February 2008

For those of you who may not know, I enjoy debunking myths. Whenever I hear something that sounds suspicious, I’m usually the first person researching it. Recently, I helped a friend avoid a fake check scam after he posted a used item for sale online. The potential buyer sent a fake check for more than the price of the item and told my friend that his secretary had made a mistake. The buyer asked my friend to deposit the check and wire the difference back to him. If my friend had fallen for the scam, he would have lost around $1000.

If you’ve made it to this page, you’re probably here to find out if CashCrate is a scam. When something sounds too good to be true, most of the time it is. Well, the purpose of this post is to expose the truth about CashCrate and resolve any questions or doubts that you may have. Let’s start with the big question.

Is CashCrate a Scam?

The simple answer is no. CashCrate is not a scam. No matter what you’ve read elsewhere, I assure you that CashCrate is 100% legit. Over the course of a few months, I’ve made almost $100 through CashCrate. Below is a picture of the first check I received back in December.

Will I make a lot of money?

Probably not. Even though it’s easy to make money through CashCrate, I think most people would prefer earning money through other means. Why? Because filling out surveys and completing trial offers can get pretty boring. The reason you see so many positive reviews of CashCrate is because they have a generous referral program. Some people probably earn a decent amount of money from CashCrate through referrals, but they have to put in a lot of hard work in advertising their referral link. It’s basically like a second job.

Should I try CashCrate?

If you’re just looking to make a little extra cash with a minimal amount of effort, then CashCrate is for you. If you’re trying to build a sustainable source of income, then look elsewhere. CashCrate isn’t going to make you rich. If you’re still interested in CashCrate after reading all of this, then check out a couple of helpful pages that I’ve written about CashCrate.

• How To Make $24 With CashCrate Right Now
• Make Money With CashCrate and Pass It On

Another week, another carnival to host. The Festival of Frugality will be stopping by Broke Grad Student on Tuesday, March 4th. This will be the third and final carnival I’m scheduled to host for the first half of 2008. That’ll be 3 carnivals in the period of one month!

Anyway, I’m excited about this upcoming carnival, because college life is all about frugality. Fellow bloggers can submit articles for the opportunity to get included in the next week’s edition of the Festival of Frugality right now. Readers can check out some great articles at the current Festival of Frugality over at No Credit Needed. Everybody should come back next week to see the Festival of Frugality - BGS style.

“What are you going to do this summer?”

I can’t even remember how many times I’ve heard that question throughout my life. Okay, I can probably figure it out by counting how many years of my life I’ve spent in school and multiplying it by 10. I must admit that I’ve been guilty of asking this question to my friends back in college. The idea of having a “summer” still intrigues me to this day. In fact, 2008 will be the first year since I started kindergarten that I’m not going to have a summer break.

Some people like to travel over the summer. Some people like to work. Some people even enjoy sitting at home in front of a computer blogging all day. I’ve tried all three, and each one has its pros and cons. However, in over two decades of summer vacations, my favorite summers were in college. In particular, the best experiences I had were the two summers in which I participated in internships.

While an internship may not sound as exciting as backpacking across Europe or sleeping in till 1 PM everyday, every internship I have had has turned out to be a blast. No matter how much you enjoy being lazy, you have to admit that summer does get pretty boring after a while if you don’t have anything to do. With that being said, here are four reasons why I think internships are a college student’s best friend.

You get paid.

All right, not all internships are paid, but the larger the company, the more likely it is that they’ll pay you. While a paid internship is definitely preferable, you will probably still get something out of an unpaid internship. After I interned at a small consulting company one summer, they sent a massive care package to me the following semester at school. Even if you don’t get money or a care package, you will still gain something very valuable from the experience, which brings us to the next reason on the list.

You get experience.

An internship gives you the opportunity to get practical experience in a field. When you get job interviews after graduating, most employers will be more impressed to see that you have practical experience rather than classroom experience. If you’re lucky, you might even land an internship at a company that you want to work at after you graduate. Some companies even use internships to see if people are a good fit before hiring them on full time.

You get a break from school.

