Feel like trading the cash you saved for that Prada bag to combat poverty?

No? What if you only lent the money for a few months, then got it all back in time for your next shopping spree? You’re probably thinking, “That doesn’t sound like charity.” It is, but it ain’t. It’s better. It’s a system called Kiva.

Microcharity on a budget – you really can help!
Just because your main meal is ramen noodles doesn’t mean you can’t make a difference. There’s a new form of charity in town and it’s designed for students who want to help but live on a budget! You donate just a little, but help change a lot! And best of all, you can watch the story unfold as your money slowly makes its way back to you.

That’s right – your money comes back to you. In essence, Kiva.org allows you to take the place of a bank as a lender, then recoup your “losses” as the money you lent out gets paid back to you within months.

What is this?

This is a new process called microcredit. You may have heard about it recently. The Nobel Peace Prize winner of 2006, Muhammad Yunus of the Grameen Bank in Bangladesh, earned the reward for globally applying his system of microcredit. Yunus constructed a way to successfully empower poor people by using his bank to secure microloans for people who would never traditionally qualify for them. By allowing these people to make small and irregular payments back to his institution, his system has become a standard for financing in the Third World.

Not only has it become a globally recognized system, but it has also become quite lucrative for banks and financial institutions to invest in! The best part is, anyone can participate!

What do I do to start microlending?

• You can visit kiva.org and have a look at people who need microloans. Perhaps pick someone whose interests or attitudes align with your own.

• Use the form on the site to send a loan using your credit card or a paypal account.

• Kiva.org directly transfers the funds you send to the local representative office of the business you choose.

• Over time, this revenue office collects small repayments from the entrepreneur you choose and sends you an update on their progress.

• When the microloan is paid back in full, the business person may apply for another with their updated microcredit rating and kiva.org gives your original money back to you electronically.

• You can withdraw your money and deposit it in your bank knowing you did your part, or you can keep the returned money in the holding account and shop for a new business to help!

How did this come to be?
Simply put – it was made possible by the advance of technology. The practice of microlending is now cost-effective due to the spread of cheap communication devices like cell phones and the internet. What used to be expensive and slow because charitable sponsorship traditionally relied on mail and courier services to do business, is now inexpensive and instantaneous. Lending is easier and more people are able to use the service. It’s a win-win situation for everyone!

How is this making a difference?
The World Bank estimates that there are now over 7000 microfinance institutions serving some 16 million poor people in developing countries. The total cash turnover of MFIs world-wide is estimated at U.S. $2.5 billion and the potential for new growth is almost unlimited.

Who else is helping out?
Thousands of people. People like Lisa from Tennessee who’s helping a man from Kenya run a store. People like Janice who is helping 16 people make better lives, because she remembers when she needed a helping hand.

Do you work to pay for school? Why not get your work buddies involved? Get your work group to pick a person in need who is trying to build a business like yours. Companies like Beauty Schools Directory donated to 8 lucky ladies across the world who were trying to start salons and beauty stores of their own. All you need is a few bucks and a computer and you’re on your way.

Put the Prada on hold for a few months – you can pay it forward and feel great!

You’ve applied and been accepted to college. You’ve even received a great package of materials that includes all the financial information you need – tuition, room and board and student fees. But no matter how clear the numbers seem to be in black and white, it’s important to budget for some of the hidden costs of a college education!

Many room and board plans contain a set number of meals per week. But it’s important to pay attention to the fine print! Many cafeterias have reduced hours on the weekend – causing you to have to supplement your meals even when you’re not going out for the evening. And don’t forget to budget in money for snacks and quick meals when even the short trip to the cafeteria sounds like an eternity.

Other hidden costs include books and resource materials. Most colleges or universities give an estimate of how much it costs for a semester’s worth of books – don’t depend on that to be the amount you owe! Try to get the reading lists as early as possible and check online for bargains and secondhand books – because it’s not uncommon for the campus bookstore to sell out early, leaving you having to pay full price. And many school libraries charge by the page if you need copies made – even if you can’t check the book out of the library! And if you’re doing a slick presentation for a business class and having it bound at the local copy shop, you could be spending more than you might think.

