The Pros and Cons of Work-Study Programs

Pros and Cons of Work-Study Programs

Work-study programs allow students to work part-time jobs while pursuing their studies. These jobs, typically available to both undergraduate and graduate students with financial needs, can be on or off-campus and are often related to a student’s field of study.

However, like any program, some pros and cons need to be considered.

What is a Work-Study Program?

Federal Work-Study is a financial aid program that needs to be applied for when filling out your financial aid application. It provides part-time jobs for students who demonstrate financial need. These jobs typically involve working with the public or are loosely related to a student’s course of study. In addition to on-campus work-study jobs, off-campus jobs are often available with local businesses subsidized by your school.

The Benefits of Work-Study

Work-study programs offer several potential advantages.

Gaining Experience in Your Field

Most colleges aim to match students with work-study jobs that align with their chosen course of study, providing an opportunity for real-world experience in the student’s field of study.

Flexibility

Work-study programs understand that students have academic commitments. Therefore, most work-study jobs offer flexibility in hours and work around your class schedule.

Less Competition

As work-study jobs are only offered to students who qualify, the potential pool of applicants is considerably smaller than the jobs a student might apply for off-campus, leading to less competition amongst potential job candidates.

Financial Relief

Work-study jobs provide extra cash that you can put aside towards paying tuition costs, potentially allowing you to take out fewer college loans and accumulate less debt in the long run.

Impact on Financial Aid

Earnings from work-study do not count on your FAFSA, which can potentially maintain or increase the amount of financial aid you are eligible for, unlike earnings from a part-time job off-campus.

Convenient Locations

Most work-study jobs are located directly on campus, saving students a significant amount of time commuting over the course of a semester.

The Drawbacks of Work-Study

Despite the benefits, there are some drawbacks to work-study programs.

Low Wages

Most work-study jobs only pay minimum wage, which may not be enough to support recreational activities or educational expenses, particularly given that work-study jobs may ask students to handle more complicated tasks compared to other low-paying jobs.

Limited Hours

Work-study jobs typically have a strict maximum number of hours students may work in a week, which, coupled with low wages, can result in a paycheck that fails to offset the added burden work-study can bring.

Time Constraints

Engaging in work-study can take time away from studying, impacting your academic performance if not managed effectively.

Demographics of Work-Study Students

As of 2021, over 289,022 work-study students are currently employed in the United States. Of this, 66.6% of all work-study students were women, while 33.4% were men. The average age of an employed work study student was 47 years old. The most common ethnicity of work study students was White (57.2%), followed by Hispanic or Latino (17.6%), Black or African American (11.3%), and Asian (8.2%).

Best Ways to Invest While a College Student

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Best Ways to Invest While a College Student

As a college student, it may be hard to think about investing when faced with overwhelming assignments and responsibilities. However, investing early on can significantly impact your financial future. With the right investment strategy, you don’t have to wait until you finish your degree to start building wealth. In this blog post, we’ll explore the best ways for college students to invest their money and gain financial freedom. Whether you’re looking to invest in stocks, real estate, or other assets, we have some tips that can help you get started today. So, let’s dive in!

The Importance of Investing as a College Student

Investing can be daunting, especially for college students who are juggling coursework, part-time jobs, and other responsibilities. However, it’s never too early to start investing, and college is the ideal time to do so. In fact, investing while in college can provide tremendous long-term benefits for young adults by allowing them to take advantage of compounding interest and earning returns on their investments. With diverse investment options available, such as stocks, ETFs, and mutual funds, college students can tailor their investing strategies to suit their financial goals and timeframes. Additionally, planning for retirement during college can set students on a solid path toward long-term financial security. By automating savings and investments and utilizing low-cost brokers and apps, college students can make investing a habit and set themselves up for future financial success.

Understanding Investment Options: Stocks, ETFs, and Mutual Funds

As a college student, it’s important to understand the different investment options available to you. Stocks, ETFs, and mutual funds are all popular ways to invest your money. Stocks are ownership shares in a company, while ETFs and mutual funds are collections of stocks and bonds that are managed by financial professionals. Investing in a diversified portfolio can help reduce risk and increase potential returns. When deciding between ETFs and mutual funds, it’s important to consider factors such as fees, minimum investments, and tax implications. As a new investor, it may be beneficial to stick with index funds or ETFs that mirror the market. It’s also important to plan for the future and consider options such as an IRA to save for retirement.

The Benefits of a Diversified Portfolio

In investing, it’s always wise not to put all your eggs in one basket. That’s where a diversified portfolio comes into play. Investing in various sectors or asset classes can spread your risk and potentially increase your returns. This is especially important for college students who may not have a lot of money to invest but want to start building their wealth. By diversifying your portfolio, you can ensure that you are not overly exposed to one particular company or industry. Additionally, a diversified portfolio can help you weather market volatility better. So instead of trying to guess which stock or fund will perform well, focus on building a well-diversified portfolio and let time and consistency do the rest.

