We’ve all heard of the terrible Freshman Fifteen, and while we try to avoid it, we just can’t figure out how to make it work with our space and schedules.  I fell into this trap, and ended up gaining a total of about 40 lbs during my 4 years of college.  Luckily,  I’ve managed to lose all of that weight in the past year.  It’s definitely best if you never let yourself get in a situation like that.  The good news?

It’s possible to eat healthy and still be frugal.

These foods are all pretty fast, cheap, and easy:

• Tuna – It has a lot of protein, it’s fairly cheap, and all you need is a can opener.  If you don’t like it by itself, try mixing in some mustard or a little salad dressing.
• Eggs – During college I discovered that you can make scrambled eggs in the microwave.  It’s very easy and very fast.  They’ll cook in about 1 min, just be careful not to cook them for too long!  Hard boiled eggs are also easy, and make for fast breakfasts.  Just make a bunch and keep them in your fridge.
• Vegetables – I prefer fresh vegetables, but if you don’t have space in your refrigerator you can always go with frozen or canned.  All are fairly inexpensive.
• Potatoes, Rice, and Bread –It’s a good idea to go for brown rice and whole grain breads when buying these things.  Otherwise a bag of potatoes is really cheap, and you can easily microwave it for a quick baked potato.  Just don’t forget to poke it with a fork or knife first or it could explode.
•  Oatmeal- If you like oatmeal, then you’re in luck.  A large tub of plain quick cooking oats is really cheap, and super easy to make.  Add some fruit for better flavor.
• Bananas and Oranges – Both of these fruits are fairly cheap, and you can easily just bring them to class with you.
• Dairy Products – While dairy products aren’t that cheap, they are good for you, and they are affordable in moderation.  I always keep skim milk on hand, and occasionally some yogurt.
• Cereal - Cereal can be fairly cheap, and is pretty healthy as long as you don’t get the really sugary stuff.

What else can you do to save?

• Stop drinking soda. Water is the healthiest and cheapest way to go. Buy yourself a water bottle that you can refill.
• Stop eating out.  Not only is it bad for your waistline, but for your wallet too.  When it comes to getting fast food or delivery, just say no!
  
• Learn to cook.  Once you get out of dorms and get more space, this will be a huge money saver!  Keep an eye out for some good healthy recipes from yours truly.
• Be an example.  Help reinforce good habits for your friends.  Don’t give in when they want to go spend money.  This brings up an important point…

Dealing with the peer pressure of spending is probably the most difficult thing to deal with in college.

My friends were always shopping.  If not that, then they were going out or ordering delivery.  This is a bad habit to get into.  Don’t let yourself fall into it.  I am definitely going to write on the peer pressures of spending for later.  I think it deserves an entire post!

So, back on topic now.  What do you do to eat healthy?  If you have a favorite recipe or idea for cheap and healthy meals, share it with us!

Thanks for reading!  Have a safe and happy New Year everyone!

Photo credit: Gullig

I am an organizational freak with my finances.

I over-organize everything when it comes to money.  I have so many charts, budgets, graphs, and lists; you would not believe it. I spend entirely too much time thinking about money.  So what’s my point? Feeling organized helps me stay motivated.  Looking at the numbers helps to remind me of what I’m doing and why I’m doing it.  I really like making visuals that show my progress.  Seeing how far I’ve come already is a little self esteem booster, and helps me get motivated to make more money.

Here’s an example of one of my favorite Excel charts, created by yours truly.

Just click on the pic to download it!

 So, do you  like to keep your finances extremely organized, or can you do without all of the charts and graphs?  What helps keep you motivated financially?

It’s nice to see some sort of visual confirmation (from a source other than myself) of my progress.  One of my long term goals is to keep my FICO score above 700 for at least 6 months in a row.  Now I’m half way there!  I think my next goal will be to reach a score of at least 800.

See, now I feel motivated again!  Sometimes the small things can really make a difference when it comes to how you look at things.  So next time you start feeling like you’re just treading water, just remind yourself that what you’re doing may be difficult, but it really is making a huge difference in your future!  I know I will.  Have a great day everyone!

It’s also a problem for those who don’t have time to dedicate hours a day to their photography.  This is where the passive income part comes in!  Passive income usually just requires a one time investment on your part.  Once you’ve done the work, you won’t have to do anything else.  Just make money.

© Photographer: Jocelynbaker | Agency: Dreamstime.com

This means I will be able to pay off the rest of my credit card debt within the next 6 months or so.  I’m so psyched about having ZERO credit card debt!  It seemed like an impossible task just a year ago, but I’ve kicked ass in the last 9 months and paid off $7,500 in non-student loan debt.

Once I’m done with my credit card debt, I am going to build up a small emergency savings fund.  After that, I am throwing everything I have at my student loans.  I am finally starting to feel like I have everything under control regarding my finances.

I found this great Debt Reduction Calculator at the Vertex42 site.  This spreadsheet gives you an excellent idea of your debt payments, including estimated pay off dates for every account!

