Entries from September 2011 ↓

How to Choose the Best Student Bank Account

Although it is not as important as selecting a university or college, choosing a student bank account can be crucial. Making the right choice can save you a lot of money over the years, as well as make your banking experience a lot easier. When you are going to school you already have enough to worry about so why make going to the bank harder than it has to be?

Student Bank Accounts

Why should you choose a bank account specifically designed for students rather than a regular account? There are many advantages, as these accounts have been crafted to make the financial side of going to school easier for students just like you. They will often offer special incentives, features, and benefits for students. They also might include free gifts, special discounts and student financial advisors.

How to Choose the Right One

When you are choosing a student bank account, what are the things that you should consider?

  • How do you use your bank account?

What are the most common banking transactions that you perform each day? If you use your debit card to make purchases, try to find an account that will not charge you each time you use it. If you are using your bank account to save money, look for a bank that will offer you a no-fee savings account with a high interest rate.

  • What special perks does the bank offer?

Many banks will offer sweet incentives such as cinema vouchers, free products, or cash for opening a student bank account with them. Don’t let these freebies sway you into getting a bank account which is not suited to your needs, but if you find one that works for you these little extras can be a great bonus.

  • Will you need to borrow money?

Sometimes you will need a little extra to help you get by in addition to your student loans. In this case, it is a good idea to consider the overdraft when choosing your bank account. How much of an overdraft will you get, and will it be interest free?

  • Does the bank account change when you graduate?

Ask about what will happen to your account when you finish college. Sometimes, you will have student account with a no interest overdraft but as soon as you graduate you will be required to pay it off with interest. You can also ask if there are other perks or special services that you will receive when you are a graduate. If your bank account suits you well as a student but doesn’t fit after you graduate, you can always switch later on.

  • How convenient is it?

Is the bank located near to your campus, and do the hours fit well with your class schedule? Do they offer internet and telephone banking? The perfect bank account is no good if it is a pain to reach your bank and perform any transactions!

When you consider all of these factors, you will be able to choose a student current account that suits your needs and that will serve you well during your time at college or university.

Simon Grant is a writer and blogger who contributes to food blog Amateur Gastronomy.

Practical Tips for Saving Money at College

Practical Tips for Saving Money at College

College expenses can be overwhelming, and tuition is by no means the only thing that must be considered when planning, budgeting or trying to make it through the school year. Here are a number of tips to help you find areas in which you can save some money –

Most college students eat more than their fair share of fast food and other convenience, pre-packaged foods. Keep in mind how quickly your food budget will be blown when you spend your money on these items. It literally takes 10 minutes to cook pasta and heat up some crushed tomatoes with garlic, a drizzle of olive oil and perhaps some crushed red pepper blended in, for a quick pomodoro sauce. There are more quick and easy meal ideas than you can possibly imagine available online. Try entering “recipes less than five ingredients” or “quick meals for two” into a search engine and take a bit of time to try out the ones that sound the best to you. Of course the ubiquitous college food – pizza – isn’t just for nourishment, it’s also a social activity and can’t be foregone completely! Pick up free campus publications when you see them here and there, as they usually contain really good coupons for commonly ordered in foods such as pizza, wings, Chinese, etc. Also, keep the notorious “freshman 15” in mind (it’s not just freshman who are susceptible to them!).

Now let’s talk caffeine. You probably feel it’s a very necessary fix after an all night study session or when you’re sleepwalking across campus to an early class. If you spend just $4 per latte, cappuccino, or whatever your favorite variety, each time you crave a pick-me-up, depending on your habit, you can easily, and quickly, wreck your weekly budget. You can purchase a coffee maker that brews a single cup at the time for about $20 on the popular mass merchandise website www.amazon.com. Some models even come with a travel mug so you can make your coffee and take it with you. There are all sorts of flavored infusions, creamers, and other “coffee condiments” that you can buy when you’re at the grocery store doing your food shopping, so you’ll have options other than plain coffee, too. If you tend to meet friends to study or pass the time at the coffee shop, invest in one of the refillable mugs which are offered in almost every shop. When you bring it in, you can get refills for a lot less than you would pay otherwise.

