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Preparing for Next Semester

Posted on by kdarnell

With finals right around the corner and winter break fast approaching, you may not even want to think about next semester yet.  However, it can save money to get ready for it sooner rather than later and you won’t have to worry about it when returning to campus.

There are many things you’ll need to consider when thinking about next semester including budgeting, financial aid, school supplies, textbooks, class registration, and class drop dates.

Budgeting

The first thing to do when preparing for next semester is to determine a budget.  A budget can help keep you on track and set financial goals, such as saving up for spring break.  It can help you know what spending money you have available and where you can work on spending less (and can even help you determine some New Year’s resolutions).

Financial Aid

Part of the budgeting process may involve student loans, scholarships, grants, and fellowships.  Look back over this past semester and see how much financial aid you accepted and determine if it was just enough or if you could have gotten by with less.  This involves taking a hard look at your spending over the past semester and seeing if there were times you could have saved money.  If you could have gotten by with less, then contact the financial aid office (http://www.k-state.edu/sfa/) to ask them to reduce the disbursement for next semester.  This will not only help you learn to control spending, but will also save you money in student loans and interest costs down the road.

School Supplies

School supplies can be relatively inexpensive by themselves, but over time, the total cost accumulates to a big amount.  Some ways to save money on school supplies are:

  • Make a list of what you need and stick to it.  It can be tempting to want to buy some supplies that could be useful, but you may not use them or need them when it comes time.
  • Buy in bulk.  If you know you will be using a certain supply frequently, it will save money to buy the large quantity that’s cheaper per unit.  For example, if you know you’ll be printing a lot of articles, contemplate buying the multiple pack of ink cartridges or the carton of paper instead of a ream each time you run out.  Costco can be a good place to look for bulk supplies
  • Look for coupons.  Many stores have coupons or weekly ads available on their sites and may advertise for upcoming sales.  Before setting out to shop, make sure to look for coupons or sales by going to the stores’ websites. Staples also has a 20-25% off brown bag sale for back-to-school times, so keep on the lookout for when that will be!
  • Think about holiday sales.  Some stores also have sales on holidays such as Boxing Day (December 26th) that can save you money.
  • Look around for what you may already have.  It can be easy to lose pens, pencils, highlighters, etc. Before going out and buying new supplies, scour your room for these missing items.

Textbooks

College textbooks can be a major drain to the bank account.  You can learn ways to save money on them by implementing these few tips.

Book requirements can be found at http://courses.k-state.edu/.  You can click course schedules, then select the year, select course schedule and finally select the department (which are arranged by colleges).  There’s a book icon you can click that will list the required, recommended, and optional books.  The direct link for next semesters’ books is http://courses.k-state.edu/spring2014/schedule.html.

Consider buying used instead of new.  Used books range from like-new to acceptable and are offered at a significantly reduced price.  Used books are sold by bookstores, major companies such as Amazon, and private sellers such as students who took the course previously.  You can compare used book prices at the following sites:

Consider renting textbooks instead of buying.  For some textbooks, you may only want to have the book for the course and won’t use it afterwards.  There are many sites, including Chegg and Amazon, that offer the option to rent the book for a month, a quarter, or a semester.  If you decide that you want to own the book after using it, you can pay the difference between the buy price and rent price and not have to return the book.  Beware when renting to return the book on time.  You may be charged late fees, an extra semester, or the cost of the book if you are late.

And finally, email your professors about buying international editions or previous versions.  Many textbook makers make a few changes and rerelease the book as a new version that can be charged at a higher price for those few changes.  Many times professors use the older version book anyway and would allow you to buy the old version as well.  This can shave a lot off the list price of the new version.  International versions typically have different covers, page numbers, and chapter orders than the United States versions, but contain the same information.  This can complicate reading assignments when you’re given the page numbers or chapter names, but can cut costs sometimes up to 50-75%.  For both of these options, make sure to ask your professors before making the purchases.

