Archive for January, 2010

Saving for college

Saturday, January 30th, 2010

College education is getting quite expensive these days in most parts of the world. Engineering and medical studies fees have sky rocketed, due to the ever increasing prices of materials and equipment, necessary for the studying of these subjects. That’s why it’s crucial to start saving as early as possible and invest wisely to make the most out of your savings. 

There are many available plans as far as saving for college is concerned, therefore it is crucial to find out which one works best for you but generally a combination of financing methods works best. It’s always a good idea to speak to your financial consultant or accountant before taking any course of action. Here are some tips to help you save for college: 

1. Start saving for college as early as possible. Funding your child’s college education sure seems like a daunting task now, but if you start early you can save a substantial amount of money relatively easy – compound interest only works if you give it enough time to work. But even if you were unable to start saving early, don’t panic – there’s financial aid available for students and many tax benefits for college savings. 

2. You can take advantage of 529 plans. New York’s 529 plan offers a wide range of investment choices, tax-free withdrawals when used for qualified college expenses, and contributions which are tax-deductible for NY State residents. Since these plans allow you to invest the money just as you would for retirement, it also means there is some market risk. As with any investment, there is a chance that your assets might decline in value. 

3. Look into stock options. Even though it may appear a bit risky, the potential earnings and therefore savings could be higher if the right decisions are made at the right time. Again, consult a financial professional before investing your money in any accounts or stocks. 

4. A great number of financial resources in the form of financial aid is available to make your dream of a college degree a reality. The two basic categories are gift financial aid (scholarships and grants) and self-help financial aid (student loans and work-study programs). Financial aid can be federal or campus-based; most students use a combination of the two. 

5. Be well informed. Know what might be available to your college student in the form of financial aid and how to apply for it. Make a plan to estimate what the total cost of your child’s education is likely to be, and start from there.

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Getting along with your college roommate

Sunday, January 10th, 2010

If you plan on living on campus, you’ll probably be sharing a room with another student. Even if you’ve grown up with a lot of siblings around you, living with a complete stranger can be very different from sharing a bedroom with your brother or sister. While most freshmen miss their homes, family and friends, they also find comfort in sharing this experience with someone who’s dealing with the same issues – difficult courses, moving away from home, social life, maybe a new job and a lot more. Having a roommate can be challenging in many ways but with a few easy steps you can manage to build a pleasant and supportive relationship throughout the year. 

  • Keeping lines of communication open is essential. Most colleges will send you your roommate’s name and phone number before the school year starts – call them to find out a little bit about them before you actually meet; also discuss who’s bringing what to the room.
  • Establish rules from the very beginning to avoid unpleasant surprises down the road. Don’t assume that your roommate will automatically pick up on your likes and dislikes. Letting them know what you preferences are now can eliminate potential conflicts in the future. For example, if she likes to bring friends over to study, and you prefer studying alone, make a schedule so that you can both have the room at different times.  
  • Respect your roommate and their stuff. It may seem simple enough, but it’s probably one of the biggest reasons why roommates argue. If they don’t like people borrowing their things, respect their wishes, and vice versa – successful roommate relationships are based on mutual respect. 
  • Keep an open mind. Your roommate might be very different from you in terms of religion, ethnicity, beliefs, lifestyle, etc. Be open to new ideas and experiences. 
  • Compromise. This is very important in order to build an understanding and friendship between you. You probably won’t agree on everything but compromising on both sides will help you avoid unnecessary conflicts. If you’re a slob and she likes everything spotless, you should try cleaning up at least in the parts of the room you share.  
  • Personal space is a necessity to everyone and sharing a small room with someone can sometimes create tension. That’s why it’s essential that you each get some time alone – make a schedule with your roommate that allows for an equal amount of time for yourselves. 
  • Address issues while they’re still little. This will help you resolve problems much easier than addressing them after they’ve become big. The sooner you deal with a situation, the better.

 Finally, if you feel that you’ve done everything on your part to be a good roommate but you just can’t get along with that person, consider switching. Colleges always let their students switch roommates in situations like this.

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