Jill Russo Foster

College Expenses: Books, Printing, and Meals

You’ve figured out how to cover the cost of tuition and room and board, and you think to yourself, “Now I can coast through the school year on a small budget.” Think again. College costs can continue to add up. Here are some things you may not have considered.

Text Books

Don’t underestimate the cost of books. This is not high school. They don’t come free with the course.

It’s not unheard of for a text book to cost $300 new. Some courses require multiple books. Multiply that by 5 classes and you’ve got a big dent in your budget. If you want to save time, you can buy your books at the college book store. If you want to save money, do your shopping ahead of time and try these options:

Buy Used. You can find used text books on Amazon, Barnes & Noble, and eBay. Not to mention, online stores like ecampus.com, and bookbyte.com.

Rent. If you know you’ll never open the book again once class is over, you can rent from websites such as bookrent, bookrenter.com or chegg.com.

If you do rent or buy used, double-check your course requirements and the ISBN number to make sure you get the right edition of the book.

Do you need a printer?

Even though a few courses will be (mostly) paperless, you should plan on having to print some of your course work. But, you don’t have to buy a printer, because most colleges have printers for campus use. (Check with your college).

However, you may want a printer if you’re the type who does homework at the last minute, or if you’re taking courses that require a lot of writing. Let’s compare your options:

Using the campus printers: There may be a charge per page, but it’s usually pennies. Compare that to the cost of buying your own printer, paper and toner.

Using your own printer: If this is the option that works best for you, you’ll want to find good deals on paper and toner. Consider buying paper by the box and using recycled toner cartridges.

Meals and Snacks

Cafeteria meal plans. Colleges usually offer multiple meal plans. You can have 3 meals a day 7-days a week, or you can have a plan that covers lunch and dinner but not breakfast, or weekdays but not weekends. You need to choose a plan that fits your course schedule and weekend plans.

Snacks and food in the dorm room. Many college students feel that a small fridge, popcorn air-popper, and coffee-maker are essential. Check with the college to see what types of appliances are allowed in the dorms. If keeping simple foods in your room is part of your budget strategy, you’ll need to have cash and access to a grocery store to keep your fridge stocked.

Consider your class schedule. This is especially important if the cafeteria isn’t open all day. Will you miss an important meal each day if the cafeteria is only open from 7am-9am, 11am-2pm, and 4-7pm? That could make the small fridge in your dorm an essential instead of a luxury.

The cost of books, paper, toner and food can really add up. Thinking ahead will save you money.

Take Control of Your Finances: A Talk for College Students

This event has been postponed.
Location: Jazzercise Fitness Center of Stamford,
633 Hope St, Stamford, CT (back entrance/2nd floor)

Take control now before your debts get out of hand. This is the talk you can’t afford to miss.

Learn…

Why employers prefer credit reports over job references.
Why the only thing worse than having bad credit is not having any.
Simple steps for establishing credit the right way
How to avoid credit traps
Smart ways to manage your money

Books by Jill Russo Foster available for purchase after talk.

Prepare Your College Freshman for Reality

Did you know that 1 in 4 college freshman fail to return their sophomore year? Some say the number is even higher.

A lot of reasons have been given for the high dropout rate. It may be that college itself isn’t a good fit. But the fact is that many first year college students have difficulty living in a new and stressful environment.

There’s a big difference between what 18 year olds expect from college and what they get. They look forward to the freedom and luxury of being away from home for the first time. Instead, they find that…

The dorms are crowded, noisy, and smell a like a gym locker room.
Homework and studies take most of their time and living in a dorm is distracting.
Every little comfort has to be paid for. Little things that helped them deal with stress are suddenly expensive or inaccessible. Little pleasures like a soda, snack food, fresh laundry, and a movie require cash and transportation.

Here are some thoughts and tips to make their lives and budgets easier.

Make a checklist of the items your child will need. The college and retail stores will help.

The college itself will have a checklist. Read it over carefully. It should tell you what size sheets are needed, and make recommendations based on the amount and type of storage in the dorm room and whether your child will have a private bath.
There are independent websites online that have good lists as well. But, each college living situation is different so check it against the list the college provides.
Stores such as Bed, Bath and Beyond and Target have online lists with sale prices.

Buy the supplies at stores near the college.

You won’t have to lug the items yourself (no need to rent a truck). If you buy at the store, you can avoid shipping costs (more money saved).

Prepare your child for medical emergencies.

