<p>the school im probably going to says it estimates about 800 wll be spent on books throughout the year for financial aid purposes and 900 on personal expenses. i want to know how realistic an estimate this is. also, i will try to get my books online and used rather than from the college bookstore if at all possible, though i suppose i cant count on that. as far as personal expenses, lafayette is in easton pa, an old manufacturing city, not like nyc or boston where the cost of living is high and there's lots of exciting ways for college students to spend their money. also, idk if this is true of other schools, but there are a lot of subsidized entertainment options, like cheap movies and exercise classes.<br>
it will be a stretch for my parents to get me to the college even with a merit scholarship so i have to try and pay for the expenses once i'm in college.
right now i have a part time job and once school ends chances are likely i'll be babysitting everyday as well.
i know i should save as much as possible, but my plan was to get 50 debit cards (like an american express gift card but coming out of my debit account, however with a limited amount so i can keep track of what i spend and feel comfortable using it for gas, where i'm afriad to use my debit b/c of identity theft) and try to use them, hopefully only going through 1 every two weeks or so. estimating modestly, i'll probably be working about 20 or more hours per week and bringing home about 300 every two weeks from my part time job. i'm thinking about once i get my debit account up to 400 or 500, i'll then start splitting my check between savings and whatever i need to keep my debit up to 500 and then those gift debit cards. i mean, i will always carry around my debit with me in case i have need of more than 50 bucks, or w/e the balance is on my limited card, but i will try to use the 50 exclusively. i know i need to save money but i do want to go on dates, buy gas, go out with friends, and also invest in nice clothes to wear to college as well as appliances and other things i may need for my dorm if they're on sale rather than having me and my parents go and buy hundreds of dollars worth of dorm stuff at a time.
i also hope to have a job on campus, or close to campus when i start school. however, i would like to have enough money upon going to colege that i don't need to depend on college earnings for book money or spending cash.
sorry for this long drawn out discussion. thanks for all your help.</p>
<p>You are making life too confusing and complicated. Have a cheking + savings account linked to your checking account. 1 ATM and a credit card - yes a credit card. Pretend that your credit card is a debit card, i.e. don't buy anything unless you can pay for it in cash. Pay it every month in full and in time. This will help you in future. The way you write about money, you won't have any problem managing your finances.</p>
<p>800 for books is reasonable. 900 for personal expenses is on low side. Again it depends on your needs. About 1500 may be a reasonable number.</p>
<p>50 debit cards like gift cards of a fixed denomination will be a night mare. You have to know exactly how much is left. For example, you have a $50 card, and the first time you use it for $35 - no problem. Next time you want to buy something for $16, you can't use that card. Your transection will be rejected. Most merchants don't have the ability to know how much is left on the card (unless the card is from the same merchant). I have been carrying a American Express gift card for few months now - I am too lazy to check how much is left.</p>
<p>I don't understand...why get all of those (as you call them) debit cards? It sounds like a unnecessary complicated system to me. What's wrong with having a regular checking or savings account (or both)? You have one debit card that can access both accounts. If you have a checking account, you could also write any checks that you need to write (although this day and age, college students don't really need to write any--you can pay your bills online.) That way you can deposit your checks from work into your account via an ATM machine--or even have your check direct deposited into your account. You'll get a statement once a month that tells you the activity and balances. You also have the ability to access this information online.</p>
<p>Your system seems way too complicated--why bother?</p>
<p>if you are living on campus do you even need a car/gas?
Also you should check if Lafayette has a cash system tied to their ID - My d has her regular debit card but for quick purchases on campus she just uses her ID which we keep around $100 on. Also local businesses (sub & coffee shops, etc.) give her a discount when she uses her ID cash instead of her regular debit card.