Photo credit: Daveybot

How can just sitting down and making a list of your goals really help you to start living the life you want?

Writing your goals down will help you get a clear idea of exactly what it is you want to accomplish.  Putting it down on paper or the computer will help focus your I think you’ll be surprised at how much of an effect it has on your motivation when you are always thinking about what you want to accomplish.

Goal Setting Tips

• Make your goals specific; write down  exactly what it is that you want to do.
• Make them achievable.
• Break your goals into categories.  My categories are: finances, health, hobbies, travel, work, learning, and personal growth/relationships.
• Give yourself a time frame for accomplishment.
• Set goals that YOU want to achieve.  Don’t make goals just because someone else thinks it’s a good idea.
• Keep your list handy, so you will be reminded of your goals.  (Remember: Out of sight, out of mind!)
• Revise your list if necessary.  I’ve changed quite a few of my original goals since I first made my list.  I realized that I didn’t really want to do some of them, or they just weren’t realistic goals.  Doing this is okay

How to Make Goals Work for You

• Visualize yourself achieving your goal.
• Update your progress often.
• Tell people about it!
• Map out your way to achievement.  Making a plan for your goals will really help.
• Celebrate your accomplishments!
• Just Do It.  Sometimes you just have to get tough with yourself.

What Now?

My challenge for you is to sit down and list your goals.  Make plans for achieving them, and get excited about it!  Feel free to share some of your goals here.  And feel free to ask questions.  Good luck, and have fun!

Good thoughts are no better than good dreams, unless they be executed.  -Ralph Waldo Emerson

At the beginning of this year I opened a high-yield savings account, something that has been a goal of mine for a long time. After much research on the best high-yield savings programs, I chose to open my account with ING Direct. One of the reasons I chose ING was because of their excellent customer service reviews and their great referral program.

I got $25 free when I opened my ING account with at least $250.

Once you open your ING account, you can then get $10 for each person you refer that starts their account with at least $250.  This referral program works for either the ING Orange savings account, or the ING Electric Orange checking account.

The current APY’s are as follows:

• ING Orange Savings -2.50%% APY
• ING Electric Orange Checking -up to 2.80% APY

If you’d like to get a referral for the free $25, just leave a comment with your preferred email.

(Please note:  don’t type your exact email, otherwise bots will pick it up and you’ll start getting spammed!  It should look something like johndoe @ youremailserv dot whatever)

Need more information?  Check out this post at Get Rich Slowly, or go straight to the ING Direct website.

Last month I felt paralyzed by my debt. I felt like I was getting nowhere.  I was worried and stressed out all the time.  I had over $20,000 of student loans entering repayment, and a monthly budget that was already stretched to the max.  After recalculating my budget and making a few cuts here and there I would be able to make all of my minimum payments, with a measly $50 extra to put towards my credit card debt.  Things were not looking good.

This happens to everyone at some point. The situation:  You’ve been paying off as much as you can towards your debt every month, and you feel like you should be making progress. Instead, you feel like you’re getting nowhere. Like me, you feel completely defeated by your debt.

This is probably the hardest part of getting out of debt. At some point, you’re just going to want to throw in the towel. That won’t make your debt go away, and it certainly won’t help. 

Here are some ideas:

Have a goal – Want to buy a home someday? Take a trip around the world? Whatever your goal is, keep it in mind.  I like to keep pictures of my goals near my desks at work and at home.  They are a good reminder that what you’re doing today is helping you reach your goal even faster!

Visualize – Think ahead- imagine yourself as being completely debt free! Calculate how much you’re paying towards your debt every month, and imagine being able to put all of that towards your goals each month!

Reward yourself – Now, when I say this I don’t mean to go and spend $200 on a trip to the spa. Treat yourself to something small, but something that you can take time to enjoy. Important Note: this tip only works for some people. I don’t do it because I don’t have the greatest self control when shopping. 

Switch to the Debt Snowball Method – If you’re not using this method already, it will work great for boosting your confidence! How does it work?

1. Order your debts from the lowest balance to the highest balance.

2. Pay the minimum on everything except for your debt with the lowest balance.

3. Pay as much as you can afford to pay towards that lowest balance debt, and before you know it you’re wiping out one debt after another!

How does this method work? While it won’t necessarily save you the most money on interest, it will definitely give you the boost of confidence that you need! Seeing results faster really gets you pumped about paying off your debts, and keeps you going strong on your road to financial freedom!

Here is some more info about Dave Ramsey’s Debt Snowball Method.

Do Something Extreme to Boost Your Payments- This one is tough to implement, but will definitely have some big results.  That nice new car you got last year: do you really need it?  How about satellite TV?  Your gym membership?  I’m not telling you to get rid of everything, but some things just aren’t necessary.  You have to step back from your situation and ask yourself if you’re truly living within your means.

I realized that my plan was just not working for me. While I was spending less than I make, it was way too close for comfort.   So of course, being the silly person that I am, I chose to do something extreme.

Here’s what I’ve done in the last month to get ahead:

1.  The BF and I postponed our trip to Cali  (I was bummed, but I knew that we would end up spending more than we had saved up.)

