Category: Fix Your Finances

College Students: How to Save Up To 80% on your Textbooks

Published on by Danielle YB Vason1 Comment

Rent Books from Amazon

As an English major at Spelman College, I could easily spend $500 on books for one semester. It all depended on the classes and professors that I put on my schedule. While some classes required one or two major textbooks that cost a fortune, other classes required several books at a time and no you did NOT get the “hookup” if your professor wrote the book (s/o to Dr. Harper at Spelman College and her Langston Hughes class). Did I mention that I took a full load every semester for two and a half year straight, which meant a lot of books?

Rent Textbooks Electronically from. . .

Luckily, the college students of today do not have to worry about that. Today, Amazon.com announced the launch of Kindle Textbook Rental–now students can save up to 80% off textbook list prices by renting from the Kindle Store. Tens of thousands of textbooks are available for the 2011 school year from leading textbook publishers such as John Wiley & Sons, Elsevier and Taylor & Francis. Students can find details about the program at www.amazon.com/kindletextbooks. Kindle Textbook Rental offers the ability to customize rental periods to any length between 30 and 360 days, so students only pay for the specific amount of time they need a book. Students can also easily extend any rental period in increments as small as one day or choose to purchase the book they are renting at any time. Kindle Textbooks are “Rent Once, Read Everywhere” as they can be read across the most popular devices with FREE Kindle Reading Apps for PC, Mac, iPad, iPod touch, iPhone, BlackBerry, Windows Phone and Android-based devices.

What the folks at Amazon have to say. . .

“Students tell us that they enjoy the low prices we offer on new and used print textbooks. Now we’re excited to offer students an option to rent Kindle textbooks and only pay for the time they need–with savings up to 80% off the print list price on a 30-day rental. We’ve done a little something extra we think students will enjoy. Normally, when you sell your print textbook at the end of the semester you lose all the margin notes and highlights you made as you were studying. We’re extending our Whispersync technology so that you get to keep and access all of your notes and highlighted content in the Amazon Cloud, available anytime, anywhere – even after a rental expires. If you choose to rent again or buy at a later time, your notes will be there just as you left them, perfectly Whispersynced.”

            -David Limp, VP of Amazon Kindle

 

Personally, I believe this can be a great deal! Parents, professors, and students good luck with the upcoming school year! Hopefully, this information provides you with another financial option for purchasing some of your back to school needs.

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The Best Time to Buy a Laptop is…

Published on by Danielle YB VasonLeave a comment

cute pink laptop

Your computer has been running slow, your keys are stuck, and it might not even turn on. I have even heard that the shelf life of a laptop is about as long as your warranty…lol. Well, it is time to buy a new laptop! So, when is the most economical time to buy one?

Timing is everything…

Did you know that the worst month to purchase a laptop is February. Perhaps it is because the holiday sales have ended and the newer models have yet to hit the stores. While February appears to be the worst time to make this type of purchase, the late winter months and the early summer months aren’t any better. If you can wait, and I am sure you can, Back to School sales are right around the corner.

Special Offers and Discounts

Apple in Education: College students and parents buying for college, as well as K-12 and higher education faculty, are eligible for Apple education pricing. Currently Apple has a promotion that for people who plan to buy a Mac for college. When you buy a new qualifying Mac with Apple education pricing* from June 16, 2011, through September 20, 2011, you’ll get a free $100 Back to School Card to use on the Mac App Store, the App Store, the iTunes Store, and the iBookstore.

Those eligible to purchase from the Apple Store for Education Individuals include faculty, staff, students and parents as follows:

K12 – Any employee of a public or private K-12 institution in the United States is eligible. In addition, school board members who are currently serving as elected or appointed members are eligible. PTA or PTO executives currently serving as elected or appointed officers are eligible.

Higher Education – Faculty and staff of Higher Education institutions; and students attending, or accepted into a Higher Education institution are eligible to purchase. Purchases from the Apple Store for Education Individuals are not for institutional purchase or resale.

