Reflections on Buying Our First House

As my wife, our daughter, and our dog all settle into our new house, I figured it was a good time to reflect on the experience now that we’ve been here for a month.

This process began in earnest after the Thanksgiving holiday last year, still deep in the throws of quarantining with no end in sight. We knew we wanted to move to be closer to family and friends and we were having bad luck finding apartments that felt right or even getting responses from people. We’d gotten a short extension on our lease until the end of March 2021 and figured it might be time to make an adjustment toward buying a house since my wife knew a realtor in the area.

Once we did some budget calculations, we realized this would be doable and starting setting up house tours (masked and distanced). Overall, we saw over two dozen houses and had a handful of our offers be rejected. It was a very exhausting experience but we eventually found a place we really liked that needed a little bit of work but had everything we needed in a great location.

April was the first full month in the house and we started unpacking and getting things setup. We also were taking an inventory of the work we needed and wanted to do on the house to make it our own and make sure that everything was well maintained. This process made it clear we needed to continue to keep a clear budget of the increasing costs of these renovations, figure out what we can do ourselves, and plan to save a set amount each month to cover everything.

This has been a hard month of transitions after an already hard year, but we’re all excited to have more space and a home to call our own.

The Mature Student’s Guide To Financial Security

Wow, going to college, being a parent, and working can be tough, especially when it comes to managing your finances. Luckily, there are some tactics you can use to keep on top of your money situation and ensure financial security, even when your plate is overflowing with other commitments. Read on to find out what they are.

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Do know your income and expenses?

It doesn't matter how good you are with your spending if you don't have a handle on what your expected income and expenses are each month. In fact, if the latter is more than the former, you are definitely going to run into some trouble!

What this means is that you need to have a clear list of all the money you can expect to come in during a month, including any student loans and bursaries, as well as wages. Then you need to compare this to everything that is on the outgoing list. Of course, the latter list will include your mortgage or rent, as well as utilities, food, and clothes. It will also include money for fun, and your college fees as well.

Obviously, if your projected outgoings are exceeding your income, you will know that you have to cut back in that month. Something that can be done by shopping only to a list and with coupons, as well as resisting the urge to spend on unnecessary items such as new clothes and decor for your house.

Don't go overboard buying resources.

Next, when it comes to managing your finances successfully as a mature student, it's essential not to allow yourself to get caught up in 'back to school fever.' Yes, that's right a great deal of the resources and items that people buy in September aren't actually ones you really need or will ever use. In fact, it's becoming just like any other holiday where marketers use people's' excitement to encourage them to part with their cash.

Luckily, you can be wise to this and prevent this happening to you. One way to achieve this is to wait until your classes start to buy your books and resources. Then you will be able to buy just what you will actually use. In fact, it's sometimes possible to get a lead from your tutors to a student that did the same course last semester and has all their textbooks to sell, something that can save you a small fortune!

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Also, if you do have a clear list of items you need already, be sure to keep it as minimal as possible. After all, while all those sparkly folders and pencil cases can seem like a good buy, you need to ask yourself,  whether you really need them, when you are doing most of your note-taking and assignment writing online?

Do repair your credit

Next, when it comes to financial security as a mature student, it can be super helpful to keep an eye on your credit. The reason being that bad credit or a low credit score can seriously interfere with the ease with which you can get loans, and make other significant purchases. Something that you may wish to do during your time at college, or immediately after.

Luckily, there are quite a few strategies to try when it comes to taking care of your credit rating. The first is to absolutely be sure that any credit you do take out is a debt that you can repay on time. Otherwise, you risk lowering your rating.

Of course, it not always a good idea to avoid using credit altogether, especially if you already have a poor score as this can also negatively affect your rating. Instead, it may be worth looking into something like this capital one secured card which will allow you to get back into using credit, even when your rating is low and so can help to rebuild your ratings by showing that you are a good prospect.

Alternatively, if you are concerned about a particularly low rating or negative notes on your account, you may wish to approach a credit repair specialist. This is a company that can negotiate with your credit providers and find the best way to close down any outstanding issues or notes on your account. Something that can help you return your credit score to normal, and so make college life and your life after, that bit easier.

Don’t let false economies fool you.

What is a false economy? Well, it's when you buy something because you think you are getting a good deal and it's cheap, but if you really look at it in detail, you realize that it's not such a good deal. False economy issues come in all shapes and sizes as well, and there are two main ways of avoiding them.

The first is to shop around for your groceries and clothes and compare prices to find the best deals. Something that is pretty easy to do now we have the internet at our disposal 24/7, especially if you are happy to buy in bulk or thrifted items.

Secondly, don't get suckered into buying things that you just don't need. I'm talking about all the chips and snacks you get at the grocery, those accessories you just have to have for your office, and worst of all those expensive coffees you treat yourself to on campus in between seminars. Guess what folks? Coffee tastes just as good if you make a flask of it in the morning yourself and take that to school each day, and you can save yourself a fortune by doing this as well!

Take your coffee in a Thermos and save!

Do make time to keep on top of finances.

