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9 Smart Financial Gifts to Give New Grads Besides Cash

Mikey Rox — Tue, 22 May 2018 08:30:42 +0000

Do new grads want cash? Yes — all day long. But you and I both know what new grads will do with it. Instead of setting them up for failure by handing over a hot wad of Benjis that'll burn holes in their pockets, steer them toward success with these financially valuable, money-inspired gifts.

1. Skill-based classes

I knew the basics of cooking and cleaning when I graduated college (I could scrub a toilet and do my own laundry, at least), but there were plenty of skills I lacked — like home improvements, vehicle maintenance, and, yes, money management. And while I had people around to help with many of those inconveniences, I was still kind of a disaster for the first few — OK, six — years on my own.

If someone had gifted me a help-yourself class or two, however, not only would I have been better prepared to enter the "real world" more confidently, but I could have capitalized on those skills to earn side income (because that's the real thing I'm great at). That would have come in handy when I was eating pizza bagels for every meal.

2. Starter emergency fund

New grads won't have the kind of emergencies that older adults do, but even the smallest crisis can turn into a major financial burden for someone just starting out. Lend a helping hand by setting up an emergency fund in their name at your bank (not theirs) so they're unlikely to drain it for early-20s nonsense.

Put aside $500 to $1,000 to start and add money as you see fit, or let the grad know that they can transfer money into the account when they have a little extra to spare. Their own contributions will provide even more padding when the going gets tough. (See also: 7 Easy Ways to Build an Emergency Fund From $0)

3. Website domain

Most college grads — heck, even high-schoolers — are tech savvy, but they may not have thought to secure their name as an internet domain for future use. I love this idea because while it's not a tangible gift, it is a gift that can spark inspiration. If someone handed me a website domain and told me to run with it, I'd at least ponder the possibilities, and that's all some people need to go full steam ahead. (See also: 8 Surprising Ways a Personal Website Can Improve Your Life)

4. Loyalty points

If you've racked up loyalty points and want to save money on grad gifts, look into gifting these transferable rewards.

"Loyalty points are a great money gift to give new grads instead of cash," says U.S. Travel Association spokesperson Laura Holmberg. "Loyalty points allow them to cash in for unique travel experiences at the time and destination of their choice — maybe for a post-grad getaway, or to put toward that first vacation once they're in the 'real world.'"

5. Big-idea books

New grads might not want to crack open a book right away, but gifting self-help books that lie in waiting until they're ready will be worth every penny once they pick them up and implement the actionable advice.

Some of my favorites include author-entrepreneur David Pike's The New Startup and The Startup Playbook by Rajat Bhargava and Will Herman (both are perfect for grads trying to figure out what they want to do with their work life), as well as David Carlson's Hustle Away Debt (because there will be a lot of debt to hustle away). (See also: The 8 Classic Personal Finance Books You Must Read)

6. Gift cards for life's necessities

Gift cards are a safe and popular gift to give, but when buying for new grads, think practical instead of frivolous. They might not appreciate $50 to a supermarket in the moment, but there will come a time they'll recognize that gift card as perhaps the most thoughtful and useful of the bunch. Other sensible gift card ideas include cards for gas, a new interview suit, work supplies, and home essentials.

7. Student loan payment

Many college grads start life with student debt looming over their heads, and you can help alleviate that burden somewhat by providing a few initial payments as a gift.

"Sit down with them and go through the process of helping them make a payment toward their student loans or contribute installments to their budget to help them on a monthly basis for a few months after they graduate," suggests Alayna Pehrson, financial blogger for BestCompany.com. "Overall, student loans can feel like a major weight to many fresh college graduates, so this gift could really go a long way for your grad." (See also: 15 Ways to Pay Back Student Loans Faster)

8. Investment starter capital

Broke college graduates don't think much about making investments right out of school when they're peering down a dark tunnel of 10 to 20 years of student loan payments. As such, this is a great opportunity for you to take the lead where investing is concerned.

"You can do this by giving them money to invest and starting them out with a well-known investing app like Acorns," Pehrson says. "Again, going through it with them step-by-step can ensure that they actually invest that money."

Take some time to explain how investing works, too. It's scary for a lot of people, but knowing what to do, why, and when will help new grads wrap their head around why it's important to keep this option open as a lifelong financial tactic.

9. Roth IRA

Retirement is the farthest thing from a new grad's mind, but you and I both know the earlier you start saving for that glorious day, the better. And in terms of the ROI, a Roth IRA is near the top of the list of best grad gifts.

Consider this: A max contribution of $5,500 in the starter account you set up for the grad at age 21 will mature to a staggering $71,000 by age 65, assuming 6 percent interest — and that's with no further contributions. Given that 13 percent of Americans have $0 saved for retirement, according to a 2018 GOBankingRates survey, your generous gift puts them well ahead of the curve before life even begins. (See also: 6 Reasons Every Millennial Needs a Roth IRA)

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This article is from Mikey Rox of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

How to Set Career Goals When You Lack Direction

Carrie Kirby — Mon, 09 Apr 2018 08:30:14 +0000

You're long past the age where people ask you what you want to be when you grow up — but you're still trying to figure out what you want to be when you grow up. Maybe you're in a dead-end job, or maybe you're out of work. You know that you need to make some positive moves, but you just can't figure out what you want in a career.

