How UT Tyler Can Help Students Better Understand Their Finances

In my last blog entry, I noted that one of the largest hurdles for undergraduates in their first year of college life is the ability to retain financial support to continue their academic career. In fact, it is the leading cause of low retention rates for colleges and universities in the United States. While a large portion of this issue is based on socioeconomic status, a large amount of relief for this problem can come from having a better understanding of one's finances. Whether it is being able to pay for one's tuition, or just being able to make rent payments on a monthly basis, it is no surprise that undergraduate students could always use more assistance with financial solvency.

New strides are being made with colleges and universities nationwide to alleviate the stresses that come with dealing with a student's personal finances. Many colleges have started financial literacy programs in recent years, some even making these courses and programs a requirement to enroll for classes for subsequent semesters. These programs are necessary based on the average knowledge that undergraduate students have about personal finance--concepts such as budgeting, saving, compound interest, and even check-writing are becoming more unknown for these students. Rather than wasting money on a regular basis on luxuries such as video games, furnishings, alcohol, etc., students can learn how to better save their money to have an easier time making their required payments.

UT Tyler can adopt a framework similar to that of Ohio State University, who are currently in the process of making all students complete a financial-education program during their second year at the school. The mandate requires students to review online material, as well as meet one-on-one with a student financial adviser. These volunteer advisers are trained to spend time with students to help them understand their current financial situation, establish goals for the short and long term, and develop sustainable financial habits and responsibilities. The overall goal is to better inform students as to how they can better their financial responsibility, and make college life easier and more sustainable.

While UT Tyler has the ability to boast an extremely affordable tuition rate that is well below the state median for public university tuition, financial woes for some students still exist. The responsibility for financial stability and success does not have to fall solely on the student--our university can make large strides as well. Until then, there is a litany of resources that can be utilized, both in person as well as on the internet. FAFSA has a large information basis for students applying for financial aid, and UT Tyler provides financial aid advising for its students who require more information. Check it out before your next rent check is due!

The Broke College Student's Guide to Inexpensive Fun Over the Holidays

With holidays approaching and the end of the semester so close we can almost taste it (I imagine it tasting like bacon. Yummy bacon), everyone is making plans for what they want for Christmas or how they want to spend their break. However, this time of the year can leave a student financially drained and exhausted. So what are we students to do? While the idea of sleeping for a few days sounds totally appealing after finals, the inevitable boredom begins to set in.

Bacon is always there for you

Winter is coming: Carver's guide to saving money during the cold months

It’s about that time of year, again, when the days start to get a little cooler, and the nights may even become chilly.  September, October, and November are my favorite time of year.  The leaves begin to change color, the air gets cooler, and the humidity begins to break.  We don’t really have the most brutal winters here at UT Tyler, but it does get pretty cold by Texas standards, and with this cold comes a couple of costly issues, like heating, and having to use more artificial lighting.  Thus, I have decided to compile a list of helpful tips to help you survive the brutal Texas winter.

·         Adjust your lighting

This won’t be your biggest problem, but it does get darker earlier during the winter, so you will begin to have to use your lights a little more, and your electricity bill will likely get a little higher.  To counteract this, try replacing your light bulbs with fluorescent bulbs to minimize electricity use.  This will save you some money.

·         Start getting ready to layer your clothing

Obviously, it will begin to get a little colder.  If you aren’t prepared to start layering your clothing, then maybe start buying jackets, long sleeve shirts, and jeans.  If you start purchasing one item at a time now, then you will be perfectly prepared by December.

·         Set your thermostat lower than what you want

During the summer, you have to be careful about setting your thermostat too low because it is so hot outside.  However, the winter creates the exact opposite situation.  No one likes a freezing house, but if you set your temperature a few degrees lower than what you really want, then you will save more than you might think!

·         Prepare vehicles and such 

Automobiles are extremely susceptible to issues during cold weather.  For one, purchase an ice scraper to get frost off of your windshield in the morning.  Additionally, you should check your car’s tires, coolant, and brakes to make sure everything can withstand the drop in temperature.

·         If you plan to travel, pack accordingly 

If you travel during the winter, then read weather forecasts for the places you will be traveling and make sure you are prepared for the area.  Don’t dress for a Texas winter if you’re going to be in New York for Christmas.

·         Seal any leaks in your doors or windows

Make sure that your doors and windows properly seal the cold weather outside, otherwise your electricity bills will go through the roof, and it will be way too cold to be inside. 

·         Prepare plants, pets, and what have you for cold weather.

