Being a student is tough on the brain and on the wallet. Here’s some tips to help you save some money, so you can concentrate on studying!

• Check your campus for recreational activities - see if your campus has gym or fitness facilities, join a varsity team, or cultural club. Some campuses even screen free movies!
• Check everywhere to see if you qualify for a student discount - movie theatres, public transportation, museums and art galleries typically give discounts if you show your student card
• Banks usually have special banking plans for students
• Live with your parents and commute to school
• Take food and snacks with you to avoid buying vending machine fare
• Make your own coffee at home and bring it in a reusable container
• Take public transportation or bike to school
• Check your local dollarstore and/or budget retailer for your school supplies
• Buy secondhand - clothes and binders, and anything else you can find
• Buy used textbooks - check local used textbook stores, Craigslist, and postings around your school (only buy used at your campus bookstore if you can’t get it elsewhere, they still charge more than other places)
• Instead of spending money on long distance calls, try Skype, MSN messenger, or emails
• Apply for every scholarship, bursary, and grant you can - never turn down an opportunity at free money!

Does buying back to school supplies leave you feeling broke? It doesn’t have to. Here are simple ways to save money on all those back to school essentials.

Want to Improve your Credit Score?

Here’s some helpful hints . . .

1. Pay on Time

Be sure to pay at least the minimum on all forms of debt and bills ON TIME. Late payments are reported to the credit bureaus and are reflected in your score. You should try and pay more than the minimum on your debts (or even better, the full balance) to try and pay down debt - but as long as the minimum is paid the creditors will be happy.

2. Watch Your Debt-to-Credit Limit

You should try and keep the balances on your debt - particularly revolving credit (credit cards and lines of credit) - to below 50% of your available credit limits. The less you use, the better it looks on your report.

3. Don’t Over-apply for Credit

Every application you make for credit - at the bank or for a store credit card - is reported on your credit report. The more you apply for credit the more you make creditors nervous that you’ll rack up all this debt and not be able to pay for it.

However, if you think you may be turned down by some institutions, keep your applications to a 2-week application window. That way it just looks like your trying to get a good deal on your interest rate. If your applications are denied do NOT apply for more credit until at least 6 months go by.

One important myth: checking your own credit report or score does NOT lower your score, it has no effect on your report at all.

Its important to check your credit report and score at least once a year to make sure you can get the credit you need when you need it.

If you use a cell phone, make sure your calling plan matches the pattern of calls you typically make. Understand peak calling periods, area coverage, roaming, and termination charges. Prepaid wireless plans tend to have higher per minute rates and fees but may be a better option if you use the phone only occasionally.

From losing your job, to car/home repairs, to accidents, to illness and disability, an Emergency Fund is the best way to cover your butt in case of life’s problems.

How to start an Emergency Fund:

1. Decide how much you need. You should save 3-6 months of “Essential Expenses”. What are your “Essential Expenses”? Rent/Mortgage payment, Food, Car Payment, Minimum Debt Payment, etc Anything that you’d get into serious trouble if you didn’t pay. You may have cancel non-essential services (cell phone, cable, etc) until your back up on your feet.
2. Start Saving! Even $25 per pay check can go along way. Make the debit automatic from your bank account into a High Interest savings account. Don’t put into GICs or anything else where you won’t have good access to the money. But, don’t put the money somewhere where it’s too easy to access it, that will give you the temptation to spend it on non-emergencies.
3. Once you’ve reached your 3-6 month goal, you can stop the automatic payment if you like. But, when you’ve paid something out of the emergency savings, you should try and put that money back as soon as you are able.

Having an emergency account is an essential part of any Financial Plan. Start yours today!

Need a quick cash boost? Why not try to sell unwanted items on craigslist or eBay?

Check out your local recreational center or YMCA to see if they have any children/youth groups and/or activities. Get your child involved in a new hobby or sport. They’ll make new friends and have more fun than if they sat in front of the TV all summer.

Any more ideas for Family fun on the cheap? Write a comment to this blog or send me at Tweet on Twitter @moneymomma!

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Wanna pay down debt or your mortgage faster AND save lots of $$$?

Extra payments that you make usually go 100% to the principal of the loan, not the interest, potentially saving you thousands of $$$ in interest costs. Talk to your financial institution and see how pre-payments can work for you.

Airfares:

• Airline Tickets – Plan in advance and visit discount websites to see if there are better deals.  While these sites might charge you a service fee ($5 or so), they can easily combine flight segments from different airlines easily to give you a great deal.

• Connecting Flights – You might think connecting sucks but it sure saves you a good chunk of money doing it.  Consider the pros and cons and don’t write it off right away.

• Travel Light – Airlines are starting to charge for everything now and if you have 2 bags or more, expect to be charged for it.  Remember to not use over sized bags whenever possible and try to keep it all within one bag per person.

Car Rentals:

• Be Specific with Car Rentals – One way car rentals (when the pickup and drop off locations are different) are sometimes more than twice the price of standard rentals, especially if the two locations are in different states (or country).  If you need the car for 7 days and will be in the same city for 5 and another city for 2 for example, break the rental period in two and have a 5-day same location rental and another 2-day one day rental.  You might need to go back to the rental facility but it really doesn’t take that long and it might save you a few hundred dollars.

• Car Rental Coverage – Some insurance and many credit cards have car rental coverage so take advantage of those when you rent a car.  All you have to do is pay with the credit card that will cover you. (Just make sure you decline the coverage from the rental company when they ask).

Currency:

• Getting Cash – Many exchange centers have very bad exchange rates so don’t go there.  Search the internet to find out good places to get cash in the local currency.  For example, a quick search tells you that the best exchange rate is found at the airport and using ATMs in Taiwan and France respectively.

• Try Using the Local Version of the Same Website – Due to the rapid change in currency rates, it could be much cheaper to book using the local currency.  How do you do that?  Go to the local version of the same website.

Accommodations:

• Staying in a Town Next Door – Sometimes the smaller towns close to where you are going have hotels that are much less expensive.  If you don’t mind the 15 minute ride, you might just save that bundle.

• Bed and Breakfasts – homeowners with extra space rent out rooms for a lot less than hotels. And, you get a free breakfast!

• Vacation Home – If you are staying at a destination for at least a few days, consider a vacation home instead of hotels.  They are often are more comfortable and your cost will probably be cheaper. Many people rent out their timeshares.

• Suites – Instead of having two rooms, consider the two-bedroom suites that some hotels provide.  They will end up being cheaper and you get just as much privacy with your own room.

• Many hotels allow children to stay free with their parents – be on the lookout for these deals!