Follow-Up: Saving Money on Prescription Drugs - Little Known Tricks

Last evening, ABC News presented a follow-up to the subject my last posting regarding the use of comparison-shopping to find the best bargains on prescription drugs.  That's right...the cost of prescription drugs are not etched in market stone as many of us would believe.  Just like any other consumption goods, the prices of prescription drugs varies, according to where you buy them, and the policies of the seller.  Watch the video below to find out how to shop around for the best drug prices...

Is College Worth The Cost?

During this long (but mercifully winding-down) campaign season, much has been said about the $1 trillion amount in student loan debt that American college graduates (and non-graduates) collectively owe either private lending institutions or the federal government by political candidates from both major political parties. What’s more, both the general and individual economic impact of this staggering amount was made all the more relevant during the recent economic downturn, as the educated (and uneducated) have struggled to find work in the midst of high rate of unemployment across the country.
Because of this, the question of whether or not a college degree is worth the investment in time and especially money has also become an issue in these lean economic times. For those thinking of taking the plunge into working toward a college degree (or those completing a degree), there are many factors to consider in making sure whether or not the investment in an education will pay off for you.

 Is college worth the cost? Watch the recent piece on NBC's "Today Show" to view considerations to consider.

Like others, my own college experience turned out to be rather expensive, especially considering that I attended a much costlier private school in lieu of a less expensive public institution. However, I know that I would have ended up much more if I hadn’t (1) attended a community college first; (2) hadn’t maintained a respectable grade point average of 3.52; and (3) looked for and received many scholarship, most of them merit- and academic-based (some $20,000 by my recollections).
Like many others during the recent economic downturn, I found myself negatively affected. But I was one of the lucky ones; in addition to a college degree with a double-major, I managed to obtain other useful credentials which supplemented my ability to secure work, even in leaner economic times (such as my commercial driver’s license).  And given my varied experiences, I managed to do OK for myself during the downturn.  However, many young people in the most recent graduation years have had far less success in securing stable employment with their college educations.
For those both considering enrolling in college to facilitate a more financially-stable career change and those who are recent graduates looking for work, there are questions you should ask yourself when assessing whether your degree can/will work for you (or against you).  Among the questions you should ask yourself are:

What are my primary reasons for attending college? 

What do I want to major in? 

What will my degree worth in the employment market after I graduate? Am I 100% certain about my major/career choice? 

Will I be benefit from starting out in a two-year college? 

Will I be comfortable at a large university? 

Is a private college a good choice for me? 

How much can I afford to spend or borrow on college?/What are my options for paying for college? 

Do I plan to work while attending college? 

What geographic area do I prefer? 

Will I live on campus, with my parents, or in an off-campus apartment? 

What type of work would I like to do after college? 

Will graduate study after be necessary in order to be marketable? 

All of these questions have an impact on what you can expect to pay (or borrow) in order to finance a college education.
Another thing to consider is career path you choose, based on your college major.  Simply put, some degrees are worth more than others.  According to a recent survey by the online salary database Payscale.com. the worst-paying college degrees of 2012 are:

Child and Family Studies Median Annual Salary: $37,700 

Social Work Median Annual Salary: $45,300 

Elementary Education Median Annual Salary: $46,000 

Human Development Median Annual Salary: $47,800 

Special Education Median Annual Salary: $48,900 

Culinary Arts Median Annual Salary: $49,700 

Athletic Training Median Annual Salary: $49,800 

Of course, these average median salaries are only averages; they may be higher or lower depending the geographical area of the country where demand rises or falls.  However, if you are determined to set your path toward a college education, there are steps and strategies you should expect to take to begin securing funding for your education, and lessen the pain in the wallet you can expect to contribute.

1. Apply for financial aid (even if you don’t think you'll qualify, fill out the Free Application for Federal Student Aid [FAFSA] form).

2. Apply for national grants (options include Pell Grants, Academic Competitiveness Grants and National SMART Grants).

3. Apply for local scholarships (civic organizations and religious institutions often have funds set aside for merit and non-merit-based scholarships).

4. Bargain (even schools that only provide need-based aid sometimes come up with drastically different offers. If you have more than one package on the table, you may be able to negotiate a better deal at another college).

5. Find an official benefactor (AmeriCorps, Peace Corp, National Health Services Corps and ROTC programs offer college money in exchange for a service commitment).

6. Look abroad (tuition and fees at U.S. private four-year colleges and universities now averages $27,293. At Scotland’s St. Andrews, the alma mater of Britain’s Prince William and wife Kate, U.S. students pay only $21,650; Canada's McGill University charges just $17,400 for Americans studying for a B.A.). 

7. Live at home (starting out at a low-cost community college and transferring to a four-year college for the final two years will wipe away a hefty chunk of room and board costs, as well as some tuition).

8. Inquire your employer about a tuition reimbursement plan which pays for some or all of your courses. Some companies will pay for their employees to attend college part-time.

If you would like to focus your search for college money in the realm of scholarships, there are literally dozens of sites you can use, such as http://www.salliemae.com/scholarships or http://www.finaid.org/scholarships/ . However, you should be aware that many of these sites require you to register with a valid e-mail address (and whereby you can expect to have your inbox/spam box flooded with junk e-mail). But it should be noted that finding scholarships is not a sure thing (Read: "On Hunting for Scholarships, and Coming Up Empty").  And on this note, please make an effort to seek out specialized scholarships for certain demographic groups.
 