Purchase textbooks used whenever possible, and look for other options such as “binder ready books” which are printed pages, hole punched and ready to be added to a large, three-ring binder. Some courses/majors can require a lot of expensive supplies. For example, a photography student might have to purchase specialized equipment that can be well outside of the typical college students’ budget. If you know that you fall into this category, plan ahead and do some investigating to find out what sort of supplies might be called for. This will give you time to save money toward their purchase, or even to tell family and friends to remember your supplies list when gift shopping for holidays and special occasions.

A lot of this advice is common sense, hopefully at least some of it will make you think “oh, great idea!” and help you save money in the long run. Enjoy your college years and do your best!

This article is by Amy Johnson for Advance Me Inc. Proud to be America’s leading merchant cash advance provider.

Get Free Bankruptcy Help

When it comes to finances and being human we all make mistakes, it’s only natural. However, the consequences of the mistakes we made are sure to haunt us. One of the hardest mistakes to manage is a mistake in financial decisions. Sometimes, we think we’ve made a good investment or we think we’re spending only slightly over our means but then our assumptions can easily turn into the biggest mistakes we ever made. Before we know it, we would be unable to make payments, we’re going to face foreclosures and creditors would be making our lives living hells. It’s a choice of either letting yourself suffer through all this or ending it all through seeking free bankruptcy help and actually filing one.

Bankruptcy may be a very undesirable option but when you know in that the only other options left is trying to win the lottery or robbing a bank, you’ve got to do it. You can relieve yourself of your financial burdens gradually if you’d only be given a fresh start and bankruptcy is often the only answer. Of course you’ll have to think of legal fees but you have to understand lawyers are professionally bound to provide clients who are financially hard-up with their legal services. Pro Bono or free legal services are recommended by the American Bar Association for all attorneys and these services should amount to at least 50 hours annually.

There are organizations that provide free legal assistance if you would but search. If you plan to approach a private lawyer, however, explain your situation truthfully and then ask if he or she can waive the fees completely. If the bankruptcy attorney refuses, ask for a reference or if he or she can provide you with names of other attorneys or organizations that can help you with your case. For certain, there’s an organization or attorney willing to provide you with free bankruptcy help.

You can also try looking for state and county bar associations in the local phone directory in order to find yourself legal representation. Many such associations have their own pro bono programs for individuals who can’t pay legal fees. If you happen to have contacted an organization who does pro bono work but do not have an attorney available for you at the moment, they would most likely refer you to other organizations listed in your area that provide free legal assistance.

It is not hard to find free bankruptcy help but you have to be diligent as there are a lot of people seeking for free legal assistance each day and legal advocates may run short. If you still have some means to pay but in some less haggard payment scheme, try arranging one with an attorney. As before, explain your situation and try to negotiate if you can pay some amount every month until you have fully paid the fees due. Some attorneys agree to holding off on full retainer and settling for payment plans. It will allow you to hire a lawyer without having to pay a large amount upfront.

Filing for Bankruptcy – Make the Process Easy and Stress-Free

If you are considering filing for bankruptcy there are some actions you can take in order to make the process as easy and stress-free as is possible. The first course of action is to carefully consider all of your debts, bills and income levels to figure out if bankruptcy is the most sensible option. You may wish to seek the advice of a lawyer to ensure that bankruptcy is indeed the best choice for your situation.

What Kind of Bankruptcy?

Once you have determined that you have to file for bankruptcy, the next step is to figure out exactly how you got in this situation, so that you can avoid a similar fate in the future. Bankruptcy can be contributed to poor spending practices, but it can also be accidental, such as if a major accident wiped out your funds. Next you should determine what type of bankruptcy you should file. Should you file for Chapter 13, Chapter 11 or Chapter 7? This choice will be determined by whether or not you have full time employment, how much you owe to your debtors and whether or not you have tangible assets that you could sell to repay your debts. A Hawaii bankruptcy attorney can help you figure out which type of filing will be the best option.