Lastly, if you are attending college, you will be busy, what with all those assignments, seminars, deadlines, and essays to write. Of course, for mature students tend to be even busier, because they have family and work commitments they have to honor as well.

You will be busy as a mature student, but it will benefit your whole family to stay on top of your finances.

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Despite all of this though, it is still crucial that you make time to monitor your spending and keep on top of your finances. In fact, knowing what you have left and what still needs to be paid for at any point in the month, is probably the most critical step in maintaining your financial security as a mature student.

How to Prepare Your Teen For College

Waving goodbye to your kid when he or she is off to college is hardly any point; they’ll be back soon enough so that you can do their laundry and cook up a proper meal for them.

There is a lot you can do to avoid having your college student over so that you can parent them, though, and while it’s always nice to see them, it’s also good to know that they know how to take care of themselves.

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It’s just what we’ve been trying to teach them their whole life but some things need a bit more repetition.

Here is a handful of the most important stuff you should make sure that your teen knows before it’s time for college so that you can feel even more confident that they’ll manage on their own.

First: Start by teaching them how to cook

Ever asked your kid to prepare dinner for the family, just to see them heat up a frozen pizza? Chances are that this is what they’ll be living off unless you put some serious effort into teaching them how to actually cook.

They might not enjoy it, in the beginning, but when there’s no other option than to cook up a meal, they’re going to be very happy that you taught them how to make it tasty. Plus, you’re also ensuring that they’re not spending all of their money on takeaway.

You can always pay them a visit on campus as well, though, to see how they’re doing; have a look at lodging near Princeton University and keep in mind that most universities offer great hotel accommodation to visiting parents.  

Start the cooking lessons by teaching them how to make cheap and healthy meals. Eggs, chicken, and canned tuna should be their go-to food in order to save money - and teach them how to shop in bulk when they’re on a budget as well.

Here is a handy article on student meals you can forward to them so that they won’t be bombarding you with texts on how to know when the rice is done.

Next: Teach them how to budget

As their parent, you probably know very well if your teen needs a crash-course in budgeting. If they were painfully saving their allowance and sniffing at their siblings’ reckless spending, they’re probably going to do just fine.

Most teenagers are, however, not that good at budgeting and saving money - especially not when there are so many fun things to do around campus. Help them to set up a proper budget for themselves before heading off, and advise them against going wild with their credit card.

If they should mess up once in a while, there are many lessons to be learned - and it’s much better to learn these lessons sooner rather than later.

As long as you’ve taught them these things as well as how to be decent human being around others, your teen will be just fine. Try not to worry too much and remember that you can always visit them to make sure they’re eating properly as well.

3 Hacks for Students to Enjoy Entertainment on a Budget

There are many times during our university years where we have a lot of free time. Typically, we like to fill this time by entertaining ourselves. We watch TV, listen to music, and have long gaming sessions.

But, being a student, we also often don’t have enough cash for everything we want and need. Luckily, I have some hacks that ensure you can entertain yourself without breaking the bank!

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Make Use Of Free Music Trials

As a student, music is essential to campus life. Have you ever tried studying without listening to your favorite tunes? It’s near enough impossible, especially when you have noisy people in the dorm next to you! However, music costs money, and money is something students don’t have a lot of. Sure, there are sites like SoundCloud that provide free streaming for you to enjoy. But, you don’t get access to the latest hits and can’t download them. One trick I’ve learned is that paid subscription services all offer free trials. Google Play Music, Apple Music. Spotify and Deezer all offer decent trial periods. Plus, depending on your phone manufacturer/network, you often get extended deals. My advice is to use as many free trials as you can and experience all the benefits of a premium music service.

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Free Movie Streaming

Everyone likes to Netflix and chill once in awhile. The problem is, a lot of students can’t afford to pay the streaming prices. Sure, Netflix is fairly cheap, but, it’s still too much for some of us. So, how on Earth are we going to watch films and TV shows without a streaming service? Well, there are two options available for you. Firstly, you can download one of the many Free Movie Apps out there. These are apps on your phone that allow you to watch a load of great movies without paying a penny. Secondly, you can try your luck on YouTube. Again, this is a free service, and some people may upload TV episodes for you to enjoy. Plus, there’s a load of original content to watch on YouTube that may whet your appetite. Personally, I’ve wasted away hours in between lectures just binge watching some of my favorite YouTubers.

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Buy Pre-Owned/Free Games

Now, I know some of you might spot a slight problem here. If you can’t afford a Netflix or music subscription, how can you afford games? More to the point, how on earth will you afford a games console?! Well, my argument is that a lot of students have games consoles before they go to college. Plus, buying a pre-owned game is different to buying a subscription that you pay every month. You can save a lot of cash getting your games pre-owned instead of fresh. Plus, check the store on your games console now and then. Both Playstation and Xbox users can get free games every month or so. This means you can still game, without having to spend a fortune.

Following these tips, you’ll have all the entertainment you need, without needing to spend a lot of money. That way, you can spend more on all the other things you need to succeed and enjoy your time on campus.

What other tips do you have for saving money as a student? Let me know in the comments!