It's time to block out some time in your calendar to sit down with yourself and make a plan. Here are some things that can help point you in the right direction of your perfect career.

Mark the day when you will quit your job on the calendar

You're about to embark on a journey of self-exploration, and just like a vacation, this journey will have a hard end date. A deadline gives you the urgency you need to figure this all out. Don't feel guilty when you come to work each day knowing that this job has a set ending point. Remember that company loyalty is rarely reciprocated; if it didn't need you anymore, the company would most likely discard you at the drop of a hat.

Don't worry about how long you've been on the job. If you have financial reasons to stay, such as union seniority or a pension vesting, certainly take those into consideration. But do not let yourself be stuck in place out of a feeling of obligation. (See also: 6 Reasons It's Never Too Late for a Career Change)

Look for self-improvement opportunities at work

Before you leave your current job, explore every benefit your employer offers. If they pay for education, take a class. If they allow telecommuting, set up a day a week that you work from home to arrange your work schedule around job interviews if the need arises. If they have a mentorship program, sign up. Take advantage of every resource at your disposal while you still have them. Don't feel guilty about using these resources when you're planning to leave. Of course, you also shouldn't be slacking off or searching for a new job while on company time, either.

Reach out to your network

At work, in your neighborhood, or among college or high school alumni, ask everyone you know and trust about their workplace and their job. What do they love about it? What kind of staff can they never find enough of? What could they imagine you doing there? Can they give you a tour of their workplace?

After college, my husband didn't know what he wanted to do with his art degree. But he met some friends who had a startup video game company, and he started visiting this company after his regular job, offering some of his skills for free and just hanging out. Once he realized how much he liked the work, he ended up pursuing a career as a game artist.

When you ask friends and family for career advice, accept that you will get plenty of unrealistic suggestions. These people may not have researched the jobs they're suggesting, so they might not know, for example, how long it takes to start making money as a hair stylist or how long you have to study to become a veterinarian. Pass up the fluff and push people to share their firsthand knowledge about their own jobs and workplaces.

Assess yourself

Take a career aptitude test. It can help you identify what your skills and preferences are and make suggestions on what careers might be within your skill set. You may even learn about a career you didn't know existed.

Try volunteering

For obvious reasons, a volunteer job is a lot easier to get than a paid job, and the commitment tends to be low. So it can be a good opportunity to try out new roles and to uncover passions you didn't know you had. Through volunteering during the cookie sale with my daughters' Girl Scout troops, for example, I learned that I love inventory management, a career path that I never would have imagined for myself.

Find out if your company offers paid volunteer time during the weekday, or carve out some evening or weekend time for volunteer jobs. (See also: 7 College Courses That Will Boost Your Career)

Make a list of what you're passionate about

If you've already tried the first few steps on this list, you've had the opportunity to explore your interests. Now have a meeting with yourself where you list those things. Rank them. You only have one life. Is it most important to you that you spend it in a career that helps children, or is it more important that you get to use your organizational skills? Once you have a short, well-edited list, post it in a place that forces you to look at it every day.

Look for opportunities to pursue your passions in your current job

Once I had a relatively boring copy editing job, but I really wanted to write. I let this desire be known in my company. I brought it up in performance reviews, and I posted a freelance article I'd published on my cubicle wall. After a few months, when a manager needed someone to write something for the company's internal website, she called upon me. It wasn't the journalistic writing I later progressed to, but it was writing, and the task helped push me to look for a real journalism job, which I soon found. (See also: 12 Ways to Rekindle Passion for Your Job)

Remember that you're more than your job

Look beyond your current job description when you assess what you have to offer. Consider every positive goal and outcome you've contributed to at work, and how you helped achieve them. Keep those successes in mind — whether or not they're part of your official job title — when assessing what abilities you could bring to your next job.

Go back to school

Before you've identified your new career goal, taking a class can help you explore your interests and skills. After you've identified a career goal, taking a class can help you get there. It could be a whole new degree, but it could also be a certification in a software program, a public speaking class, or a professional training program. (See also: 7 College Courses That Will Boost Your Career)

Lay the groundwork for change

Figuring out your passions and how to use them may take time. During that time, work to prepare your landing pad for the leap you will eventually take. Set aside some money each week for an emergency fund, in case you end up quitting your job before you find a new one. Deal with any personal situation that is taking up too much of your time and energy, whether it's an unhealthy relationship or a nagging health problem.

At the same time, don't fall into the trap of believing that conditions must be perfect before you can make your move. Remember that date on the calendar? Work every day toward being prepared when that date comes, but don't push Quitting Day back just because you don't have every single duck in a row.

