Learning the basic concepts of frugal living also will help children make a smoother transition from depend on adults for all their needs to managing their own finances. The following 12 steps can help you start your child on the path to economic independence. 

1. Begin Early
As soon as children can count, teach them to count money. When paying at the register, explain how you're paying and how the amount owed translates to cash in your wallet or money transferred via a credit or debit card.

2. Piggy Bank Savings
Beginning at ages two to four, introduce your child to the basics of saving money with a first piggy bank. Toddlers and preschoolers love inserting coins in the piggy bank slots and this enhances their eye-hand coordination. Once they get the hang of it, make it a weekly practice to sock away coins.

3. Math Skills
Children understand basic math between the ages of four and six so you can begin role-playing games with a toy cash register and money. When they get a bit older, introduce games such as the child's version of monopoly to teach them how money is used to make purchases.

4. Explain Values
Discuss how your child can save their money, how to make it grow and how to spend it wisely. This will teach them the value of money and why they should be careful. 

5. Needs, Wants and Wishes
There's a big difference between purchasing things we need, want and wish for. We need food. We want a new dress. We wish for a big-screen television. Teaching children the difference between these three categories will help them make informed decisions in the future. 

6. Establish Goals
Sit down with your child as soon as they begin to receive an allowance and establish goals for spending and saving. Saving up for a much desired item will teach them the importance of thinking ahead and avoiding impulse buying. Goal setting also helps children learn to become responsible for their money. 

7. Create a Budget
Work with your child to decide how they'll spend their allowance, apportion money for savings, pocket money and perhaps a third category for donations to church, non-profits or natural-disaster support. Setting aside a portion for donations helps children learn about charity and the importance and joy of being selfless.  

8. Set Up a Savings Account
You might seed a child's savings account with enough money to meet the minimum requirement to open an account. They should be present when you open the account and make their own weekly or monthly deposits. You might want to help them make the first few deposits with an account representative in the bank lobby to help them understand their money isn't just disappearing into a drive-through tube or an ATM machine. Because pass books have gone the way of the dinosaurs, help them check their account status online and go over their paper monthly statement.

9. Savings Bonds
U.S. savings bonds are still a good value as they cost one-half their face value and earn interest. In some instances, bonds are tax-free when used to finance college education. Perhaps more importantly, a child can't spend a bond immediately, reinforcing saving and goal-setting lessons.

10. Teachable Moments
Children don't have to sit in a classroom to learn. Teachable moments can happen at any time in any place. When using an ATM, explain money doesn't just magically appear; that you've put money into an account and are simply accessing that money. Show them how coupons, shopping sales and unit-price comparisons allow you to make wise use of your money. Children will better grasp this lesson if they join you in planning economical meals, avoiding waste and using leftovers efficiently.

11. Credit Card Smarts
When you pay for a purchase with a credit card, take the opportunity to explain how credit works. Show your child how to verify the charges and calculate a tip. 

12. Keep It Simple
Don't try to pour too much information into your child's head at one time. Remember that children learn in short bursts and their attention will quickly wander.

You can deduct medical expenses of everyone listed on your tax return, including dental bills. You also might be able to deduct expenses paid for a parent, even if they aren't considered your dependent for exemption purposes. You also can deduct money spent on medical bills for a deceased depending in the year they were paid, whether before or after the person passed away. 

Here are nine allowable and often overlooked medical deductions. 

1. Travel
You can legally deduct travel expenses to and from medical treatments but the mileage rate changes each year. For 2010, the mileage rate deduction is 16.5 cents.

2. Previously Taxed Income 
Insurance payments from already taxed income include the cost of long-term care insurance, up to certain limits based on your age.

3. Uninsured Medical Treatments
This includes an extra pair of eyeglasses or set of contact lenses, false teeth, hearing aids and artificial limbs.

4. Addition Recovery Programs
You can include the costs of alcohol- or drug-abuse treatments on Schedule A.

5. Laser Surgery
Lasik and other vision-corrective surgeries are tax-allowable procedures.

6. Medical Necessities
If your doctor told you to add a humidifier to your home's heating and air conditioning system to relieve your chronic breathing problems, the device (and additional electricity costs to operate it) can be at least partially deductible.

7. Medical Conferences
You can count admission and transportation expenses to some medical conferences and education programs if they concern a chronic illness suffered by you, your spouse or a dependent. Meals and lodging costs while at the seminar, however, are not deductible.

8. Smoking Sensation Programs
The IRS approved stop-smoking programs as allowable deductions, adding yet another incentive to give up the cancer sticks for life.