Everyone needs to take a break from what they’re doing every once in awhile. While working may not sound like taking a break, it will feel like one because work is so much different from school. You’ll most likely get a little taste of the 9-to-5 routine, but the great part about an internship is that it’s short. It’s kind of like trying on shoes. If the shoe doesn’t fit, then you can throw it out and try a different one. If it does fit, then you can start working towards obtaining a full time job in that field.

You meet new people.

If there’s one thing I wish they would have emphasized more in college, it’s the importance of networking. The truth is that there are plenty of other people out there who are just as talented as you are, competing for the same jobs that you’re trying to get. So if all of these people seem equally skilled on paper, how does an employer decide who to hire?

Some employers may check references from previous bosses or rely on referrals from current employees. Others may have strong ties with certain colleges and primarily hire students from those schools. Notice how all of the things I just mentioned have nothing to do with you. Instead, they all depend on the network of people and places that you’re associated with. Being skilled at something does you no good if the employers who need your skills aren’t able to find you. By meeting more people, you increase your chances of being found and expand your opportunities for finding an ideal job. An internship is a great opportunity to meet new people, make new connections, and start showing other people what you’re capable of achieving.

Given the theme of my blog, I figured it would be fitting to revisit the college years in this week’s Carnival of Personal Finance. For some of you, this will be a trip down memory lane. For current college students, it may be a reflection of what you’re going through right now. For people who never went to college, it’ll probably be like what you see in the movies.

Summa Cum Laude (BGS Picks)

Of course, we’re going to start with the best. The following articles displayed exemplary merit in my opinion, placing them in the top 5% of this week’s graduating carnival class. (This is what college would be like if it were a dictatorship.)

Photo by Terry Crowley

College would have been so much easier if there were always people like Mighty Bargain Hunter around to help. Check out his list of seven pairs of easily confused money terms and be confused no longer.

Perfection getting in your way? paidtwice from I’ve Paid For This Twice Already does a wonderful job of explaining how striving for perfection can hinder progress in Perfection is the Enemy of Progress.

College students are always interested in generating alternative sources of income. Head over to My Two Dollars where David shares his personal experiences in My Sources Of Alternative Income And How I Make Them Work For Me.

Jon from The Money Mythos presents Five Advantages and Disadvantages to Online Banking. As a product of the computer age, I took the plunge into online banking a few years ago, and there have been many pros and cons. Jon’s article does an excellent job of covering them in detail.

Finally, I thoroughly enjoyed reading Feminist Finance’s “manifesto” on a Wedding As A Status Symbol.

Saving and Frugality

Who said college students didn’t know how to be frugal?

Photo by fabbio

Is your Costco membership worth $50 dollars? the simple nickle has done the math and shares the results in Does Your Costco Card Really Save You Money?

Kyle from Rather-Be-Shopping.com has a love-hate relationship with Costco. Find out why as he lists the 5 Best and 5 Worst Costco Buys.

An emergency fund is a great way to create a financial safeguard against unexpected expenses, but how can you save money for an emergency fund when your current finances are already stretched? Seb from Pinching Copper shares five tips to start saving money right now.

Kevin from No Debt Plan spells out a twist on Dave Ramsey’s Debt Snowball in The Savings Snowball. Find out how he uses it with great success!

Laura from Green Panda Treehouse discusses ways that we can reduce and eliminate ATM fees. Who wouldn’t want to do this?

Bob from Christian Finances compares ING Direct vs. Virtual Bank to determine which is the better online bank. Will you agree with his conclusion?

Grace from GRACEful Retirement explains why monitoring what she really wants at any given time rather than settling for something out of habit saves her money in What do I REALLY Want?.

Finances in your 20s can feel overwhelming with people telling you to start saving for retirement when you can barely afford your current living expenses. Livingalmostlarge focuses on this issue in Inadequate savings in your 20s?

Sheila Scarborough from Family Travel talks about finding inexpensive and unique travel souvenirs in Video Series Part One: Inexpensive Travel Souvenirs.

Money Management

Money management may not be the top priority of students during the college years.

Photo by Drunken Monkey

American Entrepreneur from American Small Business News shares tips on Managing Time to Build a Successful Home Based Business. Whether you’re a college student, full-time worker, or stay-at-home parent, I think successfully managing time is something we all struggle to do, so be sure to check out these tips.

