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21 Budgeting Tips for College Students

Category: Manage Debt
Published: Sunday, 10 July 2016
Written by Chance Allen
11. Take Classes at a Community College

Whether youre supplementing your four-year university education  and possibly shaving some time off your college career by graduating earlier than scheduled or attending a local college as a substitute for a four-year university, you can save a substantial amount of money by taking courses at a community college.

Oftentimes, universities and colleges have agreements with other local community colleges to have classes that can transfer between each other, said Sherin. If it makes sense for your schedule and your wallet, see whats available at the other school.

12. Get a Cash-Back Credit Card

Use this tip with caution: Getting a cash-back credit card can be a good financial move as long as you are responsible. Be sure you can manage debt responsibly before signing up for any credit card, said Sherin.

If you know you can be responsible with a credit card, apply for one that offers cash-back incentives, Sherin said. This way, you can earn money on the purchases you make every day. A number of rewards credit cards are available, and some offer extra cash-back rewards depending on what financial institution you bank with.

Related: Best Rewards Credit Cards of 2016

13. Shop at the Dollar Store

The dollar store might not be the coolest place to shop, but its often the cheapest. You can save money on necessities that might cost you more if you purchase them on campus or even at a grocery store.

If you know you are going to be shopping for things you are going to throw away  like trash bags, sandwich bags or paper towels  pick something inexpensive at your local dollar store, said Sherin.

14. Borrow as Little as Possible

If you have to use student loans to pay for your education, try to borrow as little as possible, advised Steve Repak, a certified financial planner and author of 6 Week Money Challenge: For Your Personal Finances.

Unlike credit card debt, student loan debt can almost never be discharged in bankruptcy, so it is extremely important to put a plan together to get [student loans] paid off as soon as possible, Repak said. The first move toward that is having a low balance to begin with.

15. Get Good Grades

Although there are many reasons to earn the best grades that you can, perhaps one of the biggest incentives is that good grades can also pay off financially, said Ed Gjertsen II, CFP, vice president of Mack Investment Securities and chairman of the Financial Planning Association.

Good to great grades can go a long way in schools offering merit-based scholarships, Gjertsen said. While athletic scholarships may attract most of the attention, getting good grades can open financial opportunities.  Aside from financial opportunities, earning good grades can score you other perks such as good-student discounts on auto insurance, which can be particularly high for young adults.

16. Estimate High and Low

When youre figuring out your expenses and income, Perez advised to estimate high on expenses and low on income. This will ensure you have plenty of money to cover your costs and wont allow you to give yourself too much play money, Perez said.

17. Cook

Although many blogs have famously challenged the idea that cooking is cheaper than eating out, Perez said that if you do it right, you can cook delicious  and likely, healthier  meals compared with what you can get if you eat out. One recent test by Cheapism found that a home-cooked chicken dinner cost $6.41, based on the Bureau of Labor Statistics prices for food, compared with a $16 average for a similar meal from national chains such as Boston Market, Dennys, Olive Garden and the Cheesecake Factory.

18. Work

Whether its a summer job or a part-time gig during the school year, working is a surefire way to help yourself stay within budget. As much fun as it is laying by the pool, visiting local hotspots and touring the summer music scene, saving up your money during the summer can help you build your nest egg for the school year, said Sherin. Working also does double duty: You cant spend money while earning it.

19. Turn Off the Cable

The average pay-TV monthly bill is $99.10, according to a 2015 Leichtman Research Group study. It might be tough to lose your favorite TV show, but cutting your cable could be one of your savviest financial moves. Plus, many shows are available for viewing on the TV networks websites after the episode airs.

20. Stop Smoking

If you can kick this addictive habit, youll have better health, better breath and better finances. The average price of a pack of cigarettes is $5.51  and a whopping $12.85 in New York. Quitting smoking can mean the difference between a Friday night out with friends and a long night alone in your room, coughing.

Read: 15 Everyday Things That Empty Your Wallet

21. Become a Resident Adviser

If youre an upperclassman, consider becoming a resident adviser. An RA provides peer-to-peer advice for fellow, younger or newer students in dorms and residence halls. As an RA, youll help build a sense of community, answer students questions and more. Being an RA can pay off in a lot of ways: It looks good on your resume, it gives you real-world managing experience, and many universities compensate you with free room and board or other perks.



Changes that will help you stick to your budget

Category: Manage Debt
Published: Friday, 08 July 2016
Written by Chance Allen

We look at strategies that will help you stay on budget

Whether you're drawing up a new budget to accommodate a salary increase or you need to tighten your belt, if you want to ensure that you stick to it, you'll need to make some physical and psychological changes.

Researchers and personal finance experts suggest that the most effective way to manage debt is to focus on paying off your smaller debts first.

According to Texas Aamp;M University researchers, the idea is that when you're able to celebrate the 'small victories', it gives you a psychological lift from debt fatigue, which often causes anxiety.

"Winning what are known as 'small victories' by paying off small debts first can give consumers a real boost in eventually paying off all their debts. The reason is that meeting a small goal provides the motivation to then meet a larger goal," say researchers Alexander Brown and Joanna Lahey, whose study was published in the Journal of Marketing Research.

