Category

Money Management

Sep 08
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Want To Save More Money?

By Money Management, Saving, Shopping One Comment

Shopping online isn’t always associated with saving money. In fact, some people think it costs them more. However, when you’re a savvy shopper, you can quickly find that online shopping is the way to keep more funds in your wallet.

Money Back Sites

When you shop at the store, you aren’t always receiving money back on your purchases. Check out websites where you can go to that connect you to an array of stores. Then, you can receive money back almost every time that you shop.

Free and Reduced Price Shipping

Perhaps you’re a person who loves to flip through magazines and fill out order forms. Chances are, you are paying a hefty price for shipping when you purchase products that way. Instead of spending your money in that manner, look online. You can often find free or reduced price shipping, especially if you need to stock up on multiple items. Some sites allow you to pay a low price to get free shipping all year.

Comparison Shopping

It’s true that you can go from store to store to see which place has the best price, but you need to realistically consider how many shops you’re going to drive to before you just decide to buy the item. With online shopping, all you need to do is open up another tab on your browser, and you can see where the best deal is.

Bulk Purchases

Buying in bulk at the store can prove trying if you don’t have someone to help you carry everything. Also, you may find that you don’t have room in your cart. You can buy items in bulk online for wholesale or reduced prices, and they can get delivered right to your door.

Coupon Sites

While finding coupons in the weekly circular and so forth is certainly possible, the internet allows you to research coupons for a specific store or website. Doing so can help you to maximize the savings that you get. You can use coupon sites like, 15% off 6pm coupon code, to get the best prices on clothing, shoes and accessories.

Shopping Cart Removal

When you go to the store, by the time you get to the cashier, you might be tired and ready to go home. Therefore, when the total exceeds what you wanted to spend, you don’t bother to put any items back. If you’re shopping online, you can see the shopping cart total rise as you go, and you can quickly remove items if the price becomes too much.

Shopping online may not be associated with saving money, but due to these reasons, it certainly should be. Consider these tips to save money next time to purchase items online.

Sep 08
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Infographic: The Real Cost of College

By College, Money Management, Saving No Comments

So, where does a student’s money go over four-years in college?

After four years of all-night study sessions with friends, countless early morning classes, and semester after semester spent learning — with a dash of blowing off steam here and there — what does that piece of paper (degree) actually cost?

In honor of National College Saves Month in September, below is a cool infographic by AffordableSchools.net about the real cost of college and where the money goes.

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The Tried and True Expenses: Tuition and Loans

The bulk of student expenses come from school tuition — and heavy student loans for students that aren’t eligible for scholarships, grants, or other financial assistance.

  • $23,410: The average cost of in-state tuition for a public university in 2015.
  • $46,272: The average cost of in-state tuition for a private learning institution in 2015.
  • $35,000: The average amount of loan debt a 2015 graduate will have to face in the coming years.

Graduate students tend to have higher loan debt than their undergraduate counterparts, with 65 percent of 2012 graduates racking up$50,000 in student loans.

  • 59 percent of students end up not finishing their undergraduate degree, and may have up to $10,000 in debt that they are struggling–or don’t want to–pay back.

Hitting the Books

Once students have set their schedule for the semester, it’s time to purchase the required course materials.

  • One course worth of books = hundreds of dollars. Students spent an average of $313 per course on books, according to The National Association of College Stores.
  • The College Board found students paid anywhere from $1,146 to $1,244 for books in the 2014-2015 school year.
  • The cost of books continues to rise. One study found the price of books jumped 82 percent in the last 10 years alone.
  • Where to buy? Approximately 66 percent of students still buy their textbooks and college materials from their local college bookstore.
  • Other students value short term leases on learning. According to a Student Watch survey, 40 percent of college students preferred torent their textbooks rather than purchase them outright.

Plugging In

With more classes than ever going mobile, many students may prefer a tablet or laptop to keep up with class notes, research and term papers. In 2013, technology purchases for educational purposes reached $13 billion.

  • 81 percent: The average amount of students who prefer to study digitally. This marks a 40 percent increase from 2013.
  • Of 1,700 students surveyed, 77 percent indicated they felt they scored higher by using a tablet or laptop than simple class notes. Approximately 48 percent said that digital-based studying actually saved them time in the long run.

Food and Drink, A la Carte

Everyone needs to eat–and college students are typically strapped for cash. That doesn’t mean they don’t dole out cash for not-so-smart eats.

  • The price of pizza stacks up. The average college student could spend $2,000 on pizza over the course of four years, according to Mark Kantrowitz at FinAid.org.
  • Oodles of noodles: still a student staple. At 13 cents a package, ramen noodles remain a favorite for many students–it’s Japanese nickname gakusei ryori translates to “student food.”
  • Party on…to an empty wallet? Over a four-year time period, the average college student could spent $500 a year on alcoholic beverages.
  • The freshman five. Freshman typically drink five alcoholic beverages per week–which could negatively affect their academic performance.

Getting Around

Having a place to crash and a way to get around town is essential for every student.

  • $9,804: average cost of room and board at public university
  • $11,188: average cost of room and board at private university

The College Board estimates that college students spent between $2,609 and $3,242 during the 2014-2015 school year on transportation, among other personal expenses, including clothing or entertainment.