Nobody enjoys stress, but sometimes it’s hard to avoid. That’s why Super Saver from My Wealth Builder talks about Stressful Personal Finance Situations We Like To Avoid.

Have you ever wondered why about one in three lottery winners end up bankrupt? Lily from The Honest Dollar explores why we tend to spend more when we expect our income to go up in Avoid the Wealth Effect.

The Financial Blogger observes that human beings are always looking for more material stuff and falling into The Trap Of Working Harder. Find out why living for less is more effective than working for more.

Managing a sudden receipt of a large sum of money is not easy. If we have the “monthly paycheck” mentality, chances are good that this windfall could be spent off quicker than we thought. Fathersez answers the question, “Can a windfall really change people’s lives?”

Real Estate

Dude, is that a twin or an ex-long twin?

Photo by amyeetx

2million from 2million’s Personal Finance Blog discusses the issue of finding the right amount of money to spend on housing while keeping on track in their quest for financial freedom in Housing Costs Are Our biggest Obstacle to Financial Freedom.

If you’re looking to buy your first home, check out some Tips for Getting First Mortgage and getting on the property ladder from T. Pettinger at Finance Blog.

Check out 5 Mortgage Lessons to Learn from the Rich shared by Abdulrasool Sumar from Mortgage Calculators.

Craig from Craig’s Coin examines Investing – Real Estate.

Dan Melson from Searchlight Crusade explains Changing Rates and Streamline Refinancing - Reasons to Love Zero Cost Loans and Hybrid ARMs.

Are you afraid of investing in real estate? You’re not the only one. Peter Harrington from Money Management and You! reveals Why people don’t invest in real estate.

Rob from TwoWiseAcres details an investor approach to remodeling a kitchen in Part 2 of his series, How to Completely Remodel a Kitchen for Under $4000 (Part 2).

Erik from Money Crashers discusses The Importance of Renter’s Insurance and Why You Need it. This is especially useful for college students who are renting apartments.

Taxes

Filing taxes brings back memories of this…

Photo by jackhynes

Thanks to jim from Daily Gratis, I know where to get a Free Copy of TaxCut Basic 2007 and so do you. Just follow the link.

Everybody knows how fun taxes can be. vh from Funny about Money shares a personal experience in Fun with Taxes: 2nd Draft.

No pain, no gain. Beyond Paycheck to Paycheck presents Your Income Tax Return: Benefit From the Pain. Find out how to turn the necessary evil of your tax return into a catalyst for tackling more important financial goals.

What are you going to do with your tax refund? Aryn from Sound Money Matters shares Five Good Ways to Spend a Tax Refund, and Five Bad Ones.

Find out why Melissa from A Penny Closer is happy that she shoved $728 Worth Of Stuff Out The Door. Here’s a hint: Donations are tax deductible.

Some folks on Social Security are eligible for a tax rebate check. Kay from Don’t Mess With Taxes shares tips from her experience in helping her mother fill out a return in Filing mom’s tax return.

Harrison from Finandom presents some great Tax Tips for Online Business Owners.

With the April tax deadline quietly sneaking up on us, NCN from No Credit Needed presents Trying To Decrease My Taxes, I Have Opened A SEP-IRA.

Finance

Sometimes college students gather for weekly finance meetings.

Photo by Jam Adams

Tarik from Investor Trip tackles the difficult decision of whether or not to pay off your mortgage before retirement in Pay Off Your Mortgage Early Before Retirement?.

Once again, certain members of Congress are talking about doing away with the penny, as its production cost is more than its face value. However, this could lead to 4.5% inflation overnight! RacerX from Life Liberty and the Pursuit of Money explains in Save The Penny, Save the World.

We all have a story about how we got to where we are today, and I’ve always enjoyed listening to stories from people with similar interests. A guest writer at The Digerati Life shares his story about how he got into personal finance in “How’d You Get Interested in Personal Finance?”

If one of your goals is early retirement, then look no further. FIRE Finance presents an extensive list of the Top Resources For Early Retirement Planning.

Bob McDonald from The Platinum Years Network explores the issue of flexibility in your Social Security decisions between age 62 and age 70 in Social Security Decisions: Important But Not Irrevocable - You Have Much More Flexibility Than You May Think.