READ MORE: Baby steps to budgeting

Similarly, sticking to a new budget requires you to make small tweaks to your spending habits.

Here are four key areas you should focus on changing.

Switch to cash

 If you can get into the habit of paying for everything with cash, you'll probably have a better chance of sticking to your budget.

You will become more aware of just how much you're spending when you're physically removing money from your wallet as opposed to swiping debit and credit cards.

Figure out how much money you need for the week and consider withdrawing that amount. You'll not only save yourself from spending impulsively, but you'll also save some cash on bank transaction fees.

Find cheaper ways to entertain yourself

While no one is saying you can't have any down time, you may need to change aspects of how you have fun, and look for cheaper alternatives.

Consider hosting dinner parties rather than dining out or downscale on luxuries like DStv.

READ MORE: The art (and science) of budgeting

Adopt a frugal living mindset

Living frugally doesn't necessarily mean you need to deprive yourself of everything, it just means that you have to make smarter purchases.

Take the time to scan the newspapers for weekly supermarket specials and do the price comparisons. You can even buy in bulk and share groceries, or switch to cheaper house brand labels.

Eliminate debt... one debt at a time

 Debt can be an overwhelming burden to carry, but the key to overcoming it is to tackle one debt at a time.

To give you a psychological edge, start by settling your smaller debts first

"While it would make sense to begin paying off debt with the highest interest rate, if you could maintain motivation to pay off your bills, psychological wisdom says you'll struggle to stay on task. Behaviour depends on how you feel and how you think," says psychotherapist Amy Morin.

"When you feel a sense of accomplishment after you pay off a small debt, you'll think more positively about paying off other bills. That boost in your mood can help you stick to your budget."



    5 Leftists Speak out Against 'Colonial' Puerto Rico Debt Bill

    Category: Manage Debt
    Published: Thursday, 07 July 2016
    Written by Chance Allen
    PROMESA will hand over control of Puerto Ricos economy to a president-appointed federal oversight board to roll out austerity and manage debt restructuring.

    Shares Of Arrow Global Group PLC (LON:ARW) Rated As Overweight By Analysts At JP Morgan

    Category: Manage Debt
    Published: Thursday, 07 July 2016
    Written by Chance Allen
    Arrow Global Group PLC is a United Kingdom-based purchaser and manager of debt that uses data and analytics to acquire and manage debt portfolios from financial institutions and other credit providers. The Company is a provider of receivable management solutions. The Company is engaged in the purchase and collection of non-performing loans (NPLs). The Company purchases secured and unsecured nonperforming debt portfolios consisting of both consumer and small and medium-sized enterprises (SME) accounts from across the United Kingdom and mainland Europe. The Company regulates business and uses analytics to identify, acquire and manage defaulted consumer credit portfolios, primarily from banks and other financial institutions, such as credit card companies. It works with compliant servicers that offer a range of collection specialisms including, insolvency, bankruptcy and deceased customer accounts. Its subsidiaries include Arrow Global One Limited and Arrow Global Portugal Limited.



    Arrow Global Group (LON:ARW) price target dropped to GBX300 as covered today by JP Morgan Cazenove

    Category: Manage Debt
    Published: Thursday, 07 July 2016
    Written by Chance Allen

    Arrow Global Group (LON:ARW) had its price target fell to GBX300 by JP Morgan Cazenove in a report released 6/29/2016. The new target price suggests a possible no upside the company's most recent stock close price.

    Yesterday Arrow Global Group (LON:ARW) traded 0.63% higher at GBX0.00. The company has recorded a 50-day moving average is GBX250.16 and its 200-day average is GBX245.97. With the last close down 18.49% relative to the two hundred day average, compared to the Standard amp; Poor’s 500 Index which has raised 0.01% over the same time. 247,546 shares of the stock exchanged hands, down from an avg. trading volume of 426,471.

    Performance Graphic:

    Arrow Global Group has a one-year low of GBX182 and a one-year high of GBX290 with a price-earnings ratio of 11. ARW's market capitalization is presently GBX349.0M.

    In addition to JP Morgan Cazenove reporting it’s price target, a total of 5 analysts have reported on the stock. The consensus target price is GBX319.40 with two analysts rating the company a strong buy, four firms rating the stock a buy, zero firms rating the stock a hold, zero rating the stock to underperform, and lastly zero brokeragesrating the stock as sell.

    General Information About Arrow Global Group (LON:ARW)

    Arrow Global Group PLC is a United Kingdom-based purchaser and manager of debt that uses data and analytics to acquire and manage debt portfolios from financial institutions and other credit providers. The Company is a provider of receivable management solutions. The Company is engaged in the purchase and collection of non-performing loans (NPLs). The Company purchases secured and unsecured nonperforming debt portfolios consisting of both consumer and small and medium-sized enterprises (SME) accounts from across the United Kingdom and mainland Europe. The Company regulates business and uses analytics to identify, acquire and manage defaulted consumer credit portfolios, primarily from banks and other financial institutions, such as credit card companies. It works with compliant servicers that offer a range of collection specialisms including, insolvency, and bankruptcy and deceased customer accounts. Its subsidiaries include Arrow Global One Limited and Arrow Global Portugal Limited.