If you have pets or plants that stay outside during the day, you may want to consider moving them inside, or providing some form of shelter from the cold like a dog house, or maybe even a sweater for your animals.  For plants, your best bet is just to find a spot for them in your house.

This isn't an all-inclusive list, however hopefully with this you can begin to get an idea of everything required to save some cash during the cold winter months!

How to Not Look Broke: Part Two

To recap, we've looked at three tips to help you to not look broke. In addition, there’s extra money saving stuff so that you are closer to not being broke and looking the part. Last three tips under the cut!

Broke college student heaven

       The other day, I decided that I would take a trip to The Dollar Tree here in Tyler. I was getting my oil changed, and it was going to be a while. So, I figured that instead of staying there for a few hours, I would walk over to the nearby dollar store.When I walked in, I noticed that it was much larger than any other dollar store that I have seen!

       So, me and my friends decided to walk around and see what kind of things that you could buy for a dollar. My eyes were opened up to a whole new world! I was wasting so much money before on certain things. This store had EVERYTHING, and I'm not even kidding. They had everything from batteries, to cups, to headphones to pretty much anything else you can think of. I felt like I was in college student heaven.

       I was there for at least a solid hour, and I bought so many things and I spent only a little bit of money. I loved going somewhere and not feeling bad for spending money! It was amazing.  If you ever are in need of something simple like batteries for a remote, bowls or plates, or even candy. There was so much candy, and it was all only $1..

       If any of you plan to ever save money, go to the dollar store. You will save a ton of money. You see, I'm trying to save up some money to go on a trip this summer, so I'm saving pretty much all of my extra money. Now that I've discovered the dollar store, I can finally buy school supplies and just stuff and still have money. I say its a win-win scenario for everyone.

        What's the best item that you've ever gotten for a dollar? Leave a comment below! :D

Penny Pinching for College Kids

We've all had those times where we get creative in finding ways to pay for things such as food, gas, and school supplies. Sometimes you might eat nothing but Ramen...or you might offer to do your friend's laundry if they'll buy you some McDonald's. 

But there are ways to avoid these struggles, or at least reduce the number of occurrences! 

Keep reading to find out some of my specific money-saving methods!

A Student's Letter To Parents

 First, let me say that I am approaching this article from a very unique standpoint and it deserves some commentary beforehand so as to have my thoughts make the most possible sense. First, I have spent way more time in college than I should have on account of having switched majors, as well as for the fact that my degree searching took me across two states. This journey caused a severe delay in my expected graduation date of 2013 ... and I started in 2005-2006. I hope you might listen to my perspective as I look forward to being a dad someday, I really do. I understand that I am going to have to watch my kid go from being wholly dependent on me; to likely know that they think that ( while trusting that he/she/they love and respecting me ) that I don't “get" his/her trials, tribulations, and difficulties. Or, who knows, we could be thick as thieves? The point is that I'll have to watch him or her go off to college.

How to Save Money On a New Computer

      One thing that most college students have in common is that they have a personal computer of some sort. Unfortunately, almost all of them spent more money on their computer than they needed to spend. By building your own you can easily save you up to $500 getting a new computer. (I saved almost $800 when building my own computer). 
        This can seem like a daunting task to most people, but once you have all the right parts it's as simple as assembling furniture from IKEA. The only "hard" part about building your own computer is knowing what parts you need, and making sure that all the parts are compatible. I put "hard" in quotation marks because it's only hard in relation to how easy it is to assemble all the pieces together once you have them. So to get down to it, here's a list of all the items you'll need to build your own computer.