All it takes is the flu, a slip on an icy sidewalk, or a broken filling, and suddenly your child will have to see a medical professional in an unfamiliar town.

A little research now can save you money later. Your child should know where the nearest doctors, dentists, and hospitals are so that they know where to go if they need the services. Knowing which doctors are in network for your insurance will save you money in the long run.

Set up an account at a local bank.

Which bank has ATMs on campus? If your bank doesn’t have an ATM location convenient to campus, consider opening a bank account with one that does. Even if that bank is not convenient for you at home, you can always transfer money electronically between banks.

Life coaching for college freshman

You can be your child’s life coach by making sure your child knows what to really expect from college. In movies and on TV, dorm rooms are spacious and nice looking. The people you meet are exciting, and there’s plenty of time for socializing. All the studying is done in a 5 minute montage with a catchy song track.

In reality, a shared dorm room is about the size of a walk-in closet, most of the people living there are stressed and annoyed, and studying non-stop. The small amount of socializing offers a nice but needed break at the end of a long day or week.

Colleges do offer counseling. Make sure your child knows that. If you think your child is especially unrealistic about school, or is either shy, or too social for his or her own good, you might consider life coaching. If it makes the difference between dropping out and graduating, it could be worth the cost.

Sending your child to college is expensive. Preparing your child realistically will benefit your budget and your investment.

Step One to Having it All

One of my clients told me that a 6-figure income would give her everything she wanted. She could pay the bills, have a home, save for the future, travel, and indulge in all the little things.

I gently pointed out that there are a lot of 6-figure earners who wished they made more money. A bigger income means a bigger mortgage and a more expensive lifestyle. High earners often find themselves pushed to their budget limits, balancing debt against what feels like a meager paycheck.

That’s human nature for you. We pick up more than we can carry, then blame nature for not gifting us with extra arms. We grab for everything, instead of just those things that make us feel fulfilled.

You can have it all (maybe not at once), as long as you know what having it all means to you. The key is in knowing what will really make you happy, having a plan, and working towards your goals.

When my client dreamed of making 6-figures, I believe she was really fantasizing about the freedom of living debt-free, with money in the bank for travel, retirement and a comfortable home life. But, without a plan and goals, she would have fallen into the big-earner/big-spender debt trap.

You may already know what you want, but, if you are living your life day to day with no goals, how do you expect to get to where you want to go? You may not even know if you are headed in the right direction without action steps to judge your progress.

The first step is to set a goal. What is it? Do you want to eliminate your debt, save for a vacation, save for a down payment on a home, start an emergency fund, save for retirement, your children’s education, or something else? Remember the goal must be reasonable and measurable.

Examples of wishy-washy goals:

I want to get out of debt by the end of the year (may not be reasonable).
I want to have an emergency fund (not measurable).

Examples of reasonable and measurable goals:

I want to pay an extra $100 per month, and stop creating new debt, to eliminate my debt in two years.
I will save $20 per week to build an emergency savings of $1,000.

This is Step One: determine your goal(s). Write them down and put them where you will see them every day.

In our next Quick Tips, we’ll discuss Step Two and the action steps you’ll take to have it all.

Identity Theft is on the Rise

It’s up to you to take precautions.

Take these steps to protect your identity:

Beware of solicitations asking for your personal information. They might call, email or text. If you didn’t initiate the communication, don’t give out your information. If they claim to be from customer service, hang up and call the number found on your statement.

Review your bank and credit card statements and question any activity you are unsure of.

Be careful with your paperwork. Take your receipts with you when you make a purchase or use an ATM. When it’s safe to dispose of old receipts, statements, or other paperwork containing your personal information always shred them. Never just throw them away.

Review your credit reports a minimum of three times per year for incorrect information and dispute it.

Keep your home computers up to date with antivirus software. Remember, it can get outdated quickly, so do your updates on a regular basis.

Change your internet passwords regularly. Don’t use easy to guess passwords.

Make sure you pick up your incoming mail as soon as possible and never use your home mailbox for outgoing mail. Always bring it to the post office or a mailbox.

None of these precautions will help you if someone has stolen your information from the database of a company you deal with. But, if you are vigilant about your identity, you can catch any fraudulent activity early on.

Prepare for Summer Storms

We’ve already had extensive damage from severe storms on the East Coast and across the Midwest. These storms caused power outages that lasted for days in the middle of a record-breaking heat wave and cancelled 4th of July celebrations.