9. Diet Programs Medical Necessity
Health-conscious taxpayers have a friend at the IRS. Some weight-loss programs are now considered allowable medical deductions. However, a diet program must be considered a medical necessity. Acceptable situations include when your doctor recommends a regimen to reduce the health risks of obesity or hypertension.

There's a real liberation to being out of the dorms and on your own for the first time. You have the freedom to do what you want, go out when you want, cook what you want, study when you want, and so much more. But before you can experience this freedom, you have to find the perfect place to live. Check out these nine tips for a general guide through your journey.

1. Start Looking Early
Start looking the semester before you plan on renting. Get information on all the places in which you might like to live. Attend housing fairs for information about different properties without driving all over the city. Your university may also have an off-campus housi ng office where you can get housing, landlord, management company and roommate listings. These offices can also give you advice on how to conduct your search. Property management agencies can be helpful but ask about any service fees they may charge.

2. Prioritize 
Consider what's most important about your new place. Do you want to live close to campus or are you willing to drive a little further? Do you want an up-scale apartment or can you compromise for a better price? 

3. Don't Commit Early
Just because you start looking early doesn't mean you have to commit -- and you shouldn't. Once a landlord or leasing agent gets your contact information, they'll call you about upcoming rental-rate deals or specials. If they still have vacancies later in the season, their more likely to cut deals and offer better rates. The national vacancy rate is six to eight percent, according to AllBusiness.com so you can be picky. Landlords will do just about anything to get their vacant spaces rented out. However, the line between waiting just long enough and waiting too long is very fine. You don't want to run out of options because you waited too long.

4. Know your Roommates
You'll live with these people for at least a year so it's important you avoid the desire to strangle them. Before you start looking for a place together, discuss such issues as cleaning, parties, overnight guests, payments and privacy. Compatibility in these areas will become more important as the year goes on. Check out this article from EcampusTours.com for tips on selecting a roommate.

5. Read the Lease
It's surprising how many people will sign a legal document without knowing what they're committing to. Know every aspect of your lease so you won't be caught off guard when hit with extra expenses or security deposit deductions at move out. If you don't understand specific items on the lease, don't be afraid to ask the landlord. Also, CollegeBoard.com advises you negotiate lease terms before signing.

6. Understand You Payments
Know how much rent you'll have to pay each month and what's included in that amount. Will you pay utilities on top of that amount or are they included? Ask the landlord for details of utility costs from the previous year. Understand the deposit agreement including how and when you'll get your deposit back. See if there are any fees you might have to pay that aren't refundable, like a community fee or application fee. Ask about penalties for late payments and if there is a grace period.

7. Know the Fair Housing Laws
If you feel you're being discriminated against for such reasons as age, race, gender or appearance, report it to the Department of Housing and Urban Development. You can read the Fair Housing Act at HUD.gov.

8. Invest in Renter's Insurance
Renters insurance will cover your property from theft and damages and often the contents of your car. While this may seem like an unwarranted expense, consider the cost of replacing your belongings in the event of a robbery, fire or natural catastrophe. You can learn more about renter's insurance and get rate quotes at RentersInsurance.net.

9. Do a Walk-through
Before you move in, walk through the rental with your landlord and make a list of any pre-existing damages. This ensures you won't be charged because of damages that were already there. Make sure you're present at the final walk-through with the landlord, as well. This is for your benefit, so make sure to be thorough. It may be feel silly to document such small items as nail holes or minor carpet stains, but you could be hit upon check-out with the cost of repainting walls with holes or cleaning an entire carpet.

We all know people who've been unemployed so long they've given up. Our early enthusiasm for frugal living has turned into frugal fatigue. And it's been heaven knows how long since dining out didn't eat up our entire food budget. (Again, apologies for the bad pun.) 

So next time you hear the economy is getting bett er, just think about these 10 signs the recession is over. In fact, we had a hard time limiting ourselves to just 10!

1. Two Buck Chuck America's Best Selling Wine
Trader Joe’s, a specialty grocery store based in California, is a savior to cash-strapped wine snobs. The store's legendary Charles Shaw wines, lovingly nicknamed “Two Buck Chuck” have become something of a phenomenon in the wine world and are now the nation’s best-selling wines. That's not surprising when you consider the combination of great taste and low prices ($1.99 - $3.49 per bottle, depending on the region).

