Why spend all your money buying textbooks…just rent them!

In this economy, college students are always looking for ways to offset the many expenses that goes with getting a college education. Textbooks account for a big bulk of these expenses. When I was in college, I got hit with a $500 bill for books each semester. This expense definitely left me strapped for cash.

An Associated Press article “How to Save Money on College Textbooks” shares a valuable resource that can help you find ways to save money on textbooks, including renting instead of purchasing them.

Click here to read the full article. Click here to go directly to the Celebration Ideas website to learn how to save money on textbooks.

I’ve taken this practice beyond college and still borrow my books from the library instead of purchasing them. What ways do you save on books, reading or textbooks?

Annette
-Marketing

A little planning ahead can lead to big savings!

As the summer continues, we are really becoming more and more convinced about the importance of doing research, getting multiple quotes, and asking for available discounts for products and services that we need. Earlier this summer, our car needed major repairs so instead of taking it to the first shop we found, we got quotes from a few mechanics to compare the diagnoses and costs. We were then able to make an informed decision about which shop to use instead of going with the first quote out of convenience. Taking the extra time to consider our options was worth it! We saved a couple of hundred dollars and still received quality work on our car. Now, we always plan ahead for repairs. When we got a flat tire on our car, we got multiple quotes for a new tire. We went with the price that was in our budget and saved money on a quality tire.

Also, we always ask for available discounts. Recently, we went to an outlet mall in upstate Connecticut to purchase new work clothes for Sam and me. After Sam tried on some clothes, he asked the salesperson if they gave a discount for AAA members. They didn’t but he directed us to the customer service desk of the outlet mall. We never thought to ask for discounts from the mall customer service office. They gave us a discount booklet full of coupons for various stores in the mall. We went through it, looking for discounts at the stores we like. I purchased a pair of sandals from one store, without checking the booklet for discounts. It wasn’t until we left the store that I realized there was a coupon in the booklet that I could have used. I was a bit hesitant to return to the store to redeem the coupon, which would only save me $3. Sam had to remind me that $3 was still cash that we could save so I promptly returned to the store with the coupon. It is very important to recognize that seemingly small amounts of money add up. It’s important to take advantage of any possible discounts no matter how small the dollar amount may seem.

How do you plan ahead to save when making big purchases?

–Nicole Chevalier

This is an entry from the 2009 Connex Savings Challenge Blog, a place where you can keep up with the Savings Challenge families and they can share great financial tips, ways they are saving and budgeting and much more! For more blog entries and information on the Connex Savings Challenge, visit http://www.connexcu.org.

New Haven Register Tracks Progress of 2009 Connex Savings Challenge

On July 23rd, the New Haven Register Newspaper wrote a great article tracking the progress of the 2009 Savings Challenge families at the halfway mark. Click here to read the article.

A Little Patience Goes a Long Way

Patience is a virtue. I’ve heard this repeatedly throughout my life. I tell my kids constantly, “If something is important, it is worth waiting for.” It could be anything—a toy, a person, recognition for a job well done, a phone call or just waiting for the right time to say something.

Usually with patience comes work, like earning money for an item, being diligent at work or biting your tongue so you don’t say the wrong thing. As a parent, I have a difficult time being patient with my children. Not so much in a disciplinary way, but in a learning way. Watching them struggle with something and not jumping in to help them is difficult for me. However, seeing them solve a problem on their own is gratifying to me and a great achievement for them.

You need to have patience in the Savings Challenge. Change takes time. Little by little I am seeing results of the plan that we have implemented. Our credit card balances have dropped substantially. I’m anxious to see the balance every month because I know we haven’t made any new charges. Only credits for payments made should show up on the account. It’s taken a few months, but I’ve been patient and now I see the results of our efforts.

As with many people, our daycare expenses tend to increase during the summer. Since the beginning of the challenge, we started putting money aside each week to prepare for this. When I walked into the daycare and handed them a check that covered several weeks, I was so proud. As a matter of fact, the administrator mentioned that this year more than ever people are commenting about how difficult things are financially. She asked me for information about our savings tools and tips to share with other parents.

