Category: Stories from around the web
In economically sluggish Britain, much whining but less wine-ing
Sometimes it’s easy to forget that recessions affect about everything—right down to what you toast with on special occasions. A new report from Britain’s Office for National Statistics shows that in the sluggishly recovering country, sales of champagne have dropped more than 30 percent, and consumers have been buying more “off-brand” bubbly like prosecco and cava.
Looking to get the most bang for your travel buck over the summer vacation? According to this article from MSN Money, you should try checking websites like STATravel and StudentUniverse, which post special deals on airfare, hotels and tours—all just for students.
There’s do-it-yourself aficionados, and then there’s Bryce Phelps, who made an entire spiral staircase out of cut-up IKEA countertops. In this post on Boing Boing, he shares how he accomplished this feat, in case you’re crazy enough to want to try it for yourself.
Pope Francis shows his frugal side
Pope Francis is forcing his fellow clergymen to live up to their vows of poverty a bit more this year: According to USA Today, the religious leader decided to forgo the $2,000 bonuses that usually go to Vatican employees after the election of a new pope.
Buying food in bulk can save you money, but make sure it’s not perishable, because you’re never going to be able to store it long enough to eat it. That’s just one of the money sinks in disguise detailed in this list from financial advice site Money Under 30, which also advises readers to stay away from buy-one-get-one deals at restaurants.
Rumors have spread about Apple releasing a cheaper iPhone, and investment site The Motley Fool agrees: Contributor Adam Levine-Weinberg says while the company won’t drop all the way into the low-end smartphone market, it will probably be priced at around $350 to better compete with mid-tier manufacturers like Samsung.
A “Nutt-y” theory about the financial crisis
There are many theories about what caused our current financial crisis, but this one’s by far the craziest: according to this Telegraph report, British professor David Nutt is blaming the crisis on too many bankers taking cocaine.
Doing your taxes can be a bitter pill to swallow, but free Cinnabon Bites or a half-price drink at Sonic might make it go down a little sweeter. It turns out many big restaurant chains are offering tax-day discounts like these, including Arby’s, Bruegger’s and White Castle.
Your summer road trip could be a bit less expensive this year: according to investment website The Motley Fool, gas prices are poised to drop to a national average of $3.63 per gallon this summer, three cents lower than last year’s summer average.
Courtship on the cheap
Dating can be a challenge, but, according to CBS Local blog Mancave Daily, keeping tabs on your wallet can take some of the stress out of the process. Among other things, it’s important not to set the bar too high; sure, taking the object of your affections to the ritziest restaurant in town will probably impress her, but how can you top that for the second date without taking out a second mortgage?
Private colleges often justify their high tuition by claiming to give a lot back in scholarships, but how much truth is there to that assessment? Actually, quite a lot, a new article from The Atlantic says: on average, 60 percent of schools’ tuition hikes between 1999 and 2010 has gone back to poorer students in financial aid.
And, finally, a reality check: no, you won’t be able to live like your parents right out of college. Also covered in this roundup of post-graduation financial pitfalls: avoid taking on bad debt, and stop mooching off of mom and dad.
Spring break: stimulating, but far from a stimulus
Spring break must be a boon for towns in Florida, California and other popular vacation states, right? According to The Atlantic, not so much: not only does sales tax revenue in Bay County, Fl., one of the most popular destinations for students, typically decrease in March (in part because college students are notoriously cheap), but studies have also shown that the only industry that consistently gains from spring breakers’ antics is law enforcement!
Bad news for anyone looking for a job: a new report from the National Bureau of Economic Research says that college graduates will be increasingly forced to take unskilled jobs over the next few years, and could push less-educated workers out of the market altogether.
And if that report made you lose all of your faith in humanity, here’s a heartwarming story about an anonymous businessman who paid off a single mother’s student loans. If only there were more people like him out there…
Bright idea of the week: job-searching clubs!
Unemployed? What if you could get together with a bunch of other job-hunting 20-somethings twice a month and look for work together? That’s exactly what the New York Public Library’s “Drop-In Job Club” is, and it would definitely be cool if this starts to spread to other cities.
College attendees aren’t the only ones hurting from high student loan debt: huge loans are starting to damage the housing market, too, as students are too saddled with debt to afford a home after graduation.
Both getting married and going to college can boost your earning potential, but only one of them is highly recommended by economists. Why do the experts lean toward college? According to Forbes, it might be because their own higher education makes them paint universities in a better light.
Even the stars know how to save!
Being frugal is so hip that even celebrities are jumping on the bandwagon: this list highlights the penny-pinching habits of such A-listers as Jay Leno, who refuses to spend any of the money he makes off of “The Tonight Show,” and Sarah Jessica Parker, who dresses her son in hand-me-downs.
If you’re hoping to save money on college by going to a two-year school first, or to lessen your future debt by working part-time to pay for your courses, you might want to think again: according to this Time article, students who use these strategies often have just as much debt (and have to take a lot more risks) as traditional students.
You may think your grocery bill is huge, but your friends overseas and your parents have probably seen a lot worse: this report by The Atlantic shows not only that our food prices in the U.S. have been on a steady decline for 30 years, but also that we spend less on food than most other developed nations.
I couldn’t pay it all back, alright? So sue me!
Yet another reason to keep your borrowing in check: several U.S. universities, including Yale and the University of Pennsylvania, have begun suing disadvantaged students who have defaulted on their student loans.
What’s one of the best financial moves you can make in your teens or twenties? According to this list from investment website The Motley Fool, starting a Roth IRA: while retirement is still about 40 or 50 years down the road, the money you put in can add up quickly.
For once, maybe we ought to take a cue from China: the Asian nation’s Food and Agriculture Association has launched a new campaign promoting thrifty lifestyles, with an emphasis on preventing excess food waste.
Smartphone apps for savvy savers!
If your beer and pizza expenditures are out of control, you may want to check out this list of new iPhone apps for financially-minded college students, which can do everything from reminding you to pay your rent to helping you split the bill at a restaurant.
Looking to build up your credit profile? A recent report from credit repair website Creditnet recommends several credit cards that are particularly suited to bolstering your score.
A recent study by University of Ohio researchers shows that female students benefit more from taking out student loans than their male counterparts, in part because they are less likely to drop out at high levels of debt.
College on $4.38 a day
Could you eat on less than $5 per day? These University of South Carolina students will spend next week doing just that to show how tough living on a food-stamp budget can be.
If you want to slash your credit card bills, try springing for a gym membership: a new study suggests that people who exercise regularly tend to have less credit card debt.
Starting in 2014, students in the United Kingdom will be required to take personal finance classes, in which they will learn how to manage their money and prepare budgets. Don’t hold your breath for a similar program in the US, though…
The Savings Scholar 