2. Unemployed Women Selling Their Wedding Rings on Craigslist
There are thousands of ads on Craigslist for things like used appliances, furniture, and cars from people who need a little quick cash to get by, with the seller frequently revealing a glimpse of the problems necessitating the sale. For upfront desperation, few ads are more poignant than the ones for wedding or engagement rings from people in financial straits. According to theHuffingtonPost, "Sellers typically said they posted their ads in an effort to take care of their children."

3. The 99-cent Heart Attack
Fast food chains are hellbent on luring back customers who swore off eating out when the recession hit. Granted, eating at a fast food restaurants can't really be considered "dining out, but that hasn't stopped McDonald's and friends from jumping on the Value Menu bandwagon and combining all their cheaper items into one convenient list. Sadly, some offerings contain such questionable ingredients they should never cost more than $1. 

4. Senior Citizen Interns
Interns older than the boss are no longer freaks in the workplace. Looking for a toe-hold in an impossible job market, experienced workers are accepting internships normally filled by recently graduated college students. Some employers even seek out the 30-plus crowd, preferring maturity and experience to the stereotypical gum-chomping 20-year-old interns who dress inappropriately and show up late for work.

5. Teenagers Beg Friends to Stop Calling
It's easy to identify the end of a friend's cell phone billing cycle. Cash-strapped Americans have cut-back on their phone plans, making it nearly impossible to reach them as their allotted monthly minutes run out. The unemployed can’t afford to gossip with just anyone.

6. Living With Your Ex
Normally, a break up involving a co-habiting couple would involve someone throwing the ex’s belonging out the window while yelling, “And stay out!” As enjoyable as such an outburst may be, doing so could prove drastic for both parties. If the partner staying put is unemployed or fears losing their job, chances are the task of paying full rent or the mortgage solo could result in eviction or foreclosure. For the ex who normally would vamoose, finding a new place without a job could ultimately lead to setting up digs in a storage, staking a claim on a friend's couch or -- shudder -- moving back in with the 'rents (with the added bonus of mom detailing what went wrong in your marriage).

7. Surging Sales of Bargain Peanut Butter
It doesn't matter peanut-butter manufacturers have put inverted dimples in the bottom of their bottles to fake us out. Peanut butter is still the protein of choice when wallets are thin. The days of eating organic and preservative-free foods have gone the way of the five-martini lunch. If produce isn't frozen, jarred or available from the Food Bank, they’ve been scratched off the unemployed’s diet. 

8. Crashing Unemployment Sites
America's new soundtrack is the tinkle-tinkle of crashing unemployment websites across the country as thousands of applicants attempt to process new claims each day. 

About 4.5 million Americans are collecting jobless benefits, a 26-year high, so the websites and phone systems now commonly used to file for benefits are being tested like never before. Systems in New York, North Carolina and Ohio were shut down completely in January by technical glitches and heavy volume, and labor officials in several other states are reporting higher-than-normal use. Even those holding up under the strain are in many cases leaving filers on the line for hours, or kissing them off with an "all circuits are busy" message. The good news is agencies are scrambling to hire hundreds of new employees to process claims. Now that's the true definition of ironic, Alanis.

9. "In This Economy" Cliché Beaten Like a Dead Horse
There are only so many ways you can say the economy is so bad a picture is now only worth 200 words. TV news anchors, who traditionally will milk cliches until the cow is dead, are actually grimacing every time the teleprompter reads "in this economy." You know it's time to retire a cliché when your drug dealer begins to use it. 

10. Libraries Not Just Havens for the Homeless
The library makes it easy to cut back on expenses “in this economy” by offering their services to anyone with a library card and plenty of hand sanitizer. They have the latestCDs and DVDs to burn rather than paying for them or downloading from Bit Torrent. Instead of buying new books, you can check the online catalog, click on “reserve” and swing by the library when it’s ready for pick up.

Most students already know a few tricks of the trade. For example, it's common knowledge textbooks from the college bookstore cost more than through Amazon, eBay and Half.com. Here are 10 lesser-known ways to drastically cut your textbook expenses.

1. Purchase the International Edition
International editions and U.S. editions are eerily similar, except for their prices. The international edition is usually significantly cheaper than the U.S. edition. Any differences often are cosmetic, while the content is identical. Buy international editions at AbeBooks.com or buy and sell them through InternationalEditionTextbooks.com.

2. Rent Instead of Buy
You can save up to 75 percent on textbook rentals and shipping often is free. You'll only pay a fraction of the cost and can return it at the end of the rental period. Your rental period doesn't start until the book is delivered. You also have the option to buy your rental books if you decide to keep the book. You also may extend your rental period if you need the book longer than originally anticipated. Rental companies often will send out a reminder your due date, so you don't get charged an extra late fee. Check out BookRenter.com.