At times, we are faced with unexpected car repairs or an appliance that needs to be replaced. Do we always have the money put aside? Not usually, but now I don’t panic. I know that even if we use our savings for something other than what is was intended, in time we can build it back up again. So, I don’t get defeated. I get patient.

I am very proud of my family for being patient with the changes we have been making. In the beginning, it wasn’t easy to live by a set of rules that restricted us. Having enough patience to follow the plan has allowed us to see the benefits. Pizza night and movie night may happen less often, but having the patience to wait for them makes it more special.

How was your experience saving for any large purchases or upcoming expenses?

–Lori Roche

This is an entry from the 2009 Connex Savings Challenge Blog, a place where you can keep up with the Savings Challenge families and they can share great financial tips, ways they are saving and budgeting and much more! For more blog entries and information on the Connex Savings Challenge, visit http://www.connexcu.org.

We are turning to you to name our new high interest-earning checking account!

Enter to win the Unbank – Unnamed Checking – Naming Contest! Win $1,000 to be credited into a new high interest checking account!* Entries are due by July 30, 2009. To enter go to WPLR.com, STAR999.com or 943WYBC.com.

Click here for official contest rules.

*Winner must be eligible to open a Connex checking account and maintain it for at least 180 days following the contest.

How Falling for Credit Myths Could Land You in a Deep Ditch of Debt

Having great credit scores doesn’t ensure a great financial future. I used to think all people who made a lot of money and paid for everything in cash had perfect credit. Boy was I way off! Read the MSN Money article “Great with Credit, Lousy with Money” to learn about three credit myths that could hurt you if you fall for them.

Have you ever believed or fallen for any credit myths? Were you ever confused about what a credit score is or how it affects you?

- Annette
Marketing

How we save big on birthdays

Every May, we find ourselves being tight with money because we celebrate Mothers’ Day and six birthdays, including Junior’s. He decided this year he didn’t want a birthday party but wanted to invite a couple of friends out for a day of fun and sleepover for the weekend.

The cost of a birthday party for roughly 30 guests is more than $500. Considering we needed to purchase large amounts of drinks, food and party goodies for the kids, we were able to keep the cost of Junior’s fun weekend down to about $125 this year! Instead of a store-bought cake, John baked a cake and I decorated it. Instead of having a huge amount of people over for a party, we invited family only and everyone brought something.

This worked out so well! We were looking for extra money and found another opportunity to save toward our goal. I thought changing the party format would be difficult or take away from our son’s 8th birthday celebration but it actually worked out pretty well and Junior had a ball. He was able to hang out with his closest friends and have just as good of a time. We really learned a valuable lesson and will use this method for future birthday celebrations.

What have you done to save money while entertaining for birthday parties or other large gatherings?

–Jasmine

This is an entry from the 2009 Connex Savings Challenge Blog, a place where you can keep up with the Savings Challenge families and they can share great financial tips, ways they are saving and budgeting and much more! For more blog entries and information on the Connex Savings Challenge, visit http://www.connexcu.org.

Ah, this is the life…the frugal life

With many people cutting back on unneeded expenses, has this become a way of life we should get used to? Click here to read the Credit Union Times article “Frugal Living Here to Stay for Many.”

I, myself, am a part of each percentage on the first list of results!

What have you been doing to cut back and save?

Take big steps toward a bright financial future by making a few small changes

Since March, I made a few small changes that resulted in big savings like using water filters on my sink instead of paying for water delivery and dismissing my cable company because I don’t watch much if any TV at all. Now, I’m “ahead” enough and have taken a big step by having money transferred to my savings each week. It is a small amount set aside weekly that will be a big deal soon. I knew if I had a larger amount of money transferred all at once, I would feel the squeeze on my budget and spend the money I worked so hard to save. It’s sort of “psych-out” for the psyche, I know, but it works for me. I am so excited to see my money grow.

