"A business that makes nothing but money is a poor kind of business." - Henry Ford

SavingAdvice.com Blog

Bridging the gap between saving money and investing


Join Now or Login

Education

Dorm Room Storage Hack-Amazing Products for More Space

By Leave a Comment

dorm room storage hack

In the US, there are approximately 20.4 million college students. While not all of them choose to live on-campus, many do.On average, the price of room and board at a public institution is $10,800 per year. At private colleges and universities, that rises to $12,210. In most cases, that gives access to around 100 square feet, and they may have to share that space.  In order to make the room better try a dorm room storage hack.

However, if you bring the right items along, any dorm room can be more comfortable. Finding ways to sneak in storage options is a must, and using the space wisely makes a lot of difference. With that in mind, here are a few amazing products that can make any college dorm room more livable.

Bed Risers

When you need to create storage space in a dorm room, bed risers can make a world of difference. These products go under each of the legs of the bed, lifting it off the ground.

You can find them in different heights, allowing you to choose a size that works best for you. Some even come with power outlets. Simply plug them into the wall outlet that sits behind the bed, and you can easily access the plugs.

After you select your risers, you can choose storage boxes that will fit into the space. You can find a variety of options, including under bed bins with wheels for easier access or foldable ones that are more convenient to store when not in use.

Door Organizers As a Dorm Room Storage Hack

Shoe organizers that hang on the door give you extra storage pockets without sacrificing floor space. They come with hooks that slip onto the top of the door and usually don’t interfere with the door’s operation.

Fabric versions are great if you need to store items discretely. Clear door organizers are ideal if you need to see everything stored in the pockets.

They can hold anything from shoes to toiletries to school supplies to snacks. Consider getting one for every door for maximum storage efficiency.

Command Hooks and Strips

Most college dorms have strict rules about hanging things on the walls. Many don’t allow nails or thumbtacks, and some even restrict standard tape.

Usually, the restrictions are there to ensure the students don’t damage the walls during their stay. However, if you need to store items on hooks or hang pictures, Command Hooks and Strips are usually allowed.

Command hooks and strips are available in a range of sizes, typically denoting different carrying capacities. You can hang hats, scarves, bags, and keys for the hooks, while the strips make putting pictures on the wall a breeze.

Plus, when you leave the dorm, they peel off the wall without damaging the surface, ensuring you can get your deposit back.

Bed Caddies

Most dorm room nightstands are small, and some don’t have one at all. If you need to keep items like your cell phone, glasses, or a favorite book near your bed, pick up a bed caddy.

These little pouches have a flap that fits between the mattress and the box spring. Once you set up the bed caddy, the weight of the mattress keeps it in place.

In most cases, you can add a few along the edge of the bed, giving you additional storage for small items.

You can also find bedside trays that attach to the frame. This can give you an extra surface for drinks and other items, just like a nightstand would.

Shower Locker

If you share a bathroom with a roommate and want to keep your toiletries in the bathroom secure, consider getting a shower locker. They stick to shower walls with suction cups and have internal shelves for additional storage.

Plus, they have combination locks on the door. This means your roommate won’t “accidentally” use your shampoo or other items because they can’t access them.

If your bathroom walls are entirely tile, you can actually put up a few. Then you can protect all of your personal hygiene items, ranging from your toothbrush to your razors to your face wash.

Wire Storage Cubes

Whether you need additional shelves in a closet or a way to organize items along an empty wall, wire storage cubes can be a great option. They come in pieces so that you can configure them in a variety of ways. Plus, putting them together is easy, usually not requiring anything more than a reasonably strong grip.

You can even set up the top row as baskets instead of shelves, allowing you to easily store items that might not sit upright on their own.

Silverware Organizer

Silverware organizers can do more than just hold forks and spoons. They are excellent for keeping desk drawers arranged, giving you sections for pens and pencils that prevent them from rolling around.

They can also work as jewelry storage, letting you keep necklaces and earrings separated. If you set one near the door on a table, it can make a great drop zone too. You can keep your keys and similar small items in different sections, so you always know where to find them.

