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Financial tips for the fourth week of January 2013

February 23rd 2013

Have a look at the 5 financial tips for the fourth week of January 2013.
Tip no 1: Consider going to an in-state college to avail better tuition fee rates.
Location is a primary factor, which you need to consider while choosing a college. It is always better to opt for an in-state college as the out-of-state colleges charge a higher tuition fee. If you wish to enhance your knowledge without incurring debts, then make sure you go for an in-state college. You may qualify for merit-based scholarships and financial aids by opting for the in-state college. There is yet another benefit of studying at an in-state college. You can stay at your own home and save on housing and transportation costs.
Tip no 2: While in college, source summer jobs through temp agencies as they pay more.
Summer jobs give you the opportunity to earn dollars and gain work experience. Academic qualification is simply not enough to get a job nowadays. Summer jobs give you that rare chance to gain the much sought after practical experience.
Try to get summer jobs through temporary agencies since they offer a good pay scale. The temporary agencies can help you get a job as per your requirements. You won't have to pay a fee to the temporary agency also. The employer would be paying the fee. Your main task will be to submit your resume to a good temporary agency.
Tip no 3: Gather relevant work experience and save some money through working summer jobs.
The condition of the job market has not remarkably improved post the financial debacle in 2007. Moreover, the tuition fees of the colleges are not low either. So, students face the double dilemma while studying at college – (a) becoming a graduate without incurring debts (b) getting a job after finishing college. Summer jobs give an opportunity to the students to face these problems with efficiency.
Students can earn dollars through summer jobs and pay their college tuition fees. Moreover, they can gain work experience in a chosen field through summer jobs too. This will help them to get a good job after finishing studies.
Tip no 4: The cost of living for married couples is significantly lower than single individuals.
The living costs of married couples are considerably lower than single individuals. Single people are independent and care free. They are the masters of their own will. However, they have to pay a heavy price for being happy and merry.
It has been seen that single people splurge more on health insurance policies, food, taxes, and housing than married couples. In fact, it is said that single people contribute around $1.9 trillion to the national economy every year. On the other hand, married couples have lots of responsibilities on their shoulder. So, they tend to spend money cautiously.
Tip no 5: If you haven ARM mortgage, this is a good time to refinance and lock in at a low 30-year fixed rate.
The interest rate on a 30-year fixed mortgage is 3.46 percent. So, if you've an adjustable-rate mortgage, then it's a good time to refinance it at a low rate. The rate of interest rate on an adjustable rate mortgage fluctuates on the basis of prime rate index. The interest rates may increase or decrease with time. Usually, the interest rate on an ARM mortgage increases with time. In fact, there is a great chance that the interest rate will increase in the year 2013.
If you’ve an ARM, then refinance and lock it at a low 30-year fixed rate. This will help to make the mortgage payments easier.

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