For more information on saving money on textbooks, you can visit http://lifehacker.com/5613591/the-complete-guide-to-getting-cheap-textbooks.

Registration/Drop Dates

You probably are already registered for classes next semester.  However, since your tuition is calculated based on the courses you are enrolled in, if you are contemplating adding or dropping a course, it may be helpful to make the final decision sooner rather than late.  That way, you won’t have to deal the complexities of either paying extra for a class added or going through the process of getting a refund to your account for classes dropped.

It’s also important to know when the refund drop dates are for courses.  These dates can be found by going through the academic calendar at http://www.k-state.edu/cgi-bin/eventview/registrar/academic.  For the spring 2014 semester, the last day to drop a course, but still get 100% of the tuition costs back is February 10th.  After that, you will only get 50% of the tuition cost back.  The last day to get 50% of the cost back will be February 17th.  If you are contemplating dropping a course, try and make this decision before these dates in order to get back your tuition costs.

The academic calendar will also inform you about the last days to drop a course before receiving a W or a WF.

Resources

For other money saving tips throughout the semester, check out these sites:

http://www.shmoop.com/college/save-money-in-college.html

http://moneyfor20s.about.com/u/ua/studentloans/best_college_savings_tips.htm

http://collegelife.about.com/od/moneyfinances/a/ManagingMoney.htm

http://blog.chegg.com/2013/08/02/on-a-budget-top-10-ways-to-save-money-at-college/

Christyne Stephenson
Peer Financial Counselor I
Powercat Financial Counseling
www.k-state.edu/pfc

Top 5 Hidden Costs of Your First Job

Posted on by roxanne

1. Clothing

Your favorite jeans and college t-shirt work great when you’re heading to class, but once you enter the workforce you may have to beef up your wardrobe. Depending on the industry you go into you may be required to wear business professional or business casual attire every day. Purchasing these types of clothing doesn’t always come cheap.  About.com estimates that men will spend $125 a month on their professional work wardrobe. That totals up to $1500 annually.

2. Transportation

Depending on what city you work and reside in, other costs of your commute may arise. After you graduate you may need to upgrade your vehicle which will increase costs of auto insurance, loan payments, etc. Transportation costs may also include stress and time away from family or other activities depending on the distance or traffic of your daily commute.

3. Eating out

Even though you may plan on bringing lunch to work most days, you may be obligated to go out to lunch. Many employees treat lunch as a time to network with clients or discuss business. Spending a minimum of $20 a week on business lunches or dinners can end up costing you $1,040 a year. This being a low estimate increasing lunch outings can really add up over time and end up decreasing the amount of money you have to spend on other discretionary items.

4. Travel

With some jobs you may be required to travel. Whether this means traveling locally to meet clients, or traveling across the country, these costs can reduce your discretionary income.  Many firms will reimburse you for travel expenses, but you may have to pay the upfront cost. There are also expenses associated with traveling that your firm may not compensate you for such as time away from your family, meals, and traveling essentials.

5. Taxes

Most people don’t consider taxes when they enter their first job but it is something to be aware of. When you earn more money you may be pushed into a higher tax bracket. This is especially true for students entering their first job who have formerly filed as dependents of their parents. In 2012 those filing as Single on their tax return earning $8,700 to $35,350 were taxed at a rate of 15%. If you earned $30,000 last year you would have been taxed roughly $4,500. As your income increases your tax bracket increases, which means you may end up forking a good chunk of your income over to Uncle Sam.

 

Although that new job offer may sound great, it is always good to look into the hidden costs. Comparing these costs and your compensation is a great way to find out if you need to further negotiate your salary. When looking at an offered salary it is important to analyze the extra costs that take away from your discretionary income in order to accurately evaluate the offer. Budgeting for these extra expenses can help you in not being caught off guard when they arise.