Filing for Bankruptcy

Now that you know what course of action will allow you to get back on your financial feet faster, you can begin the process of filing for bankruptcy. A court appointed trustee will help organize and determine your income and will recommend a payment plan that will satisfy your creditors. In many cases it will be possible to keep your home and important assets such as your car. The process can be rather daunting and filing the correct paperwork is essential to avoid costly delays. If you are considering bankruptcy there are many Hawaii bankruptcy lawyers ready to help. These lawyers can be found at: 1330 AlaMoana Boulevard #202, Honolulu, HI 96814 or by calling (808) 554-0104.

Debt Settlement Company Advice

Choosing a debt settlement company is difficult unless the debtor has criteria he can use to discriminate between different companies. Debt settlement is a process by which the debtor settles for less than the full amount of debt that he owes. Obviously, his creditors do not like this very much, which is why debt settlement comes at a high price: damage to his credit rating. While this is unfortunate, debt settlement can have a positive impact, and the debtor can always take steps to rebuild his credit. Debt settlement companies can help the debtor negotiate with his creditors. Here is debt advice about what to look for in such a company.

Honesty About Downsides

The sizable downside to debt settlement is a trashed credit rating. Using this as a yardstick, it is possible to measure debt settlement companies according to how honest they are about this aspect. Legal consequences are also a possibility along with taxation. Any debt settlement company that is not completely upfront about this must be avoided. Reputable companies will disclose these details to potential customers as soon as they enter the negotiation process for potentially becoming a client. Companies that care more about making a sale will not make a point of informing their possible clients about them.

Recent Account Activity

A debt settlement company must investigate the debtor’s accounts thoroughly in order to do a proper job. Creditors may refuse to negotiate over an account and initiate legal action to recover the full balance. Creditors do not like suspicious actions prior to entering debt settlement. In an all-too-common example, the debtor transfers the balance through a large purchase, a loan or a cash advance and then enters debt settlement. The creditor rightly smells a rat and refuses to negotiate. A good company will investigate whether this has occurred beforehand and advise the debtor what to do.

Long-Term Programs

The only way to avoid legal action and bankruptcy with debt settlement is to settle the accounts before creditors get impatient. Debtors must avoid debt settlement companies that put them in a program lasting longer than 36 months (three years). Debtors in shorter programs have a higher probability of success than debtors who are in longer programs. Creditors may decide to forego negotiation and pursue legal action anyway. This possibility may be avoided with a reasonably short program, and the creditor will be satisfied with the result.

Using Your Self Directed IRA for a Mortgage Investment

Having an Individual Retirement Account is a very good savings plan. There are several IRA options these days. One of them is the the self directed ira.

This is an IRA that requires the account owner to make investment decisions and investments on behalf of the retirement plan. IRS regulations require that either a qualified trustee, or custodian hold the IRA assets on behalf of the IRA owner.

Generally the trustee/custodian will maintain the assets and all transaction and other records pertaining to them. The custodian usually offers a selection of standard asset types that the account owner can select to invest in, such as stocks, bonds, and mutual funds. In addition, most custodians will also permit the account owner to make other types of investments.

There are ways to use a self directed IRA. You can purchase real estate that you own or use or real estate that is owned by a family member of lineal descent, such as your father. Also, it can be used for issuing a mortgage on a relative’s new residence purchased by a family member who is a disqualified person as listed above.

Real estate may include residential and commercial properties, farmland, raw land, new construction, property renovation, development, and passive rental income. Real estate purchased in a self-directed IRA can have a mortgage placed against the property, thus lowering the amount of total cash needed for a purchase; however, neither the IRA nor the account owner of the IRA can have personal liability on the mortgage.

FHA or Federal Housing Administration is a government agency whose primary purpose is to insure residential mortgage loans.

The FHA is introducing new guidelines on loan to value ratios and the minimum credit score required for FHA borrowers. In a detailed Mortgagee Letter from the Department of Housing and Urban Development (HUD), effective October 4, 2010, to be eligible for maximum financing, borrowers will need a minimum 580 credit score fha mortgage.