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College Students are Being Creative to Make Some Quick Cash

hand holding cashIt’s very common for college students to feel strapped for cash these days. Even if they have a part-time job, it can be hard to make ends meet, especially if your parents are not helping fund your education. So what is a student to do?

Margaux Malyshev decided to become a hair model in order to make $250.

“To earn the $250, I had to let them do anything they wanted to my hair,” she said. When Malyshev walked in for the “job,” she had long blond hair. By the end of the experience, she had brunette hair with bangs and layers. “From now on, I plan to stick with psychological testing.” Malyshev was referring to her other source of income, where she makes about $20 per hour by filling out university research questionnaires.

For those who have just graduated and are in debt with student loans, this situation seems even worse. Combined with the current job market, many students are searching for any way possible to save a few dollars.

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College Students Encourage Their Schools to Invest in Local Banks

Dollar Bill close-upNovember 5, 2011, was National Bank Transfer Day. This was a day when many Americans were encouraged to move their personal funds from larger financial institutions to smaller, local banks. The goal behind this was to boost local economies while also reducing the risk of another banking crisis in the future.

Many college students participated in National Bank Transfer Day this year. However, some went above and beyond the normal call to action and asked their schools to close their corporate bank accounts as well. These students delivered petitions to college administrators asking that the schools move their funds into local community banks and credit unions.

Dan Apfel is the executive director of the Responsible Endowments Coalition. He said that the schools can make these transfers without taking the risk of compromising any returns on their investments. He also said that by do so, the schools will help create a connection between themselves and the communities that they are located in. Collectively, American colleges and universities have around $350 billion in endowments, so if these schools did invest this money in local banks, it could have a great impact on the local economies.

However, even if the schools are not pursued to change their banking locations, it will not stop students from making a statement.

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Jay-Z and Warren Buffett Team Up to Teach Students Valuable Lessons

Warren Buffet and Jay-ZWhat do Warren Buffett and Jay-Z have in common? At first glance, the answer might be a big fat nothing. But thanks to a new agreement between the two, that is going to soon change.

The two men have teamed up to teach kids important lessons about financial literacy through an animated series called Secret Millionaires Club. Since both men are very wealthy – Jay-Z is worth $450 million while Buffett is worth $39 billion –  it makes sense that they could share some of their knowledge with a younger generation about how to handle their finances.

The first episode is set to air on October 23, 2011. During this episode, an animated Jay-Z will invite a group of students into his office, where he then congratulations them on their hard work in school and offers them advice on how to stay successful later in life. The creators of the program hope that Jay-Z will lure the kids into watching the show and that the students will then take these valuable lessons with them long after the turn the television off.

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How to Ask Your Parents for Money

Whether your college job isn’t cutting it, or you spent a little too much here and there, it’s time to ask your parents for money. You’re probably dreading that uncomfortable experience.

Unless you plan to go to a bank or a money shop, you will eventually have to discuss your finances with your parents. Read below, and find out ways to better handle that conversation.

Decide if you’re asking for a loan or a gift first, and be sure you know what you’re asking for before you meet with your parents. If you are indeed asking for a gift, make sure you say so.  Don’t ask for a loan if  you have know intention of paying them back.

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Five Ways to Save Money in College

This is guest post from Jeff Cohen, blogger at TheTextbookGuru.com and CEO of CampusBooks.

There’s no getting around it: college is expensive. But while you may not be able to do anything about tuition costs, there are tried and tested ways to take control of your financial situation without sacrificing the cherished college experience. Here’s how to do it:

1) Books

It’s easy to save money on textbooks as long as you avoid the campus bookstore. Check with friends to see if anyone has taken the class before you and has the textbook to lend you or exchange. If you can’t borrow, you’re your books through sites like CampusBooks.com, which offer coupons and will compare prices from a range of booksellers to get you the best deals. After the semester ends, sell your used textbooks online and recoup some of your losses using the same sites.

2) Food

Learn to cook! Ditch the local fast food chain and learn how to prepare your own nutritious food. Healthy doesn’t always have to mean expensive—buy in bulk from warehouse clubs like Costco, go generic, clip coupons, and try your local Farmer’s Market for great bargains. When all else fails, however, ramen noodles are an acceptable, if stereotypical, fallback—it’s hard to beat at less than a dollar a package.