Invest in yourself

Spend 3 percent of your income on professional development. Attend professional conferences even if your company won't pay for your plane ticket. Read career books. Treat potential mentors to lunch or coffee. Take courses, as mentioned above. All of these activities can help you find or hone those career goals and get you closer to reaching them. (See also: Here's How Spending 3% On You Will Advance Your Career)

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This article is from Carrie Kirby of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

How to Earn $1,000 a Month or More as an Online Tutor

Kat Tretina — Mon, 19 Jun 2017 08:00:12 +0000

If you're on a tight budget, want to accelerate debt repayment, or need extra money to save for an emergency fund, a side gig can be a smart way to boost your income.

One of the most lucrative side gigs is tutoring. Whether you work well with children or prefer helping college students, you can earn up to $1,000 a month tutoring just a few hours a week. And there are many sites out there that eliminate the work of finding clients and marketing yourself; they connect you directly with customers and handle the administrative work.

Below are five online tutoring companies that allow you to earn money on your own schedule.

1. Chegg

Chegg connects students with tutors in a range of subjects, including science and mathematics. Unlike some tutoring sites, Chegg works with students from middle school through college. Rates start at $20 an hour, and top tutors can make as much as $1,000 a month.

You can tutor whenever you want, depending on your availability; Chegg offers tutoring 24/7. Chegg pays weekly, so it's great for someone who needs extra money quickly. And you can earn more by tutoring high-demand subjects, such as calculus or computer science.

To apply, you need to create an account with your email or Facebook login. Chegg will prompt you to enter your information, areas of expertise, and qualifications. You'll receive a decision from the company within a few days.

2. StudyPool

StudyPool offers tutoring sessions in over 30 subjects. Online tutors can set their own deadlines and prices. According to the company, some of the top-earning tutors can make salaries well into the six-figures.

Unlike other platforms, StudyPool allows students to pose questions to tutors, and a price is set for each question. For example, a student could post a question about a physics problem and offer $7 for help. You can choose as many or as few questions as you'd like to answer.

3. Tutor.com

Tutor.com connects you with students of all ages for tutoring sessions in a range of subjects, including accounting, economics, and college essay writing. According to Glassdoor, Tutor.com contractors report making approximately $11 an hour, but some subjects pay even more.

To be eligible, you must be a citizen of either the United States or Canada. Tutor.com can be a great source of income for college and graduate school students. While other companies require you to have a degree to accept clients, Tutor.com just asks that you be at least a college sophomore.

Sessions are available day and night, seven days a week, so you can work on your own schedule. However, unlike some other sites, Tutor.com does require you to commit to at least five hours a week.

4. VIPKid

VIPKid specializes in connecting Chinese students with English language instructors. The children you work with are between the ages of four and 12. All sessions are one-on-one with an individual child via webcam.

With VIPKid, there's no need to spend hours planning classes and materials; VIPKid provides class materials for you. You just need to review the curriculum before each class. The pay rate can be as high as $22 an hour, with incentive bonuses for student performance and number of classes you complete.

To be eligible to become a VIPKid tutor, you must have at least a bachelor's degree. You can submit your resume and application online. If the company selects you to proceed, you will undergo an interview, a class demonstration, and a mock session. If you pass these steps, VIPKid will have you sign a six-month contract and you can begin teaching.

5. Wyzant

Wyzant allows tutors to set their own rates, which can give you more flexibility and earning potential. In fact, some Wyzant tutors turn it into a full-time job and earn over $50,000 a year.

Wyzant caters to a broad range of customers, from high school students who need help preparing for the SATs to college students who need to be coached in physics or engineering. You can set your own hours and take on as many or as few clients as you like. While you can tutor online with Wyzant, you can also offer in-person sessions for an additional fee for local customers.

To become a Wyzant tutor, you must complete a profile and take a subject proficiency exam in your desired area of study. You can only tutor in subjects if you pass the exam.

Bottom line

Working as an online tutor can be a lucrative side gig that accommodates the other demands on your schedule. You can make extra money using just a few spare hours to accelerate debt repayment or build up your savings.

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This article is from Kat Tretina of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

9 Gifts That Won't Become Clutter

Max Wong — Mon, 19 Dec 2016 11:30:07 +0000

Do you come from a family of minimalists? Do you live under the stairs like Harry Potter? Do you simply want less stuff in your home? Your friends and family may feel the same way. Here's a handy list of gifts that won't gather dust.

1. Anything on the Wish List

People spend a lot of time and thought assembling their gift lists. Respect that. A study by researchers at Southern Methodist University and the University of Texas at Austin found that when buying wedding gifts, the people closest to the bride and groom are the most likely to buy gifts off the registry in order to express their close relationship with the recipients. The same study also shows that gift recipients are less happy with unique gifts than if they had just received something from their registry. Why would you ever want to make anyone less happy?

If you're one of these people trying to cut down on the clutter, lead by example and set up a gift registry for yourself. By sharing your wish list, you not only limit what comes into your house, but it makes it easy to casually ask what everyone in your life really wants.

