How to keep cool on the cheap

Here are three of the week's top pieces of financial advice, gathered from around the web:

Keeping cool on the cheap

Power bills are expected to soar amid the above-average temperatures forecast for much of the country this August, said Athena Cao at USA Today. "But you can save money in two ways: Use electricity more efficiently and pay at a lower rate." In 15 states and Washington, D.C., consumers have the option of shopping around for the cheapest rate, because retail electricity providers are allowed to compete with utilities. If you don't have a choice of power providers, you can save money by enrolling in various incentive programs. Some utilities will lower your bill if you reduce your electricity usage during peak hours, for instance, or conduct an energy efficiency assessment on your home. Adding a few "smart" devices like connected thermostats and lightbulbs can also reduce your home's energy use.

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How to set up a scholarship

You don't need to be extravagantly wealthy to fund a college scholarship, said Caitlin Kelly at Reuters. "Have a pen and several thousand dollars? It is as easy as that in most cases." Filling out a simple gift agreement form from the college or university is often all it takes; some forms are even available online. The "going rate" for an endowed scholarship — one with annual funds created from the interest on the initial gift — is at least $10,000, but preferably $25,000, according to Christian Vaupel, a vice president at Adelphi University in New York. The latter sum would fund a scholarship of about $1,250 a year to a needy student. The same tax rules apply as for other charitable donations, with a scholarship considered a charitable donation if the fund it goes into is tax-exempt.

When weddings crash your budget

"Engaged couples aren't the only ones facing big wedding bills," said Kelli Grant at CNBC. The average wedding guest can expect to spend $703 per wedding this year, according to American Express. Millennial guests can expect to pay $893 per wedding. With three weddings to attend on average, that's roughly 5 percent of the mean income for people ages 25 to 34. Guests should budget carefully for the entire year before saying "I do" to invitations, factoring in considerations like travel, dress code, and child care for events where kids aren't allowed. "Don't let smart shopping strategies go out the window," either. Gifts can often be purchased more cheaply outside the wedding registry website. As for lodging and airfare, the normal rules apply: Book early.