Higher Education Parents – Parents purchasing on behalf of their child, who is a student currently attending or accepted into a public or private Higher Education Institution in the United States, are eligible to purchase.

Dell University: According to studentbuyingguide.com , “Once you’re there you have to choose whether you’re a student, student’s parent, alumni or faculty at a higher education institution. You then choose your state and then school in that state. Not all schools are part of the program and each school has their own arrangement with Dell so discounts will vary. In general the discount will be from 5% – 12% off the price of a Dell branded product. When the discount shows up in your cart summary it is referred to as the “EPP Member” discount, which stands for Employee Purchase Program member. It doesn’t mean you’re an employee, it’s really just a bit of marketing to make you think you’re getting a deal similar to what an employee would get.” One thing that would be helpful to remember is that Dell displays the final discount on a product after you have configured it and priced it out.

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Back to School: College Students, Banks, & Credit Cards

Published on by Danielle YB VasonLeave a comment

Good Morning and Happy Monday! With every week that passes the “Back to School” season is coming closer and closer into view. Parents are seeing the light at the end of the tunnel while students and even some teachers are dreading going back to the classroom. I have been thinking about writing a post like this for a while because I remember all too well the abundance of “FREE” t-shirts, water bottles, and even iPod nanos given to us students at Spelman College to urge us to sign up for credit card offers and bank accounts. Simply put, banks and credit card companies target students and what separates the students who kill their credit earlier on and those who become financially savvy adults is knowledge. What makes it ironic, though, is the idea for this post came from my own memories and experiences as a college student, only to have suspensions of credit card companies and banks confirmed Friday on a visit to Clark Atlanta University for freshman orientation.

Do Not Open an Account without Researching the Bank
I guess in this economy, banks have scaled back on their swag. I saw a few t-shirt being given out, some water bottles, a nice highlighter set, but no iPods (sorry students). Now I’m not saying credit card companies and banks are evil, you just have to know how to play the game. Banks are becoming increasingly aggressive when it comes to recruiting the business of college students. This can be used to your benefit with a little bit of research
and patience because the banks are presenting more competitive offering to beat out the other banks. College students and parents, if the bank cannot offer you FREE checking, FREE online banking, and most importantly for the student, no minimum balance, then walk away because another bank will.

Location, Location, Location
I remember taking a weekend with my parents to drive around the campus and surrounding areas of Hampton University in Hampton, VA. I figured I needed to know how to get to all of my favorite places like Target, restaurants, and the mall. My parents, however, thought it was important that I knew where the closest bank, grocery store, and hair salon (shout out to my mom for trying to maintain my whip appeal) were located. My advice for you is to get acquainted with the area. The bank from your hometown might not be available in the city where you or your student will be attending school, therefore learning the area is important in trying to find the best bank. Now let’s take a moment for the other factors that could influence your decision to pick a bank. Will you be a commuter or resident? Is there a bank already on your campus? Are there shuttle services offered to get you back and forth? Are there any banks located within walking distance? If you cannot physically get to a bank it doesn’t matter whether it is a great one or not.

Credit Cards and the Credit Card Act of 2009
Pay off your credit card balance in FULL each month. By doing this, it forces you to really stop and think about your purchases because resetting your balance each month causes you to buy only what you can afford. American Express, for example, makes cardholders pay in full. Think about it, it is a win- win situation because you don’t fall into the increasing numbers of consumers who are in serious debt due to credit card spending and they get their money on time. The College Board adds, “Credit cards are actually high-interest loans in disguise. Companies may lend you money, but they get it all back and a lot more by charging you fees. Finance charges on the unpaid portion of your bill can be as much as 25 percent each month, and cash-advance fees have even higher interest rates. Annual fees just to carry the card in your wallet range from $20 to $100; there are also late-payment fees, typically $25-$50. Not paying off the entire amount in your account each month can lead to big finance charges.”