 

Sydney A. Henderson
Peer Counselor I
Powercat Financial Counseling
www.k-state.edu/pfc

Avoid Santa’s Claws

Posted on by roxanne

Did you survive Open Early Thanksgiving?  How about Black Friday?  How much did you send to Amazon on Cyber Monday?  The family hasn’t even finished their turkey or watched the football marathon and yet Santa has his claws out…saying “buy….buy….buy!”  You might have survived the mobs – but how is your checking account, credit card, or spending plan doing?  Has Santa clawed his way through those yet?

The Thanksgiving break was a nice relief before term papers and finals week, but you might have already cratered your finances if you weren’t careful.  According to ABC News, most Americans have already spent about $450 this season, and will fork over $700 to Santa before we watch the Little Apple drop in Aggieville on New Years Eve.

If you don’t have a spending plan for the holiday season, you might ring in the New Year with a new friend:  the debt humbug.  To avoid the humbug, here are a few simple things you can do.  First, have a written spending plan.  Some people call them budgets, but a plan seems like a more friendly way to put it.  The best thing is to earmark a little money each month for the holiday season.  That’s the best way to handle an irregular expense, spread it out over the entire year.  And don’t just plan for gifts – those trips home for the holidays can get expensive depending on how far you have to go.

Another thing you can do is give gifts that don’t cost a lot of cash.  A gift of your time will be really appreciated, and will be remembered long after that trinket has been put in the closet or the basement (or the re-gifting pile!). Offer to clean out a closet, rake the yard, housesit the dog while your friends are away, or help someone take down the holiday decorations.  Or make a homemade gift.  Homemade gifts and gifts of service are unique, and are only limited by your imagination.

The last thing you can do is talk with your family about focusing more on fun time with family and less time on spending.  In my family we got to the point where we didn’t know what to get someone, so we spent time running around getting gift cards.  Then we’d get together and exchange gift cards with each other.  How lame is that?  We decided to just give one gift to each child, and the adults (college age or older) got a nice Christmas card and a homemade gift or gift of time.

If you need help with your holiday spending plan, or want some help dealing with the debt you already have, check out the Powercat Financial Counseling website at www.k-state.edu/pfc/  for some ideas with spending plans.  You can also sign up for a free counseling session on the website, or give us a call at 785-532-2889.  Trained peer counselors are ready to help deal with Santa’s claws and avoid the debt humbug.

 

Rob Jones
Peer Counselor I
Powercat Financial Counseling
www.k-state.edu/pfc
 

Thrifty Gifting

Posted on by roxanne

The holidays can be a joyous time full of family, food, and gifts.  During this exciting time, it is important to keep a close eye on your spending.  On November 13th, Powercat Financial Counseling hosted the event Thrifty Giving to help K-State students manage their money during this potentially stressful season.  Listed below were some key tips mentioned at the event to help students stay within their means during the holidays.

Plan Ahead:

  • Set aside money each month that will go specifically towards those holiday gifts.  It can be very stressful to have a list full of gifts but not the money to buy them. Planning ahead and saving will allow you to relax because the money will already be saved up.
  • Staggering purchases throughout the year spreads out your spending and can make purchases more manageable.  Also, gifts may not always be the cheapest during the famous Black Friday Sales.  Monitoring prices of gifts you are interested in can help you get them cheaper than during the holiday season.

Get Organized:

  • Have an idea of who you will be buying gifts for and create a detailed shopping list according to the money you have saved.
  • Create a holiday budget and stick to it!!!

Be Creative:

  • To shorten your gift list suggest a gift exchange with your family or friends.
  • Big family dinners can be stressful, especially for the host.  Potlucks are a great way to spread the responsibility and costs around.
  • If your holiday plans involve traveling it is best to book as early as possible.  Airline tickets get more expensive as the holidays get closer.  Also, try to be flexible.  Instead of departing on a Friday consider Thursday.  Flights over the weekend tend to be more expensive.
  • The Holidays are a great time to use your Pinterest Boards!!!  Homemade gifts are so thoughtful!