Ultimately, all of the dorm room storage options above can help make a dorm room feel more comfortable. Consider giving them all a try, especially if you are sharing an incredibly small space with another student. This is another great dorm room storage hack.

 

Do you have a favorite dorm room storage hack? Tell us about it in the comments below.

 

Looking for more great articles about college? Here are a few to get you started:

 

If you enjoy reading our blog posts and would like to try your hand at blogging, we have good news for you; you can do exactly that on Saving Advice. Just click here to get started.

You Thought There Were Only 3 Credit Bureaus – Wrong!

By Leave a Comment

<img src=" Only3creditbureaus.jpg" alt”creditcardsinthebackpocketofbluejeans">

When people think of credit bureaus, they usually think there are only 3: Experian, Equifax, and Transunion. While these organizations play a big role in your life, they aren’t the only companies controlling your financial destiny.

There Are More Than 3 Credit Bureaus

In reality, there are over 40 consumer reporting agencies that operate in the US. Most of the others, outside of the big three, function in a specific niche. However, that doesn’t make them any less powerful.

Reports from these agencies may determine if you can obtain credit. These reports also determine access to insurance products, landing a job, or even your ability to pay with a check. The companies share information with a range of businesses, utilities, and government entities. They are also diligent about collecting data on you.

If you are wondering what the other credit bureaus mean to you, here’s an overview of each category and the companies in that space.

Low-Income and Subprime

Low-income and subprime reporting agencies focus on financial data that applies mostly to the low-income segment of the population. This includes the use of payday loans, check cashing services, rent-to-own arrangements, subprime credit cards, subprime mortgages, the opening of telecommunications accounts, and more.

Data in these reports can impact your ability to secure new credit, and not just in the subprime space.

Supplementary Reporting

These organizations function in multiple areas, supplementing data in specific niches. This can include anything from property records to ID verifications to child support obligations.

Employment Screening

Employment screening organizations focus on data that pertains to your employment, educational, salary, and credit histories. In some cases, they may also track criminal activities, like past convictions. They can also look at fingerprints from criminal record databases, or drug testing results.

Here are some of the most commonly used organizations in this category:

When a potential employer wants to look at your history, these are the kinds of agencies they contact. However, you typically must provide authorization before a company can look at these reports.

Once they get the report, a potential employer may refuse to hire you.  Especially if this is in accordance with internal policies and based on the information they discover.

Tenant Screening

Many landlords pull consumer reports to determine if renting to particular applicants is a smart decision. Companies that operate in this space provide information about past evictions. They also report payment issues and address history. Some report on criminal background data as well, though this isn’t universal.

In many cases, landlords obtain permission before running these reports. However, details about these checks may be in the rental application, so separate notification may not occur.

If a landlord sees adverse actions or criminal information, they may decline to allow an applicant to become a tenant.

Checks and Banking

Check and bank screening reports track details about a person’s history with banking services. This includes previously writing bad checks, the reason for account closures, and activities that relate to fraud.

Data on these reports can affect your ability to open bank accounts or write checks at various retailers.

Personal Property Insurance

When a home, renters, or auto insurance company wants to determine your rate or decide whether to offer you a policy, they probably check with one of the consumer bureaus listed below. These organizations track information about past insurance claims. They also look at losses and damages, current and previous coverage, driving records, and more.

Depending on the information in your report, you may experience higher premiums or the inability to secure a new policy.

Medical

As with the personal property space, consumer reports also impact medical insurance decisions. These agencies track details about medical conditions. These companies also track prescription drug purchases, past claims, and similar data.

The details in your report can affect the issuing of new insurance policies, the cost of your premiums, or the cancellation of policies.

Utilities

In this segment, the National Consumer Telecommunications & Utilities Exchange is the largest consumer reporting agency. They collect information on utility bills, including payment histories, new accounts, unpaid bills, and fraud.

Retail

Retailers use The Retail Equation to look for signs of fraud and abuse. When it comes to product returns and exchanges; retailers can’t be too careful.