It is important to know that a lot of the information written for students and parents about student banking and credit cards was written before President Obama signed the Credit Card Act into law. Now, credit card issuers are banned from issuing credit cards to anyone under 21, unless they have adult co-signers on the accounts or can show proof they have enough income to repay the card debt. That’s right; it’s not just the students’ credit score that is at risk. Bad financial decisions of students will directly affect the credit of their adult co-signer. The Credit Card Act of 2009 also stated that credit card companies must stay at least 1,000 feet from college campuses if they are offering freebies to entice student to apply for credit cards.

To be honest, I didn’t get a credit card until I was weeks before graduating from Spelman College. I waited because I was not sure if I could handle the financial responsibility that I had witnessed other fail. I knew I would already have to worry about my girl Sallie Mae and the student loans I was owe her, so I didn’t want to add the extra stress of credit card debt as well. It worked for me and yes, I recognize that every situation is different. Before applying for a credit card and/or opening a student banking account, do your research. A good starting place would be my 5 Non-Negotiable for Students and Banks. College should be one of the best times of your life so don’t taint it with worries over bad finances. Start smart, create great habits, and end on top.

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5 Money Saving Lessons Learned from Extreme Couponing

Published on by Danielle YB Vason1 Comment

…and the #SMCmoneytribe member of the week is… TRACI!

Happy Friday SMC readers! SMC reader, Traci from Flor inspired today’s post. I was checking out some older posts about how to get the most out of coupons, when she commented yesterday on a few lessons she has learned from watching TLC’s Extreme Couponing this past season. I thought they were great tips and I wanted to share them where everyone can benefit.

5 Killer Lessons Learned from “Extreme Couponing”…

The average person will not need to go to the “Extreme”. However, I did learn a few lessons and the series opened my eyes to a different approach to shopping.

  1. Purchasing items when they are on sale as opposed to when you need them. If you are a woman, you will need tampons. Purchase them when they are BOGO and combine with your coupons just makes cents. You may have six boxes under your sink but it is [almost] not doubt they will get used.

2. Coordinate your coupons with store promotions. Most stores do this regularly. Purchase two Sunday Papers (The First Sunday of the month has the most and best coupons). The double coupons are well worth the $3 price and there may be an interesting article in the paper.

3. The retailer with the lowest initial price may not have the best deal. If Walmart has BBQ Sauce for $2.98 ea and Winn Dixie has the same sauce $3.59 at Buy One get One Free. Winn Dixie has the best deal. You have saved $2.37 on WD BOGO vs. purchasing two at $2.98 from Wally-World.

4. You can use double coupons on BOGO items. You have technically purchased two items. If you have two coupons each for $1.00 off the BBQ Sauce, you can use both coupons. Therefore, you actually pay $1.59 for two bottles of BBQ Sauce.

5. I hadn’t really shopped at Winn Dixie in a while, just the occasional in and out run. However, with their Fuel Perks promotions and BOGO, they will more than likely be my grocery retailer of choice. My coworker recently saved $1.10/gallon on gas. Now you do have to use these Fuel Perks at specific gas stations but at $1.10 in savings, you still won’t be able to find a better deal.

It is a new way of approaching shopping. I don’t have a stockpile but I do see the logic in saving on what you can so that when you need to purchase fresh produce at regular cost you still have the savings.

SAVING IS EXCITING!!!

Traci

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5 Important Tips For Student Banking

Published on by Danielle YB Vason2 Comments

Check Your Account Daily

Everyone, not just college students, should check their finances daily. By doing this, you are always aware of exactly how much money you have at all times. Why would you allow someone to know more about your money than you?

Overdraft Protection

Two words… Overdraft Protection. Sign up for Overdraft Protection when you sign up for your account. Doing this will help you avoid penalty fees for going over your limit. I know someone who had about $400 in one month tacked onto her checking statement for overdraft fees and penalties. Obviously, she does not follow step one and two. Learn from her mistakes.