Investing in Index Funds vs. ETFs

Section 4 of the blog discusses the difference between investing in index funds and ETFs. Both options offer a simple way to diversify a portfolio, as they offer exposure to hundreds or even thousands of securities. However, the main difference is in their management style. Most index funds are actively managed, while ETFs are passive investments that track a particular index. This can result in lower fees and a more tax-efficient investment with ETFs. In addition, ETFs can have a lower minimum investment than index funds. As a beginner investor, it’s important to consider both options and determine which one aligns best with your investment goals and budget.

Planning for Retirement with an IRA

As a college student, it’s never too early to start thinking about retirement. One of the best investments that a student can make is an IRA, specifically a Roth IRA. Roth IRAs are great for students because they offer tax benefits that can help them save more money in the long run. It’s important to make sure that you’re contributing to your IRA consistently, even if it’s just a little bit each month. In addition to IRAs, employer-sponsored retirement plans are also a great option. These plans often provide matching contributions, which can help you save even more. By starting to plan for retirement now, college students can set themselves up for a comfortable financial future.

Choosing a Brokerage Account: What to Look For

When it comes to investing, having a brokerage account is an essential tool for buying and selling assets. As a college student, choosing a brokerage account that fits your needs and budget is important. Look for an account with low fees or zero fees for buying and selling assets. You’ll also want to consider whether you prefer a traditional brokerage account or a trading app. Additionally, make sure the account offers a simple, user-friendly platform to manage your investments. Take the time to research and compare different brokerage options before making a decision. Remember, a good brokerage account can help you achieve your financial goals while in college and beyond.

Getting Started with Passive Investing

Once college students understand the investment options available to them, they can start exploring passive investing. This method of investing involves putting your money into low-cost index funds and ETFs. It’s a hands-off approach that provides diversification quickly. Even students can start making passive income using Scholaroo’s list of the best passive income ideas. Investment apps like Robinhood are also valuable options for college students who want to start trading without fees. It’s possible to create passive income through certain financial products or by starting a business that requires an initial investment. College students can diversify their portfolios and minimize risk by investing in index funds or spreading their money across different investments. Overall, starting with passive investing can be a great way for college students to invest their money.

Why New Investors Should Consider Mutual Funds

When it comes to starting an investment portfolio, new investors should consider mutual funds as a viable option. As previously mentioned, a diversified portfolio is essential for long-term growth and success. Mutual funds offer just that, as they contain a mix of stocks, bonds, and other assets managed by a professional portfolio manager. This removes the need for new investors to select individual stocks or bonds, which can be challenging and risky. Additionally, mutual funds provide instant diversification and can be purchased with low minimum investments. Furthermore, mutual funds are continuously monitored, making it easier for investors to make informed decisions without being experts in the stock market. For new investors, mutual funds are a simple and effective way to build an investment portfolio that is diversified and managed by experienced professionals.

Automating Savings and Investments for Success

Automating savings and investments is an important step toward financial success, especially for college students who may already be juggling a tight budget. By setting up automatic transfers from a checking account into an investment or savings account, students can ensure that money is being put aside each month without actively remembering to do so. This helps with long-term savings goals and creates a sense of financial stability and security. Additionally, utilizing apps and low-cost brokers can make investing and managing investments more accessible and user-friendly. By combining automation with smart investment choices, college students can set themselves up for a financially stable future.

Finding Low-Cost Brokers and Apps for Investing

When it comes to investing, college students may not have a lot of extra money to spare. That’s why finding low-cost brokers and apps that fit their budget is important. Several investing platforms offer commission-free trades and low expenses for account maintenance. It’s also important to consider the range of investment options available and the educational resources provided. Some of the best low-cost brokers and apps for college students include Stash, Betterment, TD Ameritrade, and Plynk. College students can start building their investment portfolio without breaking the bank by choosing a platform that fits their needs and budget.

Should You Invest or Pay Off Student Loans?

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Should You Invest or Pay Off Student Loans

As a recent college graduate, you may be considering whether to invest the money you have saved or use it to pay off your student loans. This can be a difficult decision as both options have their advantages and disadvantages. On the one hand, investing your money has the potential to earn you a higher return on investment (ROI) in the long run, but there are risks involved. On the other hand, paying off your student loans can bring financial relief and reduce your debt-to-income ratio, but it may also limit your financial flexibility. In this blog post, we will discuss the factors you should consider when deciding between investing or paying off student loans.

Investing vs Paying off Student Loans

When it comes to deciding between investing and paying off student loans, it really depends on the individual’s circumstances. Generally, investing is a good option when the expected return is higher than the interest rate on loan. However, if the interest rate is high (over 10%), it’s wise to prioritize paying off the loan first. It’s important to calculate the average return on investment and compare it to the student loan interest rate. One must also consider the power of compounding interest and the benefits of starting to invest early. Nonetheless, it’s crucial to find a balance between investing and making student loan repayments. Ultimately, one should make the right choice for their financial future.

