Whoa! This has been quite a hectic week! While we are finishing the integration of Green Panda to our online business, we are already starting to work on some new stuff. For example, we are working on a new design for Green Panda that should come live within the next 2 months…

When buying a blog, there is a lot of analysis and strategy development to do. You want to clearly understand where the blog is and why it is there. Then, you want to select the right direction and start working on how you will make the blog grow. While I am already quite busy with The Financial Blogger and Gather Little By Little, adding another blog is quite a challenge! Anyway, I think things will smoother a little bit in the future and we will be able to move to a 4 to 5 posts a week schedule shortly. I’m pretty excited about this new project!

So the winner of the iPod Touch is….

You were a lot to comment and I really appreciate your feedback. This will also help me creating a great list of article ideas for the future. But before I announce the winner (yup, you’ll have to read till the end ot know if you will have a new iPod shipped at your house!), here is some link love for the week:

Buy or rent @ 20 something finance

6 money saving tips when life gets hectic @ Money under 30

Money can’t buy love @ Poorer than you

Should I open a bank account online? @ Studenomics

10 jobs I’d like to try someday @ Budgets are sexy

How to get your first credit card @ The Digerati Life

3 lessons I’ve learned in 3 years of marriage @ Man vs Debt

How to apologize for an error? Martyr yourself! @ Financial Samurai

How to learn investing without a formal education @ Bible money matters

Tips on selling on Craigslist @ Debt Free Adventure

Stick with stocks or pay off your mortgage? @ Frugal dad

All right… and now the winner is….

Congratulation to Jake Sherbert! (commented on March 12^th)

I’ll be emailing you shortly!

Enjoy your weekend!

Only a few years ago, I was still in college and getting prepared for “real life”. Life has this irony that gives us tremendous energy and a great capacity to work when we are young but makes us wait years before delivering the knowledge, experience and wisdom to be truly successful. This is why we have the strength necessary to make financial mistakes when we are young and hopefully we learn from them.

Yet, those who are “lucky” enough to make the right decisions at a young age were able to get on the economic fast track. Because everything related to personal finance is exponential, if you have a fast start, chances are that you will enjoy more financial success in a few years from now.

While looking back, I noticed that I had made some serious mistakes but I also made some good moves. Today, I have decided to share my 5 best financial moves as a student (don’t worry, I’ll share my goofs in another post ).

#1 Get a Credit Card at 18

Yeah I know, most people will tell me that they got killed by their first credit card purchases since they are still paying interest on them  today! Yet, I am a firm believer that you must learn to tame the beast early so you don’t get caught with bigger financial problems later on. If you load your $500 credit card tomorrow morning and you get stuck with 18% interest payments on it for the next 2 years, I guess you can learn from this lesson instead of waiting for the $200K mortgage and the huge payments that come with!

When I took my first credit card, I had a simple rule that I started to follow (and still follow today): no matter what is the balance at the end of the month, I have to pay it in full. This is how I built a strong credit history early in life.

#2 Work Almost Full Time

I was fortunate enough that my parents were willing to (and could!) pay for my education. At trhe same time, I had decided to work 30 hours a week on top of going to college. I really wanted to make money and enjoy life.  Shortly thereafter, I discovered that having a really busy schedule forced me do my school work on time instead of waiting until the last minute.

So besides not having to apply for student loans, working 30 hours a week gave me the opportunity to buy a car and travel while in college.

#3 Live in my Parents‘ House

This was a tough decision as school was 1 and a half hours away from my parents’ house (and sometimes longer when I missed my bus!). While the commute was a big part of my day, it also gave me the opportunity to study and read my books so I didn’t have to do much at home. Saving rent money was probably the best thing I could have done as a student!

#4 Buy a Laptop

My laptop was (and still is!) my best friend. This expense was one of the best investments of my life in terms of efficiency. I was able to work everywhere at any time. The only downside is that I am already on to my 3^rd laptop (and the one I have is filled with broken pixels…). So laptops help you become more productive but surely cost a few bucks along the way! This is probably my best earning money tool I have acquired so far!

#5 Spending most of my money in a foreign student exchange program

I had spent 6 months studying in France and travelling across Europe while I was in College. This was one of my biggest expenses ever (over $15,000 back in 2002) but it was also the most challenging and enlightening experiences of my life. Travelling at a young age strengthens your character and increases your autonomy and independence. I can’t say that I fear much since this trip!

What about you? What is your best financial move while in college?

Author: Mike.

Image source: SBA73

Part of the delay was due to our house hunt. I didn’t want to mess with our finances while we were getting our mortgage company to review our finances. We managed to get a good deal on our mortgage loan (5% fixed for 30 years). After we painted and moved in the new place, things have settled down enough for me to go ahead and get this off my to do list.

Why Consolidate My Student Loans?

I’ve been wanting to consolidate my student loans to obtain a much lower interest rate.  Currently consolidating student loans with Direct Loan Servicing can lower them to around 2.49%, which is a great deal and would decrease the required monthly payment. That’s incredibly low and I want to take advantage of them.

The plan is to continue paying the same amount on the student loans, but with a lower interest rate, more of that payment would go towards principle.