It’s the little things that get you! Find out about the small costs at your college campus. How much will you be spending for laundry? Is there metered parking? Will you be grabbing a cup of coffee or a soda on the way to class? These small expenses can add up faster than you might think!

Finally, don’t forget to budget in travel costs! Whether you’re going to school an hour away by car or half a day by plane, chances are that you’re going to want to visit home – and between airfare and gas prices, you could be paying a pretty penny. Make sure you know ahead of time how often you’ll be visiting your family – every weekend, every month or once a semester. Of course, you might be able to factor in reduced laundry cost when you do!

Going away to college is a fantastic experience – and one that’s a lot less stressful if you over-budget for all the possible expenses. So as you’re packing for your first days at school, make sure to pack a little extra cash. But try to leave those credit cards at home!

If you are looking for a way to excel as a student and still manage your expenses, you might benefit from work programs offered through your college. Many schools offer part-time student hourly positions, as well as work-study programs for full- and part-time students.

Work study vs. student hourly positions
There is a key difference between student hourly jobs and federal work-study jobs. Student hourly positions are available for both those who qualify for financial aid and those who do not. Federal work-study programs are provided for students with demonstrated financial need. If you receive any form of federal financial aid, you may qualify for federal work-study programs. These work-study programs provide students with part-time employment opportunities to meet college costs.

Working can enhance your education
Whether employed on-campus in a federal work-study program or off-campus, students can benefit from working while in school. Many schools offer positions ranging from administrative or office assistant to lab or research technician. These jobs are designed to accommodate the busy student’s hectic schedule.

It is possible to find a job that is geared toward your major that will add an impressive line to your resume. Or you could work as a computer lab monitor or receptionist where you are encouraged to do homework in your downtime. Imagine getting paid to do your schoolwork! Many work-study positions make it possible.

Not all positions offered to college students are run-of-the-mill. Students can find work as personal trainers or lifeguards at the school fitness center; game monitors for the physical education department; or tutors in the creative writing, math or science labs.

Working can help you pay for school
Most student jobs pay an hourly wage, which is at least the federal minimum wage. However, many positions held by college students offer starting pay upwards of $8 per hour. The wage often varies according to your experience level and skill set. Check and see what positions your school offers. It might be smart for your budget, your grades and your schedule!

Killer credit: wisdom for swiping plastic

For a material, plastic has gotten a lot of hype in the last decade. It’s recyclable, perfect for bottling Gatorade and making front fenders on Hondas. But seldom has plastic – in the form of credit cards, anyway – gotten a good rap.

The truth is, the cards themselves are not as much to blame for out-of-control debt as new cardholders failing to understand the concept of credit. Most college-bound high school students find themselves trudging through mountains of credit card offers, many of which can be tempting. But before getting all plastic-swiping crazy, it’s important to understand how credit cards work and when – or when not – to swipe.

Understanding credit

The good news is, there are some good uses of credit cards:

• Responsible use of a credit card will help you establish a solid credit history.
• Credit cards can be used when you don’t have enough cash in your pocket or money in your checking account to cover unexpected expenses, such as fixing your car.
• You can keep track of your spending via the monthly paper statement or by viewing your bill through other banking services such as online banking.
• If you absolutely must use a credit card for a large ticket item, many credit cards offer benefits such as purchase protection against theft or damage and an extended warranty period.

How credit works

Credit card use contributes to a credit rating that, in essence, shows how dependable a borrower is at paying money back. A credit report is generated by anyone who may potentially loan you money or expect you to pay bills, such as a car dealer or landlord. The report shows every credit card in your name, along with late payments.

Good reports encourage lenders to offer loans or lower interest rates in the future. Bad reports can lead to high interest rates and, to put it bluntly, rejection.

"It’s easy to get in the habit of using a credit card for every purchase," said Diana Fergus, credit card product manager and Vice President of KeyBank in Cleveland, Ohio. "Frivolous spending will run up the outstanding balance very quickly and ultimately you are responsible for these charges. Students must decide if the short-term enjoyment of impulse purchases is worth making the eventual credit card payments, quite possibly over a long period of time."