The Baglady presents Tips for Entering Sweepstakes and Getting Free Stuff. For any skeptics out there, one of my relatives does this regularly, and she has won things like cash, an iPod, a Xbox 360, and an all expense paid trip to Florida for two.

Xin Lu from Wise Bread talks about Six Horrible Financial Products You Should Avoid.

Getting sick is more expensive than you think! Money Ning from Personal Finance Blog discusses Cost of Getting Sick.

Investing

Every college student “invests” in books that he/she will only be able to sell back for a fraction of the price.

Photo by drdrewhonolulu

Martin Roth from Green Technology Investor presents CleanTech and China - Two Hot Stock Market Themes. Green technology stocks have been booming on stock markets around the world. The Chinese market is also hot. What happens when you combine the two?

Ryan Suenaga from Uncommon Cents comments on the ups and downs of the stock market in Up, Down, Up, Down. For any gamers, this isn’t cheat code.

Dorian Wales from The Personal Financier presents his opinion on ETFs and Mutual Funds – The Slowdown Will Teach Us another Valuable Lesson.

The Investor at Monevator.com shares the secret to investing when stock markets are falling. Find out why The Investor says it’s better to focus on monthly goals that you can control rather than net worth goals that are out of your hands.

Most successful investors will tell you that asset allocation is the most important decision you make in determining how well your portfolio performs. Dividends4Life describes how to Rev-up Your Portfolio With Asset Allocation.

retirehappy from My Retirement Blog explains why you shouldn’t cash out your 401k when you leave a job in 401k Rollover Tip: Don’t Ever Cash Out.

Lisa from Greener Pastures provides advice on how to determine the best socially responsible investments for you in Socially Responsible Investing: Part I- Where Do I Begin?

Four Pillars from Quest For Four Pillars warns of The Danger Of Being Too Conservative and how it can be hazardous to your financial health!

Aussie Investor from Stock Market Investing For Beginners takes investing beginners through the steps they need to follow before making the plunge into the stock market in How To Start Investing In The Stock Market.

Ryan from Millionaire Money Habits explains When to Fire Your Financial Advisor. Your money is your early retirement, so you shouldn’t be afraid to have high expectations of your financial adviser. You should fire them when things are not going the way you planned, especially if he or she is engaging in any of the activities described in the article.

Drop by Wise Bread and ask a top personal finance author your 401k questions. Get free 401(k) advice from David Loeper by asking him a question in the Wise Bread forum.

RC from Think Your Way To Wealth shares Investment Advice from Warren Buffet’s Mentor: Words of Wisdom from Benjamin Graham.

Amanda from Me vs Debt gives kudos to teenage investors and is totally inspired by those that start early!

Mutual funds often charge excessive fees in the form of loads, MERs, and trailers, which makes index funds and ETFs a great alternative! But what are index funds and ETFs? Squawkfox does a great job of answering these questions in What are Index Funds? What are Exchange Traded Funds?

Where Should You Invest First - 401(k) or IRA? Patrick from Cash Money Life talks about the factors to consider when deciding.

Ciaran from Chance Favors provides an informative list of 8 Things You Need To Know About a Roth 401K for 2008.

Budgeting

College students always know how to eat on a budget.

Photo by PhotoDu.de

Erik from Money Crashers shares 5 great tips on How To Budget With Irregular Income. This is really helpful advice for people who get paid on commissions or for college students living off student loans.

Is it possible to achieve financial freedom without budgeting? Pinyo from Moolanomy explains why he thinks budgeting is not a necessity in Living Stress Free Without Budgeting.

Shadox from Money and Such presents a handy Latte Factor Calculator that will show you how much that latte will really cost you over a lifetime.

bluntmoney from Blunt Money shares advice on budgeting with an irregular income based on his personal experiences.

Madison from My Dollar Plan got hit with unexpected expenses as she was finalizing her family’s budget. Find out how she plans to deal with these expenses in How Do You Handle Unexpected Expenses?

Randall from Credit Withdrawal provides a glimpse of what it’s like in a single-income family with two kids in Living on One Income - The Married Life.

PT from Prime Time Money shares tips on Budgeting - An Easier, Smarter Way.

Credit and Debt

Having a credit card has become an essential part of the college lifestyle. So has taking grainy pictures with your cell phone.