Also she does not always carry her purse/wallet but always has her ID (on the lanyard around her neck).</p>
<p>basically, if i have unlimited access via one card to my checking account, i won't keep track of my purchases nearly as well as if i have a limited amount. i know the system seems complicated (what you suggest is actually what i have in place now) but basically i've gotten a few american express gift cards for christmas and felt the moeny lasted longer with them. also, i have a more concrete allowance if i use the debit cards (i really hate carrying a lot of cash). </p>
<p>as far as my debit card/gift card system, i'm really referring to the here and now as i'm trying to save BEFORE college. in college, i will probably not use the gift cards anymore.
basically, i just want to curtail my access to my own funds a bit so that i spend less money. thanks for your input. sorry if i was unclear.</p>
<p>the ID system sounds great- hopefully lafayette does have that. i know they are affiliated with the Lafayette Ambassador bank and there is an ATM in the student center- i think i may take out an account there.<br>
right now tho, i'm primarily concerned wiht how much to save and how best to save BEFORE i go to college.
thanks for your help.</p>
<p>rlm, asked an important question. Do you absolutely need a car, and the expenses associated with it? If you can get by without it, you will save significant money esp. if you do not need to pay auto insurance. We saved 1500 on auto insurance alone (not including the gas and auto repair/maint. bills). You can save on books by shopping online, or off campus bookstores that buy and sell used books. My son saved over $100 this semester by trading books with a friend (she took a class this semester that he took last semester and vice versa). This only works if you can agree about marking up a book vs. not writing in it. $900 for personal expenses could work, but realistically life is expensive, there are emergencies and you might want some quality of life. I would budget more for personal expenses. One medication before a deductable, or one not covered by insurance could mean significant expense. That is not even a dinner out on Saturday night.</p>
<p>as far as a car, my younger sister will be using my car when i am off to college and i really need to so i can get to work and back. it's been a blessing to have an extra car when other cars weren't working so i don't hink my parents or i would really want to give it up. good suggestion tho
as for the stupid book situation, lafayett'e does not tell you the books you need before class and expects you to buy them at their bookstore (RIPOFF!!!) so i will try and get around that as much as possible. i think book sharing is a good idea as well but i won't know anyone well enough for that until the second sememster.
thanks northstarmom, you've been such as a support through this whole tough process.</p>
<p>I agree with simba & others that you are really making a mountain out of a molehill. What will you do if there are places that do not take the american express gift card (which could be very likely at smaller shops)? Even if you have workstudy, many schools will request/require you to get direct deposit in order for you to get paid.</p>
<p>You can put money on your school's ID system which many local merchants will use before using an AMEX card.</p>
<p>Learning how to manage and keep track of your money is a lesson that you have to learn. With access to on line banking it is very easy to do this. Also keep in mind that many banks provide the same protection to debit card purchases as they do to credit card purchases. Depending on where you bank if there is any fraud committed on your debit card, like your credit card you would only be liable for the first $50.</p>
<p>It is not unusual for many college students to have a debit/checking account to take care of their own savings purchases, a credit card (which they pay the bill) and may be a credit card which is only used for emergencies (in our case this statement comes to home and I pay the bill. D also knows that she must clear any purchase made on this card with me since I pay the bill). She doesn't carry cash as she does everything through her debit/credit cards.</p>
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i think book sharing is a good idea as well but i won't know anyone well enough for that until the second sememster.