Scholarships for (single) moms seeking to attend college

Ultimately, it is up too you to determine whether or not college is for you, or worth the investment in time and money.  My advice is to make sure that your career choice is something that is both personally rewarding, as well as financially sound insomuch as your ability to earn a living.  In addition, consider continuing education course leading to certifications...never stop learning.  Every bit of experience you can gain makes you that much more marketable and able to make your decision to attend college to pay off.

Time To Think About Cold Weather...And Heating Bills

The seasons are changing…again. The days are getting shorter and the nights colder. That means our furnaces and space heaters will be getting more of a workout. It also means that we can expect to see an increase in our utility bills as a result.
This is the time to begin thinking about saving money on those utility bills. Even if money is an issue when considering ways to cut down on your energy bills, there are upgrades which you can do yourself for less than $50 dollars each.
One of the best ways to stop cold drafts from sucking the heat out of your home is the buy a door sweep (I love these things). These handy little items attach to the bottom of your door to keep the cold air out, and the heat in. Door sweeps come in different variations, including those that attach with screws and those with self-stick adhesive backs. If buying one of these is financially problematic for you, consider attaching a thin piece of rubber to the door base; it has the same effect.
To stop air from seeping of your fireplace and out of your home, use a chimney plug. These simple, air-filled items usually average around $50 dollars in cost, and only take a few minutes to inflate and install.
Lighting is another area to cut energy costs. Newer, more energy efficient “green” light bulbs can now outlast the more traditional iridescent bulbs by a factor of 10, and can cut your lighting cost by upwards of 75%. Florescent bulbs, although not as environmentally friendly also have the same effect…more lighting for half the costs. Other efficient options include CFLs, LEDs and halogen bulbs.
An old trick my father used to do was to wrap a blanket around the hot water heater. This old trick helps make your hot water heater run more efficiently. You can actually purchase a “hot water ‘blanket’” from a hardware store for around $20 dollars. It’s almost idiot-proof to install, and helps to keep the water inside the tank warm, which means the water heater won’t have to work as hard.
These small investments will yield big returns when it comes to your utility bills. Taking a few minutes to think about and prepare for the colder weather now will save you a headache of a bill (or bills) later.

Summertime Is Time To Save Money On The Laundry

It’s officially summertime! And when I personally think of summer, I think of how we did things when I was a child. For instance, I think of how I learned to wash and dry clothes from my mother (my father was more of the outdoors maintenance person). Back in those days of limited resources, mom taught us kids how to get the most out of the necessity of having to spend the hardest of earned money to go wash clothes (for us, it meant a trip to the local laundromat to wash our family’s clothes). Part of my mother’s strategy was to use this time of year to save money by hanging clothes out to dry.
To this day, I still use many of her money-saving practices, along with some of my own tricks that I learned along the way. Taking note of the time of year, these are a few of those money-saving tricks that you can use in order to save on doing the laundry:

- Start by using only the warm water cycle (research shows that using 90% of the energy used by the washer is for heating the water used by the washing machine), which works just as well as hot water when washing clothes. Follow by rinsing in cold water. I know it seems counter-intuitive to wash clothes in anything less than hot water, especially whites, but using hot water is more damaging and costly in the long run, causing clothes’ colors to fade quicker and electric bills to rise (besides, you’re going to need to extra money to power the air-conditioner).

- Avoid buying clothes labeled, “dry cleaning only.” Needless to say, doing so can save you a great deal of money, especially if you are in a line of work which requires formal or semi-formal business attire. But for the daring, there are “dry cleaning kits,” which you can purchase at any discount retail store such as K-Mart , Target, and Wal-Mart. I have used these on a couple of occasions, and have had much success with them. For the truly daring, a search of the internet can yield many sites instructing individuals on how to dry clean articles of clothing themselves (write me and I can actually give you the process).

- Avoid washing so often. Unless one is very active, clothes worn for only few hours can be re-worn, especially jeans, which can be worn 2-3 times before washing (needless to say, this doesn’t apply to those loving in warmer climates, or clothes used in exercising).

- Wait until you have enough for a full load, but try to avoid overloading the washer. Overloading the washer doesn’t allow for the agitation process to clean clothes effectively, which could result in the need to rewash…which cost.

- When buying detergents, store brands are just as effective as named-brand detergents. Only in instances cases where you have a particularly delicate item, or one that you wish to preserve should you consider higher-priced brands with a particular function.

- Instead of using costly fabric softeners, try adding a small amount of vinegar to the wash (which reduces static cling and softens the clothes…thank you mom).

- Use this time of year to save money (again, thank you mom) and line-dry your clothes. I personally think naturally air-dried clothes smell so much better, not to mention more cost-effective (again, depending on the area you live in). If you must use a dryer, try to avoid letting the dryer cool between loads (to take advantage of the residual heat. Try to dry like-items together, such as products made of denim, and fold or hand clothes immediately after drying to avoid wrinkles (and the use of irons).

Admittedly, using these items won’t make you a millionaire, but the long-term savings will be put you on the path to taking note of how best to avoid needless spending, especially in these economically lean times.
Thanks mom!