Photo by nicholasjon

Mr Credit Card from Ask Mr Credit Card answers the question, “How Many Credit Cards Should You Have?”

Marcus Mc Cray from Hook Me Up! explains step-by-step how to raise your credit score, helping to take some of the mystery out of credit.

Colonel Cash from Money and Credit details How To Correct an Error on your Credit Report by outlining the steps in the process.

While Barack Obama and Hillary Clinton have both called for credit card reform, their plans differ in the details. Kimberly Palmer from Alpha Consumer exposes these differences in The Democratic Candidates and Your Credit Cards.

Sometimes the best way to learn is by figuring out what not to do. JvW from The Good Life on a Budget shares an arduous tale of what not to do in How We Got Into Debt. Find out how they managed to accumulate $38,000 of credit card debt and what they’re doing to pay it back.

FFB from Free From Broke shares 7 Credit Card Tips From ING. Seven great credit card tips from a bank? What is this world coming to?

Identity theft is something we all worry about with credit cards. Erica from American Consumer News discusses 21 Ways to Stop Identity Theft.

Paula Wethington from Monroe on a Budget talks about the effect your credit report can have on the car buying process in the credit report jingle - and car buying reality.

Debt collectors can be intimidating and scary, but as a debtor, you do have rights. Find out what you don’t have to put up with as Steve Faber from Debt Free explains the Fair Debt Collecton Act - What Debt Collectors Can’t Do.

Steph from The Debt Hole summarizes, categorizes, and plans for reducing her debt in Debt Review and Plan.

Nigel Swaby from Salt Lake Real Estate Blog talks about Credit Crunch - Make Decisions Keeping You Viable for a Mortgage.

Reviews

Shamelle from Enhance Life shares her opinion of Rich Dad, Poor Dad in Thinking About Money The Rich Dad, Poor Dad Way.

Dan from Everyday Finance rants on a company we’ve come to know and love in Shame Vonage…Shame on You.

Other

Everybody’s college years are different. Some people party for all four years while others bury themselves in books the entire time. Regardless of how you spent yours, there are always those random memories that you can never quite categorize.

Photo by batmoo

Dividend Growth Investor discusses several ways to diversify his income stream in Alternative Streams of Income.

chica with issues from One Snarky Chica With Issues talks about smart things to do with your economic stimulus check.

jim from Blueprint for Financial Prosperity explains the Fidelity Charitable Gift Fund. The idea is that you can make a charitable donation now, have the assets appreciate, and then decide where donations will go later on. Check out the article for more details.

Would you marry for money? Join in on the discussion at Free Money Finance as The Marrying for Money Debate Goes On.

What do you do when friends and family start asking you for financial advice? Mrs. Micah from Mrs. Micah: Finance for a Freelance Life tackles the issue of determining When to Offer Financial Advice.

Ever wonder what you should do when your debit and credit cards get stolen? The Happy Rock shares some helpful advice in What Happens When Your Wife’s Debit and Credit Cards Get Stolen.

Progressive feminist liberals need not apply! When it comes to love and attraction, age old stereotypical rules still apply - especially when it comes to dating a millionaire. Money Blue Book discusses The Millionaire Matchmaker Show - Revealing Traditional Stereotypes About Men, Women, Money, And Love.

People are paying thousands of dollars to be “The Best”. But if the title of best can be bought, is it really the best? Lynnae from Being Frugal.net gets philosophical as she asks, “What Are You Paying For?”

We’ve all heard that money doesn’t equal happiness. Penny Nickel from Money and Values explores the reasons behind why the happiest people don’t earn the most.

Are two incomes always better than one? plonkee from plonkee money is pretty sure that it’s hard to live on one income, even when there’s only one of you in your household, and she explains why in living on one income: the single life.

M.B. from Be Thrifty Like Us examines Job Perks You Might Not Know About. Do you know if your company offers referral bonuses? You might be missing out.

Smarty from Growing Money explores a Health Savings Account.

Aaron Stroud from On Financial Success has conveniently compiled the opinion of 17 Economists on recessions, stimulation plans, and what they might mean to you for your reading pleasure. Check it out!

Photo by ::: Billie / PartsnPieces :::

That concludes this week’s carnival. I hope you enjoyed reading it as much as I enjoyed putting it together. Next week’s Carnival of Personal Finance will be hosted by The Baglady!