Years ago, when I was setting up my first apartment, I registered myself for wedding gifts at Williams-Sonoma. Back in the days before the Internet, no one used gift registries for single people. They just didn't exist. I had to use the wedding registry form at the store to create my apartment wish list. When I told my friends and family, most of them were mortified. A gift registry for a single girl? How unseemly! However, it was the first year that I got everything that I wanted for the holidays and my birthday. Moral of the story: Ignore the negsters and stick to your guns about your registry.

2. Cash Money

Don't ask me how I know this, but gift cards are easy to lose in a messy house. I've lost conservatively a bazillion dollars in gift card and store credit value in my life. I have yet to lose one single paper currency gift.

3. A Night (or Day) Out

I can count on one hand the number of people I know who aren't completely overworked. While most people can't afford to give even themselves a needed vacation, a great night out can be just the break that people need to recharge.

I love to take my friends out to lunch for their birthdays. Because many of my friends have super busy schedules, it's a great excuse to spend quality time with people I care about.

I have friends who share their season tickets as their go-to gift. My friend Ellen buys two season tickets to the Hollywood Bowl each year. She then sends out the concert schedule to all of her friends so they can choose which show they want to see as her guest. My friend Ryan does the same thing with his season tickets to the Dodgers. My friend Andrew takes his friends and family to the Huntington Gardens for tours, museum events, and an occasional high tea. Sharing season tickets involves a lot of scheduling, but it's a gift that you get to enjoy with the recipients. As a bonus, this gift also benefits the organizations that you care about.

A memorable day out doesn't have to be costly. Attend a free concert or set up a hiking date.

4. Digital Subscriptions

Digital subscriptions to magazines and entertainment companies like Audible, Steam, and Netflix are great gifts for people who live in small spaces. In addition to taking up no physical space, digital subscriptions can provide hours of entertainment throughout the year.

Looking beyond entertainment subscriptions, there are a variety of other services that run on a subscription model. Offer to pay for a year's subscription to reference sites like imdbPro or for digital tools like Adobe Photoshop.

I just received a 23andMe DNA testing kit in the mail. It was sent anonymously, with the message "Happy Birthday" noted on the invoice. I texted my adopted sister; she is a big fan of the service. "Did you send me a DNA test?" "Hmmmmm, was it me or another mystery sister?" she texted back. We both agree that we're probably distant cousins on our Neanderthal side.

If you can't afford the cost of a gift subscription, there is an excellent, cost-free option: Curate a list of free podcasts. My best friend spends a lot of time in the car for work. She is a rabid fan of podcasts for education and entertainment. This year she asked me if I would listen along with her to Witch, Please, a fortnightly podcast about the Harry Potter universe that is hosted by two potty-mouthed college professors. We spent an entire month listening to the podcasts and then debating important topics like whether the wizards, as described in the books, wear pants under their robes, and if puberty and Voldemort are equally evil forces.

5. Give the Gift of Education

My parents believe that the two lasting gifts you can give your children are love and a good education. I think this is true. Education, like love, might not make you richer, but it will make your life more interesting.

The gift can be as large as a college scholarship or as small as a single knitting class at your local craft store. Two of my friends have asked me to teach them how to make homemade sauerkraut as their Christmas present this year.

If you take a class with someone you love, it can be a present for you, too. When my best friend and I were 13, we obsessively read every Agatha Christie mystery. We were less into the whodunit than we were the Downton Abbey-esque universe of Hercule Poirot and his friends. The transcontinental train rides, the Mah Jongg games, the constant tea drinking all seemed so glamorous. To celebrate the 20th anniversary of our friendship, we took a Mah Jongg class together, a game we still enjoy playing years later.

Don't forget about online classes. Lynda.com has 4000 different courses in business, technology, and creative skills. Audible carries Pimsleur language courses at a discount.

6. Donate to a Charity in Their Name

Donating to charity is a nice way to make friends feel remembered at the holidays and also spread the holiday cheer to people who need help. If you need help choosing a worthy cause, Charity Watch keeps a list of top-rated charities that spans a huge number of categories.

7. Make New Holiday Traditions

In 2001, to address the Christmas elephant in the room — an elephant that we can't actually see because it's hidden under a pile of half-completed craft projects and books we intend to read very soon — my hoarder family took a radical step: We stopped giving Christmas gifts to each other. Even the kids. This is the nuclear option. But for families who can make the psychological jump, a No Gifts Christmas can totally change the way you feel about the holiday…for the better.

For 15 straight years my family's No Gifts Christmas tradition has made the holiday season merrier for my relatives and me. There are countless ways to experience the spirit of the season that don't involve clutter. We have less stress and a lot more fun than when we had to shop for each other. Oh, and money. Did I mention we have a lot more money? And empty floor space. Empty floor space in my house is priceless.

8. The Gift of Time

No one loves chores. That's why they are called chores instead of hobbies. Give the gift of time by helping your friends complete their own to-do lists.

This year for my birthday my friend Señor Amor helped me hang curtains in my dining room. It was an all day ordeal. I can't imagine how long it would have taken me to do the job by myself. Every time I look at those drapes, I have a nice reminder of our friendship.

