(spending) money matters for a freshman

AFPrep850
Wed, 30 May 2007 01:11:43 +0000

Use your debit card and go for the cash back option. It doesn’t cost anything and a lot of places will ask you if you want it when you enter your PIN. I just got asked at the drug store today (though I declined, being that I was going to the bank right after picking up some sunscreen anyway).

Get a student credit card. If you build up your credit while you’re in college, you’ll be in better shape when it comes time to get a different card (1 year with a student card = instant approval for Macy’s card, which didn’t approve at all before that) and also if you eventually buy a house or car. PAY IT OFF WHEN YOU GET THE BILL. Don’t put your bills in the pile you won’t get to for another month.

As far as cash, have enough out that you can go to a mom-and-pop store, use it for tips, buy refreshments at sporting events, etc. I like to keep at least $30-40 out and also keep out a $50 and a $20 that I don’t spend. I use these for emergencies. I once had a $20 in my wallet for a year and a half before I used it. The current reserve $20 has been there for two and a half years! This is good if you run out of cash or something. Also, when you take out your cash, make sure you have some $1 bills for vending machines. You never know when you’ll need that candy bar before the exam.

When you go to school, take your credit card (you may have to apply for it at school), debit card, library card if you’re in state and have a Power Library page (PA has one), the aforementioned cash, and the checkbook.

As far as what I use stuff on:
Credit Card: Gas, baseball tickets, and some online purchases
Debit Card: Clothes, books, other expenses, other online stuff
Cash: Food on the run, small items (like if I need a pen or screwdriver)
Checkbook: Haircuts and paying bills, plus big transactions (car repairs, pool passes, etc)

Being a commuter I don’t have any money on my student ID but they’re usually good for washing machines, snacks, and often at local stores around campus (I know of a guy who can use his college card at a convenience store chain and I think also a Walgreens).

Manage your funds online. I think every major bank has a website now. If you’ve got a savings account (highly recommended) you can shuffle money between the two plus you get your statements online much quicker than the mailed ones. If you use Citizens Bank I warn you the website can be quirky.