What do you generally need money for in College?
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1. Paying during outings with friends
2. Subscriptions including phone bill and networks
3. Online purchases
4. Transportation
5. Personal items (usually including large Target hauls)
6. Souvenirs and quick local purchases
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Even though it feels like a major part of expenses is taken care of in tuition, board, and food bills that the college charges, there are a lot of other expenses that come up - much more than anticipated. It makes sense to have money available in all forms:
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1. Cash
2. A debit card from a local bank
3. An additional Forex card for international students
4. Apple Pay
5. A cash transfer app (Venmo/Zelle)
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Here's more on each one:
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1. Cash
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Access to cash can be incredibly beneficial in some situations. Cash not only acts as a backup payment or emergency find but can actually be crucial in some situations.
For example, there are several coin or bill-operated machines such as laundry machines, vending machines, or parking meters, that often require cash for payment. Further, if you dine out or use services like hairstyling or valet parking, cash is typically used for leaving tips. Small purchases are often easier handled in cash and sometimes small vendors prefer or only accept cash for small purchases like snacks or quick services.
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While many places accept various forms of electronic payment, I still find myself using cash in my day-to-day transactions when it comes to purchases from local shops in my college town ( over using a cash transfer that they lean towards), farmer markets ( that I frequent on Saturdays), tips, and cases when it's an exact amount (such as $5) during a shopping trip.
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How much cash should you keep?
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This is completely dependent on what feels like the right amount for you. It's unlikely that you would need to spend cash on the daily but it would be handy to keep some dollar bills and spare change in hand for purchases. It's good to think about how much you'd like to keep - for example, roughly $500 - ​$1000 tucked away in your suitcase as an emergency resource and a few notes of $1, $10, or $ 100 for your wallet. Planning in advance can give you a head start in organizing this cash.
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2. A debit card from a local bank
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If you're a person who appreciates convenience, access, and ease, you most definitely need to open your own bank account in college. This is important, you have a whole life of salaries and expenses ahead of you so why not set it up and get used to having money under your name? A local bank account keeps your money in a safe place, makes it available when you need it, allows you to track income and spending, minimizes international exchange fees and most importantly you plan on working on campus, off-campus, or for a paid internship, the paychecks will go into your US bank account.
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For more details on opening a bank account, read here.
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How much money should you have in your bank account?
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Your parents would probably transfer an amount of money to get you going. They would have a small transaction fee if doing so from overseas but you can freely access the money once it is in your account. Here is where budgeting comes in handy ( read more here). Knowing how much you would need to spend and any future inflows into your account through campus jobs ( read more here) will make the job of estimation far easier to get to a good amount, say $5000. It's good to keep in mind, that the life as a college student does have its fair share of expenses.
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3. An additional Forex card for international students
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I know it seems like is one more card really necessary? I would say yes. It takes a while to get the US Bank account going and even though you now have cash planned, having a Forex card makes the transit to college easier. The first chance I used it was in Qatar Airport during transit. The second was at the Philadelphia airport to get a trolley for my luggage ( Pro Tip: This is not worth your money). And although I have never had a problem with my US bank account, if I ever do, this card will be there for me. It takes a while to organize, so I would recommend speaking to your local bank at the soonest possible to get the ball rolling. Another plus is that it will always need a pin code to transfer money ( unlike US cards which sometimes do not) and the safety is another advantage.
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For more card etiquette, read here.
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4. Apple Pay
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It's convenient to not carry a wallet every wear and tap your phone to make an unexpected payment. This is your reminder to add your card to your wallet. It's a minute of work for a lot of future conveniences!
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5. A cash transfer app (Venmo/Zelle)
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You will definitely have at least one experience where you split a bill with friends and will then need to transfer your share of it directly to their account, or receive money from them. Apps like Venmo are really common among college students and if you are international, it's likely your App Store won't support this app. It makes sense to consider transferring to the US App Store to ensure you can get these apps when needed. Planning in advance will give your family a chance to discuss small details like this one.
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That is your introduction to taking money to college. For other relevant topics:
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