July 2011 Newsletter

Discover ways to save this summer

With the hot days of summer upon us, it can be hard to keep spending in tow. Summer blockbusters are in the theatre, the kids are home from school, and with many families planning vacations, summer can be a time where the budget goes out the window … but it doesn't have to be. Check out some of our simple ideas to save while the thermometer climbs.

At Home:
There are a number of steps you can take at home to reduce summer spending. First, take a look at that thermostat. It's important that your family stay comfortable and cool, but a programmable thermostat can ensure that you don't spend unnecessarily. Program your air conditioning to only cool during the hours when you're home and keep it at a steady temperature. You can even add some ceiling fans to help aid circulation and keep energy costs down.

A lot of money can be saved in the kitchen, too. While eating out can certainly be an appealing option, a home cooked meal with your family can be just as tasty and fun while saving you quite a bit. Plus, leftovers make a great, no-fuss lunch the next day. Just remember to make a grocery list before you head to the store to make sure you don't buy unneeded impulse items. Take a quick look at the items you buy to see if anything can be eliminated; for example, replace plastic, pricy water bottles with reusable water bottles you can fill yourself.

On-the-go:

With high gas prices, consider carpooling or taking public transportation to reduce costs. If you would prefer to use your own car, make sure to have it serviced regularly; you'd be surprised how much gas can be wasted by having underinflated tires or clogged filters.

There are small ways you can save that really add up. Avoid ATM fees by planning ahead to take out money from your bank's ATM or take your morning coffee with you from home rather than stopping to buy some.

On Vacation:

When you're planning your vacations, consider staying in condos or timeshares rather than hotels; they can help you save by offering a kitchen. If you plan to go to any amusement parks, zoos, or other attractions, research their policy on bringing food in. The price of food in parks can be exorbitantly high, but many are supportive of you providing your own snacks.

Really want to save? Consider a staycation. There's probably more to do in your area than you know, and there's no better way to find out than with your friends and family. Plus, who doesn't have a list of things they'd love to do if given the time to unwind and relax? This summer might present the perfect opportunity for you to read that book that's been sitting on your nightstand or go discover the sights of a local river.

Featured Products:

From the Blog: Get a college education you can afford

by Liz Weston

The time to discuss college expenses is not when your child is holding an acceptance letter from her "dream" school—the one that will consign you both to a lifetime of loan payments.

It's far better to have these discussions in advance, and to talk about alternatives, than to have your child set her heart on a school, get accepted and then hear, "I'm sorry, we can't afford that." (But saying no, even at the last minute, is certainly preferably to miring yourself and your child in un-payable debt.)

Ideally, you'll start talking about what you can afford to pay for school before she starts her search for schools. By her sophomore year in high school, you should have a fairly good idea of your resources as well as her talents and strengths and can begin looking for the right college match that will give her a good education without sinking you both financially.

You can get some idea of how much you'll be pay for a college education, and how much financial aid you're likely to get, by using FinAid.org's Expected Family Contribution calculator. What you're actually offered, however, will depend on the school, its resources and how much they want your child.

Many elite schools, for example, have committed to eliminating or limiting loans in student aid packages for low- and middle-income students. Some have eliminated or capped tuition costs as well. So it's entirely possible that a public school education could wind up costing more than what you would pay to have your child attend an elite private school.

The aid your child gets also can depend on what he brings to the table. If he's a talented soccer player and the school needs competitive players, he's likely to get a more attractive package than if the school doesn't have a team at all. Unfortunately, it's tough to know in advance what a school will offer, and that makes managing expectations difficult. But your child needs to understand that while you'll do the best you can, some colleges may be out of reach.

You may want to discuss some alternatives for making college affordable. Such as:

• Starting with a two-year school. Many students save money by getting requirements out of the way at an inexpensive junior or community college, than transferring to a four-year school.
• Helping pay their own way. Working part-time during the school year and full-time during the summer can allow a student to pay much of her own living expenses.
• Rushing through in three years. Some schools offer the option of getting a bachelor's degree in three years instead of four. This option typically doesn't save much tuition, since students typically attend summer sessions to pack in the needed credits, but it does save on living costs. Therefore, it could be a good choice for a motivated student, particularly one who wants to get on to graduate school.

Interactive Tool: The Savings Calculator

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