Gaming

Casinos and other gaming companies can get specialized reports from VIP Preferred . They look for fraud and abuse, mostly in the check cashing arena.

How To Get Access To These Reports

As with your big three credit reports, you do have the ability to check these consumer reports. Contact each agency to see if you are eligible for free reports. Some may offer free reports, while others charge a low fee.

Typically, if a consumer report leads to an adverse action, you can request a copy at no cost.

Contact the organization by using the links above to determine what you need to do to receive a copy of the information.

Have you ever interacted with one of these alternative consumer reporting agencies? Tell us about your experience in the comments below.

Read More

Looking for more great information about credit? Here are some articles to get you started:

If you enjoy reading our blog posts and would like to try your hand at blogging, we have good news for you; you can do exactly that on Saving Advice. Just click here to get started.

How to Really Do a Background Check on Yourself

By Leave a Comment

<img How to REALLY Do a Background Check on Yourself.jpg" alt”persontypingonlaptopsittingonhislap">

As many as one in three adults has an arrest record — and these details can show up on a background check, hurting your chances of landing a job, securing an apartment, or even entering certain professions.

In total, about nine out of 10 employers run a criminal history check on applicants, typically after obtaining permission from the applicant.

However, landlords can conduct certain background checks without explicit consent, so knowing what’s in your record is essential.

Try Not to Pay for It

Typically, if you try to find a resource for a self-background check online, you’ll be inundated with paid sites.

Not all of those services are created equal, so don’t be impulsive about signing up for one that charges money. First determine whether you can get the same information free of charge.

Some areas provide access to court records online at no cost, but not all. Find out what might be available by heading to the websites of the local government organizations nearest you.

Check It All

You’ll need to check county, state, and federal courts to get a complete picture, which can be time-consuming.

However, if you know you have prior convictions or arrests, it can be worth the effort.

That said, some districts require you to pick up the records in person, so you may need to prepare to head to the courthouse in those cases.

Driving Abstracts

Typically, getting a copy of your driving record is fairly easy. Usually, you can head to your local Department of Motor Vehicles and request a driving abstract.

Although there’s often a small fee for obtaining a driving abstract, it contains helpful details on vehicle-related crimes, such as moving violations.

However, this information only concerns the state where you requested the driving abstract. If you’ve previously had a driver’s license issued in another state, you’ll need to obtain a driving abstract from that location.

Credit Reports

A credit report in itself is a form of background check. Luckily, you can access copies of yours from all three bureaus — Experian, TransUnion and Equifax for free once a year through the website Annual Credit Report, which essentially redirects you to each of the aforementioned companies.

You can also obtain free copies of information on your credit report by signing up for an account on such sites as Credit Karma, Credit Sesame, Free Credit Report, Free Scores Online, Credit.com and Check Free Score.

While these sites don’t limit you to just only one check per bureau each year, the information you get is more of a synopsis than copies of your actual reports. However, the data is detailed enough to suffice as part of your self-background checking.

Google Search

Sometimes, a simple Google search can yield information on your background. You’ll need to put in a few details, athough you can start with just your name to see what comes up.

Often, if your name is particularly common or you share a moniker with someone famous, you’ll need to key in more information. This can include your age, state of residence, or similar details.

Keep in mind that a Google search usually isn’t going to provide comprehensive results. However, it lets you know what other people see if they put your information into the search engine.

Social Media

Like Google search, social media will only provide you with a partial picture; but it does give you some helpful information.

You’ll be able to see what a potential employer or landlord will see when upon entering your details, giving you a chance to review it in advance.

Unfortunately, if you see something you don’t like, it can be challenging to get information removed that someone else posts. Friends and family members may be open to untagging you if you’re in a picture that isn’t flattering, but there’s no guarantee.

You can untag yourself on Facebook, even in other people’s photos, but getting it taken down entirely isn’t so easy — try being as candid as possible with the person about why you want it removed. Otherwise, if the poster isn’t willing to honor your request, the material might stay put as long as it doesn’t break any rules on the platform.

