try to make pencil holders from soup cans and fabric.  They’re actually coming out pretty nicely, and they don’t cost a thing to make.  A neighbor loaned me his soldering gun, and a metal nail file to take down the sharp edges of the cans.   You can also take  bits of old junk jewelry to decorate it up some more.  And, as someone else pointed out, maybe a good strong glue would be better.

OK, so the truth is that despite my best efforts to bring in a bit of extra cash in order to save reach the $500 savings goal by year-end, I have not been extremely successful so far.   Sorry, but … it is what it is!

Yes, I probably could find a 2nd part-time job for the holiday season to help out in the cash flow department.   However, the down side of this idea is that it would leave me with even less time than I already have to keep up with my heavy workload at school.   Then, if my grades slip, I run the risk of losing a couple of renewable academic scholarships for next year, putting me in even worse financial shape than I started this year in (which, by the way, was not terrific to begin with).   So, bottom line, this is simply not a risk that I can afford to take right now!

With the exception of the dribs and drabs of extra cash that may come my way (as a result of recycling cans, selling unused items, and finding loose change in the laundry room), I have finally resigned myself to the fact that I instead need to better manage my personal finances according to my regular part-time income.   While this definitely is not an easy task, I also understand that it probably the reality for most college students … and, I’m no different!   Basically, it boils down to this for me: I must get better at sticking to a budget, at spending what little money I do have more wisely.

So, if nothing else, I am pleased to say that this $500 Savings Challenge has helped to teach me a valuable lesson.   Personally, this “competition” gave me the extra push that I needed to take a hard look at the money coming in & out of my door on a regular basis.   And, in doing this, it also allowed me to see where I can afford (and not afford) to make reasonable spending cuts without throwing myself totally off kilter.   It also helped me to see that although I may not be rolling in lots of dough, it is still possible to occasionally tuck away a few dollars into my savings account as long as I keep savings on my list of priorities.   Hey … this is all good stuff … yes, it’s the good common sense kind of stuff that I’m sure my mother will be happy to hear that I finally am realizing, considering she seemingly has been preaching it on these deaf ears of mine for years now.

Anyway, will I reach the $500 goal by yearend?    No, I highly doubt it (unless I am lucky enough to win the $500 scholarship being awarded for this challenge, that is).    Being a competitive person by nature, this is a bit hard to admit. However, it’s cool because I still choose to look at my current situation as “my glass is half full, not half empty”.   For you see, I may not be able to save the full $500 by the target date, but I am still managing to save some money.   And, when I compare this to what I had in my savings account before this challenge began (ummm, that would be $0), I can still say that I am ahead of this game.   Actually, I can now proudly say that I have $55 dollars in my ING Direct Savings account … let’s make that $60, because I plan to make another $5 deposit as soon as I leave you today.

So, tell me … is your glass half full or half empty today?   If you have not yet joined the $500 Saving Challenge, it’s not too late to give it a try.   Remember, you have nothing to lose, just to save.   Believe me when I tell you, if I can do it, you can too.   And just in case you don’t believe me,  go ahead and ask my mother because I’m sure she’d be happy to tell you herself.   Grrrrrrr

Until next week, I wish you all a very Happy Thanksgiving!

Wow, it’s hard to believe that there’s only a week left in the month of November. It feels like this month never started; it went by so fast! With that fact in mind, this also means time is running out for the ing competition and I have yet to save any money. However, I’ve been doing job searches left and right and came across a few good opportunities. There are many temporary part-time gigs on craigslist that pays decent amount of money. I landed a gig on craigslist that pays $120 just to help move some furniture from one apartment to another. That’s great considering that it’s only for a day worth of work, it shouldn’t take me any longer than 2-3 hours to complete. I’ve also changed my savings strategy. I will not put the entire $120 dollars into my ing account as I originally planned. Since I’m not sure when more money will come in I have to budget wisely. I may just deposit $50 into my ing account and save the rest for gas and emergency money. That is until I find another full time or part time job. That’s my progress as of now and there’s nothing else I have to share with you all, so until now, then and later. ;O—-Peaceeee. OUT.

Not exactly.  Gas prices have plummeted by as quick and steep a decline as ever, but that doesn’t mean you should start planning your cross-country treks anytime soon.  Without delving into a lengthy economic analysis (which I don’t even understand), pricey fuel and a weak economy are not a great mix for stable crude oil and gas prices.  Demand is down.

But enough of the economics mumbo jumbo.  Although gas is as cheap as $1.70 in places like Missouri, the best savings tip is to do what you can to spend zilch on gas.  If you’re able to limit or cut the amount of driving you do, DO IT.

However, for the times where you MUST drive, there are outstanding ways out there to save.

Tip # 1: Research!  Use the web to find the cheapest gas.  I’m thankful to live near a pretty reliable *but frustrating!* public transportation service in the greater Boston area, so my daily driving is limited.  However, I’m getting ready to head a few hundred miles south to Jersey for Thanksgiving.  My favorite site for this is gasbuddy.com.  Just plug in your zip code and find out where to fill up.

Tip #2:  When you get to the pump, use a credit card!  “So Captain J, I should just swipe that plastic on through and not worry about it, thus saving money!?”  Absolutely not.