My friend Crickett and I recently discussed our mutual hatred for filing. For our holiday gift to one another, we're going to help each other organize the piles of paperwork taking up precious real estate on our desks. If we have to suffer, at least we don't have to do it alone.

9. Just Ask

Even minimalists have wish lists. If you don't mind ruining the surprise, just ask.

Don't get me wrong; surprises are great. But who prefers to be surprised by a gift she doesn't want over something she's been pining to own? You cannot deny there is a certain satisfaction to getting exactly what you want. If your soul requires that every gift contain the element of surprise, then stake out your friends' Amazon wish list, Pinterest page, or Etsy favorites. Or, just be a good listener.

My friend Todd, a professional organizer who works with hoarders, is a master at choosing clutter-free gifts. He gives me two gigantic, 36-count packages of toilet paper from Costco every year for my birthday. Back when we were in college, I had mentioned to him that never having to buy toilet paper would be weirdly luxurious.

Now, I don't remember saying this, but I do hate spending money on boring things like cleaning supplies. And, even if I never said it, can I tell you? Never buying your own toilet paper is luxurious.

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This article is from Max Wong of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

9 Freshman Shopping Tips to Cut College Costs

Mikey Rox — Thu, 18 Aug 2016 10:30:07 +0000

Strapped for cash as a freshman? If not now, you will be soon. That goes double for your parents, who are likely footing a portion of the bill — from tuition to room and board to all the living essentials you'll need when you move into the dorm. To make the transition from high school to college just a little easier on the wallet for both you and your obligatory benefactors, here are a few ways to cut costs as you head into the first year of university.

1. Don't Buy What You Already Own

At the beginning of every school year, students get a list of suggested (and some mandatory) supplies that they'll need for the year. The good news for you is that you've been in school for 12 years now, and you probably already have more than a few things on the freshman list. That means you don't need to spring for new items if the ones you already own are in good condition.

"The extensive list of recommended dorm room essentials will make your head spin and your wallet disappear," money-saving expert Andrea Woroch quips. "While some suggested items like 'bedding to fit an extra long twin mattress' are necessities, items like towels, hangers, and pillows can likely be packed from home."

Also, use common sense and identify items you can cross off the list indefinitely, like a drying rack for laundry (you can hang your clothes around the room) and any stand-alone device that's also in your phone: alarm clock, camera, calculator, MP3, etc.

2. Split Big-Ticket Costs With Your Roommate(s)

If you want a few conveniences of home in your dorm room — like a fridge or microwave — considering going halfsies with your roommate(s). Contact your roommates ahead of time to discuss those big-ticket purchases that will be shared among everyone, and how to effectively split the cost. Consider downloading a bill-splitting app to simplify this process. (See also: 5 Modern Ways to Split the Bill)

3. Stock Up on Penny Deals

"When it comes to basic school supplies like pens, notebooks, folders, and sticky notes, it's best to search for penny deals offered during the back-to-school shopping rush and watch for rotating discounts every week," Woroch suggests.

I've seen these types of deals at several popular retailers lately, including Target, Wal-Mart, and Staples, though they're not limited to these stores. Hit them at the right time and you'll walk away with much of what you'll need for classes — pens, pencils, notebooks, and more — for just few bucks. You also can access circulars online or via the Flipp app for quick comparison.

4. Treat Your Old Wardrobe Like It's Brand-new

Everybody loves to go back-to-school clothing shopping. Heck, I'm 35-years-old and I still use this time of year as an excuse to freshen up my wardrobe. If you're on a tight budget, however, consider that your existing wardrobe will be brand-new to everyone at college since nobody has ever seen you before. If you must add a few new pieces to your closet, shop end-of-season sales, clearance sections, or pop into a few secondhand shops (some of which can be found online today).

5. Eat Where It's Free or Discounted

When I was in college, my friends and I had a propensity for buying late-night pizza or bingeing on junk food in our rooms all hours of the day. The problem with this strategy (besides its quick contribution to your Freshman 15) is that it costs a lot of money.

To trim some of this expense, eat most of your meals in your cafeteria and take small items back to your room for later, like fruit, bagels, chips, or fixings for peanut butter and jelly sandwiches. Or, if you're super stealthy, bring an empty food storage container and confiscate heartier meals, like chicken fingers, salads, and your other favorites to scarf down when the cafeteria is closed. If you do plan to go out to eat, identify nights that are easy on your wallet, including half-price apps at happy hour, student nights, and special dish night, like 25-cent wing night or the like.

6. Rent Your Textbooks Instead of Buying Them

Before you buy your textbooks outright, I want you to ask yourself one question: What will you do with that book when the course is over? Your answer is nothing — except sell it back for a mere fraction of the price you originally paid. And that's if you can even sell it back at all. Publishers are really great at "updating" textbooks and discontinuing previous editions so that the school can require you to purchase the latest version. Because what're you going to do, drop out of school? Uh huh — they've got you right where they want you.

Alas, two can play that game. Woroch explains.