Calculating Average Return on Investment

Calculating the average return on investment is an essential consideration when deciding whether to prioritize paying off student loans or investing. As mentioned, the average return for the S&P 500 is 7% after inflation. This means that over ten years, a $10,000 investment would yield a total return of $19,672. However, it’s essential to remember that return rates aren’t guaranteed and can fluctuate based on the market. It’s crucial to take into account your risk tolerance when making investment decisions. Ultimately, calculating the average return on investment can help you make informed choices about your financial future.

Comparing Investment Returns to Student Loan Interest Rates

When it comes to deciding whether to invest or pay off student loans, it’s important to compare the potential returns on each option. One way to do this is by comparing the expected average return on your investments to the interest rate on your student loans. Typically, the average return on investments will be higher than most low-interest student loans, making it a more attractive option. However, if the interest rate on your student loans is particularly high (above 10%), prioritizing repayment may be the better choice. It’s important to find the right balance between investing and meeting your financial obligations, so you can build a strong financial future.

Focusing on Saving and Investing for the Future

Focusing on saving and investing for the future can be a wise financial decision for those with student loan debt. By building a savings cushion, individuals can have peace of mind and protect themselves from unexpected expenses that could derail their loan repayment plans. Investing in a diverse portfolio, such as a 401(k) or individual retirement account (IRA), can also help grow their money and potentially outpace the interest rates on their student loans. It’s important to remember, however, that investing comes with risks, and it’s essential to make informed decisions and work with a financial advisor. Overall, balancing paying off debt and investing for the future is key to achieving financial freedom and security.

Viewing Paying Off Student Loans as an Investment

Viewing paying off student loans as an investment may seem counterintuitive, but it can actually be a smart strategy to build future wealth. By putting extra cash towards student loan repayment, borrowers are essentially earning a return equal to their loan’s interest rate. This guarantees a return on investment, whereas investing in the stock market comes with risk. Plus, eliminating student loan debt can improve credit scores and increase financial stability, which can lead to future wealth-building opportunities. It’s important to balance paying off student loans and investing for the future, but viewing student loan repayment as an investment can be a solid starting point in creating a financially prosperous future.

The Power of Investing Early

The Power of Investing Early is a key factor in building long-term wealth. By investing as early as possible, individuals can take advantage of compound interest, where their initial investment grows over time, leading to more significant returns. By investing a small amount of money regularly over a long period, the investor can accumulate significant wealth over time. This is especially relevant when compared to paying off student loans early. While paying off loans helps reduce debt, it doesn’t offer the same level of opportunity for long-term wealth building. Therefore, it’s essential to consider investing early on and finding a balance between investing and student loan repayment. This way, individuals can benefit from both worlds and achieve financial stability and success in the long run.

Risks of Investing vs Paying Off Student Loans

While investing can potentially yield significant returns, it comes with inherent risks that need to be considered. The value of investments can fluctuate, and there’s a risk that you could lose some or all of your money. Paying off student loans, on the other hand, guarantees a fixed rate of return without any risk. However, it’s important to keep in mind that the interest you’re paying on your student loans is likely to exceed the returns on your savings account or other low-risk investments. It’s a balancing act between the risks of investing and the guaranteed return of paying off student loans. Your risk tolerance, financial goals, and overall budget should all be taken into account when deciding between investing and paying off student loans.

Finding a Balance Between Investing and Student Loan Repayment

When it comes to deciding between investing and paying off student loans, finding a balance is key. It’s important to take a step back and evaluate your financial goals, income, and debt. If your student loan interest rates are high, it may make sense to prioritize paying off your loans first. However, investing may be a better option if your interest rates are lower. It’s also important to consider the long-term benefits of investing early and how it can impact your financial future. Ultimately, finding the right balance between investing and student loan repayment will depend on your individual circumstances and priorities. It may be helpful to consult with a financial advisor to determine your best course of action.

Conclusion: Making the Right Choice for Your Financial Future

In conclusion, deciding whether to invest or pay off student loans is a personal financial decision that requires careful consideration of individual circumstances. While investing can yield a higher return than student loan interest rates, it’s important to remember that student loan repayment is a long-term commitment that must be met. Balancing investment goals with student loan repayment can help graduates move towards financial stability and security. Ultimately, the right choice depends on each person’s financial situation, investment goals, and risk tolerance. By taking the time to understand their debt and assessing their investment options, graduates can make informed decisions that set them on the right path toward achieving their financial goals.

How To Save Money As New Parents

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How To Save Money As New Parents

After the birth of your newborn, a sudden realization hits you—your money has grown a pair of wings.

Your monthly expenditure is skyrocketing with hospital charges, diapers, photoshoots, and pediatric visits. This will leave you indebted if you don’t figure out your finances soon.

Having a child is overwhelming, and as new parents, there are so many things to do and so little time that drawing a budget is the last thought on your mind.

Here are some tips to help you save some money.

A New Family Budget

A clear understanding of your finances will help you decide where you can cut costs to save money.

After the baby comes home, your list of essentials will increase considerably, taking a toll on your monthly savings.

As the baby grows, your spending will increase, so try to save as much as possible. Also, try to pay off your debts as much as possible.

