Personal Finance Specialist - Dara Duguay

Here's a little video I found with some good tips on loans, credit card debt, and budgeting

I think that she's got some good common sense ideas about personal finance. What she said about learning finance from the school of hard knocks hits our problems right on the head. Most Americans don't learn how to manage their money in the proper arenas. I believe that we should be teaching kids about money at an early age, especially at home. Parents have every opportunity to discuss finances and budgeting with their kids, but often times they don't.

Graduating With NO Debt

The day finally came when I could walk out of my last final! All I could think about was, “is this real?” It was such a relief to know that I was done. That was two days ago and I’ve been thinking about how blessed I am to be graduating with zero debt and with money in the bank. I know that I’m blessed because when I look at the statistics they say that this does not usually happen.

I know that the odds are stacked against students. A 2008 study said that between 72% and 96% of students from private universities graduated with student loans! Only 62% graduated with debt from public universities. I’m not writing all this to toot my own horn, but to encourage you in the knowledge that it can be done! You can be that in that minority of students that graduates debt free, but you’ve got to concentrate and stay on track.

Hopefully the knowledge that it can be done will make you stronger and more determined to beat the system. Hope you enjoyed this little pep talk. Good luck in your studies!

Great Deals for College Students

If you are a college student, then you know how important it is to find great deals at the most ridiculously inexpensive prices ever. You know what I’m talking about… the ones where you go around bragging to your friends about the steal you just got.

Besides the tuition, the bills, and other living costs, it’s hard to find cool items at the right price, but one website has got your back. CollegeBudget is a site founded especially for college students. Every day it’s got a new steal of deal! You can find items ranging from jewelry to athletic apparel, and iPods to dresses. What’s great is that most items are at least half off their original prices! If that’s not a good deal, then I want to know where you’re shopping.

All you have to do us sign up with CollegeBudget and click on whichever deal fancies you. You will then get a coupon that is worth whatever the deal was for. You may be asking how this is possible. Can it really be true? Can such wonderful student discounts exist? It is true because companies are ok with giving out a few discounts for the publicity that CollegeBudget provides, and the new customers who are referred. It’s a win, win, win situation. What are you waiting for? Go ahead and check it out at the main CollegeBudget site or their Facebook page.

Should I Apply for Scholarships?

A lot of students are probably wondering if they should even bother going through the application process. I admit that it is a lot of work, but it does pay off. Scholarships can range anywhere from $200 to $20,000. If you think about it even the smaller awards are worth the trouble. When I applied for scholarships, I liked to think of the process like a job. I show up for work, put in the hours and then I get paid. Even if you spend 5 hours (which is a lot of time) on a $200 scholarship and win, this means that you were getting paid at $40 per hour! I don’t know about you, but I’ve never heard of a summer job that pays that well. Your chances of winning these small awards are pretty good too. Most people aim for the big bucks and tend to ignore the smaller ones. This leaves all the money for you!

You should definitely apply for the large scholarships too. I’m just saying that you should mix it up a little bit. Apply for all different amounts and you will probably get several of them. If you are going to go after the big fish, you should make sure that you match the requirements exactly and that your essay is great. Invest a little more time on the scholarships that are worth more and the ones you think you’ve got a good chance of winning. These are the awards that are really worth it.

If you are worried about the grades… don’t worry too much. There are lots of awards out there that are so specific that you may be the only one that fits the requirements. Focus on your ethnicity, your interests, your skills, and you will be able to find something. It is definitely helpful to know your heritage and where you come from because there is tons of money set aside for those who have a diverse background. If you are a young white male, then you will have to either get creative with your skills or really focus on the academics because there are no awards specifically for you. I know this because I searched… long and hard! There is always a scholarship that will fit you. All you’ve got to do is spend the time finding them.

Balancing School with Life

This is for all of you workaholics out there, because life is not all about work! We humans need a little thing called rest if we want to keep our sanity and stay productive. I know a few people, myself included, who for a few years of their academic life went off the deep end. All assignments had to be perfect! All readings had to be completed! It was a little ridiculous (not to mention stressful). Sooner or later perfection is going to take up all of our time. School is not meant to be the end goal, it is supposed to be the beginning; a means to an end.