"It's no surprise that textbooks represent the biggest line item in your college budget," she says. "The National Association of College Stores (NACS) estimates the average student spends $655 on these study essentials every year. To save big bucks, skip the overpriced campus store and head straight to an online textbook rental site such as Chegg and Campus Book Rentals to save over 70%. To ensure you're not slapped with any fees at the end of the semester, keep the book in pristine condition and avoiding highlighting or marking up the margins."

7. Go Grocery Shopping in Groups

Need to stock up on groceries? Get a group together — which is especially helpful for those who don't have vehicles on campus — and charge a couple bucks per person for gas. At the store, buy the things you'd like for yourself, but go in equally for items that may be shared by the group, like cereal, coffee, chips, and ramen.

8. Use Your Student ID Everywhere You Go

One of the best parts of being a student is using the student discount wherever it's available. I kept my student ID for years after college, and that granted me savings on clothing, movies, food, electronics, and more for years well past its prime. Of course, you should take advantage of it while you're in college, too. As a general rule of thumb, before you purchase anything anywhere, ask if they offer a student discount. Many establishments do, and that simple question will keep more money in your pocket.

9. Search for Open Box or Refurbished Electronics

In a recent survey, the National Retail Federation found that many colleges and universities require incoming and current students to bring their own computers, so a new laptop is likely on the top of your shopping needs. Instead of investing in the newest and most expensive model, search for open box or refurbished options. Best Buy typically has open box items set up on their salesroom floor, while online vendors such as Newegg have webpages dedicated to these lower-priced options with discounts on open box laptops ranging from 10% to 40%. Apple also offers refurbished MacBooks and iPads, so always check these options before you buy.

Are you heading into your freshman year of college, or have a kid who's starting their freshman year? How are you saving on supplies and other essentials? I'd love to hear from you in the comments below.

This article is from Mikey Rox of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

8 Money-Saving Hacks Every College Student Should Try

Ashley Eneriz — Mon, 15 Aug 2016 09:30:24 +0000

Don't let the costs of college loom over your head. Use these seven financial hacks to cruise through college and save thousands off your overall experience.

1. Rent Your Textbook Through Amazon

No need to buy every textbook, especially with Amazon's rental textbook program. My sister rents all of her textbooks through Amazon and saves $50–$100 off each book. For example, she rented Multicultural Education in a Pluralistic Society (9th Edition) for a recent class for $37.45. The new price of the book is $138.47 and the used price is $67.48. Amazon Prime covered shipping costs.

2. Research Book Costs Before Enrolling

When you first start taking college classes, you will have more flexibility over which classes you can choose, especially when you need to fulfill the GE requirement of your degree. Choose your class based on textbook and material fee cost, if possible. I signed up for a psychology class in my freshman year, but the textbook was written by the teacher and would cost $190. Since there was not a way find the book used, I dropped the class within the acceptable time period and took another class that fulfilled the requirement and had $20–$30 in book costs.

Often you can borrow the textbook from the university library. At my school, the recent edition textbooks were only lent out for in-library use for an hour, but that was usually enough time to finish my work.

3. Piggyback Your Degree With Community College Courses

I graduated debt-free, and one of the major things that helped me do that was the abundance of community college courses I was able to take. My university allowed 70 community college transfer units. With the help of online classes, I was able to enroll in two local community colleges that increased the type of classes that I could transfer to my degree.

I simply looked up agreements between my university and my two local community colleges and took as many classes as possible. One semester, I was enrolled and taking classes at three colleges at once. This also allowed me to take more than 18 units, which allowed me to finish my degree in three years, instead of four. All of this saved me five semesters at my university, which means I saved roughly $20,000.

5. Test Out of Classes

Research the possibility of testing out of some college classes. This can help you avoid boring and costly introduction classes that you already are knowledgeable in. The College-Level Examination Program (CLEP) is accepted by over 2,900 colleges. The CLEP site allows you to search which colleges allow which test, though you will have to find out the maximum amount of credit your university allows through CLEP. The test costs $80, but military personnel may be eligible to receive funding for the cost of CLEP exams.

6. Check Out Local Thrift Stores

Shop at thrift stores that are near your university for a better chance to find apparel with your college's logo on it, as well as still-relevant textbooks. You can score both inexpensively, and either keep them for yourself, or sell them for more online or to other students via sale fliers on the campus' public bulletin board.

7. Become a Resident Assistant (RA)

Movies usually portray resident assistants as overbearing college students who have been on campus for almost a decade. However, the job can be fun and the free rent is definitely a perk that will save you $8,000 to $12,000 a year. Know that these positions are usually competitive, so make your application stand out, and volunteer for other on-campus events to show you have school spirit.

8. Get on a Family Plan

There are many different family plans that you can share to save money. The most popular family plans are offered through cellphone providers. Being on a family plan rather than on your own individual plan can save you $50–$100 a month off your cellphone bill.

Family plans are not just for cellphones, though. You can save money by sharing TV streaming, Amazon Prime, Uber, and more. (See also: How Family Plans Can Save You Tons)

College is expensive, but that doesn't mean you have to drown in debt to get your degree. Living frugally and minimizing living costs in college will make it easier to once you graduate.