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<p>Don't count on this because this would mean having limited access to the book at peak times like midterms/finals and have to keep a timetable when it comes to doing homework or reading assignment. In addition, some students highlight their books, make notes in the borders in order to study . While no one likes paying for books, the best thing you can do for your self is to have your own books.</p>
<p>D does e-mail out to friends to swap books and her sorority house has a lending library of textbooks. In addition she sometimes prices books out on e-campus or amazon (with free 2 day deleivery over $25)</p>
<p>sybbie, I agree about "sharing" when 2 people are taking the same class. My son traded a book between semesters with someone who was finished with the class and did not mark up her book. It was fortunate, but I agree that one cannot count on it. </p>
<p>As far as the car, if you could be listed as an "occasional" driver and drive ONLY when you are home on breaks you might be able to save on auto insurance for yourself. You might want to see if this is possible if the car is owned by your parents, and it is their auto insurance with you listed as a driver. This is allowed by our insurance carrier, but I am sure this varies depending upon insurance company and state. You would definitely need to check. Obviously, if your sister if living at home and driving, will need insurance now.</p>
<p>BTW, I am NEM, not Northstarmom, but I know what you meant. I do hope that I helped you in some way.</p>
<p>$800 for books is reasonable for a humanities major. For hard sciences types, better budget $1200-$1500 to be safe. My son's friend just spent $175 on an organic chem text!</p>
<p>thanks for the advice!</p>
<p>passionflower,
I recently saw a news report on gift cards. apparently its the new thing for bad guys to steal. And when they are stolen, they're gone, no recourse for you. People have been copying down the numbers off store shelves and waiting for them to be activated. Once they're activated, the thief goes on-line and makes purchases using the number of the gift card and the person holding the gift card is left with a gift card with no value on it and no way to get the money back or track down the thief.<br>
Put your money in a savings account or a checking account and get a copy of Quicken and start keeping track of your spending. Yes, it takes a little bit of time. But its a good life habit. Just save your receipts and take a few minutes at the end of the day and record how you spent your money. You'll have a record of what you've spent your money on and if you find you're running short, you can take a realistic look at your spending habits and make decisions on how to cut back. I know you can do this! Much much better than using "gift card" type debit cards. And you can start learning how to budget your money.</p>
<p>I agree with oaklandmom. And I want to add that becoming responsible with your finances is a good practice to start early. Many banks have "student accounts" with special policies to protect against overdrawing, etc... My parents set me up with one of those when I started high school so I could learn to budget my money and it is the best thing I could have asked for.</p>
<p>passionflower8,
I just checked my freshman son's records and his books for his first two semesters at Lafayette cost $440 and $400 for a total of $840. He requested used books whenever possible. I think he sold some of his first semester books that he didn't need for about $25. One way to keep down costs is to only buy the required books at the start of the semester. Then you can decide later whether you really need any of the additional suggested or recommended books. In most cases you won't need those books or can take the time to find them cheaper on-line. </p>
<p>As for your personal expenses - Lafayette freshmen must take a full meal plan so you likely will have very little out of pocket meal costs (only when you go off campus). My son has spent very little (maybe $100 each semester) for other expenses but he's always been a light spender. You should base your estimates on your spending habits in high school without the cost for gas (you can't have a car on campus until sophomore year and even then most students don't bother since you have to park a shuttle bus ride away from campus).</p>
<p>I hope this helps.</p>
<p>i will definitely look into student accounts, quicken.
thanks so much joinville for your insider advice- it's as relevant as i could ask for.
thanks so much to all of you.</p>
<p>I forgot to mention that the LAF bookstore does not accept American Express credit cards. I don't know about debit cards/gift cards but you better check with them before you buy a bunch of cards.</p>
<p>Justin (candyman) on the Lafayette thread in addition to also being a Marquis scholar is an RA so you might want to find out about that as an option for bringing down costs in your sophomore year. S's roommate, another Marquis scholar, will be working next year as a writing assistant. There are probably other ways to reduce costs or earn extra income that you will find out about once you've gotten to know upperclassmen. </p>
<p>You mentioned buying appliances for your dorm room. I'm not sure what you're thinking of but the only major appliance allowed is a mini fridge, which you can bring your own if it meets their specs or a combination mini fridge/microwave which you have to rent from the one company that offers that configuration. You cannot bring your own microwave but you really don't need one since there are always microwave's available in the common kitchen areas of the dorms. You can also bring a TV but I would wait until you get your roommate since you don't want to end up with two fridges and two TVs. Another expense is the bedding since you have to buy the extra-long twin sizes. Save up the coupons that come in the mail and with the newspapers from Linens & Things and Bed Bath & Beyond. They'll honor them past their due dates and both stores stock the extra-long twin sizes bedding over the summer for the college kids. S and I went in with over 20 coupons and got discounts on every item S purchased for his room.</p>