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College Grads: 3 Ways You Can Better Budget Your Paycheck

June is the the time of year that newly-minted graduates are headed off into a world of resumes, interviews and call-backs, all of which will hopefully lead to a job  and that much-needed paycheck. While most young adults don’t like to be told how to spend their money, planning for your first month’s income isn’t an easy task.

Instead of learning the hard way, I urge college grads to put some thought into their budgets before they even receive their first paycheck. Take the guess work out of your personal finances, and read these tips on how to properly spend and save your money.

Plan for taxes: Depending on which state you live in and your household situation, taxes can take a huge chunk out of your paycheck. To better estimate that amount, use a free paycheck calculator online. Also, start thinking of withholding as a means of saving. More withholding means a larger refund, which could be used to pay off student loans faster, or it could go towards a down payment on a car.

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Credit Cards Hold Risky Future Implications for Students

Empty pockets are a common problem college students face. The financial demands of housing, books, tuition, transportation and living expenses are challenging enough. Forget about having extra money for movies, eating out, clothes, vacations and other money gobbling activities that college students wish they had the cash for.

Credit card companies know this best, and that’s why they target students with “too good to pass up” deals. It may seem like a great deal to score a free meal at the local sandwich shop just for filling out a credit card application, but the implications of credit cards for college students are not worth the free lunch.

Go to any neighborhood surrounding a college campus and chances are you’ll see tables stacked with credit card applications offering free food, books, gift cards, etc. Card companies know that the future implications of credit card debt may not be the foremost thought to a hungry, broke student when the opportunity for free stuff presents its self. The result creates a naïve credit-card yielding college student with a free sandwich.

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How Americans Paid for College in 2010

College is getting more and more expensive every year. Considering the current economy, how are Americans continuing to pay for a product that is constantly increasing in price?

The authors of How America Pays for College 2010 tired of asking this same question over and over again, so they decided to conduct a survey to find out. They interviewed 801 students and 823 parents from across the nation and asked them various questions about how they finance a college education.

A vast majority, about 73 percent, said that they had to reduce their spending habits in other areas to pay for a college education. This shows a 17 percent increase from the 2008-2009 school year to the 2009-2010 year. Luckily though, 82 percent said that they strongly believe that a college education is an investment in the future and worth the sacrifice.

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All Students Need a Savings Account

saving-moneyYay! It’s pay day! You’ve been working all week for this paycheck, and now it’s time to go live it up (a.k.a. spend every penny you’ve earned). Or, instead of blowing your check in one weekend, you could save some of it for a rainy day.

Wait, what? Why would you want to save any of your hard earned money? You’ve worked hard and deserve to go out and have fun on a Friday night, but part of being a responsible, working adult is having an emergency savings fund tucked away. Here are some reasons why it’s crucial to have an emergency fund:

You might need extra cash. There’s no telling what curve balls life will throw at you. It could be something unexpected, like needing to buy new tires for your car, or it might be something cool, like getting the opportunity to take a mini-vacation with your friends one weekend. Either way, it’d be nice if you had some funds stashed away to cover the expense.

You earn money from it. Most savings accounts earn a small amount of interest. However, no matter how little interest your savings account is earning, it’s still more money that you had before. When you have a savings account, the bank literally pays you. Why would you pass up free money?

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How to Save Almost $1,000 This Month

penny jar moneyWe all know that the average college student is not exactly rolling in dough. It’s hard to work 40 hours a week when you are taking a full course load, studying, being involved in campus, pursuing an internship, and trying to get enough sleep somewhere in that mix. As a result, we students need to be somewhat frugal with our money or else we might end up eating Ramen for breakfast, lunch, and dinner. (Trust me, this is not at all pleasant.)

Here are some great tips to help you save almost $1,000  this month:

1. Brew your coffee at home instead of going to Starbucks. If you go to Starbucks every school day to get a burst of energy, you might as well just start handing them a portion of your paycheck each month. Face it: Starbucks is EXPENSIVE! Sure, the coffee is good, but is it really worth $4 or more for one cup o’ joe? I don’t think so. Try brewing your own coffee each morning or hitting up cheaper coffee shops, like McDonald’s. By eliminating Starbucks from your daily schedule, you could save up to $80 a month. Read the rest of this entry »





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