In the latest episode of Remake America, I speak with Bill and Donna’s daughter Erin, a single mother who is being threatened with foreclosure.

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It’s a wedding tradition that’s been around since the 1800′s, registering for items at your favorite stores so friends and family can give you the gifts you want and need. But with more engaged couples living together and combining housewares before tying the knot, the desire for a fancy blender or new China is on the decline. Not to mention, in this economy, newlyweds could really use cash more than anything else.
Enter: alternative-wedding registries. From your honeymoon, to a mortgage to modern art, new websites are allowing brides and grooms to register outside the box. Check out our latest Financially Fit video about new wedding registries you’re sure to love.

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Slaving over your resume to land a new job? You may be focusing too much on the wrong thing. This week’s Financially Fit video describes recent trends in the job market – and if you can meet some of these new hiring standards, experts say, you’ll be high in demand. Check out our video below!

Since publishing You’re So Money in 2008, I’ve had so many opportunities to engage with college students and young professionals and to share my perspectives on how to save and spend smart in your 20′s. Today, in fact, I’m at Penn State University visiting students at the Smeal College of Business for the Powerful Women Paving the Way conference.  Thanks to everyone for inviting me and for the warm reception. Looking forward to coming back soon.

Excerpt…

1. Start saving now. ”One of the things I’ve often heard from people in their 40s and 50s is that they regret not saving money,” Torabi says. “Of course, it’s a groaner to say, ‘save in your 20s,’ but it’s even harder to save in your 30s, 40s and 50s because your responsibilities grow even more. You get stretched in even more directions, whether it’s because you have dependents or bought a house. It’s not going to get any easier.”

2. Invest in yourself. ”Whether that means getting additional education—not grad school, exactly—growing your skillset, earning more accredidations, or enhancing your knowledge of a subject and exploring new things, now is the time to be selfish,” says Torabi. “You have no one else to invest that money in—you’re not saving for your kids’ education or paying for a wedding.”

3. Find another revenue stream. ”The cost of living is rising faster than wages, and if you’re in your 20s, then chances are your wages are lousy. Even if you have a job and benefits, it’s not enough. You’ve got to think outside the box to monetize your skills oustide of work,” Torabi says.

Some examples include becoming an errand guy (or gal) on sites like TaskRabbit.com or Fiverr.com; virtual tutoring via Tutor.com, pet-sitting, baby-sitting and freelance writing. “You still have your natural, youthful energy so capitalize on that,” adds Torabi. “Now’s the time to be self-absorbed, in a positive way.”

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Carolyn from Florida writes in:
My mortgage is up side down wtih a 6.75% rate, I have an A credit rating and never missed mortgage payment. Wells Fargo stating that I am not eligible for AG Settlement Refi due to the original investor WFALT 2007_PA2. What does this mean and what are my options?

My response:
I did manage to connect with the public relations team at Wells Fargo and what your letter says is that your mortgage does not qualify for refinancing under this new AG Refi program – which is a new, roughly $25 billion agreement between state Attorneys General and five of the country’s largest banks, including Wells Fargo to help underwater borrowers refinance or modify their loans. The reason is – your loan has to be owned and serviced by one of these banks. In your case, your loan IS serviced by Wells Fargo but it is actually still OWNED by Universal American, so you don’t qualify for this particular refi program.

That said, I would call back Wells Fargo and continue this dialogue with them to see what else you may be able to do. They tell me that these rules could change. The other option – harder option – is to pay down your mortgage more aggressively so that you build equity. I’m not sure HOW underwater you are, but in order to qualify for a traditional refi, you must have about 20% equity in your home. Whatever you do, don’t lose contact with your bank and understand that bank reps are still learning the ins and outs of all these alternative refinancing programs, so it may take speaking with a few people before getting a straight answer. Be persistent.

Free Money

Millions of dollars worth of scholarships and grants are available each year to college-bound students. The key to winning them – aside from meeting the qualifications – is applying early and often. As Mark Kantrowitz, financial aid expert and author of Secrets to Winning a Scholarship, writes, winning a scholarship is kind of a game of numbers. “It’s based on both skill and luck,” he writes in his book.  “Applying to more scholarship programs gives you more opportunities to win a scholarship.” Databases at Fastweb.com, Scholarships.com and SallieMae.com are great places to begin your search for applications.

Additionally, parents should inquire about education awards at their respective companies. Some examples of corporate scholarships:

• Wal-mart and Sam’s Club offer several scholarships each year worth $3,000 to $13,000 each. A student must be the child of Wal-Mart employee and prove financial need.
• Alcoa’s Sons and Daughters Scholarship Program reserves free aid to graduating high school seniors who are children of Alcoa employees. The rewards are in the amount of $1,500 annually, renewable for up to three years.
• The Verizon Foundation has scholarships reserved for children of employees, awards as high as $20,000.

AP Credits

Earn up to a year’s worth of college credits with Advanced Placement credits earned in high school. Many colleges and universities accept qualifying AP credits, which students can earn after taking an advance placement course and exam in grades 11 and 12. Each exam costs $87, but if you score high enough, you could be exempt from an entire class – a savings of hundreds or thousands of dollars, depending on the college.

Loans

Student loans – private and public – are the most significant type of financial aid for college students.  As universities increase tuition faster than the rate of inflation, few students and their families can actually afford to pay for education costs out of pocket or with scholarships and grants. In fact, the most recent data from the Institute for College Access Success shows that approximately two-thirds of graduates from four-year schools in 2008 owned an average $23,200. That’s close to double the debt of the class of 1996.

Apply for federal loans first. They offer low interest rates and flexible repayment terms. When scholarships, grants, federal loans and savings fail to cover the cost of education, some students and their families turn to private student loans to help cover the difference.

Unlike government loans, private student loans, which are offered through private lenders and financial institutions, are not subsidized and your eligibility and interest rate is often dependent on your credit rating. The interest rate is typically a variable rate, which resets quarterly, while federal student loan rates are fixed.

Campus Jobs

Working a part-time job while in school is one way students can continue to contribute to the cost of college, especially to pay for “extra-curricular” expenses. The key, of course, is to find a job that doesn’t compromise a student’s ability to graduate on time. Pick a job that’s on or near campus that works around your class schedule – as opposed to fitting classes around shifts. Some smart ways to earn money while in school include applying for federal work-study programs, selling class notes on sites like NoteHall, ShareNotes and DormRoomNotes.

Community College

Many students are choosing to attend a community college first to save money.  Why give a school $30,000 a year when you have no idea what you want to study? A community college gives students a chance to explore their academic interests cost-effectively.

Skip a Year

Ten or 15 years ago it may not have been as socially acceptable to take a year off between high school and college. Today, it can be a smart strategy, especially for students that need to shore up cash or take time to figure out their academic path. In the meantime, it’s important to maximize that year – to volunteer, travel, work and/or take some classes that can be counted towards your college graduation requirements.