My student loan lender sent an e-mail to me offering a $30 bonus to open an account with a trading company. I didn’t think I was in any position to invest in stock, but my investigation taught me that I could buy shares in the market for a very small price. Since I journal, listing everything I spend to see where it all goes, I noticed I hadn’t dined out in a while because I didn’t see it on my list. Instantly, I thought about splurging but chose to use the money I normally spend on big dinners to match Sallie Mae’s investment offer. Now, I am an official shareholder! How cool is that?

A few weeks ago, I watched a super program on ABC on the topic of debt. It was so informative and very supportive of this financial journey I am on. It talked about credit card debt, living beyond your means, knowing where and how you spend, and how we should stop spending, start investing and save now. Did you know that 30 % or less of your salary should go to your rent or mortgage? The percentage of my salary that goes toward rent is even larger and this is true for most of my friends too. Since I’ve become so enlightened about my finances, I took a big step and found a more budget-friendly apartment. I’m proud to say, I am moving this month! I’d be renting forever if I continued to spend so much each month to pay someone else’s mortgage. My goal is to clean my credit and save enough to make a down payment next year.

I feel so empowered by saving, investing and being in charge of my dollars. I wouldn’t have recognized my pre-challenge habits were holding me back. My eyes have been opened to so many possibilities. My financial future is exciting and I can see the security I didn’t think possible.

What unnecessary expenses or luxuries can you omit to save more money?

–Susie Piedmont

This is an entry from the 2009 Connex Savings Challenge Blog, a place where you can keep up with the Savings Challenge families and they can share great financial tips, ways they are saving and budgeting and much more! For more blog entries and information on the Connex Savings Challenge, visit http://www.connexcu.org.

Having strong family values can teach you important financial values

Recently, I noticed my daughter was not acting like herself. I asked her a few times what was bothering her and of course being a teenager she said “nothing.” Well, after a few days of this she finally told us what was going on. Apparently, during a conversation with a group of her friends at school everyone was discussing their plans for summer vacation. When my daughter was asked about her plans she stated she would be working as many hours as possible. When questioned as to why all the work she replied that she has to pay for her cell phone, her car insurance, gas for her car and then save as much money as possible to carry her through the school year when she doesn’t work as much. The problem occurred when one girl in the group questioned “why don’t your parents pay for all that? Mine do.” My daughter said, “Our family is big and we can’t afford to pay for everything.” Lastly the girl replied, “If your parents can’t afford it, then why did they have so many kids?” This really bothered me.

Many times I have asked myself the same thing, “Were we wrong to have a large family because we’re not able to give them all the things they desire?” The answer every time is a resounding “NO!” We love our children. We can give them everything they want: cars, video game systems, exotic vacations, designer clothes and private educations. However, the price for all of that is not just monetary (though we would be in huge debt.) The price for that would be losing everything we value. Our philosophy is to provide our children with a great foundation of life long values. Love of family, faith, moral convictions and monetary responsibility are just a few. If we bought our kids everything they wanted or just tried to “keep up with the Jones,” we wouldn’t be teaching our children the values of accomplishment and self-worth. My daughter takes pride in the fact that she pays her own bills. She has a sense of accomplishment and sometimes, yes, she gets frustrated because she can’t always do or get what she wants. But in time, she usually gets what she wants with a deeper appreciation because of all the effort she put into achieving her goal. For big stuff, we will usually meet her half way. She saves half and we put in the rest. In doing this we get the satisfaction of being able to help our daughter and she knows she’s done her part as well.

Being in the Savings Challenge has opened the door to many discussions about money, goals and values with people we wouldn’t normally discuss these things with. People that have seen our commercial, co-workers and neighbors, have all shared their tools, tips, opinions, and even, their pitfalls. It’s difficult living within your means. It doesn’t matter how large or small your family is. There will always be times when we wish it was easier financially. We all should do our best whatever our values or incomes are. I’m not saying our way is the only way, or the right way. But, it’s our way.

In what ways do you teach children important financial values?

–Lori Roche

This is an entry from the 2009 Connex Savings Challenge Blog, a place where you can keep up with the Savings Challenge families and they can share great financial tips, ways they are saving and budgeting and much more! For more blog entries and information on the Connex Savings Challenge, visit http://www.connexcu.org.