2.  I found someone to move into my bedroom, and I will move into BF’s bedroom  (I’m fairly sure we won’t end up killing each other, and it will save each of us $115 per month)

3.  I had a rummage sale  (This was definitely a great choice.  We got rid of a lot of our junk we didn’t want anymore, and made a few hundred bucks!)

4. I canceled my membership to the YMCA (I got a good deal through work, but when I can run outside for free it just didn’t make sense to keep paying for the membership.)

And finally,

5.  I SOLD MY CAR  (My precious Honda Civic is gone.  Yes, I cried a little after I sold it, but there will be others.  The worst part was that the guy who bought it was planning on driving it to California.  Dammit!  I was supposed to be the one driving my car to California!  Boo.)

So now I regularly ride the bus for $28 per month, and use my BF’s old junker car to get around when I need to.  I didn’t get to take my nice 2 week vacation to sunny California, but I will survive.

Doing that stuff was difficult, but now I can say that it was totally worth it.  I can easily make all of my monthly payments, and now I have a lot more extra money to put towards my debt!  I paid off my auto loan, and two of my highest interest credit cards since these changes.  I’m on a roll

 I’d like to hear your stories.  What have you done to boost your debt payments?  Was it something extreme?  Let’s hear it!

What happened? Both delinquencies were from my student loan account with Firstmark Services. I have two loans with them which I pay together each month. Last year, before I was totally organized with my loans and finances, I somehow managed to have a 60 day past due balance on the account. My parents had been paying them for me during the months before. We obviously didn’t communicate very well when we made the transition to me paying on the account, and ended up with the late balance.

I realize that these delinquencies could have been avoided had I paid closer attention to my finances. It’s my mistake; one that would stay on my credit report for up to 7 years if I didn’t do something about it. Because I didn’t want that bad mark on my credit report, I decided to make a call to Firstmark.

I spoke with a very nice customer service rep named Erin, and kindly explained the entire situation to her. I also pointed out the fact that we have never had a late payment otherwise. Erin was very helpful, and they were able to retract the delinquencies for BOTH loans as a one time courtesy since my payment history has since been excellent.

So now, thanks to my 3 minute phone call and Erin’s kindness, I have gone from having 2 reported delinquencies to having zero. That was a week or two ago, and now my FICO score has gone up by 27 points! That’s enough to qualify me for much lower interest rates on auto loans or home loans.

The moral of my story is that you should always keep a close eye on your credit reports! If you see something that could be harming your credit, then you need to take action. Even in a case like mine, when the fault lies with you and not the credit company. In most cases, if you have a good payment history, they will help you out. And remember, it never hurts to try!

What is a FICO score and why is it so important?

Your FICO score is that magical 3 digit number calculated by Fair Isaac that can have a big impact on your life. Aside from credit cards and loans, it has the power to determine whether or not you will be able to get your own cell phone contract, apartment rental, or even a job. (I wasn’t kidding when I said it was important). If you have a high score, you will likely be approved for more credit accounts with much lower interest rates!

So now that you know what your FICO score is used for, it’s important to know how it’s calculated. Your score can range from 300-850; higher is better. Take a look at this chart; these are the 5 things credit bureaus take into account when calculating your score.

As you can see from the chart, all of us recent college grads are already at a disadvantage. Most of us will have lower scores just because our credit history isn’t long enough. This is why it’s important to make up for that by keeping our amount owed low. The amount owed can also be called your debt to credit limit ratio. Essentially, this is just the percentage of available credit you have used up. So if you have two credit cards with an available limit totaling $10,000 and those cards are carrying a total balance of $5,000 your debt to credit limit ratio is 50%. Some of you may be thinking ‘50% isn’t so bad,” but let me tell you the lower the better. If you can’t pay off your credit cards every month, I would suggest keeping your debt to credit limit ratio below 30% at all times.

How to get your FICO score

It’s important to know your score before you apply for any type of loans, mostly the big important ones like auto or home loans. Getting them is fairly easy, but you will need the general information about your student loans and other debt accounts (usually amounts owed or the name of the lenders).

The best site for your score is the MyFICO website. The site offers quite a few different FICO report products, so you can choose which you want depending on your needs or budget. Unless you’re planning on applying for a home or auto loan, I would recommend going with the most basic report, which you can find here: FICO® Score & Credit Report.

This one gives you your FICO score from one of the three reporting bureaus. It will give you more than enough information and tips on improving your score, if you’re just starting to manage your money and just want to get an idea of where you stand. It’s the most affordable as well, costing only $15.95.

If you’re getting serious about buying a home or a new car, then you may want something a little more in depth. Suze Orman’s FICO® Kit Platinum gives you your FICO reports from all three reporting bureaus (yes, your scores may be different!) It also includes advice on how to make buying a home more affordable, and advice on getting out of debt.

The site offers other cool stuff like score monitoring, FICO forums, and a credit education page that is super helpful. If you want to check out the site, you can find it under my ‘Useful Sites’ tab as FICO Scores/Reports .