Set Realistic Alerts for EACH Account

The very same person mentioned in the tip above became my inspiration for this one. If your account consistently holds a balance under $100, setting your banking alert for $100 will not help you. Instead, pick an emergency figure that is more realistic for reminding you, hey you need to make a deposit. It will help keep you out of the red.

In the Choice between a Debit and Credit Card- Choose Debit

Debit equals your own cash and credit equals money borrowed plus interest. If you have the money in your account, swipe your debit card!

If Banks Can’t Offer the Basics… Walk Away

If the bank cannot offer you FREE checking, FREE online banking, and most importantly for the student, no minimum balance, then walk away because another bank will.

Reduce Your Student Loan Debt Class of 2011

Published on by Danielle YB VasonLeave a comment

Graduation

Congratulations to the Class of 2011. That’s right, graduation season is here and for those who believe the world is going to end tomorrow, you are in luck! You see, dear ole Sallie Mae is coming for you 6 months to the day that you walk across that stage… but if the world ends, you don’t have to worry about student loans and the debt that comes with it, now do you? If I were as sure as others that the world is about to end, I would have chucked the deuces at my girl, Sallie in a heartbeat. Let me just say that student loans and the debt that comes with it are not all bad and while you could believe months from now that Sallie Mae is the devil, she doesn’t have to be. Think about it, Sallie was like your home girl, bestie, or fav from school who let you borrow a few hundred or thousand dollars here or there when you needed that new computer, housing, or were falling financially shy of your balance to register for class. She said, “Don’t worry about it; I’ll take care of it. You will pay me back someday”. Well recent graduates, someday is sooner than you think! She wants her money NOW!!!

Here are some steps that should help you adjust to the change in your relationship:

  • Don’t Fall for the Minimum Payment Game. If you can, always pay more than the minimum payment. The same rules for paying the minimum of credit cards apply here. You can do this one of two ways. For an entire year, I paid my Sallie Mae bill twice (the 15th and the last day of every month). Doing so, allowed me to get my payments a year in advance so while I was not working, my Sallie Mae bill was still current. One thing I would point out, that I actually forgot during my year off from paying Sallie Mae, is that interest accrues daily. If I had the opportunity to do it again, I would still pay twice but I would apply the first payment to current bill and the second full payment to the balance. That way, I will pay the balance down without wasting extra money on interest. Plus, doing this will shorten the life of the loan.
  • Find out if there is a pre-payment penalty for your loan(s). If there is no penalty, you should set aside some graduation money and start paying down your BALANCE before your official payments begin.
  • Consolidate. Consolidating your student loan(s) means that you take out a new loan to cover all of your old loans.
    Instead of have a bunch of different loans, you now make one payment that represents a combination of all of your student loan debt. No more multiple payments and due dates. Plus, you can take the lowest interest rate to apply to your newly consolidated loan, lower your monthly payments, and easily apply for alternate payment plans if your financial situation changes. As with most things, consolidating has its cons. Some have pre-payment penalties (mine didn’t), lowering your monthly payments could end up in extending the life of your loan, and there is the potential for more interest. Do your homework for this one- what works for one does not work for all.
  • Student Loan Debt is a good thing? Yep. Paying off your student loans is an excellent way to establish good credit. If you pay on time and pay more than the minimum, you will be well on your way to good credit. Visit, here, to learn other ways to raise your credit score.

Let us end this post on a fantastic note, congratulating the graduates of 2011. If you graduated this year, congrats to you as well.

Congrats to the Following Graduates

De’Jonique Garrison

Micki Jackson

Teraneshia Nash

Jay Cuyler

Cameisha Clark

Serena Rogers

_________________________________________

Lauren Travis, JD

Christian Mitchell, MA

Tiffany Davenport, DPT

Akilah Bacy, JD

 

 

 

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How to Get the Most Out of Coupons

Published on by Danielle YB Vason2 Comments

Today, I will be providing information to answer an email question that was submitted to She Makes Cents via my About.Me page, which by the way you should totally check out!