I hope you don’t take this the wrong way and drop all your books and fly to Mexico. That is not what I’m saying at all! What I want you to do is spend a reasonable amount of time on your studies, a reasonable amount of time on your job, and take the rest of the time and rest! Here are a few things that I think are beneficial to recharging those brain cells.

•          Spend time with your family: They should be a great source of encouragement. Most people feel very comfortable around their family and are then able to relax. They don’t have to be anyone but themselves. Family members can also be great for bouncing ideas off of. If you’re stressed about school, then ask a family member, and they will more than likely have a good answer for you. This should be a no pressure situation.
•          Spend time with friends: Friends are great for goofing off with and just plain old having fun. Try to get a group of friends together and just hang out or play a game.
•          Be active: Staying active is actually extremely beneficial for your brain. Exercise doesn’t have to be boring either. You can always get your friends together for a game of basketball or soccer.
•          Take summers off: I always tried to take the summers off from school. These extended breaks allow you to travel and simply take your mind off things. I’ve found that these times allow for multiple perspectives on school. It’s super refreshing!
•          Sleep: This is the first thing that goes when we get too busy. But sleep is vital to our brain functions and a lack of it can mess up our day. Take it from a guy who has tried to start the day on less than three or four hours of sleep (on multiple occasions). It is not pretty.

Most of this stuff is pretty simple, and there are probably a million other things you can do to balance work with life. I think that spending quality time with people after a good night’s sleep is a good place to start.

Inexpensive College Textbooks

As most college students and even some teachers will tell you, textbooks are extremely overpriced. The most expensive books seem to be the hard sciences (physics, biology, chemistry) and math books. Publishing companies need to create new material so as to maintain their profit margins. Now you know why there are twenty editions of your math book. If your campus bookstore is anything like mine, they will sell the most current edition of the book you’re going to need. Some teachers are considerate, and let you purchase an older edition, but this is somewhat rare. You can also buy a used textbook from your college, but they don't always have these available, and they aren't as cheap as they could be. This may be a nice little discount, but you might get lost when readings are assigned, because when editions change the page numbers do as well. Wouldn’t it be nice if you could get the current edition AND still save a wad of cash?

What you can do instead of visiting the bookstore, is find out what books are required ahead of time. They may be listed on your class homepage, or you may have to email your professor. Either way, just figure out what books you will need. Then log on to the World Wide Web (which you obviously already know how to do) and find your books! Here are the places I like to look.

1.  Craigslist - Craigslist is a little hit or miss. Sometimes you find amazing deals, but often your search will turn up empty. This is because you are only searching locally and shipping is not involved. I always check here first because the books are usually the cheapest if they are there at all.
2.  Amazon - Amazon is where I have purchased almost all of my books. They have always got the book you’re looking for and it’s usually cheaper than Ebay or Overstock. It’s easy to find books because people are selling them all across the country.
3. Ebay - I have purchased several books from Ebay, simply because they were cheaper than Amazon. It’s always good to compare prices.
4. Overstock - I have actually never purchased a book from Overstock, because they are consistently more expensive. However, I like to check it out every once in a while, because I could be wrong.

The beauty of this strategy is that at the end of the term you can take these books back to your bookstore and sell them there! On rare occasions I have even turned a profit! I sold a book back for more than what I bought it for on Amazon! One thing you need to watch out for if you want to sell your books back is that you need to buy the exact same edition that the store was selling at the beginning of the term. It is really tempting to buy the international edition of a book from some other country, but you need to know that your school will not buy it back from you. If you are scared of buying the wrong book, all you have to do is search for the book’s ISBN (International Standard Book Number). Type the number in your search bar and you’ll be golden!

You might be thinking, “Tomorrow is my first day of class! I don’t have time to wait for shipping!” I’ve been in this situation before, and what you can do is buy the books at your bookstore and then return them when the ones from Amazon, Ebay, or wherever arrive. Make sure you check the return policy. I was always given two weeks to return the books.

Purchasing my books online has saved me hundreds of dollars and usually gets me the books at half price. It is something that everyone can do, and is super easy.

A Couple Tips on Perseverance

Guess what! College can be tough, whether you are working on the side or not. Stressful? Absolutely! Time consuming? You know it! So here is a little bit of a reminder to myself as much as you. In order to complete your classes successfully you need to be able to maintain a positive outlook and devote consistent time to the work.