With the baby, the expenses will increase, and your unpaid debts will take a backseat. Paying your debts will also ensure you have a good credit history in case of any emergency.

Save Money On Hospital Bills

Hospital charges are one of the most significant expenses during the initial parenting stages. Although unavoidable, you can cut costs by refusing add-ons that you don’t need.

A private delivery room can add up to $500/day on your hospital tab, and a television set can cost you $8/day. You can easily do without them, so why spend extra?

Hospitals provide baby goodies like diapers, onesies, wipes, pacifiers, nasal aspirators, thermometers, baby wraps, and more, so stock up on these and save around $40.

Only The Essentials When Shopping

All the cute little items available on the shopping sites are tempting, but don’t get carried away. Before the baby arrives, opt for only the essentials until you get the hang of your baby’s growth rate. This way, your house is not cluttered, and you don’t have many ill-fitted items.

Babies grow quickly, so make sure to buy only the bare minimum. As babies’ clothes get stained easily, don’t buy expensive clothes from elite brands. Visit your nearest store and buy plain, inexpensive clothes.

Pick gender-neutral items, especially if you plan on having another baby in the future. This will save you a lot of money.

As the list of baby essentials is vast and never-ending, try buying products that will grow with your baby. These include strollers that shift from newborn to toddler, which helps save money and space.

Also, look for convertible furniture and accessories like changing tables that double as storage units and high chairs that can convert to booster seats and regular chairs.

Do your research to ensure you don’t get tricked by clever marketing. You don’t have to spend higher prices on baby products. A higher price tag does not guarantee better quality.

Collect Free Baby Stuff

Visitors often lavish maternity wards with baby gifts and free samples. These may include lotions, body washes, diaper ointments, diapers, and other items. However, as the staff is very busy, they often forget to distribute baby gifts. Make sure to ask for baby samples before your discharge.

Baby Feeding

Breastfeeding is undeniably the healthier and more economical option. However, even breastfeeding comes with associated costs like breast pumps and accessories, which help mothers pre-store the milk for the baby.

Opt for cheaper breastfeeding gear, or better yet, get a hand-me-down to cut costs. Even with these costs, breastfeeding is still comparatively economical.

Formulas make up the direct cost for formula-fed babies and are very expensive. Additionally, formula-fed babies are prone to ear infections and digestive troubles, increasing the number of visits to the doctor.

Diapers And Wipes

Escaping diapering costs is impossible, but you can always opt for the more economical and environment-friendly option of cloth diapers.

You can sign up for subscriptions and bulk buy diapers to cut costs when purchasing disposable diapers and wipes.

Embrace Pre-Loved Items

Babies grow quickly; they might wear a onesie only a couple of times before it becomes too big. Ask your family and friends if they want to give away any of their baby items. Parents are often eager to clear their attic and look for new parents to hand over these precious baby items to.

Strollers, baby carriers, cribs, and car seats are also great hand-me-down items. Getting one or more of these high-dollar items can be very good for your pocket. Search for a discounted retail store to pick some of the best hardly used baby products.

Plan Budget-friendly Date Nights

Parenting can take a toll on you. With busy days and sleepless nights, you are sure to feel the stress.

That does not mean you and your partner have to give up on romance and date nights. Even when it feels like you have no time to indulge, treat yourselves to a budget-friendly date to keep the spark alive.

Additional tip—there are many benefits and supports available for new parents. Unfortunately, many are unaware of such government facilities. Search for the ones you are eligible for and try to reap the benefits.

Wrapping Up

Take advantage of these tips and the hand-me-downs you receive from family and friends. And make sure you pass them forward, both the tips and your baby’s old and new items.

Should I Graduate College Early: Pros And Cons

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Graduate College Early Pros And Cons

Most college students don’t complete their courses within the standard four years. According to National Center for Education Statistics (NCES) data, in 2020, 64% of undergraduates took six years to graduate.

Notwithstanding the statistics, it is possible to graduate college early and complete your degree in under four years. Graduating early can seem enticing, especially for overachievers who want to get out the door quickly. But it is a major life decision that has a ripple effect on your career and life.

Before you make a choice, check out the following pros and cons.

Pros Of Graduating From College Early

Here are the major advantages of graduating from college early:

1. Lowers The Cost Of Your Degree

One of the key reasons that many college students want to graduate ahead of schedule is to cut down on the cost of a college education.

According to the College Board, in 2021-22, a four-year college degree costs an average of $27,330 for students attending state schools and $44,150 for students attending private universities.

Graduating early reduces the time you spend in school, resulting in a lower overall cost. You can slash your college education budget significantly and save more on tuition, textbooks, room, and board.

2. Reduces The Need For Student Loans

By graduating early and slashing the cost of your college education, you can obviate the need for student loans. You will graduate with less student loan debt, making your loan repayments more manageable.

3. Allows You To Join The Workforce Sooner

If you graduate at the same time as most college students, you’ll face a highly competitive entry-level job market.