• DVD or Blu-Ray Drive: What kind you get depends on what you plan on using it for. They can cost anywhere from $20-$100
• Hard Drive: Again choosing this piece is based on personal preference. Get whatever size you expect to need. They cost anywhere from $50-$125 on average.
• Power Supply: This is another item that is up to you. I would suggest at least 400W, and expect to spend $20-$40 on it.
• Operating System: Get whatever version of Windows or Macintosh that you prefer. Costs around $100-$200
• Graphics Card: This can easily be one of the cheapest or most expensive items in your computer. It all depends on if you want a high-end gaming computer or just a machine to check email and facebook on. Expect to spend anywhere from $30-$300 on this.
• Processor (CPU): When selecting your CPU there are two things you need to write down for later. You need to know if it's an AMD or Intel processor and what kind of CPU socket type it is. This determines what kind of motherboard you'll need. This could cost you $50-$300 depending on how much power you want your computer to have.
• Motherboard: This is the most important piece of your computer. You need to make sure that both the case, processor, and memory (RAM) all fit with your motherboard. They have two features you need to be aware of; the size and the brand.The sizes are labeled as Micro ATX and ATX. Micro ATX is just a smaller version of ATX motherboards. The brand will either be AMD or Intel. Which brand you purchase is based on the brand of processor you selected. Expect to spend $50-$100 on this.
• Computer Case: This is where you need to start paying attention to what you're buying. Some motherboards will not fit in smaller cases. Cases will either be labeled as ATX or Micro ATX, and if you get a Micro ATX case you need to purchase a Micro ATX motherboard. Both sizes of motherboards fit into full-sized ATX cases, so I would suggest buying a full-sized case if possible.This is also another piece whose price can fluctuate wildly depending on what you get. They have simple basic cases for as little as $20-$40, and they have fancy case with all the bells and whistles for as much as $200. Expect to spend around $50-$75 on average. 
• Memory (RAM): This is another piece that you need to be careful of when selecting what you kind you purchase. In the name of the RAM you'll see something along the lines of 2GB 240 PIN DDR3 ####. That #### needs to match the supported memory (or memory standard) of the motherboard you selected. I'd suggest 2GB-4GB or DDR3. Expect to spend $20-$40 on this.
• CPU Heat Sink: This is basically just a high-tech fan to keep your CPU from overheating. Any type will work. Costs around $10-$30.

Once you buy all of this you'll be ready to assemble your computer. Here's a nice walk-through guide on how to do all of this. Also if you have any questions the IT Department on campus is a great resource.

Student Money Management at UT Tyler

    Money Management. This is not a foreign subject for any college student. In fact, most college students cringe when you mention this topic for the simple reason that most of us are perpetually broke and really do not wish to be reminded of that fact. If they do not have questions about it now, many students will unfortunately face this harsh truth when they graduate because according to forbes.com “The average American is $ 4,000.00 in debt!” I know I have hit on this     topic before in my Breaking the College Poverty Cycle blog, but I have recently found new resources and I must share them with the world.

        Student Money Management, this is a new organization on campus which aims to equip The University of Texas at Tyler students with the knowledge to control their money instead of letting their money control them. The graduate Assistant in Student Affairs, Christina Gibson, has been participating in the implementation of the program by researching other schools money management programs, finding educational resources, and creating the Student Money Management website. She will be conducting the outreach and facilitating programs to engage students in discussion about good money management.  Basically, she is the brains behind this organization! So I decided to get the answers directly from the source and ask her a few more questions about the organization!

ME: What is the goal of this organization?

Christina Gibson (CG): The Student Money Management (SMM) Program’s main goal is to educate students on how to become financially independent and graduate college with a sense of how to manage their money. We currently offer student's a money management education through presentations and workshops, online resources on our website, and eventually like to offer personal consultations with a financial advisor. We want to give students the opportunity to:

-          Learn how to create a personal budget

-          Make a plan to repay student loans and personal debts after graduation

-          Learn ways to protect their identity

-          Learn how to track and manage expenses during and after college

-          Understand and build strong personal credit

-          Find educational resources that offer advice, tips, and tools to better their financial situation

ME: Who can benefit from this program?

CG: All students! We want all of our students to make good financial decisions. College students are in dire need of financial guidance. Out of a recent survey of more than 1,000 colleges, 98 colleges said their 2010 graduating class owed an average of more than $35,000, and 73 colleges reported that more than 90% of students graduated with some amount of debt. Average student loan debt tops $25,000.

With college students consuming this amount of debt, and spending such vast amounts of money during their college experience, students can benefit from financial advice being provided for them from their universities.

ME:  How do students get involved?

CG: Students are welcome to check out our website. There are many resources, tools, informative articles, and beneficial items to get them started on their money management journey. It is separated by different categories, depending on what type of information they are looking for. We will update it periodically with new resources, along with adding videos and pictures from the different events we have! On our website, there is also a link to our UT Tyler CashCourse. This is a program the University has invested in for our students to use in the Student Money Management program. 

So, as you can see, this organization is a great hands-on organization tailored directly for the students of UT Tyler. For more resources follow Student Money Management on Twitter where they repost TONS of helpful articles from places like USA Today Money, Dave Ramsey, and our own UT Tyler Departments. Be on the lookout for events in the fall. Trust me you DO NOT want to miss out on this!

UT Tyler Vlog: How to Get Around a Proper Haircut (Straight Hair)

In college, my basic hair maintenance lost time to much needed extra sleep. Not the mention the price of a basic cut. Courtney's Hair Vlog inspired me to show y'all how I "cut" or "trim" my own hair.

WARNING: This is not a proper hair cut.