It's beginning to look a lot like...SPRING BREAK!

Enjoy your Break, but don't Break the Bank
Hard to believe, but spring break is almost here! Made plans yet? I know some of you can't wait to carry on that fine college tradition of having fun in the sun. Hey, I'm definitely down with the beach thing; but before you start dreaming of bikinis and pina coladas, grab your calculator and do some number-crunching...

Let's say you charge $750 on your credit card for six days of sunny bliss on a Jamaican jamboree. You figure you'll be able to pay it back in a couple of months, no problem, right? But what you don't figure is that next month your transmission's gonna bite the dust; your girlfriend will be looking for a fine gift to celebrate your one-year anniversary; and you won't be able to register for next semester's classes until you cough up the 60 bucks for the lost library book!

So what would it really take to repay $750 on a credit card that charges 19% interest if you pay only the minimum payment (2%-3% of the balance) each month? Get ready...It'll take you 133 months (11 years) to be rid of your debt!! In that time, you will pay $843.23 in interest charges alone, for a total repaid of $1,593.23 - more than double what you charged!!

Check out the calculator at BankRate.com to see for yourself!
  Spring Break Alternatives
Why not break with tradition and do something really radical over your spring break, like saving money instead of spending it? That's right, take some time while your chillin' out at those chat rooms to check out potential scholarship sources for next year. The Net makes it easy (and free) at scholarship search sites like wiredscholar.

Or, how about a little personal enrichment during your break? Times being what they are, helping out at places like Habitat for Humanity can be a pretty cool experience. Check out their collegiate challenge program at http://www.habitat.org/ccyp/CC.html.

And, if you're really up for something positive, get a jump on your beach bum buddies by landing a summer job. You'll be cool sailing through the end of the semester, while your friends are sweating over exams and employment! Check out http://www.summerjobs.com for some great ideas.

That about does it.

Later, 

P.S. To see more FinMan tips, check out my home page!
 

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