The first trick is to sign up for a rewards credit card specifically for gas.  For this to work, you MUST treat this card like a debit card.  Fill up your tank, go home, and pay your credit card bill online that day if you can.   Here’s a  good gas card for students with limited credit:

• The Discover Open Road Card for students gets you 5% cash back on gas prices, and up to 20% cash back at major retailers.  Application is quick and easy.

The combination of these savings plans can really add up.  Let’s put it into action.  Using gasbuddy.com, I can see that the gas station closest to my house is at the high end, an Exxon station for $2.36/gallon.  If I fill up my tank once a week, I’m spending about $35 weekly, or over $1,800 annually.  However, with a little research, I found that a Gulf station less than a mile away is wayy down at $1.99, which equates to less than $30 weekly, and about $1550 annually!  Now, if I was diligent and made those purchases with my gas rewards card, I could save over $75 bucks on top of that.

• $1,800-$1,475=$325 of annual savings.  You do the math; a little effort can go a long way.

ScholarshipPoints Code: SAVEURGAS

Hurray!  I made the first deposit so far!  Remember when I said my campus would go crazy near finals?  Yeah, the amount of energy drinks we seem to consume has gone up an estimated 300%, and not just students, but professors and teaching assistants.  In fact, I think the pet hamster in the lab has upped his consumption, too.  Anyway, I made $30 in cans, all of which went into the bank…and yes, I had to explain to someone “no, really, they’re not all mine!”  I mean, if they had been, I’d have been shaking as badly as a chihuahua on espresso.

Well, maybe it’s time to clean out the closet and see what I can’t find.  I know of a couple antiques, such as a celluloid brush and comb set, and some old fashion boot straps hooks; maybe people would like some collectors items then?  I tried to sell my roommate earlier, but she reminded me I had already sold her and her boyfriend to the comic book store years ago…twice…. (I already did put that up in the wrong area….sorry  for the repeat).

There are people who have been asking what I can give up or how I can tighten my budget to save money?  Honestly, I think I’m a poor candidate for that.  I make enough money for rent, car expenses, some school (loans take care of most of the expenses), groceries and a medication that stabilizes my thyroid.  I don’t eat out, I don’t buy snacks; much of my food has come from Farmer’s Markets where I purchase at discount the stuff other people don’t want.  That goes into my freezer for the wintery months.  I don’t usually buy clothing: the last thing I got was 2 shirts 2 years ago and they were $1.00 each at the discount warehouse.  I have a couple shirts getting threadbare, so they’ll go into the “make into a quilt” pile soon.  My caffeine is a free cup of tea I get in the morning, and twice a week someone treats me to a can of cola for helping out.  If I can, I walk to my destination to save gas and mileage.

For me, school  has long been about giving up things, indulgences, gratifications and many social gatherings.  It has meant things like waking up at 5am to take care of someone’s cat so that in exchange they pay for the internet service that allows me to do the homework I can do on a computer from a friend who got a new computer, so is letting me borrow his old one.   It’s also meant selling things, if need be, to make other ends meet, such as if I need new goggles for Cell Biology Lab.

I am waiting on another job…it could be I would make a bit more in the next few weeks….here’s hoping!

Hafa Adai!

On an earlier blog, Captain J mentioned smart shopping through Ebay. I am here to show you how to earn money while shopping! (Sounds unreal, doesn’t it?) It is a website you must first log into, and find a following link to your favorite shop. (e.g. oldnavy.com, clothes.com, Ebay.com) Each and everytime you shop, you earn back a percentage of the amount you spent. Of course, the percentage varies from shop site to shop site. I prefer to use the website to link me to Ebay. When the website links me to Ebay, I buy what I want. When I do, I get 20% back!

Let’s say I buy a small laptop on Ebay for $400.00.  — 20% off of that amount equates to: $80.00 back!

Here it is, the wonderful website of refunded money you spend:

BIGCRUMBS.COM!

You can do the same with your friends, too. Go right on ahead and rake in your own money! More instructions are on the website so go have fun. However, remember not to spend your money carelessly. This is all about saving, saving smart, and spending wisely.

Kuri Update!
So far so good. I have managed to save up $23.00 into my ING Saving’s account! Now I have $477.00 to go! Even if I do have money in my account, I am far away from that goal of $500.00. I am trying my best with whatever I have. But sometimes I cannot resist the yummy taste of cheese fries, and the oh-so satisfying cold passion green tea. Oh, and I think I deserve a pat on the back because I totally didn’t stop by the dessert shop to buy cookies. (cookies I have been craving for since 8 in the morning!)

Can anyone say yummo?

Hurray!  I made the first deposit so far!  Remember when I said my campus would go crazy near finals?  Yeah, the amount of energy drinks we seem to consume has gone up an estimated 300%, and not just students, but professors and teaching assistants.  In fact, I think the pet hamster in the lab has upped his consumption, too.  Anyway, I made $30 in cans, all of which went into the bank…and yes, I had to explain to someone “no, really, they’re not all mine!”  I mean, if they had been, I’d have been shaking as badly as a chihuahua on espresso.

Well, maybe it’s time to clean out the closet and see what I can’t find.  I know of a couple antiques, such as a celluloid brush and comb set, and some old fashion boot straps hooks; maybe people would like some collectors items then?  I tried to sell my roommate earlier, but she reminded me I had already sold her and her boyfriend to the comic book store years ago…twice.