Other graduates will be vying for the same open positions, making getting a job quickly challenging. If you choose to graduate early, you’ll face less competition, which can help you get a job more easily.

Also, when you enter the workforce sooner, you can start earning sooner. This will help you repay any earlier debt, and you can start enjoying your life and building your savings or retirement fund.

Moreover, graduating early and getting a job quickly helps you qualify for student loan refinancing, as you’ll have a regular source of income. You can refinance your student loans for a lower interest rate or opt for a different repayment term.

Cons Of Graduating From College Early

While graduating early has many benefits for students, it also has some critical drawbacks, such as the following:

1. Tougher Course Load

If you choose to graduate from college in less than four years, you will have to take a tougher workload in college than other students. While your peers may take just three or four classes, you may have to take five or six to complete your degree faster.

Such a hectic schedule can make it demanding and stressful to juggle your coursework and other commitments.

2. Missing Out On Activities

Senior year of college is an exciting and crucial period for most students. Final-year students often get access to a greater variety of extracurricular activities in college. They also get more time to spend with their friends than those who graduate early.

They can also discover their interests in different fields by taking fun electives, which can guide them in their career.

If you opt for early graduation, you will miss out on that time with friends and extracurricular activities. You’ll also miss out on valuable insights into your interests and hobbies, which may reduce your opportunities to learn and grow.

3. Not Emotionally Ready For Post-College Life

Life after college is vastly different from college life. Once you graduate, you will have to start living your “adult” life, which involves many duties and responsibilities.

You may have to find an apartment, handle utilities, and cook for yourself. On top of that, you have to start looking for a full-time job and manage your schedule, which can be overwhelming.

If you graduate early at a young age, you may not be emotionally ready for all the challenges in life that adults go through. Before venturing out and taking on adult responsibilities, some students may benefit from spending more time studying, learning, and gaining experience.

Conclusion

Graduating early has its pros and cons. Make sure you weigh them carefully before you make a decision.

5 Must-Have Smartphone Apps That Will Save You A Ton of Money

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5 Apps That Will Save You Money

Ever heard the phrase, “Money saved is money earned”? Well, it’s true; and if you want to save money, you are not alone.

Whether you are an entrepreneur, an intrapreneur, a homemaker, or a student, saving money is always attractive. However, keeping track of your expenses can be difficult in today’s fast-paced life. There is so much to take care of on the professional and personal front, and at times, finance can quickly get out of hand.

If you are keen on getting things fixed and saving money, here are 5 apps you must have.

1. Ibotta

Buying groceries and other household purchases is an expense that no one can avoid. However, with this app, you can get cash back for many of your purchases, both in-store and online. Ibotta has partnered with around 2,000 retailers and covers groceries, entertainment, eating out, pet supplies, clothing, and more.

You can earn cash in three ways:

For Online Purchases:

Shop through the app or with the Ibotta browser extension.

For Retail Shopping:

After you have shopped at your retail store, add offers and submit your receipt.
Through the Ibotta app, purchase a retailer gift card or link your retailer loyalty accounts to the app.

Also, every time you complete a task (like watching a video, taking a poll, or sharing on Facebook), cash is added to your account, which you can access when you make a purchase.

When you make a verified purchase, the money will be directly transferred to your bank account, sent to your PayPal account, or turned into gift cards.

2. You Need A Budget

You Need A Budget (YNAB) is an app designed specifically to help you gain control over your money. The app gathers all the information from different portals into one central view. So, all data from your bank accounts, loan balances, and credit cards are in one place, so you can start budgeting without getting overwhelmed.

Also, budgeting is not restrictive. It is custom-made according to your preferences, so you can design your budget without feeling guilty. The app also helps you align your money with your goals. So, whether you want a car or a house, simply set the target and watch the balance fill up.

You can start with the app’s free trial and budget using their proven method (a 4-step method—give every dollar a job). If you find the app useful, you can continue using it.

3. Acorns

Acorns is an investment app that helps you save money and invest spare change. It rounds up purchases made on the debit and credit cards linked to the app. It transfers the difference to the Acorns account for saving and investment. This way, your money can work toward your financial goals.

The app offers diversified portfolios, so you can decide whether you want to invest in a conservative or aggressive fund, round-ups, recurring investments, and more. The app started as a micro-investing platform, but with its high growth and significant expansion, it now offers five products.

Also, the app is ideal for people who want to learn about financing, budgeting, and more. It runs a literacy program that helps its users learn about the various aspects of money management.

4. Mint

With 30 million users, Mint is the most downloaded personal finance app. The app links all your accounts so you can keep track of all your financial activity. It also tracks your expenses, recognizes your spending patterns, and curates a budget for you.

This helps you fulfill all your obligations and save for emergencies, retirements, and more. With reminders for upcoming bills and due dates, the app also enables you to stay on top of your bills, so you don’t have to spend extra on penalties and late fees.

5. Chime

Chime is a mobile banking app that offers a spending account and a Visa debit card. With these, you can safely deposit funds, learn about your transactions, and track where you are spending the most.