Consolidating Student Loans

I stayed with federal loans for my education because they have a competitive rate and I went to an instate school (which lowered my costs and loan needs). If you have private student loans, please check with your specific  lender, as some do have minimum amount to consolidate.

Here are the loans I applied for consolidation:

• Subsidized Federal Stafford Loans
• Unsubsidized Federal Stafford Student Loans

The average interest rate for these loans is 5.368%. For a list of other loans that your can consolidate under Direct Loans, check their site.

You can apply for a student loan consolidation three ways:

• Online: You file  and submit your application online with Direct Loan Servicing.
• Phone: If you have your information in front of you, you can call 1-800-557-7392.
• Paper: The slowest to due (I’m a procrastinator), but you can take the time to fill out at your leisure.

I chose with the online option. The process was easy and it took about 20 minutes.Unfortunately for some reason I couldn’t submit my application online, so I printed my filled out forms and mailed them.

The application is in the mail and I’m hoping to be approved quickly. I’m happy to cross that off my list and I’m working to acheiving some other financial goals of mine in 2010.

Your Take

How about you? Have you consolidated your student loans? How much money have you saved?

Tired of getting squeezed at the end of each month? Tired of counting your pennies and looking at the balance of your bank account on a daily basis? One of the very first steps to control your personal finance is to establish your budget. What is the coolest thing about a budget?  It is that it allows you to see things coming in ahead of time and helps you plan for how you are going to finance your expenses.

While you can use sophisticated budget tools like Microsoft Money or YNAB (You Need A Budget), a simple sheet of paper, a pencil and a calculator can do it just fine if you are starting your first budget. However, there are 3 basics rules to follow when writing down your budget:

#1 Start with a balance sheet first

Before knowing how much you make per month or how much you spend, you should know what assets you own and what debts you owe.

When considering your assets, put aside all your furniture, electronics and car (unless you have loans attached to them). They don’t really count as assets as their values will depreciate a  great deal over time and you will always need a couch to look at your TV . Concentrate on bank accounts, emergency funds, investments and real estate properties.

As for debts, this is much easier. List your credit cards, line of credit, student loans, mortgage, etc. Also, put the interest rates and the monthly payments beside each one. This will help you later on.

#2 See what is coming over the next 12 months

Knowing your day-to-day expenses is quite simple; every month you eat, pay rent, and pay down debt. However, the problems for most budgets doesn’t come from the monthly exercise of balancing income and expenses, it comes from all those little unpredictable expenses showing up from time to time.

You have an old car? You should budget a monthly amount saved toward a general emergency fund or a car repair/maintenance fund. Look at the gifts you will buy this year, are you going to a wedding? A baby shower? How can you handle Christmas gifts besides putting them on your credit card?

By planning ahead for what is coming, you will be able to save enough in order to get by and your credit card won’t be used as an (expensive) emergency fund!

#3 Set budget goals, set priorities

The first 2 steps prior to establishing your budget will help you arrive at step #3: setting budgeting goals. By establishing your balance sheet, you will be more aware of your net worth and conclude if you want to pay off debts or increase your assets.

I always set my budget priorities at the beginning of the year. This way, I can establish a realistic plan to make it and can follow my goals throughout the year and make any necessary adjustments.

Author: Mike.

Image source: Blyzz

As I previously mentioned last Monday, I have recently bought Green Panda Treehouse. While I do not intend to change the reason why Green Panda was created (it will still be dedicated to people in their 20’s), I would like to hear more about what you think and what you would like to read about.

Tell me what you want to read on this blog and win an iPod Touch!

This contest is pretty easy, in order to entry the giveaway, you can:

#1 write a comment on this thread and tell me which topic you want to read about.

#2 start your journey to investing and register to this free webinar on trading terminology

#3 Follow me on Twitter!

All participants must be based in USA or Canada.

1 entry per action (so you can get up to 3 chances in the hat!).

Comments and subscriptions are accepted until Thursday, March 18^th.

The winner will be announced on Friday, March 19^th.

In the meantime, here are some great reads around the web this week:

Using and Understanding a Net Worth Statement @ Cash Money Life

How to start an online business @ Four Pillars

Is it smart to co-sign for your child? @ Million Dollar Journey

20 income generating ideas @ Bibble Money Matters

Why Parents shouldn’t pay for their kids’ college education @ Studenomics

How to remove spyware, malware or any computer virus @ The Digerati Life

Who Does Your Car Service? @ Prime Time Money

How To Become A Successful Financial Advisor @ Good Financial Cents

Do You Really Need A Mortgage In Your Twenties? @ Gen X Finance

Dividend Investing Supplements Passive Income @ Frugal Dad

Are your Less Frugal than you were a year ago? @ Being Frugal

Learn Effective Budgeting @ Mrs Micah

How to set up a monthly budget video @ No Debt Plan

Top 6 mindless money wasters @ Budget are Sexy

How Much our Debt Cost @ Debt Free Adventure

A Little Success Post @ Money Ning

10 Things Employers Love to See in Employees @ The Wisdom Journal

Sometimes, saving money is about principle @ Financial Samurai