How To Stretch Your College Dollars: 10 Money Saving Tips

Money is always tight in college. Tuition is high, but you still need to pay for food, housing, and you want to have something left over. Here are 10 money saving tips for university students (and their parents).

1. Get out of college on time!Plan to finish in four years. Every additional semester costs you more money.

2. Take a full course load. Full time students take 15 hours a semester and can complete a 120-hour degree in four years. Some programs such as engineering or architecture may require more hours. Students who relax and take only 12 hours a semester cannot graduate in four years and will end up spending more money for the same degree.

3. Budget for fun. Social activities are an important part of the college experience and they don't need to be extravagantly expensive. Discuss and plan a budget for the following:

Clothing - Campus fashion may be different than your current wardrobe. Fun - Concerts, movies, etc are often available at a reduced student rate. Food - Most meal plans cover the basics, but don't forget pizza, snacks.

4. Don't change your major after junior year. Freshman and sophomore years are perfect times to explore courses of interest to you, but by junior year students should declare a major and stick to it. Changing your major after junior year will make it almost impossible to graduate in four years.

5. Rent your books. A lot of classes require a textbook, but you don't always have to get a new one. The market for used books is very vibrant. Recently, a number of textbook rental companies have expanded their services. If you will only need the book for a semester or two and won't need to keep it for future reference, textbook rental may be an option.

6. Keep in mind that sororities and fraternities can be very expensive. Above the initial costs, remember to factor in clothes for formals, ticket prices for events, and all the extras. Talk to friends and neighbors who are currently involved with the Greek system to estimate your actual costs.

7. Make sure your credits will transfer before taking courses at another school. Community colleges can be an affordable way to complete some requirements, but your money will be wasted if your college won't accept the credit. Ask before you enroll.

8. Remember the cost of college includes books, housing, food, travel, necessary living expenses, and entertainment. If you can barely afford tuition, room, and board, you probably can't afford to attend that school because it is unrealistic to assume you will have no other expenses during the year.

9. Travel home can be costly if you go out of state for college. How often do you and your parents expect to fly? The fewer trips you make, the more money you save. (Someone from school will let you go home with them for Thanksgiving and you can spend spring break eating ramen noodles in the dorm. )

10. Watch for "retail therapy" costs. Freshman year is very stressful as students adjust to a completely different environment. Some students try to relieve their stress by spending (clothes, beer, video games, concert tickets, meals out, etc). Watch for it.

It is unrealistic to evaluate colleges without looking at the cost. Paying for college should be part of your family discussions as you work through the college search process. There are ways to limit costs, but students and parents need to be in agreement.

College admission is more competitive now than ever. Your SAT or ACT scores can be the difference between getting in, earning scholarships, or denial. Megan Dorsey is a nationally recognized expert in test preparation and college admissions who has helped thousands of students earn the scores they need and get into the colleges of their dreams. To receive free college planning and test prep resources visit http://collegeprepresults.com/

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Simple Facts About Saving With Certificates of Deposit Accounts

A certificate of deposit, more generally referred to as a CD, is categorized as a time deposit. It is a promissory note provided by financial institutions in exchange for depositing funds during a specified term the course of which they cannot be accessed. CDs accrue interest during this term, generally at a higher rate than an average savings account, and are paid upon maturity. Money withdrawn from a CD before its maturity date usually incurs a penalty. The fixed terms offered vary from 3 months, 6 months, 12 months, up to 5 years.

Certificates of deposit are considered a relatively risk free investment as they are FDIC insured,

Currently the higher 1 year CD rates (one year CD rates) are averaging 1.55%, however these numbers vary based on different factors, including location and the amount of deposit. Generally these fluctuations have a bigger effect on CDs with longer maturity dates versus those that are considered short term, which tend to be less disposed to shifts in interest rates. CD interest rates are calculated based on the term of the CD and the current interest rate environment. The rate is usually higher the longer the term or the larger the sum deposited. However, once the CD is purchased and the money deposited, the return is not subject to stock market fluctuations, the earnings on the funds are guaranteed.

Withdrawals made before a CD reaches maturity generally incur a substantial penalty. For example, a five year CD might suffer a loss of 6 months worth of interest. The penalties are in place to ensure the investor keeps the funds in deposit until maturity. The penalties may or may not affect the principal deposit, if for example it is withdrawn after three months of opening with an established six month penalty. Sometimes withdrawal of the principal may require that the entire CD be closed.

Deposit brokers also offer certificates of deposit, often these brokerage firms can negotiate higher 1 year CD rates (one year CD rates) by promising to bring a certain amount of deposits to the financial institution it represents. These CDs are usually issued in large denominations and are then split up in to smaller values and resold to customers. For this reason, brokered CDs are often advertised as having no prepayment penalty associated. In the event an investor wishes to redeem the CD before maturity, the broker can attempt to resell the CD, at times even for a profit. These certificates of deposit are also insured by the FDIC however in the event the bank fails, brokered claims take a little longer to pay than the traditional direct deposit CD.

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