If you have a question you’d like to submit, leave it in the comments section below or email it to freelancefinances@gmail.com and I will do my best to answer as many questions as I can each week.
I’m currently a full-time student with no job and won’t get proper financial aid until next year. What would you recommend for someone in my position who has no income and no time for a job, but simply seems to have no other choice but to watch their savings dwindle away? A student loan?
I would refuse to believe that you don’t have the time to get at least a part-time job. I worked full-time while attending college. I took night courses and worked eight hours a day. Sometimes we need to make changes in our lives – drastic changes even – to come out ahead. It will not be easy, but I’d much rather graduate feeling tired and overworked, than graduate with tens of thousands of dollars in student loan debt.
Also, a “job” doesn’t have to be fast food or stocking shelves. If you excel in one subject, tutor others – for pay. Buy used textbooks for cheap from friends after a class ends, and sell them on eBay or Amazon for a profit. Get creative. There are tons of jobs that don’t require you to punch in and out on a time card.
About getting rid of a landline [like you did to save money each month] – my concern with that is what happens in power outages. Also, landlines let 911 services locate you more easily. Opinions on this?
You are correct; my internet phone can’t make calls during power outages (as the computer and modem would be out). But it’s never really been an issue. When the power’s out, I light a candle and sit and read. Or take a nap.
911 services also won’t work from an internet phone. But my roommate has a cell phone, so in an emergency I would be able to use her phone. I realize this isn’t an option everyone has. If it is something that worries you though, you could pick up a cheap disposable cell phone and a $10 calling card for emergencies. Much cheaper to go that route than pay $40/month for a landline.
I know most of the “FREE credit reports!!1!” online are scams (or at least not free) but I would really like to be able to check my credit history. I’ve recently come up with some medical bills that my family said they would take care of, and “take care of” apparently meant “pretend they don’t exist.” I’m a little scared to see what else I might owe, but I’d rather not end up with an even worse credit score. Advice?
There are two websites you should check out. The first is http://www.annualcreditreport.com/ which is free. You can get up to three reports per year, so head back once every four months if needed. The second is http://myfico.com which is not free, but which is legit, and very informative. Not only will they get your credit report for you every four months, but they also monitor your FICO score in real-time. This is an invaluable service for anyone looking to purchase a home, or make any other large purchase where a loan is involved. Your FICO score greatly affects your interest rate and ability to barrow.
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What I really meant with the landline question is that, with landlines, 911 operators automatically know where you are and where they should send help. Not so with cellphones (as explained here: http://firstaid.about.com/od/callingforhelp/bb/cell911.htm ). Now, in most cases, you would be able to tell them where you are, but there are some emergencies where you might not be able to, and personally I wouldn’t want to chance it…