3. View Advertising
Freeload Press is an innovator in cheap reading. They may be able to provide you with some of your textbooks at no charge, if you're willing to put up with a bit of advertising. You'll fill out a short survey before downloading the textbook. The textbooks contain advertisements throughout to help cover the cost. The publishers still get paid and you get your textbook at no cost. Freeload Press is still fairly new and the current selection of textbooks is limited, but it's worth checking out.

4. Purchase Electronic Textbooks
Students who do most of their work on a laptop don't usually mind e-textbooks that can cut your cost by 50 percent. Electronic versions of textbooks are available from such sites as  CourseMart or iChapters.com.

If you're taking classes that require classic literature, you may not need to pay at all. If the book's copyright has expired, you can download them from sites like Bartleby or Planet eBook for free. 

5. Borrow a Sample Copy
In order to get their textbooks in circulation, publishers give professors several copies of their books. One of two things usually happens to these copies: They're donated to the library or sit in the professor's office until a new edition comes out. There's a decent chance your professor has a sample copy lying unused in their office. If they don't, ask other professors in the department. While the success of this method will depend greatly on the professor, it costs nothing to ask to borrow a sample copy.

6. Use the Library
While it may seem like an inconvenience to not have the textbook 24/7, you should consider how much you'll really use it. Chances are you'll use it the most right before a midterm, the final and when papers are due.

7. Share Books
If you have a friend in the class, ask if they'd be willing to share the book and split the cost. Make sure it's someone you trust to not disappear with the book for weeks on end. You could also form a study group with each person splitting the cost of the book. Make sure each member gets the material by scanning pages into your computer and distributing them to your study mates. When it comes time for an exam or a paper, you'll all have the support of the group to ensure you're well-prepared.

8. Will You Need the Book?
Why do professors put books in the syllabus they rarely, if ever, use? There's something you can do about this ugly habit. Ask former students or Teaching Assistants if the textbook is necessary. Go through the class schedule to see if you'll be using it or if you'll be tested over the material. Most students don't consider not buying textbooks on the course list, but college is supposed to teach you to be a critical thinker, so apply your knowledge to something that will benefit your wallet now.

9. Buy Older Editions
Always check with your professor before purchasing an older edition, but doing so can mean the difference between $100 and $10. That's a valuable $90 you could spend on something more important, like going out on Friday night. Often, the older edition isn't much different and some professors will tell you what the differences are and how to get around them. It never hurts to ask.

10. Fight for Change
Campaigns have sprung up in recent years to make textbooks affordable. A student-interest group is working with publishers to try and change textbook pricing. For more information about this effort and how to get involved, go to StudentPirgs.org. The group suggests students talk to faculty about trying to negotiate lower prices. PIRG noted UCLA's math department negotiated a 20-percent price-cut with a publisher for a popular calculus book.


Brittany Sarconi is a student at the University of Northern Colorado where she is working on a B.A. in Journalism. She loves to shop but, like most college students, Brittany is trying to live a Champagne lifestyle on a beer budget. When she's not studying, shopping or writing blogs, Brittany loves to work out.

Here are seven steps to protecting your home and finances.

1. Get the Right Insurance
Review your insurance policies to ascertain what they do and don't cover. Keep in mind there's a big difference between replacement cost coverage and standard coverage, which only pays the actual cash value of insured property. Be sure that you have enough insurance to cover recent home renovations or improvements. Learn more by visiting Fema.gov, and the Insurance Information Institute.

2. Purchase Flood Insurance
As many Hurricane Katrina survivors sadly learned, most homeowners insurance polices don't cover flood damage. Look for flood insurance that will cover both your structure and the contents. Renters and business owners also should purchase coverage. Nearly 100 insurance companies in more than 21,000 participating communities offer flood insurance at an average of around $500 a year. In low- to moderate-risk areas, lower-cost Preferred Risk Policies (PRPs) start at just $112 a year. Learn more about your flood risk and how to protect their property at FloodSmart.gov or calling 1-800-427-2419.

3. Inventory Possessions
Keep a written and video or photo record of all major household items and valuables, including those stored in your basement, crawlspace, attic and garage. Create files detailing serial numbers and store receipts for major appliances and electronics. Have jewelry and artwork appraised. These documents are critically important when filing insurance claims. For help in conducting a home inventory, visit KnowYourStuff.org. or the Insurance Information Institute.