Fergus said a credit card should be used to cover the cost of unexpected, expensive emergencies such as a chipped tooth or a flat tire. Impulse items, on the other hand, can cost you big time.

"Students need to focus on the future," she said. "Using credit cards responsibly will help their finances and build money management skills after graduation."

For more information on credit cards and the best student-approved cards, check out: www.creditcards.com/college-students.php.

Good Uses:

• Tuition
• Textbooks and other supplies
• Automotive maintenance
• Computer problems
• Medical/dental emergencies

Bad Uses:

• Buying pizzas for the entire dorm
• Concert tickets
• New wardrobe
• High-tech gadgets (iPod or DVD players)

Important credit card terms

Annual percentage rate (APR): The one-year rate that is charged for borrowing. For example, a credit card company might charge 1 percent a month, but the APR is 1 percent x 12 months = 12 percent.

Balance transfer: Moving all or part of a credit card balance from one card to another. Some cards allow 0 percent interest for the first balance transfer, which means you can transfer the card balance without paying a dime.

Credit limit: The maximum amount of purchases that can be made on a credit card. If this limit is exceeded, penalty fees are charged and the credit rating is lowered.

Your college digs may be small, crowded or horribly plain, but it’s still your new home. If your living conditions aren’t up to par, never fear, there are ways to make your space a place you’ll want to spend your spare time.

The main reason I decided to pledge a sorority was to meet people. I
grew up in a small town and was attending a large university. I felt
like a very small fish in a very big pond. I thought it would be a good
way to make friends and get involved.

There are a lot of factors that make decorating difficult for most undergraduates – small budget, lack of time and not a lot of room. But some basic decorating concepts apply no matter what your budget, and can turn your living space into a fun niche that is all you!

Remember these three essential rules for in thrifty, yet stylish decorating:

• Paint: A little bit of paint can transform a random mix of mismatched items into a coordinated group. Don’t be afraid to paint anything from furniture to mirrors to picture frames.
• Fabrics: You can create anything out of fabrics; wall-hangings, bedspreads, curtains, or pillows! Purchase a bunch of discounted fabrics at your local craft store. Don’t let a lack of sewing skills turn you away. You can create a simple hem using iron on fabric-tape and folding the edges.
• Color: Finding items in a similar color scheme pulls a look together, and creates the mood. Whatever you choose, a vibrant pink or subtle earth-tones, stick with this color spectrum for furniture and accessories.

With these fundamentals, you can develop a five-part plan to make your room as creative as any interior designer’s:

1. Develop a theme: Your space will look planned and pulled together with a simple theme to unify your items. Get creative and come up with something that represents you; anything from a wild jungle theme to a more classic shabby-chic look can be done with a few unifying items.
2. Be fun: You’re not decorating your family home – this one is all about you. Go all out with wild colors and unique items. Get interesting items from your local thrift or discount store and make your space unusual!
3. Remember comfort: Although you’ll be spending a lot of time in class and out with friends, you’ll still pass plenty of hours studying or hanging out in your college space. Filling your place with things like giant floor pillows and cozy bedding make sure you will spend that time in comfort.
4. Create space: Any dorm room or apartment will likely be pretty small than the family home you’re used to. Make sure you have a lot of storage items, such as crates, clothing racks and bookshelves to keep yourself organized and avoid being cramped.
5. Include the floors and walls: Buy a giant, inexpensive rug or cover your walls with oversized art. If your budget is low and you don’t have much to hang, purchase oversized canvases at a craft store and spray paint them in colors that match your color scheme.

Don't forget your roomate!

Establish a good relationship with the person you’ll be living with for awhile by not barging in and taking over the room. These three ideas can help keep the peace:

• Brainstorm for ideas together. Your roomie might have some great ideas that you may not have considered.
• Work out coordinating themes. You can have a day theme and they can have night theme. Or you can merely agree on colors that will go well together.
• Compromise. Don’t throw a fit if they can’t see themselves living in your dream of a pink, cat-themed room. Work out something you can both agree on. After all, you’ll both be living there.