It also has another feature—an optional high-yield savings account. It controls the savings at two points—save when you get paid and save when you spend.

In the case of “save when you get paid”, the app automatically sets aside a part (10%) of the credited amount in Chime. It transfers this to your Chime’s savings account, which offers 1.50% APY.

With “save when you spend,” Chime rounds up the purchases you made with the Chime Credit card, and it transfers the difference to your savings account.

Apart from the above features, Chime has a host of other features that make banking very convenient.

Conclusion

Saving money is a difficult task—one that people don’t master easily. However, with the help of financing, budgeting, and cashback apps, you can get closer to your goal.

We hope the top 5 must-have smartphone apps we have listed will help you save a ton of money.

Tips to Increase Your Credit Score

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Tips to Increase Your Credit Score

If you’ve ever had trouble getting a loan or been denied credit, chances are your credit score was an issue.

Credit scores are calculated based on your past behavior with financial institutions. The higher your score, the better your chances of being approved for new loans and credit cards.

If you have good credit, it’s important to take care of it! You can do this by adopting simple habits like always paying off your bills on time, keeping debt low (ideally below 30%), and avoiding late payments.

But what if you don’t have good credit? Are there any ways to raise your score? Let’s find out.

What is a Credit Score?

A credit score predicts the likelihood of timely loan repayment. Your credit score is gauged based on a few factors, most of which include your past payments like your:

Payment history
Debt
Types of accounts opened
Credit applications
Foreclosure
Bankruptcy

Tips for a Better Credit Score

If your credit score is lower than you’d want it to be, there are a few ways to boost it. Depending on what’s holding down your credit score, you can add a few points to your credit score by following these tips.

Pay Credit Strategically

Credit builds up fast. If you ignore your credit card balances, they will continue to add up. It’s a good idea to develop a strategy to monitor your credit balances. Of course, paying with a strategy comes with rewards.

There are a few things you can do to pay off your credit quickly to positively impact your credit score in the long run:

Pay more than what you owe each month
Try to make more than one payment every month
Focus on paying off your most expensive debt
Try to renegotiate your loan term to make it shorter

Aim for a Reasonable Credit Utilization

Most people aren’t aware that banks don’t commend you for spending your entire credit limit even if you pay it off on time. If you really want to build your credit score more quickly, you should only utilize 30% of your credit limit.

A good rule of thumb to remember is that you should aim to spend less than your total credit limit each month. This will make it easier for you to make timely payments while also building up a record of paying off your debt on time.

Ask for a Credit Limit Increase

If you’re unable to reduce your spending, consider asking for a credit limit increase. Keep in mind that this may only work if you don’t have any outstanding balances with the bank.

This way, it will look like you’re spending less, without really doing anything to change your spending habits.

Pay Bills on Time

Every bill or transaction should be paid on or before the due date. Late payments will only drag down your credit score further. Here are some things you can do to stay on top of your due dates and ensure that you don’t miss a payment:

Set account reminders
Automate your payments
Mark it on your physical calendar

Correct Credit Report Errors

The smallest mistake could pull your credit score down considerably. So, when you’re conducting a review of your credit reports, make sure you take note of any incorrect information. Mistakes happen, and it’s never a bad idea to contest them especially if they affect your credit score.

This is also a good opportunity to spot charge-offs, which you’ll want to work towards removing.

Why A Good Credit Score Is Crucial

Credit scores are the three-digit numbers lenders use to determine whether or not you’re a reasonable credit risk. Additionally, they look at your past payment habits and other factors, such as the type of accounts you have opened and how long they’ve been open.

A low credit score can make it harder to get approved for loans, mortgages, lines of credit, and more. A high credit score, on the other hand, may help you get approved for these products at a lower interest rate.

The higher your credit score, the better your chances of getting approved for a loan or credit card.

Increase Your Credit Score Today!

The tips we’ve outlined here will help you to improve your credit score and, in turn, make it easier for you to manage your finances and get the loans you need. If you are looking for a loan, consider using these tips to increase your credit score so that you can qualify for better interest rates and repayment terms.

How To Sell Your Old College Textbooks And Make Some Extra Money

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sell Old College Textbooks

Apart from tuition, one of the major expenses college students face is their textbooks as well as course materials. In 2021, full-time, undergraduate students spent approximately $1240 on textbooks on average.

While this is an unavoidable expense, there are still ways to get your money back once you’re done using these textbooks. After the end of the semester, the piles of books in your cupboard are of no use to you plus it only occupies space. There is always a demand for used college textbooks and this can be a golden opportunity for anyone looking to sell their used copies.

Here’s what you need to know about selling your old college textbooks so you can make some extra money.

Maintaining the Condition of Your Old College Textbooks

Whether you had pre-planned or have just decided to sell your books, the condition of your books will play a major role in determining how much you’re able to sell them for. A buyer or a bookseller may refuse to entertain textbooks with doodlings or drawings.

Loose-bound books or books with missing pages and water and food stains will also not be accepted by most buyers. If your textbooks include supplementary materials like a CD, make sure you have those intact.

