February 28, 2013
When it comes to saving money, it can seem impossible when you’re pretty much broke. But in reality, there may be ways to save that we haven’t considered, or we may not be making the best use of the money we have. The first step to identifying potential savings is to look at all your expenses – and I mean ALL – and honestly assess which is a need and which is a want.
For example, everyone usually has at least one spending leak – that is, a seemingly small purchase that adds up to be a pretty substantial cost over time. For most people, the biggest spending leaks are eating out or grabbing a coffee. So let’s say you spend $5 a day getting lunch or coffee — and that’s a cheap estimate! It doesn’t seem significant, but that’s $25 a week, or roughly $1,250 a year (minus two weeks for vacations & holidays). Who wants to spend $1,250 a year on coffee or fast food?
If you could instead deposit just one year’s worth of those expenses in a 2% interest bearing account, your $1250 would grow to $1381 in five years just through the magic of compounding interest. If you deposited that same $1250 every year for five years, you’d have $7949 instead. Isn’t that a much wiser way to spend that $5 a day?
Learn more about how to save when you’re broke with these articles from ehow and Military.com.
February 18, 2013
Franklin’s Financial Aid Office and Financial Literacy team are working together to help you through what can be a very confusing fiscal time – tax and FAFSA season!
During the first week of March, we will be offering a tax preparation workshop and a FAFSA completion workshop. These sessions will be open to the first twenty students who register, so please RSVP immediately by following these steps:
1. Choose which workshop(s) you would like to attend:
Tax Preparation – Saturday, March 2nd 9:00 AM – 10:00 AM **1040A or 1040EZ preparation ONLY!
FAFSA workshop #1 – Saturday, March 2nd, 10:00 AM – Noon
FAFSA workshop #2 – Tuesday, March 5th, 5:00 PM – 6:00 PM
2. Email your RSVP to firstname.lastname@example.org and include the following information:
The workshop(s) I would like to attend is/are:
Best way to reach me:
3. Within 2 business days, you will receive a confirmation email that we have received your RSVP, along with workshop location and details. If we have already reached our maximum capacity of 20 students for your desired workshop, we will keep a wait-list and contact you should any openings become available.
If you have any questions, please contact email@example.com.
February 15, 2013
There’s a new post on the Connections blog with information on 2013-14 FAFSA renewal/completion. Remember, our financial aid award year begins with summer term, so you will need to have the 13-14 FAFSA done in order to be aid eligible for summer.
This post also contains information regarding the new loan disbursement schedule that will go into effect this summer. If you have not already seen this information, I highly encourage you to check it out and become familiar with how these changes will impact your aid.
February 11, 2013
So far on this blog, we’ve talked a lot about big picture items that you can do improve your finances. But it doesn’t all have to be big, and some of it may be easier than you think!
A group of graduate students at NC State came up with some quick and easy tips to help you not only save money, but maybe even improve other areas of your life, as well. Check out their ideas here, and if you already practice some of them, feel free to post a comment telling us what has worked for you!
February 5, 2013
It’s not too late to take action now to reduce your 2012 taxes. View Kiplinger.com’s article on making contributions to a tradtional IRA (individual retirement account). This will lower your adjusted gross income, which is a great way to lower overall taxes, even if you don’t itemize deductions. You have until April 15th to make your contributions, so make them count!
To learn more about IRA’s, including the difference between traditional and Roth, visit The Motley Fool’s guide to IRAs.