I’ve been so focused on finishing up my thesis lately that everything else has seemingly been pushed to the back of my mind. Anyhow, I’ve been working on it so much that I almost forgot to announce that I’m hosting the Carnival of Personal Finance on Monday, February 25th! It’ll be nice to take a break from thesis writing to put together the carnival this weekend. Any articles submitted before 5:00pm eastern time this Sunday have a chance of making it into the carnival, so send in your best stuff if you haven’t already!

At the end of 2007, I made my 2008 financial resolution. Now that we’re a month and a half into 2008, I think it’s a good time for me to reevaluate the goals I set for myself this year.

My primary goal of 2008 is to pay off $10,000 of my student loans. To spread it out evenly throughout the year, I have to save $834 each month. Let’s see how I’ve done with following through with my plan so far.

• Pay myself first by having part of my paycheck automatically deposited into my loan pay back fund.

I haven’t set this up yet, because I’ve been having to use most of my paychecks while waiting to get reimbursed for my relocation expenses and to get my security deposit back from my previous apartment. Throw in a new security deposit and a couple months rent for my new place, and the money was a little tight for a while in January. Fortunately, I got both my reimbursement and security deposit back this week, so I’m back on track. I’ve been able to put $834 into my loan payback account for the first two months of 2008.

• Receive a 0.25% interest rate reduction from my loan consolidator by having payments automatically withdrawn from a bank account.

My loans are still deferred at the moment, because I haven’t graduated yet. I should probably be finishing up my thesis writeup instead of writing this. Assuming I complete everything in time for graduating in May, that’s when the payments will begin. In the meantime, I’m holding my loan payback fund in a high-yield savings account to earn a few extra dollars.

• Reduce my expenses by living frugally.

I’ve definitely been making a great effort to live frugally. I’ve been taking advantage of free food that’s available at work and free or cheap entertainment in general.

• Live with a roommate.

I’m renting out a room in a house, which is saving me a lot of money compared to living in an apartment by myself. The common areas are already furnished, so I didn’t have to spend money on living room furniture. The kitchen is also fully stocked, so I didn’t have to buy dishes or pots and pans.

• Carpool to work.

I haven’t started carpooling to work yet, because I’m not quite on the same schedule as person who I would carpool with at the moment. Hopefully, this will change in the upcoming weeks, and we can both save some money on gas.

• Generate multiple streams of income (freelance work, CashCrate, etc.)

One of the reasons I haven’t had much time to blog lately is because I’ve been doing some freelance work. If anyone is looking for a web developer/programmer/designer, let me know, and I might be able to help you out.

• Continue to reevaluate my goal throughout the year and make adjustments when necessary

This is weird. Now I’m commenting on the very thing that I’m doing right now. Anyway, I’m happy with how things have gone so far this year. It’s looks like I’m on target to reach my goal by the end of year, which would be awesome. Be sure to keep checking in as I continue to update the world on my progress.

This is a guest post from Tisha Kulak. Tisha Kulak is a writer for www.creditorweb.com, where she writes about student credit cards and responsible credit card use.

For many college students, the first year is also the first time students may have the responsibility of their own credit card. While many people might argue that college kids and credit cards don’t mix, it is a situation that should be addressed and not simply avoided. The truth is, credit cards don’t purchase things on their own. People make the purchases. If those people happen to be first time college kids and first-time authorized credit card holders, it is very important that education on the responsibilities of good credit practices and habit be a part of any credit card application process.

College years can be the opportune time for young adults to lay the foundations for a lifetime of good credit. Often, many of the younger generation have very little or no experience with real world finances. Understanding the principles of credit, the responsibilities of paying bills on time and how to budget are essential topics to be covered. However, the amount of information can be overwhelming to students who are also learning to adjust to a whole new lifestyle at college. Tending to think only as far as your next class or the next test day leaves plenty of room for mistakes. As a student, you should be preparing to work hard to maintain a good GPA, make friends, and figure out where you fit in. But it is also important to understand where you are going and how you get there. Your credit score is a big avenue to travel and it is one that stays with you for a long time to come.