I’ve got an intense case of senioritis right now and am plain old tired! But I’m going to keep going. Over the years I have learned to make my goal the completion of the quarter. Don’t focus on the entire four year program, since that is way too overwhelming. By focusing on one quarter at a time, you can celebrate the little victories along the way. Consider each successful quarter a mini graduation and celebrate with your friends. “It’s baby steps Bob… baby steps to the door… baby steps to the elevator.” I sure hope you’ve seen What About Bob, but if not I’m sure you get the point.

Perseverance requires that you put in the time and the effort. So I’ve got two tips for you. First, you should set aside specific times for homework throughout the week. Whether you set up a lot of small segments or a couple large chunks of time is up to you and your personal learning style. I would suggest that you find a place that is quite and free of distractions. I know a coffee shop sounds like a whole lot more fun, but most people (including myself) don’t get as much work done in there as they would in a quite environment. This doesn’t have to be somewhere as boring as the library; you can always find a nice quiet corner of the local park, as long as the weather is nice enough.

My second tip is prioritizing your work. This simply means taking the assignments that are worth the most points, due first, or will take the longest and focus on them first. Also, if you are running out of time, don’t kill yourself over the reading. If you’re stressed and hurried, you probably won’t absorb those chapters on Shakespeare anyway. You’ll get good at this prioritizing thing with practice. After a while you will notice what teachers are looking for and it will get a whole lot easier. I’ve got one teacher that covers everything so thoroughly in his lecture notes that I don’t even bother with the text book reading.

These tips should help you in the successful completion of each individual quarter. Now take it one step at a time, and don’t stress, because you can do it!

Fun on a Dime - Movie Night

It doesn’t take a creative genius to come up with this idea, but I thought I may as well point out the obvious and make sure you are doing it as inexpensively as possible. So some people go ALL OUT on their movie nights with a bazillion types of chips, cookies, sodas, and alcoholic beverages. For one thing, cut out the alcohol. It’s most likely your biggest expense and besides, it’ll just put everybody to sleep anyway. Then how will you get them out of your house at the end of the night?

But anyway, instead of putting out a huge spread for all your friends, just go potluck style and tell them each to bring something. They don’t even have to buy anything expensive. Baking is super cheap and is always better than month old cookies from Safeway. One other way to cut cost is with the movie itself. If you want to rent a new movie, I would recommend hooking a computer up to the TV and running something off of Netflix, but if that’s unavailable, then head to your nearest Redbox or Blockbuster Express (aka the blue Redbox).  Going this route, I’m sure that no one would spend much more than a buck! That’s a pretty good value for food, friends, and a film! 

Don't Take My Word For It

Dave Ramsey has got some great words of advice for incoming college students and even graduating students. He has been offering advice on personal finance for over twenty years, and has got some good insight into the world of money. His life has been filled with financial ups and downs, so he’s learned a lot over the years. 


Something that I particularly like about what he said is that we simply don’t have to go into debt to finish college. It is a strange mindset to have, but many people automatically assume that they need to take out a loan in order to graduate from college. It’s not true as long as you work through your education. Americans needs to get out of this debtor mentality and live within their means. You should probably wait for that paycheck before getting that sweet ride. However, I have heard that in recent years (probably due to the recession) Americans have actually begun to save at a positive rate. Before just a couple years ago the US had a negative savings rate! This really upset me, but I can't say that I was very surprised when I heard the news. But anyway, it seems like people have been learning from their mistakes... maybe after they listened to Dave Ramsey.

Free Money? I Think So!

There are basically two different kinds of free money out in the college world. First, you’ve got government grants and second, there are tons of scholarships. You should apply for both! You’re not going to get anything unless you ask right? Knock and the door will be opened to you.

Grants

These can be accessed by filling out your Free Application for Federal Student Aid or FAFSA for short. This can be found at http://www.fafsa.ed.gov/#. You can start this application process on January 1^st for the following school year (starting in fall). From what I’ve heard, it is best to apply as soon as possible so that you are sure to get a cut of the funds. If you wait too long it is possible that all the funds will already have been disbursed to other students.

The students most likely to be awarded some sort of grant are the ones who are in some sort of financial need. So if you aren’t making a lot of money, don’t have much saved, and you’re parents don’t make a lot, and then the government will probably give you money. It also depends on how much you will be spending at school, but I was able to collect while going to an extremely inexpensive community college. The Pell Grant is a pretty common one that is easy to get.