4. Protect Documents
Store copies of irreplaceable financial and family documents in a safe place, preferably one protected from both fire and water. Store the originals in a safe-deposit box so there's no chance of them disappearing during a disaster. Alternately, you might load copies of some of these documents to a secure Internet server that can be accessed from off-site computers. Vital documents include automobile titles, birth and marriage certificates, tax records, stock and bond certificates, trust agreements, deeds, wills, photos, passports and insurance policies and your home-inventory file. 

5. By the Numbers
Because credit cards, drivers licenses and other pieces of plastic can disappear in a disaster, it's helpful to keep the details of these documents in a separate location. For credit cards, include the customer-service contact information, card number, expiration date and the three-digit security code (on the back of the card). 

6. Keep an Emergency Fund
Keep enough cash or traveler's checks in a safe place that can be quickly accessed. ATM's may not be available in the event of a disaster. Also, consider opening up an emergency savings account or designating a credit card exclusively for emergency use. 

7. Safeguard Your Home
Take steps to minimize potential damage to your home by installing smoke detectors on every floor. Consider hurricane shutters for windows or store large sheets of plywood in the event of high winds. For homes in earthquake-prone areas, anchor large objects that may topple and cause damage, including televisions, china cabinets, bookcases and hot-water heaters. Reinforce your roof and foundation moorings in case of tornadoes or hurricanes.

The temptations to grow a small wedding into an extravaganza, however, can be hard to resist. Bakers, caterers and bridal-gown salons will try to up-sell their cakes, to compensate for shrinking incomes. Invitation lists tend to grow like weeds, as parents add work associates, friends ask to bring extra guests, and Auntie Flo insists your six cousins absolutely must be invited.

For those tying the knot this year, we offer the following 15 tips on how to not mortgage your future by serving 300 people a rubber-chicken meal.

1. Communication is Paramount
Sit down with your future spouse and talk about your expectations. You need to discuss compromises if he wants a tiny wedding and you want a giant blow out. Also, pow wow with anyone else involved in covering costs and set a realistic ceiling. Decide if pictures are more important than flowers, or if it is more important to have 250 guests with a sit-down meal.

2. Boring Budgets
Yes, you've heard it before, but once you've agreed upon the total amount you're willing to spend, it's vital to establish and stick to a budget. Several online budget calculators make this process much easier by allowing you to add and subtract costs as you go and have these changes reflected in the total figure. Examples include YourWeddingCompany.com and eVantageous.com.

3. Check One, Two, Three
Checklists for the groom, the bride and anyone else involved will help keep the planning on target and reduce the chance of unanticipated expenses.

4. Save a Tree
Why spend hundreds of dollars on a seven-piece, hand-engraved invite with that useless tissue paper liner? Separate enclosure cards aren't mandatory. Consider keeping the invitation to a single sheet and save on both paper and postage. You can save even more trees and postage by sending out postcards, but that's an individual call.

4. Daylight Savings
Reception halls cost more in the evening so consider having the wedding in the late morning or afternoon.

5. Dress It Down
This is a no-brainer but probably the most difficult expense to control. Wedding dress prices are out of control, particularly since you'll only wear the dress once. Even if you've always dreamed of dressing like a meringue on your wedding day, consider something a bit simpler or a non-standard wedding dress. You often can get cut-rate prices on gowns from thrift shops, consignment stores, eBay or CraigsList. Just as with new cars, the value of a wedding gown drops the moment you take it out of the store. Watch out, however, for counterfeits sold as designer originals on the Internet.

6. Shrink the List
You want to be surrounded by those important to you, not your cousin's bosses' wife. Keep the guest list small. Estimates are that it costs $80 per guest (including invitations, food, drinks, cake and favors) so the more people, the bigger the required budget.

7. Wedding Favors
When did wedding favors become a must? Can you think of any other party that gives guests gifts simply for attending? But if you feel strongly about wedding favors, consider something you can make or that's inexpensive and fun. I attended a memorable wedding where the bagged favors contained such kids' toys as bubble bottles or a game of jacks. The toys kept guests entertained and didn't cost the couple an arm and a leg. 

8. Location, Location, Location
Look for ceremony and reception spaces that only need small accents, instead of a total transformation. That way, you're not spending a large part of your budget on decor. Building features like fireplaces, fountains, gardens and even crown molding can reduce or eliminate the need for decoration. You also might want to consider an outdoor wedding and/or reception in an inexpensive or free location. Avoid spaces that don't allow you to bring in your own food or liquor. Naturally, you'll save even more by holding the wedding and reception in the same location. As a bonus, guests might appreciate not trekking from one place to another.