Paid Criminal Background Check on Yourself

If you want a better picture of what employers may see, you might find it convenient to simply pay for a service. Just keep in mind that not every site is reputable, and some don’t allow self-background checks.

One site worth checking out is GoodHire. The cost is reasonable — approximately $20 — and it adheres to all federal and state standards.

While some other online searches may be cheaper, it’s safer to spend a little more on a company with a solid reputation.

Thorough Background Check on Yourself

By following the tips above, you can conduct a thorough self-background check.

If you spot any errors, you’ll need to research reporting procedures for each organization to ensure corrections are made.

Readers, have you ever run a background check on yourself? Tell us about your experiences by posting in the comments section beneath this post. 

Read More

Looking for more great articles? Here are a few to get you started:

If you enjoy reading our blog posts and would like to try your hand at blogging, we have good news for you; you can do exactly that on Saving Advice. Just click here to get started.

How to Talk to a Live Person at Sallie Mae

By Leave a Comment

<img src=" HowtotalktoalivepersonatSallieMae.jpg" alt”personsittingatdeskwithphone">
While most people rarely speak a single word with their student loan servicer, there are situations that call for a conversation — namely when you’re struggling to make your payments, although even then people don’t think of talking to their lender until it’s too late, if at all.

Perhaps Sallie Mae or a company associated with it handles your student loans. It currently has about $17.3 billion in outstanding loans — just a portion of the $1.48 trillion in overall student loan debt.

Sallie Mae offer other financial products including money market accounts and certificates of deposit (CDs).

How to Talk to a Live Person at Sallie Mae

If you need help with any of the aforementioned types of financial products, you may need to speak to someone at the company, and your best bet is typically a phone call to Sallie Mae.

To get through to an actual human at the other end of the phone, here’s how to navigate the automated menu

For student loans, dial 800-472-5543 (800-4-SALLIE) to begin the call. When the prompt asks you to press one for new applications or press two (or hold on the line) for all other calls, don’t press anything.

Keep Holding

Next, your call is routed through the system as though you are an existing customer. You’ll then be asked to enter your Social Security number or customer identification number. Again, don’t press anything.

You’ll hear that prompt twice. When a new set of prompts plays, asking you to “select from the following options,” just stay on the line and don’t select any options. Again, this will play twice.

After waiting through the prompts, your call is routed to an agent, as long as it is during business hours. Sallie Mae representatives are available between 8:00 a.m. and 9:00 p.m. Eastern, Monday through Thursday, 8:00 am to 8:00 p.m. on Friday, and 9:00 a.m. to 6:00 p.m. on Saturdays.

Other Types of Accounts

If you need to speak with a live person at Sallie Mae for something other than a student loan — including CDs, high yield savings, or money market accounts — dial 877-346-2756

Once the automated system starts, listen to the first set of options and don’t press anything. When the second set of prompts begin, you’ll get the opportunity to press zero to speak with customer care. Select zero and your call goes to an agent.

For Upromise GoalSaver accounts, dial 877-978-1710 and follow the same process of not selecting any options until you can route to a representative. For Upromise by Sallie Mae, call 888-279-2828 between 9:00 a.m. and 9:00 p.m. to reach a person.

It’s Actually Easy

Ultimately, getting a chance to talk to a live person at Sallie Mae is fairly easy. While you may need to ignore prompts multiple times, you’ll usually be routed to a queue for a representative in about one minute.

However, once you reach that point, wait times can vary. You may end up holding for 20 minutes or more if they are particularly busy, so make sure you have time to wait for a representative.

Additionally, it is wise to have information about your account available. For example, your Social Security number or customer ID is a requirement to look up your details in the system.

Getting those details ready in advance can make your call go smoothly, so take a moment to prepare before picking up the phone.

Readers, what has been your experience with trying to get a hold of a live person at Sallie Mae? While we’re at it, tell us about your experiences with phone-based customer service at other companies: Which ones have been the best or the worst?

Read More

Looking for more great articles? Here are a few to get you started.