I’m trying the coupon bit, can you please show me how to use them, I guess coupon 101, and how to get the most out of my coupons, I often see where folks buy $600.00- 1100.00 in value , but pay $50.00 or less, can you teach me how to do that?

First off, congratulations on making the decision to start reevaluating ways to make your money work for you and not the other way around. To be honest, I do not coupon to this degree where I buy “$600.00-$1100.00 in value, but pay [around] $50.00 or less”, but I have seen it done. If this is the level of couponing that you aspire to, then there are a few things that you must consider:

  • Keep an ongoing grocery list. This helpful because it I find it easier to jot down an item I’m running low on or completely out of when I’m thinking about it. That way, it ensures that it makes it on my list. If I start a grocery list right before I go to the store, I risk forgetting something I actually need or spending money on products that I didn’t know I already had.
  • You must be extremely organized. Keeping up with coupons to multiple stores can easily become overwhelming if you do not have a system in place. Reuse a folder or an old note book where you store your coupons. Find a way of filing that works for you. For example, you can store coupons by type of product (groceries, health and beauty, fashion, restaurants, etc) or by store.
  • Don’t get tricked into buying things you don’t need. Stick to your list. Review your ongoing list before you actually go shopping. Then compare the list of items (including specific brands) on your list to your library of coupons you have compiled and filed away oh so neatly in your folder or notebook. Just because the coupons mentions that you have to buy three of the same products to get .75 off, doesn’t mean it is a good deal. Who really needs three containers of mayonnaise any ways? 
  • Know the stores’ policy about couponing. Some stores allow manufactures coupons and some don’t. In addition, some stores allow the practice of double couponing and some don’t.
  • Read the small print. So this one is self explanatory, yet few people actually take the time to read the tiny print. Think about it for a second, they make it small for a reason. It’s better to know the limitations of the deal before your get to the cash register.

 HOW TO SPEND $16 FOR $75 WORTH OF STUFF AT TARGET

 

CHECK OUT WHAT $20 AND COUPONS WILL GET YOU…YOU WILL NOT BELIEVE IT

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How to Dispute Errors on Your Credit Report

Published on by Danielle YB Vason2 Comments

You are on the road to financial empowerment. You have printed out your spending chart. You have cut back on impulse spending. You know at least 5 ways to improve your credit score. The birds are chirping. The sun is shining and you look like you’re the happy little stranger in the middle of a Brady Bunch episode because your latest financial decisions have been uncharacteristically positive. Then is happens…(insert screeching sounds here)… something pops up on your credit history that is inaccurate. What do you do?

What is on Your Credit Report?

Your credit report reveals how you spend, the type of loans you have, your revolving credit, how you pay your bills, etc. This information is then used to decide whether you are approved for a credit card, loan, car purchase, insurance, home purchase and rental, and even employment. For potential employers, your credit report is used as a measure of your level of responsibility and can be a part of the deciding factor of whether you are offered the job or not.

How Credit Report Errors Are Made?

Mistakes can appear on your credit report for several reasons. Clerical errors are common because people make mistakes. Perhaps numbers were transposed, your handwriting was not legible, or the unfortunate situation that you have become a victim of identity theft. Check your credit report periodically for these types of errors.

How to Resolve Reporting Errors for FREE

Contact the credit bureau in writing, highlighting the information to be investigated. You will need to submit supporting documents such as a copy of your driver’s license if the inaccuracy involves a name change, change of address, or dispute of a utility bill. If your dispute is regarding your social security number, you will need to present a copy of your social security card and/or a copy of your W2. If you have your credit report number handy, this is the time to get it. Submit your credit report number and copies (not originals) of documents to be reviewed. The Federal Trade Commission recommends you “send your letter by certified mail, return receipt requested,” so you can document what the credit reporting company received. Keep copies of your dispute letter and enclosures. If you used Experian, the fastest way to challenge a dispute is online. Generally, disputes are resolved within 30 days but depending on the nature of the dispute, resolutions can take up to 45 days. If you find information on your credit report that is not accurate or doesn’t belong to you, please contact the credit bureau which produced the report.