9. Lock-in Prices
Ask vendors for guaranteed prices on food, cake and liquor, particularly if you're signing a contract far in advance of the big day. Asking for a fixed price now ensures you won't get hit harder at delivery. You don't want to face a 25-percent surcharge to cover rising energy or food costs.

10. Haggle
Don't be afraid of negotiating with the vendors. It's the rare bride these days who doesn't have a tight budget and most vendors understand. Tell the vendor your bottom line and other quotes you've received -- if these quotes are competitive -- and ask what they can do to meet or beat this price. You also might negotiate a discount for paying in cash instead of by check or credit card. However, remember that paying with a credit card offers some protection should you postpone or cancel the wedding, or should you desire to withhold payment if there is a problem with the service or product. 

11. Limit Liquor
Instead of an open bar with 10 different liquor selections, offer one signature cocktail or beer and wine. Guests are apt to drink more when there's an unlimited selection, greatly increasing costs if you're paying for opened and empty bottles. Instead of buying individual bottles of beer, consider a keg and, while it might sound a bit tacky, modern boxed wines offer a better selection than in the past and tend to be less expensive. While a bartender or two will cost more up-front than a self-serve bar, you'll save on total alcohol consumed.

12. Cut the Cake
Don't overspend on layers of cakes that will go uneaten. For smaller weddings, use a faux bottom for the lower tiers that will look good in pictures and cost less. For larger weddings, order a smaller version of your dream cake and a sheet cake in the same flavor for guests to eat (and put under their pillows).

13. Flower Power
Use in-season flowers with more greens and fewer blooms. Roses are always available but brides should steer clear of such floral-intensive holidays as Mother's Day, when high demand drives up prices. You also can save by arranging the flowers at home, rather than paying a florist. Instead of spending money on new vases, shop thrift stores that overflow with second-hand vases. Another flower tip: Don't fill the church with fresh flowers. You're going to spend a lot more time at the reception anyway. If you really want to decorate the church, large bows or balloons fastened to the ends of pews look festive and are less expensive. One last floral thought: You might use the bride's and/or attendants' bouquets to decorate tables at the reception. 

14. Feeding the Masses
An appetizers-only reception is typically less expensive than a standard sit-down meal and a buffet may be less expensive than a served meal. As a bonus, you can avoid the rubber-chicken syndrome and paying for wait staff. 

15. Snap Shots
Interview several photographers to see what their package of services includes and if they're flexible. Some photographers offer reduced coverage, i.e. just the ceremony and formal photos. For the reception, scattered disposable cameras not only provide you with inexpensive photos but can serve as a fun icebreaker. Because most photographers use digital cameras these days, they'll present your proofs either via an online service or on CD, rather than as a print package. Ask if access to these electronic proofs (without a watermark) is included in their package.


Brittany Sarconi is a student at the University of Northern Colorado where she is working on a B.A. in Journalism. She loves to shop but, like most college students, Brittany is trying to live a Champagne lifestyle on a beer budget. When she's not studying, shopping or writing blogs, Brittany loves to work out.

According to USA Today, the average college student graduates with $19,000 of debt. Making the most of available financial aid now will help cut those high monthly payments that come due after graduation.

Student financial aid comes in many forms and variations. At first, it can be hard to understand what kind of aid you're looking for, how to get it and how or if you'll eventually pay it back. It's vital to understand all these components to ensure you're paying for your education in the way that best suits you and your financial needs.

Thankfully, applying for financial aid is easier these days.

"Everything is going Web-based," said Chris Peterson, University of Northern Colorado associate director of financial aid. "The government has eliminated some of the most frustrating questions from the online version of the Free Application for Federal Student Aid (FAFSA), which is the standard application. It's also easier for students and parents to figure out how much a prospective college will actually cost and how much aid they'll receive before applying with Web-based calculators."

Consider the following four facts to help jump-start your financial planning.

1. Know Your Loans
Education loans come in three categories: Student loans, parent loans and private student loans. Many students rely on federal government loans to finance their educations because they have low-interest rates and don't require a credit check. Federal loans also offer a variety of payment options.
 

• Stafford Federal Student Loan: The Stafford loan is the main federal loan for students and comes in two variations.
  
  Federal Family Education Loan Program (FFELP) connects students with such private lenders as banks and credit unions. The government guarantees these loans against default.
  