Be Prepared for a Power Outage

A big storm can knock your power out for days. And, you really don’t want to be shopping for supplies during or after the storm when everyone else is trying to buy the same emergency supply items.

Make a list and stock up on a sunny day with no storms in sight. Here are some suggestions:

Keep extra batteries for your flashlight and radio
Have propane or charcoal for your grill so you can cook outside if needed
Fill up your gas tank before the storm (gas stations need power to pump gas)
Keep some cash on hand (Banks / ATM need power too)
Turn up the temperature on your refrigerator and freezer when a storm is predicted (remember to turn them back down after the storm)

Most importantly, be prepared to live without the modern conveniences that we have all gotten used to. You won’t have small appliances to heat up frozen meals or electricity for news and entertainment.

Be Prepared to Evacuate

Evacuation isn’t just for hurricanes. You should arrange a place to stay in case you have to leave during the storm. Think of conditions that could make your home unsafe, like flooding, fallen power lines, or structural damage from wind and falling trees. You’ll need to stay someplace close so you can get to work and manage repairs. If your closest relative lives 200 miles away that won’t be much help, and the closest undamaged hotels will be booked quickly.

Be prepared. It will make it easier for you to ride out the storm.

Beware of Summer “Deals”

Now that summer is here do you find yourself shopping more? It’s the long days and great weather. You feel more energized, more optimistic, and more willing to go somewhere and spend money.

Retailers are counting on your great mood to maximize their bottom lines. They’re using sales to get you into the store and tricks of the trade to get you to buy more products than you had planned.

Let’s look at the grocery store.

You walk in to buy milk and bread, and you walk out with two full bags, having spent way more than you planned.

How did that happen? Let’s look at a common marketing scheme. Most grocery stores have products they call loss leaders. These are often common staples, like milk or bread. They know these bring you into the store, so they’re willing to take a loss knowing that you’ll buy something else that will make up the difference. How can they be so sure? Product placement is a science and could be an article in itself. Just know that you’ll be tempted to open your wallet.

Here’s another common marketing scheme. Most flyers and sales offer a better price for multiple quantities – you were only going to buy one, but then you saw the sticker offering 50% off the second item, so you bought two. Some grocery stores offer mix and match sales, like 10 for $10 deals in the snacks, frozen food, or canned aisles. The store is obviously trying to get you to buy more than you intended, and because these deals are almost always on foods that will keep, you may feel that it doesn’t hurt to stock up. Does it work for the store? Yes, most people can’t pass up this type of deal.

What can you do about it? You can go to that grocery store, just buy the specific products you need, and leave.

Let’s look at other stores.

“Store Credit” is another trick to get you to spend money. At checkout, you may be offered an additional discount if you use store credit or even free financing for a specific period. They aren’t dong you any favors. They are counting on you having to make multiple payments with interest.

Furniture is a great example of free financing (no payment until 2015). You may be thinking you need a new bed, but with this offer you end up buying the bed with matching night stands and dressers because you have years to pay it off. Of course, the store is betting against you. They don’t believe you’ll actually pay it off on time, then they’ll collect interest going back to the date of purchase.

Let’s go back and take closer look at product placement. It’s not just for grocery stores. It’s no surprise that impulse items are always next to the register. These are small items that are usually reasonable in cost. While you are waiting in line, you find yourself putting one (or more) into your cart. Maybe it’s the magazine you started to read while you waited, or maybe they have your favorite flavor of gum. These little items add up, leading you to spend more than you intended.

Bottom line: Shop with a plan or list and stick to it. Don’t be tempted by multiple-item deals and bright displays. One way to stick to your list is to shop with cash. You can’t spend what you don’t bring with you.

Before you head out for your summer vacation…

Take these precautions so you can enjoy a safe and worry-free trip.

Call your credit card companies to let them know where you will be. Your credit card company will know it’s you making the charges and will let them go through.

Put a hold on postal mail, newspapers, and any other regular deliveries before you go. You don’t want mail piling up advertising a vacant house.

Clean out your wallet. Remove all items that will not be necessary (that includes your checkbook). Carry two credit cards, and if you are traveling with someone, have different credit cards in case one wallet is stolen.

If you need to use an ATM, use one at a bank (preferably in a lobby). They are less likely to be tampered with.

Be careful when using hotel computers and Wi-Fi networks. Do not access your financial accounts as identity theft can be right around the corner.