If you think a credit card is necessary for emergencies and other school-related needs, take the time to learn about the realities of credit cards. Don’t fill out massive amounts of applications just to get free t-shirt or CD. Pay attention to the fine print. Understand the terminologies used in the contract you are signing with a credit card company. Do your research and compare credit card companies, benefits, and rewards plans that are now being offered. Be warned that as a student you will likely receive a great-sounding offer from a multitude of companies who want to sign you up immediately. Instead go online and compare the cards and understand just what it is you are getting. There are many credit cards that are designed specifically with the college student in mind and it is completely worth your time to investigate several before making a decision.

Destroying good credit at a young age will not do you any good in the long run. Just missing a payment can begin a whirlwind of credit issues that can hinder your credit worthiness for years. One of the most important things you can do for yourself now is to develop good and responsible spending habits. Make sure you only use that card for emergencies. Pizza at midnight does not generally constitute an emergency. Buying a bus ticket home to mom might. Once you start making informed decisions it will become easier and prepare you with a good financial foundation.

It’s been said that you learn something new everyday. Well, I’m going to share the something new that I learned a few days ago. If you just opened a new checking account at a bank, don’t make your first deposit at an ATM.

I recently did this with my first paycheck, and it turned out to be a mistake. Everything seemed fine at first. I made the deposit, asked for a receipt, and saw that $100 of my deposit was available immediately. The remaining amount was being held, which is nothing out of the ordinary. Most banks take a couple of days to clear the funds that you deposit before adding to your available funds.

So I wait a couple of days, and the funds still haven’t cleared. The days turn into a week, and they still haven’t cleared. My rent is now due in couple of days, and then I get a letter in the mail from Washington Mutual. The letter informs me that a 10 day hold has been put on the rest of my deposit, because I’m a new customer.

Well, crap.

Rent is due in a couple of days, and I don’t have enough money in my account to pay it. I could transfer money from one of my online accounts, but that would take a few days too. Fortunately, I was saved by the fact that my employer pays weekly.

I got my second paycheck on the day that rent is due, but this time I went into a local branch to make my deposit. The bank teller noticed that there was a hold on my first deposit and was able to correct it immediately by pressing a few buttons on the computer. The funds from my first deposit became available, and I had enough money to pay February’s rent on time.

The moral of the story is don’t make your first deposit at an ATM, if you need your funds within the next few days. By going into a local branch and talking to an actual person, you can avoid the issues that I ran into while trying to get my rent paid on time.

A couple weeks ago, I received my second check from CashCrate. I’ve been so busy that I haven’t even gotten around to writing about it until now. Needless to say, my CashCrate earnings have been steadily dropping over the past few weeks, but on the brighter side, now I get a paycheck every week from my new job.

Although my second CashCrate check was only half as much as my first CashCrate check, it was just as satisfying because I barely spent any time completing offers. Since most of this check came from referrals, I barely spent any time filling out surveys or canceling trials. Instead, I got to spend time writing articles to help others, like you, earn some extra cash.

As I’ve mentioned before, the easiest way to make money with CashCrate is to make some money yourself and then pass it on. If you follow my advice, then you can get a check with your name on it in the mail next month.

I hate fees. I hate banks that charge fees. That’s why I’ve been a happy customer of Compass Bank for the past few years. Unlike a lot of the nationwide banks, they don’t require a minimum balance or charge fees for everything. In fact, they even provide rebates of other banks’ ATM fees.

Unfortunately, there aren’t any Compass Banks in my new state of residence, so I had to find a new bank. While the perks of smaller banks are quite enticing, I decided that I wanted to go with a nationwide bank this time to avoid having to open a new account each time I move to a new city. With that in mind, here’s the criteria I used to choose a new bank:

• Nationwide locations
• No minimum balance or direct deposit requirement
• One free overdraft fee refund each year

In the end, I ended up choosing Washington Mutual, because they met all of the criteria above and also provide free checks for life. Besides having to open my account at a local branch because the online application wouldn’t work for me, everything has gone smoothly so far. I got my free checks and debit card in the mail about a week after I opened the account. I’m hoping that this relationship will go as smoothly as my relationship with Compass Bank has gone.

Now it’s time to turn the tables. What have your experiences been with free checking accounts? What’s your favorite free checking account?