Scholarships

There is a lot of information regarding scholarships, so I will start with a little bit (so as not to overwhelm you) and then submit more posts later on.

The first thing you should know is that scholarships are extremely specific. They are looking for a specific type of person, and if you fit it exactly then you’ve got a very good chance of taking home the bacon! There are scholarships relating to your height, your nationality, your athletic ability, and even if you are left-handed! There are actually a lot of athletic scholarships. Finally, there is a reward for the incredible lack of left-handed desks in school. But anyway, I’m sure you get the picture. Apply for scholarships that match you. Your school most likely has a list of scholarships that you can find on their website.

You will probably be asked to submit some kind of essay to accompany your application. This may seem daunting, but most are very short. I’m sure you can hammer out three paragraphs right? Just incorporate a little thought and authenticity into your writing. Whoever is going to read the essay (the sponsor) needs to know that you are a serious student who has positive values and may be sympathetic to their cause in the future. Most of these sponsors want to see that their money is going to someone who will do well. I’ve noticed that being “real” and down-to-earth is a very good approach. Tell them stories about yourself.

One question to ask yourself is, “How many people are applying for this scholarship?” If you suspect it’s a lot, then I wouldn’t put too much stock in winning something like that. I know that Coca Cola has a nationwide scholarship that doesn’t have a lot of restrictions. It’s also got a pretty big payout, which basically equates to a large turnout. So be realistic. Do you think you can write an essay that will rise above thousands of others? If you can, then go for it! I applaud your skill and enthusiasm. For the rest of us, try to find more specific awards. They might pay less, but you can always apply for multiple scholarships. Don’t put all your eggs in one basket.

Fun on a Dime... Or Less!

I’ve decided to start a weekly segment which is going to be all about the awesome time you can have… without spending all your hard earned cash! I know it’s tough to keep the bank account full when there are so many entertainment options that cost and arm and a leg.

This is a game that I played last week and is hilarious!

Step 1: Get a bunch of friends together! It is best when there are more than four or five people.

Step 2: Next, give everyone a stack of blank paper sheets. There needs to be the same amount of sheets as there are people playing the game. Then everyone must sit in a circle.

Step 3: The third step is where the fun begins. Everyone comes up with a phrase of some sort which they write down on the top sheet of paper. I wrote, “Time flies when you’re having fun.” But you can write anything you want. It could make sense or it could be totally off the wall. Do whatever you want.

Step 4: After you’ve written the phrase, pass your stack of papers to the left (with the phrase on the top sheet). Then the next person will place the phrase on the bottom of the stack and try to draw a picture representing what you wrote! This is where it gets crazy! The papers keep going around the circle of friends so that the phrases get interpreted as pictures and the pictures get interpreted as phrases.

Step 5: After all the sheets of paper have been used up and the stack that you started with has made it back to you, it is time to share what happened along the line. My phrase ended with a picture of a confused man staring at two fish swimming in a fish tank…

This is a great way to break the ice at a party or just get to know how your friends think. Basically it’s just another way of playing telephone. Only it’s way more fun! 

Failure to Launch

OK so this post will probably get me into some steamy, scalding, hot water with a lot of you. I know you’ve probably been dreaming about getting that high school diploma and hitting the road! You want to get out there and experience “real life”. But wait! Hit the brakes. Is that such a good idea? Do you know how expensive the dorm life really is? Not to mention how distracting it can be. Don’t be surprised if your total bill doubles with the addition of living expenses. Living at college ain’t cheap I tell you.

As long as you have got a fairly good relationship with your parents then I would recommend that you seriously consider staying at home. Since my parents could not offer me any money for college they encouraged me to stick around and cut my expenses in half. I took their advise, and I am now about to graduate with money in the bank. Parents generally know what they are talking about. We’ve just got the idea that somehow we know better. So if your parents are cool with you sticking around, you should jump at the chance (especially if it comes with no rent and free food).