Beware of fake calls from the “front desk”. If you receive a call from the hotel front desk telling you your credit card didn’t go through, it could be a scam. Thank the caller, and then go to the front desk in person to straighten this out. Never give your personal information over the phone to someone who calls you.

Taking a few precautions before, and during, your vacation may save you from financial troubles when you get back.

Airline Tip: Fly Smart with Fewer Fees

If you’re a long-time reader of Quick Tips, you know that we like to travel. We’ve become expert at getting the most out of our vacations while keeping our travel costs low. In the last few years, the airlines have been adding so many fees… they kind of remind me of the banking industry.

But, there ARE ways to avoid or reduce those airline fees! Let me help you.

When I first started to travel, you paid for your airfare and all the little perks were included – checked luggage, beverage and a meal, the seat of your choice, and a movie. Those were the good old days.

Now back to today’s reality. All those little extras come with fees that can make even the most reasonable airfare seem expensive.

Baggage Fees

There is a real advantage to traveling light. Don’t over-pack. Choose clothing that you can mix and match. I personally pick three color themes for the trip so that all my clothes can be interchanged. Because I pack fewer clothes, I can bring my luggage as a carry-on to avoid the baggage fees and save time at the airport. If you try this, just remember to pack 3 ounces or less of toiletries because you won’t be checking your luggage.

Airline Food

If healthy eating is as important to you as your wallet, you will bring your food with you. Buying food on the plane, or in the airport, can be unhealthy and expensive. Pack what you like to eat, and you will be all set. Remember to bring an EMPTY water bottle. That can go through security, and you can refill before boarding the plane. Or, just purchase a beverage after the security check point.

In-flight Entertainment

Entertainment can be costly on the plane, but you can avoid it. Are you carrying your own electronics on the flight? If so, you can save money. Most mp3 player ear buds will work to watch the movie – you don’t need to rent or buy headphones from the airlines. Maybe you’d rather watch your own entertainment – bring it with you. While you can’t use Wi-Fi for free, you can watch what you already have downloaded to your laptop or tablet. This will save you even more money.

Choosing Your Airline (and your seating arrangement)

When you book your flight, there are so many options to choose from and all at a cost to you. Where do you want to sit? When do you want to board? All of your choices can cost money. Only you can decide if being one of the first to board the plane, and sitting up front, are worth the added fees. Personally, we fly one airline (and its partners), so we have frequent-flyer status with the airline, and get some seating benefits without paying additional fees.

If you’re a frequent flyer, you can do this too. If you’re not, you can participate with a credit card rewards program that can offer some of these perks without the fee. Beware: the types of credit cards that offer travel perks are usually the kinds that have an annual fee and/or a higher interest rate.

Look closely at how you travel, and consciously choose the perks you want to pay for.

Do you like to travel? How do you avoid added airline fees? Join the discussion.

Spring Cleaning with the Town’s Help

In our house, Spring is a time for cleanup. We start indoors and then finish outside. This year was different for us. The weather was warmer sooner, so the outdoors was tackled first. We groomed overgrown plants and shrubs, trimmed trees, weeded and mulched the flower beds, and more. Now it feels like it’s time to enjoy the year with family and friends.

Not quite…

Because Spring came early, our annual ritual was thrown off. We skipped the indoor clutter cleaning. Now we’re left with random deadlines that we are trying to follow.

For example:

There was our town’s Sneaker Recycling Day…

…That happened to be the same day as our town’s Paper Shredding Day.

We have an old/unused/outdated medication drop-off (to help us clean out our medicine cabinets without poisoning the ground or groundwater).

And then there was Hazardous Waste Day. We got rid of the last of the chemicals! We’re making great strides towards using all natural products.

That’s in our town. Does your town have programs to help you set clutter-clearing goals?

We are still left with many indoor projects that don’t coincide with a specific date, and those can get pushed off. Little by little, they will get done. We have been tackling scanning and tossing paperwork. No matter how hard we try, paper builds up.

To help you get your life simplified, check out the resources page on our website. We’ve added some new links to help you get rid of that extra stuff.

One resource we mention is Craigslist.org. We used Craigslist to give away an old TV. Just because we didn’t need it, didn’t mean that someone else couldn’t make good use of it. It’s better than having it go to a landfill.

If you try one of the resources on our list, or use another one we haven’t listed, let us know. I love hearing success stories and learning about new resources for getting rid of unwanted items.