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Budgeting 102- Spending Diet

Published on by Danielle YB Vason3 Comments

I saw the movie Eat Pray Love not too long ago. In it, is a reference to an old Catholic joke that I have become very fond of. In a voice-over, Liz, played by Julia Roberts, recalls the following:

I remember an Old Catholic joke about a man who spent his whole life going to a church every day and prayed to the statue of a great saint begging, “please, please, please, let me win the lottery.” Finally the exasperated statue comes to life and looks down at the begging man and says “my son, please, please, please, buy a ticket”.

Sometimes I find myself in situations where I am the one begging and sometimes I am the statue. Today, I come to you as the statue. I once heard it said that we buy what we want and beg for what we need. Is this you? Have you put you financial security at risk with things you wanted and now you are begging for a financial miracle? Be a part of your own miracle…buy a ticket. I am taking the points mentioned in Budgeting 101 step by step. Like dieting and working out, budgeting takes time, restraint, and accountability. I invite you to join me on my Spending Diet.

Write Down Everything You Spend Your Money On. Since April 1, 2011, I have been writing down EVERYTHING I have spent money on. I included this advice in Budgeting 101 with the suggestion to do this for two weeks. I would now like to retract that advice and tell you to extend it for an entire month. Every financial and money management writer will tell you to do this. Honestly, it wasn’t until the beginning of April that I actually did this myself. I thought between my memory and online banking statements, that I had an accurate grasp on how, when, where, and with whom I spent my money. SMC readers, I couldn’t have been more wrong. My spending chart has revealed that I am an emotional spender who blows a great deal of my food budget on eating out with my sister because I believe we don’t see, talk, or interact as frequently as we once did. My spending chart personified aspects by my sometimes-narcissistic personality. I made a donation to my alma mater that I really couldn’t afford, because I didn’t want to be the 5,999 person who comes shy of the 6,000 donor goal for the Founder’s Day scholarship fundraiser. I also learned that while there are aspects of my personality where I am admittedly spoiled, I also spend and give the a great deal of my money to others to make them happy. Hi, my name is Danielle and I am an emotional spender. Buy the ticket. I am putting myself in financial rehab to get back on track like my Rah Tiffany did years ago. I have locked my credit card away and most importantly, I am learning to say no to others. Catey Hill, the author of Shoo Jimmy Choo created a Day to Day Spending Chart that I particularly like. I used Hill’s chart as an example and made one that fits my own financial goals and spending style. Buy what you need and you will not have anything left to beg for. Buy a ticket and let’s start our financial journey together.

If you are interested in my own Spending Chart, please email me at shemakescent@gmail.com
subject: Spending Chart  

 

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A Government Shutdown Could Mean No Tax Refund for You

Published on by Danielle YB Vason1 Comment

Within a matter of days, we will know the fate of the looming government shutdown. At this point, it is not an issue of black or white, Democrat or Republican, cow or pig (Grey’s Anatomy reference); it simply comes down to money and everyone will be affected in some way. If an agreement is not reached by Friday at midnight, the government will halt all “non essential” services which could last a few hours or weeks. People will be laid off. Medical clinical trials will not admit new patients. Federal home loan guarantees will be withheld. The Cherry Blossom Festival will be cancelled. Passport applications will go unprocessed. If that isn’t enough, federal refund and tax returns by paper filers will not be processed. If you haven’t eFiled before, this is the year to do it! And guess what, your returns are still due by April 18, 2011 (April 15th is a holiday). Remember, nothing is definite, but I believe it is always better to be over prepared than under prepared.
Some Services That Will Continue
 

  • Postal Services
  • Police
  • Fire Fighters
  • Armed Forces
  • Utilities

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