  Federal Direct Student Loan Program (FDSLP) offers loans administered by direct-lending schools and provided by the U.S. government directly to students and parents.
  
  All Stafford loans are either subsidized or unsubsidized, based on your financial need. Subsidized means the government pays the interest while you're in school. Unsubsidized means you'll pay the interest.  Payments can be deferred until six months after graduation or until the students enrollment drops to less than part-time. The standard repayment time is 10 years, but alternative-payment terms are available. 

• Perkins Federal Student Loan: A Perkins loan is awarded to students based on exceptional financial need with the school acting as the lender. Perkins is considered by many as the best student loan available because it's a subsidized loan with a nine-month grace period for repayment after graduation.  

• Parent Loan: Your parents can take out loans to supplement your financial-aid packages. The federal Parent Loan for Undergraduate Students (PLUS) can be taken either as a FFELP or FDSLP. Federal parent loans are most often used to pay for dorm or off-campus housing. 

• Private Education Loans: Private education loans are offered by private lenders and no government forms are required. Eligibility, fees and the interest rate you'll pay depend entirely on credit score. Private loans tend to cost more than a federal loan, but are less expensive than credit-card debt. The interest rates can very, but they are worse than federal loan interest rates. They also tend to have worse repayment options and far less forgiveness leeway than federal loans. 

Peterson advised students, "Only borrow what you need in loans, if you borrow more you will probably spend it. Get a job. Studies show that students who work do better in school in most cases. Save for your future, whether it is a summer job or if you are young, save for college."

Peterson tells students and parents to apply early for financial aid, which is usually distributed based on need and a first-come-first-served basis. "You should always apply -- even if you don't think you'll qualify," said Peterson. "You may be surprised to find you have several available options."

2. Consider Consolidating Loans
You may want to consider lumping loans from a variety of sources together into a consolidating loan from a single lender, leaving you with a single monthly payment. Consolidation is available for most federal loans and some lenders offer private consolidation loans for private education loans.   

"Consolidation helps in a few ways," said Peterson. "It simplifies things by leaving a student with just one monthly payment. It also lets students consolidate their loans at a lower interest rates, if the interest-rate drops. You can only consolidate once, so most students wait until after they graduate to do this.  

"Deferment  (putting off payments until you have a job) is also an option, if you graduate and can’t pay your loans. They also have different payment options for students in case the 10-year payment plan doesn’t work because they have no income or a low income."

Visit FinAid.org for more information on college loans

3. Strive for Scholarships
Scholarships come in every variety imaginable. Of course, there are the traditional scholarships based on grades and ACT scores, but you'll also find scholarships available for many other things: Being left-handed, being the first person in your family to attend college, showcasing leadership in your community, etc. 

Begin your search by filling out your school's universal scholarship application then check out the searchable database at ScholarshipExperts. You'll also want to talk with local agencies and organizations, such as your church, community groups like the Elks or Rotary, and your local chamber of commerce. Check in with your high school advisor, who should have a list of regional scholarships. 

While scholarships are clearly the ideal way to pay for an education, many states, charities and colleges are cutting scholarship budgets, thanks to cut-backs in non-profit funding.

4. Gaining Grants
A federal need-based grant, called the Pell Grant, is now easier to get. The Pell Grant is free money from the government for low-income undergraduates. The Obama administration has announced plans to raise the maximum size of the Pell Grant so students will get more money. They also broadened the qualifications, thereby increasing the number of students that will receive aid. "Feds are trying to increase grants for need-based students and lower loan debt," Peterson said.

Brittany Sarconi is a student at the University of Northern Colorado where she is working on a B.A. in Journalism. She loves to shop but, like most college students, Brittany is trying to live a Champagne lifestyle on a beer budget. When she's not studying, shopping or writing blogs, Brittany loves to work out. 

College students have enough to worry about: Studying for tests, paying for tuition, making it to class on time and, of course, having fun. How and where you spend your money is probably the last thing on your mind. College is an expensive investment. There isn’t much you can do to control those expenses, but there are ways to control your personal spending. 

Check out these five tips to help reduce those costs and help you avoid eating Ramen noodles every day of the week. 

1. Track Your Spending
The best thing you can do is track exactly where your money goes. Make a list of all mandatory expenses, such as rent, utilities, school supplies and groceries. Once you know where your money is going, it's easier to establish a budget. Make sure you budget a bit for fun or you'll fall off your budget as easily as you'd fall off a diet. Just stick to your plan and form good spending habits early.