If you enjoy reading our blog posts and would like to try your hand at blogging, we have good news for you; you can do exactly that on Saving Advice. Just click here to get started.

Uh, Oh, Identity Theft by a Friend or Relative — What to Do?

By Leave a Comment

identity theft by a friend or relative

According to a 2018 survey, nearly 60 million Americans have dealt with identity theft at some point in their lives. While many people assume that strangers are the only threat, some people have their identities stolen by someone they know.

Since friends and family typically have access to intimate details about your life, it’s easier for them to accomplish identity theft than many would like to believe.

Being a victim of identity fraud is always hard, but, when the identity theft is by a friend or relative, the blow is crushing. Luckily, you can move forward from this event by following the steps below.

1. Get Your Credit Reports

One of the first things you need to do is review your credit reports from all three bureaus. The easiest way is through AnnualCreditReport.com.

The process is fairly easy. You’ll need to confirm your identity and request your report from each bureau. You’re entitled to one free credit report from each bureau per year.

2. Set up a Fraud Alert

You’ll also need to contact at least one of the three credit bureaus and add a fraud alert. This locks down your account for 30 days, during which time no one can open new credit in your name.

However, if you can provide a police report documenting the issue, you can get a longer-lasting fraud alert; alternatively, you could just set up a reminder on your phone to renew the alert every 30 days.

Even if you aren’t sure if you’re a victim yet, a fraud alert gives you time to sort out the situation safely.

3. Notify the FTC

While federal authorities only pursue larger cases, the FTC monitors all incidents of identity theft. Let the agency know about your situation by filling out an ID theft complaint and affidavit form.

Doing so helps the government spot patterns and find ways to create a more robust system.

4. Call Creditors

Once you know which companies have fraudulent accounts or activity, you need to reach out quickly. Ask to speak with their fraud department and let them know your identity was stolen.

You can request they close or freeze the accounts, ensuring no new charges will occur. In some cases, they’ll require an FTC identity theft report to document your case, so you want to handle that first.

5. Change Your Passwords

Regardless of whether you can confirm any fraudulent activity taking place using your identity or accounts, you’ll want to be proactive about security.

Change all of your online passwords, along with personal identification numbers associated with any cards you might have.

6. File a Police Report

The person who stole your identity isn’t automatically pursued by law enforcement. For that to happen, you need to file a police report.

Bring a copy of your FTC report along with your identification, proof of address (like a utility bill), and any evidence of the theft to your local police department and ask to file a report.

Once the report is complete, make a copy. That way, if a creditor requires that document, you have it available.

7. Monitor Your Credit Report

Signs of identity theft might not show up in any of your credit reports right away — so you’ll want to check them on a regular basis and follow up on anything you dispute.

Consider signing up for any of the free services that enable you to keep tabs on all three bureaus’ reports in one place.

Carefully read your credit reports to see whether any information changes and notify the bureaus of anything that’s amiss.

Provide them with a copy of your FTC identity theft report (if you haven’t done so already). Once they have this document, they have to block any new changes to your records.

8. Contact the Social Security Administration

In some cases, an identity thief uses a person’s Social Security Number to secure employment. If that happened to you, contact your local Social Security Office for assistance.

9. Watch for Crimes in Your Name

Unfortunately, it’s not uncommon that an identity thief might supply your identifying information after being arrested for a crime.

This is why it’s a good idea to file that police report as soon as you learn of the identity theft — but if you learn of additional crimes being perpetrated with your contact information, you should file an additional report regarding the impersonation.

Provide law enforcement with copies of your ID, a photograph, and your fingerprints. Request that officers compare your information to the criminal’s and remove your name from the records once they confirm you didn’t commit the crime.

With each visit to the police department, make a point of recording the name and contact information of every officer you speak to while resolving the issue.

Request a clearance letter or certificate of release as well. This document says you were innocent. Keep the letter in a safe place.

10. Watch for Tax Theft

Be prepared for the possibility that the identity thief might try to file a fraudulent tax return on your behalf and attempt to claim your refund — file your taxes early so that no one else can horn in on what’s yours.

