Frugal Friday! Give & Take

My school has a unique culture. First of all, almost half (like 43-47%) of the student body are international students. Many are from poorer countries (in terms of education and/or economic wealth) like Tonga, Samoa, Fiji, Tahiti, Marquesas, the Phillipines, Mongolia, India, Ghana, Zambia, Uganda etc. Even students from "wealthier" countries like the United States, Japan, Korea, Hong Kong, etc come from economically disadvantaged homes.

But, nevertheless, we have made it here to Hawaii for school. Many things are more expensive here, so as students, we have to watch our costs even more. Things can be pretty expensive, especially when you first arrive and you have a lot of things you need to get. Things like trips home have to be considered very carefully for most. I haven't gone home for Christmas any of the years I've been here. I've only ever paid for one trip home.

Because it's difficult and expensive for ourselves--and luggage!--to come and go, we have to face decisions about how much we want to bring with us when we come, if we want to ship somethings over or if it is cheaper to purchases new things here, etc. It's the same when students graduate, transfer or leave. Many items are not worth the cost of taking back home.

Students have been pretty creative at finding ways to take advantage of our turnover times between semesters to make a buck or two selling unneeded items to new students for cheap prices, or even just giving things away to friends. Anything else gets thrown away.

The Problem: you have to know people who happen to be giving away (or selling for cheap) the things you want. Also, most students leave before the new students come in, so there is a gap in the opportunity to exchange goods.

The Solution: Campus Give and Take Center.

How it works:

You gain access by either serving there (sorting clothes, books, etc) or by donating items in exchange for "new" ones.

I always stop to take a look at the books. Books are expensive! And I found one of my required textbooks brand-new here!

And this little outfit below is brought to you by the number "0" (dollars) as in everything you see was F-R-E-E

What opportunities are in your area? You'd be surprised at what you can find if you ask around. Or, if there's nothing like this around, maybe you can help start your own community Give and Take!

Frugal Friday!

Introducing a new, hopefully regular feature on my blog!

I don't know if I can say what the most crucial element of financial stability and wealth is, but I bet frugal living is a good candidate. So for this feature I will highlight stories, tips, and my own attempts on saving money.

Today I will highlight people who are PROS at saving money. Zions Bank, a small bank (mine incidentally) with locations primarily in Utah and Idaho hosted its own reality mini-series called Cheapster. Ten college students battle it out for $10,000 prize money over different challenges to see not only who saves the most money, but also who get the most value. Challenges included things like cheap (but delicious & nutritious) meals, dollar-store decor, thrift store fashion, home-made gifts, and dumpster-diving.

Each of these Cheapsters have their own take on how to live life fully AND cheaply. Watch the video for the best overview of their cheap ways!

*Disclaimer: I am not endorsing Zions Bank or receiving any kind of benefit, monetary or otherwise. They happen to be my bank at the moment, which is why I know about this competition.

Micro Loans, Macro Difference

Today I introduce a new topic to my blog: a way to give. I don't want my blog to be entirely focused on GETTING money and saving it. I think giving is an important part of living life to its fullest potential. Service in any form heals and improves our own souls, along with those receiving it. So today I want to highlight a giving opportunity.

We know how poor people can be both abroad in third-world countries, and here at home (for me, US soil). It's easy to get overwhelmed with the shear number of people in need and to feel like there's no way to help, especially when we are so far away and all we know is what we see in the news. We have no real connection to what we are seeing on TV. It's easy to say, "There's nothing I can do," or the slightly better, "I wish I could help but I just don't know how I could make a difference."

Well, there is something you can do!

By lending (that's right, you'd get it back!) as little as $25 at a time, you can help fund micro-credit loans to budding entrepreneurs in these countries (or even here in the US).

How? Through kiva.org.

My first Kiva loan of $25 went to Dugersuren in Mongolia.

Kiva is a non-profit organization based in California. It connects would-be donors with entrepreneurs all over the world. You can browse profiles of all the people needing loans and you get to choose who you donate to. Want to support women entrepreneurs? You can do that. Want to donate to a business in a specific country? You can do that too. Want to donate to a specific business in a specific industry? Kiva lets you decide.