What are your favorite ways to save money while in college? Already a graduate? Share your experience of frugal college living.

This article is from Ashley Eneriz of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

10 Classes That Can Pay for Themselves

Jennifer Holder — Wed, 13 Jun 2012 10:24:15 +0000

Classes already help you grow as a person, but a lot of classes offer more than knowledge — they offer a way to make money in the long run, whether it be through resume-building skills or honing a particular crafty talent. Below is a list of 10 classes that can pay for themselves. But remember — you only get out of a class what you put into it, so expect to do a little grunt work. (See also: 10 Awesome Money-Making Hobbies)

1. Business Class

Small business incubators are popping up in cities across the country. Most are non-profits, there to help wannabe entrepreneurs figure out what they need to make their business idea work. Others are offered by a city or town, there to help the community grow. I’m currently taking a collaborative business class from Launch Chattanooga. Learning how to market my ideas and budget my money and time, as well as meeting my fellow community members, has already made the class well worth it.

2. Language Class

The ultimate benefit? Understanding half the people around you. Living in New York, I heard languages from all around the world, but I could never understand a word they said. While learning a language isn’t easy, it’s rewarding, and learning in a class environment gives you a chance to practice. Try to pick a language that could help you professionally. Do your research — if there is an international company in town, there are likely bilingual jobs available.

3. Cooking Class

If you’re in a relationship, this is a great date option. Not only do you get to hone your cooking skills, but you also get a chance to eat a meal prepared together. And of course, eating in is usually cheaper than dining out.

4. Exercise Class

The obvious advantages of an exercise class are a slimmer tummy, tighter muscles, etc., but an exercise class can also give you confidence in yourself. And classes are far better than DVDs, especially when it comes to complicated yoga moves. Additionally, doing a class with others gives you an opportunity to network and create lasting friendships. I have a ton of friends who have done CrossFit, and they hang out with their fellow class members on a regular basis.

5. Certification Class

From CPR to computer skills, a certification can go a long way on a resume. If anything, it shows that you’re a fast learner (especially since a lot of those classes move quickly), have the wherewithal to accomplish personal goals and tasks, and, especially in the case of computer certifications, can use a variety of programs. And who knows, maybe one day certificate programs will replace college degrees.

6. Writing Class

When I was considering a major for college, all advisors told me the same thing — my major didn’t matter as long as I learned how to communicate. They were right. The more I move through society and consider a “career,” the only thing that matters is the fact that I can communicate well. Since college, I’ve taken a writing class, and it not only gave me a renewed sense of purpose for my writing career, but also helped me develop my communication skills just a little more. These classes help you express yourself, and when it comes down to it, expressing yourself is one of the most important things to know how to do.

7. Photography Class

While you might think that stunning picture that you took of a mountain proves you have skills, unfortunately, it’s probably just your camera and its nifty automatic settings. Why not take a class and learn how to use that camera at night (something I struggle with — everything always comes out so blurry) and what terms like aperture mean? You’ll walk away with an appreciation of all things beautiful and probably some original pictures of family and friends.

8. Improv Class

Improv classes are the perfect way to open up and become more personable in everyday situations. I’ve seen it with my own eyes — people who are naturally shy slowly come alive through improvisation. Improv also generally has a fantastic, supportive community. While some might be doing it to get ahead, most are just having fun. By the end of a few classes, you’ll be more able to talk to strangers, network at work functions and, most importantly, laugh.

9. Craft Class

What you get out of this is a craft (duh). And crafting skills. And craftiness. Okay, maybe not the last one, but you will walk away from this class with a tangible product, whether it be pottery or painting or sewing. There are a lot of painting and drinking classes nowadays too, which is perfect for a grown-up birthday party.

10. Resume Writing Class

Writing a resume is, in my opinion, one of the most important skills a person can possess. You may have worked your butt off at a job and know everything there is to know, but if you don’t know how to express it on a resume, you’ll never get called for an interview. I used to suffer from this problem, unfortunately. I ended up using my friend’s knowledge of “good” resumes, and once she fixed mine up, I got calls non-stop. If you know you can do the job, you should get the job — don’t sell yourself short on your resume.

What are some classes you’ve reaped more than just knowledge from?

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This article is from Jennifer Holder of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Sit in on a Class at MIT for Free!

Linsey Knerl — Thu, 31 Jan 2008 03:37:46 +0000

What do John Hopkins, the University of Notre Dame, and Osaka University of Japan have in common? They all offer free access to their online instruction, along with course outlines, notes, and video classes. Assuming that you just want the knowledge and could care less about the official college credit, you might enjoy this resource to get some of the best online instruction for absolutely no money.

I’m a lifelong learner by definition. As a matter of fact, there is a long list of college courses I would love to take “when I find the time.” I’m also a little reluctant to put out more money for college courses without a definite career path in mind. What if I just wanted to take a class in First Year Chinese or Human-Animal Relationships without all the hassle of actually going to college? It can be done.

