February 27, 2017 Leave a comment
By Janet Alvarez, Wise Bread
February 27, 2017 Leave a comment
By Janet Alvarez, Wise Bread
August 30, 2016 Leave a comment
College is an exciting time. For many college freshmen it’s the first step to “freedom.” However, with that freedom often comes a new responsibility; managing money on your own for the first time. Doing so without the watchful eye of mom and dad can be quite stressful as well. There are ways to avoid becoming the “broke college student” stereotype. Being mindful of your finances and creating a budget is step number one.
A college student’s budget doesn’t have to be overly complicated. A simple budget outlining how much money you receive and what your expected expenses are each month is a good way to start. Adding an allowance for extra activities, such as special events, games and concerts, is another aspect to include in your budget. By setting an allowance, you are less likely to overspend. This also means you will still have money available for necessary purchases, such as textbooks and meal plan costs.
Opening a checking account is another great tool for college students to better manage their money. Not only does a checking account provide a safe and secure place to keep money, it also can make sticking with a budget easier. At Ohio Valley Bank, customers’ ages 16-25 are eligible to open a Right Start Checking account. This account is perfect for students on a tight budget as there is no monthly service fee. Right Start Checking customers are also allowed five free non-OVB ATM transactions per month. In addition, Right Start Checking enables access to eDelivery statements as well as free online and mobile banking. Mobile banking is especially beneficial to college students who are attending school away from home. Through this feature, students are able to deposit a check using their smartphone from the comfort of their dorm room! By taking advantage of mobile banking students can keep their relationship with their hometown bank.
There are other steps college students can take to cut costs. We recommend the following tips to make the most of your college experience without breaking the bank:
1. Look for student discounts. Many businesses and restaurants offer student discounts, however this is not always advertised. Make sure to keep your college I.D. with you at all times and ask if there are student discounts available. This can help you save tremendously.
2. Avoid spending too much on textbooks. Of course textbooks are a necessary item for most classes, however the cost for such items can vary greatly. Most new versions of textbooks in campus bookstores will carry a high price tag. However, many bookstores offer cheaper, used versions of the same textbooks for purchase at a much lower cost. In addition, retailers such as Amazon.com, usually offer textbooks at a significantly reduced price. At the end of the semester, most bookstores will allow you to sell back your textbooks as well.
3. Limit off campus dining. If you are already paying for a college meal plan, make sure you are actually using it. While it may be tempting to frequent restaurants with friends or order pizza with roommates, it can also be a contributing factor to quickly running out of spending money.
4. Avoid extra ATM charges. Be careful when using ATMs that are not affiliated with your financial institution. Additional service fees often result if you do not have an account with the ATMs institution. If your bank does not have an ATM near campus, take advantage of cash back opportunities when using your debit cards at businesses that offer this service, such as grocery stores. Also, ask your bank if they belong to a surcharge free network such as Money Pass.
5. Use credit wisely. College might be a time when you get your first credit card. However, it’s important to remember that a credit card doesn’t equate to “free money.” A credit card can be a great way to build your credit if you use it responsibly. Make sure to not spend more than you have with a credit card. Only use the card when you know you have enough money to pay the balance. Before choosing a credit card be sure to research the card’s annual percentage rate as well as any annual fees and penalty fees that might be associated with it.
6. Consider working a part-time job. If you have time to balance a part-time job while you are in school it can be a good way to earn extra money. Many colleges offer work study programs on campus to qualifying students.
7. SAVE. Even though college budgets are usually pretty tight, try to always keep money aside in savings. Saving money while in college can help you pay off your debt faster when you graduate. It’s never too early to think about your future, especially when it comes to your finances.
College is a time of learning, growth, and excitement. Hopefully these tips will help you on your successful college journey. Best wishes for what is sure to be a wonderful school year!
July 20, 2015 1 Comment
The summer season is often associated with travel. Every year many families pack up and head to the beach, amusement park, or other vacation destination. While vacations are fun, they can also be quite expensive – especially for families.
There are ways to enjoy summer fun without breaking the bank. Staycations are a popular option for both fun and frugality. It might seem boring to not travel far for your vacation, but with a little creativity you could end up having a great time.
Here are some great low-cost ideas to help you save money as well as make the most of your staycation:
These are just a few of many ideas to make the most of your staycation together. Remember a summer vacation doesn’t have to be expensive to be fun!
April 30, 2014 Leave a comment
Here in the Ohio River valley spring is in the air. It’s time to start thinking about cookouts, walks in the park, gardening, and…spring cleaning. It’s always struck me as a little odd how spring cleaning became a thing. If we spend the whole winter cooped up in our homes why don’t we just clean them then? I mean you’re stuck indoors so But I digress. Spring is a time of renewal, and with it comes a renewed determination to clean up our homes and lives. Spring cleaning doesn’t (and shouldn’t) just apply to your home. It also applies to any other part of your life that might be a bit messy, including your finances. So let’s take a look at a few reasons why getting our financial houses in order this spring can be a big boost…
These are just a few reasons for getting motivated and adding your finances to your annual spring cleaning. It’s a great time to look at your budget, savings, debts, and everything else that concerns your money. Take the time to sit down and figure out which direction you want to be headed, and whether or not you are, in fact, headed that way.
Do you “spring clean” your finances? Have any tips to share? Leave them in comments below…
April 15, 2014 Leave a comment
Tax Day. Two of the most dreaded words in the English language. So ominous that even Benjamin Franklin famously remarked in a letter to Jean-Baptiste Leroy that “In this world nothing can be said to be certain, except death and taxes.” Tax Day in the United States has long been derided and viewed as something awful, and for good reason. It’s tedious going through all of your receipts. It’s frustrating trying to navigate the labyrinthine tax code. The fear of an IRS audit looms large in today’s society. And let’s not even talk about the feeling you get when you have to write that check to Uncle Sam. *Ugh*
Despite all of the negative connotations Tax Day has earned, this is not necessarily the case for everyone. According to IRS statistics, it would seem that in 2012, around 70% of taxpayers received a refund. If you are the lucky recipient of such a windfall then the bigger question is: what to do with it? It’s no secret that retailers want that money, and will offers sales and deals to get you to part with it. While the urge to splurge on a big-ticket item like a new TV, smartphone, tablet, or some other toy or gadget is quite tough to resist, let’s look at a few things that you could do with your refund instead…
This list is just a primer, there are many sensible things you can do with your refund. Always remember to take a moment to look at your financial situation and determine your own best course of action.
Are you getting a refund this year? Let us know what you’d like to do with it in the comments below…
May 4, 2013 1 Comment
“A long time ago in a galaxy far, far away…” Ever since those famous words first scrawled across silver screens back in 1977 our pop-culture was forever changed. Sure Star Wars is a fun space opera about an orphaned farm boy who goes on to save the galaxy with magic powers, spaceships, robots and lightsabers, but it ended up being so much more than that. Nobody expected it to be the hit it was, nor to have the cultural impact that it did. These movies added new words and phrases to our language (droids, Jedi mind-trick, padawan), new ways to view the world, and they have certainly inspired multiple generations to new heights of creativity. “Yeah that’s all well and good you scruffy-looking nerf herder, but what does that have to do with my money,” I can hear you say. Surprisingly quite a lot as you’re about to see… Read more of this post