If you are serious about college and not going simply for the parties, then staying at home is another great opportunity. Picture this. It is late on Sunday night, and you are scrambling to finish that ten page research paper that is due at 9:00 the next morning. Sure you should have done it sooner but Friday and Saturday were just too awesome to waste on a paper. You’ve got six pages (double spaced of course), and you are on a roll. Then you hear a flock of classmates come crashing into the dorm next door and start blaring America’s Top 40. Well that’s it! Concentration is shot!  It takes so much more dedication and commitment to succeed when there are parties and friends trying to pull you away. How much easier would it be to work in the comfort of your own home?


Success is extremely profitable, even in school. I’ll talk about good grades and scholarships at a later time.

Get a Job

This may seem very basic, but many students choose to devote all their attention to their studies. Commitment to school like this is by no means a bad thing, it’s just expensive. If you want to avoid loans, then a job is your only option unless you’ve already got the money for college.


Start with a small, part time gig where you work 15-25 hours a week. Don’t go overboard and get a full time job. That will only get you burnt out. College students have traditionally gotten jobs working at coffee shops, restaurants, and other service industries, but you might also look into being a lifeguard, courier, or even a teacher/tutor of some sort. If you’ve got a skill that you could teach others to do (music/math/computer lessons), I would suggest you do it since it will probably make you more money per hour than a service job. On the flip side, this might be more complicated because you’d be working for yourself rather than an established company.


What’s nice about working for a big company is that they will guarantee a certain amount of hours. There is no uncertainty about how much money you will make. Also, they might give you money simply because you are a student! Pretty sweet huh?! I know that companies like Starbucks, Office Depot, and UPS offer tuition assistance to part time employees. You’ll have to do some research on other benefits that these companies can provide, but I know that a lot of them offer some pretty good stuff.


So there are a lot of different options available to you when it comes to making money. It just depends on what you know how to do and what you like to do. It also depends on your personality. Are you the type of person that likes a little risk or would you prefer a safe/dependable job? Do you want to strike out on your own, or do you like the idea of jumping in where someone else has started? Whatever you choose to do, make sure you are getting some sort of consistent income. The bills pile up quick.

Private vs Public

There is a huge price range when it comes to considering college! You’ve got your basic two year community colleges all the way up to Harvard, Stanford, and Oxford (here’s a little tip… if anything ends in –ord then you know its pricey). Any private school is going to be extremely expensive because they are not funded by taxes. I paid well under $10,000 per year while attending community college and state school. On the other hand private schools can cost upwards of $50,000 per year. Now that may seem reasonable if you expect to graduate with a law degree or become a surgeon, but most people don’t end up with careers that pay in the hundreds of thousands. If you are a driven, ambitious individual who know exactly what you want, then maybe you should consider going to a top private school. In my experience I’ve noticed that most people don’t know exactly what they want to do and end up changing majors at least once.


Going to a private college does look good on a resume, but finding a job that will pay off all the debt is the hard part. You’ve got to hope that when you emerge from the classroom that the economy is good and your field is in demand. One of the worst things that could happen is for the interest to start piling up and you sink deeper and deeper in debt. This can most certainly happen to anyone and usually ends in bankruptcy, which is good for no one at all.

A state school is much more manageable and affordable. It is reasonable to work a part time job in order to fund your time at college with the help of grants/scholarships. This does not put on the pressure of completing a degree that you find does not fit you. It allows for a little flexibility, just in case you want to change majors and take another year for school. You won’t be fifty grand further in debt. 

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Orientation Day

This blog has been created to give college students or future college students a leg up on their financial situation as they plan for the next four years of their life. It’s here to tell you that there is a way to get through it without debt! So I bet you’re thinking, “Yeah right! A college education is expensive”… and I’ve got news for you. That is absolutely true. But, there are ways that you can fund your bills, cut your costs, and get good grades in the process. Stay with me and I’ll share my experiences in college and how I got through free of debt. I’ll go over everything from how to get scholarships, housing situations, part time work, government grants, grades, and even having fun on a budget.


I’m not going to give advice about something that I don’t know anything about, so obviously I’ll talk about what I’ve learned through my own college experiences. I’m here more to tell you how to avoid resorting to student loans, than to guide you through the payment of those loans. This is because I never had to take out a loan to graduate.

In all fairness, I have not graduated yet, as I’m still working toward my bachelor’s. That being said, all I have left is twelve credits and then its graduation baby! So unless some catastrophic disaster occurs within the next three months, I will emerge debt free with a bachelor’s degree. So I’ll share what has worked for me and what has been difficult with regard to my finances.