2. Avoid Credit Cards
Although having a credit card may sound like a good idea, don't be fooled. Credit cards are one of the biggest problem areas for college students. They may seem like free and easy money to a poor college kid, but the money you borrow must be paid back with a steep interest rate and hidden fees. Fortunately, recent federal legislation makes it far more difficult for students to obtain credit cards without an adult co-signer, but it's still possible to get into trouble. If you must get a card, make sure to sign up for one with a low interest rate that won't balloon after the introductory period. And make sure you pay the balance off every month.

3. Save, Save, Save! Then Splurge
If you’re really itching to buy that brand new iPod but just don’t have the funds, be smart and save up your pennies. Charging such extras to a credit card provides instant gratification, but then you’ll pay extra in interest every month. Why not save that extra money, wait, and get the iPod a month or two from now? 

4. Eat Cheap and Smart
Eating out may seem like less work than cooking at home, but you’ll have to work much harder to pay restaurant prices than for groceries. If you plan meals before you go to the store, you won’t buy things you don’t need. Doesn’t a $4 plate of spaghetti sound much tastier than a $10 plate from a restaurant, not to mention the price of a drink and tip.

5. Borrow or Buy Used Textbooks
This is one tip almost every college student has probably heard. We've all heard horror stories about the dreadful cost of books. If you can’t borrow text books, buy used from websites like Amazon.com, Half.com or CampusBooks.com. You also might consider buying the international edition. One of the best-kept secrets is that the international edition of a textbook will usually be significantly cheaper than the U.S. edition. When you’re done, sell them back online to other college bargain shoppers and get back much more than you would from the bookstore. This way, everyone wins.

 Author Tamera Muniz is a recent graduate of the University of Northern Colorado's Journalism Program. She has worked as an intern for The Greeley Tribune and the UNC Athletic Media Department. Tamera also studied in Barcelona, Spain with the Study Abroad Program.

These short-term loans allow consumers to almost instantly obtain cash, using uncashed checks or electronic access to a ban account as collateral.  

Most pay-day loans require repayment within a week or two, usually when the borrower receives their next pay check. The problem is that borrowers who can ill afford to do so must re-pay not only the amount of the loan but a hefty finance charge. Those who can't pay back the entire loan within the specified period,are charged additional fees until the loan is paid off in its entirety.

Pay-day-loan firms typically charge over 300 percent APR (Annual Percentage Rate), although many loaners usually advertise at a better rate. Add this interest to the balance of the loan and you might as well borrow from a loan shark. The only advantage of a pay-day loan is that Guido won't show up to break your legs when you can't pay. 

Thanks to the recession, pay-day loans have become big business. Here are some basic facts you should consider before taking out a pay-day loan.

1. Loan Terms and Fees
Typical loan terms range from as little as $100 to upwards of $2,000 dollars. State laws determine the size and terms of loans, but companies can charge additional fees above the interest rate. For example, a borrower often may end up paying $115 on a $100 loan; an interest rate of well over 600 percent. 

2. Target Audience
Most pay-day-loan customers are extremely poor with no credit. They need cash immediately and don't have any other way of raising it. It would be much cheaper, in the long run, to take a cash advance on a credit card than borrowing from a pay-day vendor, but most don't have access to credit cards. 

3. Required Terms
To take out a pay-day loan, all a borrower needs is a bank account and proof of income (usually a paycheck). Lenders don't inquire about the borrower's ability to pay back the loan, as they prefer the loan to continue accruing fees and interest. 

4. Lenders
Pawn shops, check-cashing companies and loan stores all can make pay-day loans. There are approximately 20,000 to 25,000 pay-day locations spread throughout the United States with an approximate $25 and $30 billion worth of loans being made each year. Most can be found in poorer locations but this industry has now spread to the Internet, garnering another $7 billion of loans in 2008. 

5. State Regulation
Laws governing pay-day loans vary from state to state. Thirty-five states allow pay-day loans while 15 states have restrictions on how much these firms can charge in fees and interest rates. Other states have instituted rate caps.

6. Opposition
Pay-day-loan opponents believe these firms pray on the poor who will fall hopelessly in debt when they can't immediately pay back their loan. However, the industry insists they must charge these high fees to cover those who default on loans.

7. Popularity
Pay-day loans often are the most simple, low-balance loans available to many with no or poor credit ratings. These loans can be processed immediately with a minimum of paperwork, so the borrower has cash in hand the same day they apply. Often, they are the final option for many at their ropes end. Unfortunately, the predatory practices of this industry only makes things worse for many.