Shopping Warning:

Consumers need to be careful with department store credit cards.  During the holiday shopping season stores often offer a percentage off your total purchase if you open a credit card account with them.  Shoppers may do this at every store they visit with the intentions of cancelling the credit cards once the transactions are complete.  This allows you to save money in the short-term; however, we discourage this tactic because doing this can actually decrease your credit score.

In addition to the helpful information discussed, participants also enjoyed an evening full of apple cider, delicious desserts, and prizes.  Students battled for country stampede tickets, holiday food baskets, and much more during games of holiday-themed family feud.   This fun event was just the thing to get students prepared for the exciting holidays ahead.  If you would like more information about how to cut spending and stress during the holiday season, you can make an appointment with Powercat Financial Counseling at www.k-state.edu/pfc.

Heather Gibson
Peer Counselor I
Powercat Financial Counseling
www.k-state.edu/pfc
 

Changing Your Name After the Wedding

Posted on by roxanne

The BIG day is approaching and you realize that a name change will most likely need to be made.  Although you are not required to change your name, somewhere between 60 and 80 percent of brides take their husband’s last name when they get married according to recent surveys. A marriage license with your new last name does not automatically mean you’ve changed it.  In fact, you shouldn’t change your name before the honeymoon because your new name has to match all travel documents and, most importantly, your passport.

1. Get your marriage license
Before you can change your name, you’ll need the original (or certified) marriage license with the raised seal and your new last name on it. Go to the clerk’s office where your license was filed so that you can get several copies.  You should get at least 3 certified copies of your original marriage certificate so that you will have enough for all the changes you are making.

2. Change your Social Security card
Visit the Social Security Administration’s website and fill out the application for CORRECTED Social Security card. You’ll keep the same number — just your name will be different.   You cannot make the change online; you either mail in the forms or take them to the local Social Security Administration office.  You will also need to show them proof of current identity (DL or Passport).
http://ssa.gov/ssnumber/ss5doc.htm

3. Change your license at the DMV
Take a trip to the local Department of Motor Vehicles office to get a new license with your new last name. Bring every form of identification you can lay your hands on — your old license, your certified marriage license and — most important — your new Social Security card.  They are usually closed on Mondays, so plan ahead.  Be sure to smile for your new picture!
http://www.ksrevenue.org/dmvproof.html

4. Change your bank accounts
This is an important one, especially if you’re setting up a joint bank account, or if you have one already set up. The fastest way to change your name at your bank is to go into a branch location — bring your new driver’s license and your marriage license. You should request new checks and debit and credit cards on top of changing the name attached to your accounts.  Some banks charge a fee for requesting a new debit card.  Personal note: if you and your spouse are each getting a debit card, request you each get a card with a unique number and PIN.  That way if one of you loses your card, the other can still use their card while you are waiting on the replacement.

5. And a myriad of other places
Once you have a social security card and driver’s license in your married name, other changes should be fairly easy.   It might be easiest to make a list of all your different accounts and mark them off as you get them done.  Some places may only require a phone call; others may ask for a copy of your marriage certificate or social security card. Here are some examples of places you will need to notify:

  • Employers/payroll – talk to your Human Resource person about adjusting your withholdings as you may now file “Married Filing Jointly” on your taxes
  • Post office – remember change of address for all your mail and magazines
  • Electric and other utility companies
  • Credit card companies – (also a good idea to have unique cards like the debit cards)
  • Student loan servicers
  • Schools and alumni associations
  • Landlord or mortgage company
  • Insurance companies (auto, home, life)
  • Doctors’ offices
  • Voter registration office
  • Investment account providers
  • Your attorney (to update legal documents, including your will)
  • Passport office
  • Remember all of your social media sites as well (those realistically got changed as quickly as your status on Facebook J)
  • E-Commerce sites where you have accounts set up, PayPal, eBay, Amazon etc.
  • The next time you complete your taxes you will also show your name change – name on your tax return must match the name on your Social Security Card
  • Beneficiary: an item often overlooked.  If you have life insurance, disability, or other insurance policies, you generally select a beneficiary and will now want to list your spouse.