It’s also a good idea to complete an IRS identity theft affidavit to further prevent any would-be thief from claiming your return.

11. Watch for New Account Openings

Identity thieves may try to open new accounts in your name. They could be credit cards or utilities, for instance.

You can find a comprehensive list of steps to take in these scenarios at IdentityTheft.gov.

Identity Theft by a Friend or Relative

While you typically have to deal with a lot of red tape when trying to minimize the damage caused by identity theft, don’t take any shortcuts: You might not be able to see the full effects of this crime until it’s way too late — because someone who already knows you can cause a lot more problems than a stranger.

When the perpetrator’s a friend or relative, you really need to put in more effort to tamp out the crime. If you can stay the course and be thorough about following all of the steps listed above, you’ll eventually get it taken care of.

Readers, have you ever been a victim of identity theft or fraud — if so, what were your experiences in combatting it? If you haven’t experienced it, what sorts of things are you doing to protect yourself, if anything?

Read More

Looking for more information about identity theft? Give these articles a try:

If you enjoy reading our blog posts and would like to try your hand at blogging, we have good news for you; you can do exactly that on Saving Advice. Just click here to get started.

Politely Say ‘No’ to Cosigning Your Kid’s Student Loans

By Leave a Comment

cosigning your kid’s student loans

When it comes to debt, cosigning your kid’s student loans is one of the most dangerous things you can do.

You take on all of the risks of the liability, including potentially being sued, but personally reap none of the rewards.

And these types of loans are especially burdensome. The student loan default rate in the U.S. was 11.5 percent between October 2013 and September 2016.

Accelerating Problem

That means more than one in ten student loan borrowers end up ruining their own credit for at least seven years — but often much longer due to interest and penalties on the overdue amounts.

And for every one of those loans that had a parent cosigner, said party’s credit also gets dragged into unsavory territory by the borrower’s defaulting.

What’s worse: Experts have said that the proportion of student loans heading into defaults is accelerating due to a confluence of factors including perpetually rising tuition and — more recently — the resumption of interest rate increases.

Plus, the average student loan borrower owes over $37,000, making it clear why parents may not want to cosign.

Just Say “No”

But telling your child that you don’t want to be involved isn’t easy.

To help you manage that conversation, here are some tips for saying “no” to cosigning your kid’s student loans.

Children often aren’t aware how being a cosigner will impact you. For example, they might not know that it affects your credit score and restricts your ability to borrow.

You Can’t Afford the Payments

Additionally, they may need to hear that you can’t afford the payments if they default, something that is a real risk.

Further, if you don’t have a great credit score, being a cosigner might actually hurt instead of help them if they are looking at private loans.

Ultimately, informing them as to why you can’t cosign can help the situation.

It lets them know it isn’t personal, it’s just a matter of maintaining your financial well-being.

Be Definitive About Not Cosigning Your Kid’s Student Loans

While explicitly saying “no” isn’t easy, hedging on the matter won’t help.

If you aren’t clearly refusing, they may think there is hope and try to convince you. This can lead to an awkward conversation and even frustration.

Instead, make sure your position is completely understood. Actually use the word “no,” and don’t use phrases like “I don’t think I can” or “I don’t know if I should” that come off as ambiguous.

Let them know that you won’t change your mind, and reiterate your reasons if you feel that’s necessary.

Yes, it’s hard to blatantly refuse, but it can be the best approach.

Not A Parental Responsibility

Ultimately, it isn’t a parent’s responsibility to cosign for a student loan.

If your child is struggling to fund their education, recommend that they get a job, explore scholarships, or even choose a less expensive school.

Being a cosigner isn’t a burden you have to take on, so feel free to say “no” if that is in your best interest.

Have you considered cosigning your kid’s student loans — and if so, what did you ultimately decide? Tell us about it in the comments section beneath this post.

Read More

Looking to learn more about student loans? Check out these articles:

If you enjoy reading our blog posts and would like to try your hand at blogging, we have good news for you; you can do exactly that on Saving Advice. Just click here to get started.