While the easiest way to avoid this is by using the books with care or trying to restore the books as much as possible. And since you may decide to sell your next batch of textbooks as well, make sure to keep them in good condition.

When To Sell Your Books

Typically, there is a higher demand for textbooks at the start of the semester, whereas there will be little to no demand at the end of the semester.

Generally, there is a major drop in the book value during summer and the demand shoots up once school reopens. So, aim to sell the old textbooks before school begins.

Keep in mind that the book value decreases over the years and can reduce significantly if new editions are released by the publishers.

Best Ways to Sell Your College Textbooks

Once you have ensured that your books are in good condition and have decided when you will be putting them up for sale, you have multiple options for selling your books.

1. Sell Directly To Students

The easiest way to sell your old college textbooks is to sell them in person to students. When you decide to sell them directly to a new student, your potential customers are mostly your juniors. You can advertise your textbooks through word of mouth or by putting up a notice in your dorm or on social media accounts like Facebook.

As for pricing your books, you can find out the average price at which your nearby stores are selling used copies and lower your price by a few dollars. This will ensure that you get more money as you will be cutting out the middleman and selling directly to your customers. You will also be charging less than bookstores.

2. Selling To A Bookstore

Many bookstores tend to buy back used college textbooks. In this case, however, there is a middleman involved so you will get a lower price for your books.

It is a very convenient way to sell your books that will also get you hard cash in hand. However, selling your books at a bookstore most often gets you the lowest price compared to any other method.

3. Selling Online

A lot of students prefer buying second-hand textbooks online, so this is an effective way for you to sell your books. Here are some of the most popular sites where you can sell your old college textbooks:

Amazon
eBay
Decluttr
BookByte
BookDeal
GoTextbooks
Cash4books

How It Works

Selling your books online is typically a fairly simple process.

You will have to look up your textbook’s ISBN (International Standard Book Number). Once you have that, enter the ISBN on the site and you will receive a quote for the books. You can then decide whether or not you want to sell the books to that site.

If you decide to sell your books, you receive a prepaid shipping label that you can get printed and ship your book to them. Some sites may require you to pay the shipping fee.

Make sure you provide correct information about the condition of your book. If your books do not match the description you have given, there is a very high likelihood that the books will be returned to you.

Selling online will get you the best price for your book as you can compare quotes from different sites and select a site that’s giving you the best deal. However, it is also the option that requires the most effort on your part.

Conclusion

College textbooks have a decent resale value. And though there are a number of ways to sell your old college textbooks, ideally, the best option is the one that gets you the highest price for your books with the least hassle.

Make sure you maintain the condition of your books and sell them at the right time to increase your likelihood of turning a profit.

How To Be More Disciplined – 5 Simple Habits To Learn

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How To Be More Disciplined

Self-discipline is a trait that allows people to achieve their goals. This, in turn, improves their lifestyle and contributes to their overall well-being and happiness.

Despite popular belief, discipline is a learned quality. This means you can improve it with practice and consistent effort.

Being disciplined allows you to stay in control of your actions, feelings, and emotions. It helps you remain motivated and focused on the task at hand, which will boost your chances of success.

Don’t know how to go about developing this trait? Here are 5 simple habits that will help you build discipline.

1. Know Your Strengths And Weaknesses

Recognizing your strengths will empower you and create the positivity you need to achieve your goal.

Your strengths could be determination, dedication, creativity, or versatility. They could also be your ability to be patient, calm, respectful, and honest.

You can use your strengths to proactively combat your weaknesses. Your weaknesses could include procrastinating, drinking, smoking, too much screen time, or irregular eating and sleeping routines.

Weaknesses pull you away from your goals. Mastering self-discipline becomes easy when you recognize and overcome your weaknesses.

2. Remove Temptations

The best way to overcome temptations is to remove them in the first place. You cannot go on a diet with your pantry full of your favorite junk food, nor can you go through your budget plan while browsing through online stores.

If you’re addicted to social media, uninstall the applications on your phone or turn off notifications.

It’s better to reserve self-control for unforeseen and unavoidable circumstances rather than exhaust your willpower on avoidable situations.

You are only human, and there are only so many temptations you can resist. By removing temptations, you can easily stay disciplined.

The fewer distractions, the clearer your goal. This increased focus will help you accomplish your goal.

These small sacrifices will help you lead a more successful and fulfilling life.

3. Set Small Goals

Setting a goal helps you develop a clear vision, but it is easy to get discouraged if you set very difficult and challenging goals on your new route to self-discipline.

The key to accomplishing goals is to first define them.

Break your main goal into smaller goals and celebrate whenever you achieve one of your subgoals. Plan and execute your mini-goals with time-bound guidelines.

Write down your goals and make to-do lists so you know you are working on them every day. Consistency is key to discipline and achieving goals. If you are trying to lose weight, work out for 15 to 20 minutes a day instead of 2 hours once a week to stay consistent and ease yourself into it.

Every little achievement will make you more disciplined and your life more productive. It will also give you the confidence to achieve bigger goals and the motivation that you need to keep going.