I am certain that this is not an all-inclusive list, however it should take care of most of the key changes.

 

Joel V. Reimer
Peer Financial Counselor II
Powercat Financial Counseling
www.k-state.edu/pfc

 

**Most of this information was gleaned from the web at http://wedding.theknot.com/wedding-planning/planning-a-wedding/articles/name-change-101.aspx?MsdVisit=1 an article by Amanda Black. Other sites were also used.**

Importance of a Financial Plan

Posted on by roxanne

With any event, it is important to have a map of where you are and where you are going. Managing your finances is no different. Not only is it responsible to have a financial plan, it also comes with many benefits and few costs. I would like to focus on the importance of having a financial plan upon entering college and the urgency of creating one if you are student who does not currently have one.

When you step onto campus for the first semester of your freshman year, hopefully you have some savings from part time jobs in high school, graduation gifts, scholarships, some support from your parents, education funds, and maybe a few student loans to help you have enough cash to make it through your first year of school. However, as you progress through school, the tuition bills begin to add up, the scholarship money tends to get smaller for upperclassmen, and mom and dad may feel the need to teach you financial responsibility by letting you support yourself.

Without a financial plan, it is very difficult to know if you have sufficient funding and it is very convenient to spend money freely on eating out, going to concerts or movies, and other recreational events. Also, it is difficult to foresee upcoming problems with your finances if you neglect to take the time to consider what your financial future will look like. In the instance of not looking ahead, when problems do show up, they can be very hard to overcome. You may have used up all of your savings, scholarship money, and student loan money that was intended to last you through the entire semester before you realize you have a problem. In order to have the cash to pay the bills to get through the semester you might have to take on a job or even a second job if you already had one. Another option is to accept more student loan money, which can be difficult and can set you back upon graduation. Most students would agree, working while going to school and trying to juggle a social life can be extremely stressful. As you can see, not properly allocating your money has many adverse effects that go beyond not having enough cash. You can lose your free time, struggle to do well in your classes, and add unnecessary stress to your life all by not having a financial plan.

However, there is good news. With a few hours of time and some number crunching, you can be on the road to responsibility and financial success.  With a financial plan there is potential to save yourself time, money, and stress. With all the benefits and such little cost, it seems silly not to have a financial plan.

Developing a financial plan is simple. First, you need to find out where you are. Take a look at your current resources and expected expenses for the upcoming semester. Calculate the savings you expect to use, your expected income and expected expenses on a monthly basis. If your resources do not meet your expenses, you know in advance that you will need to find sources to finance your need. By knowing this before it is an emergency situation, you give yourself the luxury of time to solve your problem. Once you have your plan in place, you have to execute and track your progress. Keep records of all your expenses (receipts, bank statements) and income (pay stubs, loans). By comparing your actual amounts with your estimates on a monthly basis you can see where you are going and if adjustments need to be made.

It is my encouragement to you to develop a financial plan and follow it closely. If you already have one and have not been utilizing it, please start. By being responsible with your money in college you are putting yourself on the track to get a fulfilling college experience, graduate with minimal student loan debt, and the potential to start saving and investing for retirement at an earlier age. However, it all starts with a financial plan so save yourself time, money, and stress and develop a financial plan.

If you’d like to meet with a Powercat Financial Counseling peer counselor to get free assistance in developing your college financial plan, please contact us at powercatfinancial@k-state.edu or call us at 532-2889.  We’re students just like you and are here to help.  We have more information about this subject on our website at http://www.k-state.edu/pfc/planning.

Matt Kiehl
Peer Financial Counselor I
Powercat Financial Counseling
www.k-state.edu/pfc