Test Time

Prepping for graduate school may begin before many college students even cross the stage to collect their undergraduate degree. Graduate level tests such as the GRE and GMAT take precious hours of study–and extra money–to ace.

  • GRE: $195
  • GMAT: $250
  • LSAT: $175
  • MCAT: $300

Other fees may also apply, including paying the testing site, or having to reschedule. Both the GRE and GMAT charge $50 to reschedule a test date.

Share your comments below.

Sep 04
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Celebrate National College Savings Month

By College, Money Management, Saving No Comments

It’s no coincidence that September is National College Savings Month. Each year a child moves to a new grade reminds us that college will be here before we know it.

Have you started to save for college yet? It’s not too early — or too late — to begin. According to How America Saves for College 2015 by Sallie Mae® and Ipsos, parents saved an average of $10,040 last year — and those who planned saved 46% more for college than non-planners. If you’re wondering how to start, try following the Sallie Mae® 1-2-3 Approach to Saving for College:

  1. Open a savings account. Set up and designate a savings account as your college fund. Deposit gifts from friends and family, and sign up for free services that let you earn cash back to save for college.
  2. Make regular contributions. Set a goal and create a routine of adding money. Even a little bit adds up over time, and automatic deposits make saving easy.
  3. Explore tax-advantaged options. Put your money to work using dedicated college savings programs like Coverdell Education Savings Accounts, prepaid state college savings plans, and 529 college savings plans.

Use Sallie Mae’s College Planning CalculatorSM to help you determine your savings goal. This free tool will take you step-by-step through building a customized plan to save and pay for college.

Celebrate National College Savings Month by starting or adding to a college savings fund for your student. For more free tools and tips on saving and planning for college, go to SallieMae.com/CollegeSavingsMonth.

Encouraging Responsible Borrowing

Sallie Mae has helped more than 30 million Americans pay for college since 1972. We encourage students and families to supplement their savings by exploring grants, scholarships, federal and state student loans, and to consider the anticipated monthly payments on their total student loan debt and their expected future earnings before considering a private education loan.

Before investing in any 529 plan, please consider whether your or the designated beneficiary’s home state offers its taxpayers benefits that are only available through that state’s 529 plan.

© 2015 Sallie Mae Bank. All rights reserved. Sallie Mae, the College Planning Calculator, and the Sallie Mae logo are service marks or registered service marks of Sallie Mae Bank or its subsidiaries. SLM Corporation and its subsidiaries, including Sallie Mae Bank, are not sponsored by or agencies of the United States of America.

Sep 02
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7 Smart Financial Moves for New (and Experienced) Parents

By Debt Management, Estate Planning, Insurance, Money Management, Saving No Comments
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It is important to plan for many of the important events in our lives, like marriage, children, as well as retirement and leaving a legacy for our family. As you plan for your significant life events, Matt Hoesley of LifeHappens.org shares some financial steps to help secure your financial future of your family.

Create a will and contingent trust. This is one of the most important first steps. Choosing a guardian for your children helps make sure they are raised by someone who you think will share the same values. A contingent trust helps ensure that the money your child receives from all of your hard work and planning is distributed according to your wishes instead of giving them complete control over everything the minute they turn 18.

Update beneficiary forms. Make sure you double check all of your retirement plans and insurance policies so something doesn’t fall through the cracks. Many accounts with beneficiary designations never pass through your will, so it is important that these are also updated.

Begin saving for college. There are various options available. You should consult a tax advisor and financial advisor to help determine what is best suited for your family’s financial situation. I opened a 529 plan for our daughter. The money in this plan can be used at almost any accredited higher education institute in the world.

Purchase life insurance. My wife and I both increased the amount of life insurance we have. We did a combination of term and permanent insurance to make sure we have the total amount we need at a price we can afford.

Buy disability insurance. When you are young, your future earning potential is your biggest asset. Get as much … (continue reading … 7 Smart Financial Moves for New (and Experienced) Parents)

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Aug 24
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How America Pays for College

By College, Money Management, Student Loans No Comments
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Figuring out how to pay for college can be a challenge. You know other families accomplish it, but how?

How America Pays for CollegeThat’s the question asked — and answered — in the annual study, How America Pays for College. For eight years, Sallie Mae® and Ipsos have interviewed undergraduate students and parents of undergraduate students to uncover how they’re funding higher education, the choices they’re making, the value they place on education, and more. The 2015 study reveals that:

  • College spending is up. Families spent an average of $24,164 on college — including tuition, room and board, and other direct and indirect expenses. That’s 16 percent more than last year and the most significant increase in five years.
  • Mom and Dad are #1. Parent income and savings were the top source of funding, surpassing scholarships and grants for the first time since 2010.
  • Not everyone borrows. Sixty-two percent of families reported they did not borrow for college in academic year 2014-15.
  • Students are doing their part. Working students are now the norm — 74 percent of students worked at some point to help cover costs.

According to How America Pays for College 2015, families overwhelmingly agree college is a worthwhile investment and they’re willing to stretch financially to meet the cost.

See the full report and related infographic at SallieMae.com/HowAmericaPaysForCollege and join the conversation on social media at #HowAmericaPays.

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