Start with one small goal and move to the next only when you have accomplished the former. The same applies to new habits whether it’s going to the gym, going to bed early, or spending less time on social media. Start with one new habit at a time, instead of being overwhelmed by several in an effort to be disciplined.

If you have a couple of things to do, prioritize and tackle them in the order of priority.

4. Nurture Yourself

One cannot overstate the importance of self-care in achieving discipline. It’s fine to put in a little additional time now and then, but if you’re working overtime for months on end to achieve discipline, you’ve lost sight of the objective. Your sleep-deprived mind will struggle to make decisions, and your body will suffer as a result.

Any objective, let alone discipline, will be impossible to achieve with a weary mind and body. When you are exhausted, you cannot work at your highest potential. It makes you lose focus on the task, which also makes you grumpy and pessimistic, breaking your resolve.

Eat well-balanced meals at regular intervals, with healthy snacking in between, to keep your body nourished. Combine healthy food with regular exercise. This will boost your mood and provide you with the energy you need to achieve your goals.

5. Treat And Forgive Yourself

Self-discipline does not mean you have to be too hard on yourself. It is important to treat yourself with breaks and rewards after little achievements. This will make you feel energized and restored, so you can move toward achieving your goal with increased enthusiasm.

If you’ve failed at achieving a goal, evaluate and figure out where you went wrong. Try again, without losing heart.

If you have made a mistake, forgive yourself quickly and move on instead of dwelling on the mistake. This will help you save valuable time that you can use to work on your goal.

Wrapping Up

Your path to self-discipline will have its fair share of bumps and failures. So when you face one, use it as a learning experience and move on. Instead of wrapping yourself up in guilt and frustration, forgive yourself and get back in the game with more fervor. Once you have learned to conquer yourself, everything else comes easy.

9 Career Fair Tips For College Students

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Career Fair Tips For College Students

One of the things college students worry about is getting a job – and not just any kind of job – a job that makes them feel fulfilled. A career fair allows students to find a potential employer or sponsor. It’s like a job interview but for college students and the greatest mistake one could make is to go unprepared. You need to prepare your mind to nail your pitch, but it’s more than that. It comes down to your dressing, your smile, posture, and a whole lot of other things. This article will help you find some of those things you might miss when preparing for a college fair.

Important Career Tips for College Students

Prepare the outfit: Don’t go on a closet destruction spree for the perfect outfit. What you need isn’t a nice outfit; you need smart and professional dressing. Stick with minimal colors, but at the same time, don’t be boring. You need the employers to remember you for something. Keep neat, clean, put-together, and of course, like you have something valuable to offer.
Update your Resume: Everyone learns every day and you might have learned new skills you want to add. Check through your resume to make sure that you have properly and professionally sold yourself the best way possible with all your skills, qualifications, and experience levels. Add some of your accomplishments if you have and make sure that you have enough printed for 10 to 20 employers. If you have ever worked a seasonal job during your gap year, be sure to put it in the resume.
Research on the employers that would be at the fair: If you can, ask about the employers that would be around – what they do, their companies, what they are looking for, the kind of skills they need, and so on. This will make for a great conversation when they begin to engage you in a discussion. However, be careful not to sound like you stalked them online.
Prepare the pitch: Your pitch is like a short elevator speech that is about a minute or two minutes long but captivates a potential employer. See it as an audio resume where you highlight your value to their company. Though this can be slightly hard to figure out, practice as many times as you can and ask your teachers, family, and friends for advice.
Be on time: You might think ‘but the fair doesn’t start till 8’. If you want to land the front seat, you need to be on time. Campus job fairs are always crowded with smart pants and you wouldn’t want the employers meeting with you when they are exhausted.
Be attentive during interviews: Most times, students have already prepared a list of possible questions they’ll be asked during interviews – and though this can be great for practice, it makes some of them give correct answers for a different question. During interviews, listen carefully to the questions, understand them, and ask them to repeat if it’s not clear. Avoid jumping to answers, understand the question first, and give a coordinated and correct response.
Ask questions after: This is what sets you apart from other students at the fair. Asking questions makes the employer feel that you understand his or her company and you are interested in adding value and not just getting a working space. Most times, they remember these questions and put you in mind for a hire.
Ask for ways to stay in touch: Part of asking questions is asking for a business card, an email, or a phone number that you can reach them on. Ask also, for the best times and medium to reach out. Some employers prefer phone calls while others might prefer emails.
Keep in touch: Finally, it’s not enough to ask for the medium, you should also follow up with those you feel were particularly interested in you. Why? You may ask. Most times, (especially if you arrived early), potential employers would have interviewed so many people that you will be almost forgotten. Following up with prospective clients will help you remind in sight.

Conclusion

A career fair can be the most competitive, overwhelming, and stressful part of being a grown-up in college. The worst is that sometimes, you might not even get a potential employer to look your way for a long time while you wait in your stand. However, keep a positive vibe and follow all the tips that have been mentioned above. Just remember to highlight the best things about yourself while you keep a great smile.