How does it work?

You go on Kiva's website and browse through people in need of loans. Donate however much you want (min $25) to who you want to fund. That money (100% of it!) goes through Kiva to a local micro-finance institution (MFI) that funds the entrepreneur. They receive the funds, and use it to purchase whatever equipment they need (already predetermined at the time they apply for the loan.) With the increase in revenue, they pay back the loan bit by bit, a few dollars at a time. You can check on the status of repayment at anytime on kiva's website. The payments are paid back to your Kiva account. Once the loan is paid back in full, Kiva lets you know and you have the option of withdrawing the money to get your $25 back, or re-donating to someone else. That same $25 can be used again and again to make a HUGE difference in many people's lives! How easy is that?

Maria Isabel in Nicaragua. In repayment. 75% repaid.

Painless, right? Wait, it gets even better, because Kiva is running a promotion. Through a generous sponsor, you and I can both get $25 to lend to a venture for FREE. Why? Because it's so easy to make a difference that once you try it, you'll want to keep doing it! The current promotion works through a referral system. Since I am already a member of the Kiva community (I've donated $75 to entrepreneurs), by clicking on any of the links in my blog or in the top box in the left column, (or if that's too difficult, here).



If you still have questions about how it works, check out the following video from kiva.org or check out the story PBS Frontline aired about the organization.

Time is limited, so please make a difference, educate yourself about the process more if you want and just CLICK!

Giving Up on the iPad 2

Well folks,

I guess today is a financial success in frugal living. After much inner debate over enough time to soften the blow, I've decided NOT to upgrade my first generation ipad for a new(er) sleeker iPad 2.

It's ok iPad. We will be together a little longer.

How do I feel about this?

I'm not sure. Sometimes when I decide not to buy something (especially if it's expensive), I feel really good about it. I'm like, "Yeah! Rock on! Way to NOT waste my money!" Other times it's not so easy. 

Becoming financially secure requires many skills, one of them living frugally. Millionaire Next Door says that the lifestyles of the truly wealthy can be described as "Frugal, frugal, frugal." Consumerism and buying the latest gadgets is a topic often referred to throughout the book, and even though it was written before smart phones, mp3 players, and tablets became big, I'm sure the authors would have included them as examples.

"It is easier to purchase products that denote superiority than to be actually superior in economic achievement. Allocating time and money in the pursuit of looking superior often has a predictable outcome: inferior economic achievement." 

I agree with this statement although my (almost) purchase of an iPad 2--and even my current iPad for that matter--were not done to look superior or to be on top of having the latest gadgets. Still, even though my reasons for buying my iPad weren't to show off, I don't want to get caught in the trap of feeling like I "need" a new one or any other gadget.

I still feel a little down about not being able to afford the iPad 2 with it's slimmer design, better graphics, and most especially the camera. I'm being honest.

But on the UP side, I have a little more breathing room with my semester budget since I re-allocated $450 to other budget categories. I feel less stressed about my finances and my ability to stay within my budget. 

Credit Card Debt Free!

I just wanna say that...

I PAID OFF MY CREDIT CARD!

And I'm NOT going to use it to "tide me over" anymore!

Education Postpones Wealth-Building

So I'm (hopefully) getting ready to graduate by April of 2013.  So now I'm getting those uncomfortable questions about what exactly I'm going to do with my life afterwards. Especially when they hear my major is Cultural Studies.  What am I going to do with that?  I. Have. No. Idea.  But there is one question I can answer easily without hesitation.  "Are you going to grad school?"  The answer is a resounding, "NO."

Here's why: I want to make money. I don't want to accumulate more school debt. I want to get out there and get started with my life.

So here's a little tidbit from Millionaire Next Door that made  me feel all good inside and validated about my opinion:

"The "some college," "four-year college graduate," and "no college" types who have high incomes often had a head start on many well-educated workers.  Doctors and other well-educated professionals get a very late start in the earnings race.  It is difficult to accumulate wealth when one is in school. [No kidding!] The longer one stays in school, the longer one postpones producing an income and building wealth."

So there you have it. Ah, the sweet sound of justification.