As part of the Open Courseware Consortium (OCW) project, schools such as Tufts University, ParisTech, and the Massachusetts Institute of Technology have partnered with dozens of other colleges to provide the world with free information. Sure it’s not actual college attendance, but you will have access to the lectures and notes of some of the world’s best professors and experts, and it won’t cost you a dime!

The OCW states its purpose as, “a free and open digital publication of high quality educational materials, organized as courses. The OpenCourseWare Consortium is a collaboration of more than 100 higher education institutions and associated organizations from around the world creating a broad and deep body of open educational content using a shared model. The mission of the OpenCourseWare Consortium is to advance education and empower people worldwide through opencourseware.”

Sounds a little empowering, doesn’t it? Imagine millions of regular people, with no particular interest in obtaining a traditional degree, using this knowledge to simply enrich their lives. What could we do with even more free information?

I was first introduced to the OCW as an option for supplementing my homeschool curriculum. Preparing children for college couldn’t be easier than if their extra-curricular learning came directly from the best colleges. This was only the beginning, however. As I flipped through course directories, I found amazing lectures on all kind of subjects, dating back to 2000. Webcasts and podcasts on journalism, gender studies, health, and foreign language were abundant and available for direct RSS feeds!

I don’t know about you, but this is the beginning of what could be an amazing achievement in sharing information with the world. Knowledge junkies, we have a new cure for our disease. Let the learning begin.

This article is from Linsey Knerl of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

How to Become an Expert

Philip Brewer — Sun, 07 Oct 2007 11:04:20 +0000

This article is not about how to fake being an expert, so it's not some quick, easy thing you can do and then be way better at something tomorrow. It's about actually becoming an expert, which will take time and effort. You can spend the time and effort, though, and fail to become an expert. Here's how to spend it and succeed.

Just to be clear, this is about becoming an expert at doing something. People use the same word to describe being an expert about something, but this is about doing.

At any skill that's difficult, becoming an expert will take a long time. The thing is, not becoming an expert takes just as long.

Old joke:

Q: Do you know how old I'd be, if I spent the next twenty years learning how to play the piano?

A: The same age you'd be if you spent the next twenty years not learning how to play the piano.

Developing expertise

So, how do you become an expert at doing something? The answer, of course, is "practice," but there are two complications.

The first is that you can't really practice until you can do your activity, at least at some minimal level. That's one place where all the other activities besides practice come in: taking a class, reading a book, watching someone else do it. (There are also activities that are too dangerous to just jump in and start practicing on your own — clearing unexploded munitions, for example.)

The second is that there's useful practice (deliberate practice) and then there's all the other things you might do that are easier than deliberate practice, but that don't help you develop expertise.

Deliberate practice

Deliberate practice is just this:

performing your skill (or, more typically, a piece of it)
monitoring your performance
evaluating your success
figuring out how to do it better

and then repeating that sequence again and again.

That's it. That's how to become an expert. Most experts have done just that, for hours a day, for years.

Most of the information here is based on K. Anders Ericsson's paper The Role of Deliberate Practice in the Acquisition of Expert Performance. That paper has data for violin players, piano players, chess players, gymnasts, runners, tennis players, and swimmers. The domain doesn't seem to matter — deliberate practice is the key developing expert performance.

Not deliberate practice

Deliberate practice isn't a lot of fun. What's fun is actually doing whatever it is you've learned how to do. You will even get better at your activity through just doing it (because to some extent you will be monitoring, evaluating, and figuring). But just doing your activity won't make you an expert, even if you do it a lot.

Becoming an expert takes deliberate practice, and deliberate practice is what's described above.

Everything else is not deliberate practice:

Taking a class (although some classes might include some deliberate practice in them)
Attending a lecture
Reading an article or a book
Watching an expert perform
Teaching
Most especially, actually performing your skill isn't deliberate practice

Now, any of those activities may be useful, but their use is largely in improving your monitoring and evaluating skills. When you're still trying to learn how to tell if you're doing well or poorly, a teacher can be a big help. If you're starting to feel like you're really getting quite good, watching a real expert can help you re-calibrate your self-evaluation.

Spotting deliberate practice

Once you've been made aware of the difference between "practice" (i.e. just doing your activity) and "deliberate practice," you'll begin to spot deliberate practice all over the place:

A musician playing scales
A kid playing the same level of a video game over and over again
A child learning to walk

Actually, small children do this all the time. If you want to understand the acquisition of expert performance, just watch a child learning to walk, learning to talk, learning to make something work. You'll see deliberate practice in its purest form.

Becoming an expert writer

Happily for me, writing for Wise Bread is giving me a chance to develop some expertise as a writer. There's an internal cycle where I write something, read it, evaluate whether it clearly says exactly what I want to say, and then try to make it better. That is, my ordinary write-edit-rewrite cycle amounts to deliberate practice.

There's also an external cycle where I post it to the web and see if the comments show that people understood it and found it useful. That external cycle isn't deliberate practice, but it helps me get better at the monitoring and evaluating steps — it makes my future deliberate practice more effective.

That's it in a nutshell: Develop expertise through deliberate practice.

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This article is from Philip Brewer of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread: