Managing Your Money
Managing your finances is one of the most important and challenging aspects of a successful and enjoyable academic experience. Dealing with a new currency and cost of living are the beginning of the challenge. Before you leave home, pay attention to the exchange rate between your country’s currency and the U.S. dollar. Learn to think in dollars.
Take a close look at your I-20 or IAP-66 and prepare a budget for yourself based on the estimated expenses on the form. Use the list below to help you think about all the possible expenses you may have.
Tuition
Fees
Rent
Meals (often called “board”)
Health insurance
Books
Transportation
Communications
Clothes
Personal expenses
Taxes
Family expenses
Recreation
Travel
The estimates that appear on your I-20 or IAP-66 are usually accurate, and you will be expected to have funds to cover the full amount shown. It is not possible to arrange for more financial aid once you have arrived at your institution. If you are a graduate student and have an assistantship, be sure you understand what it will cover and what you will be expected to pay from your own funds. If you will receive a scholarship or fellowship, determine ahead of time what portion is taxable and include the necessary taxes in your budget. (See Chapter 14.)
Be careful in handling American currency. With the exception of the new $100 bill, all American paper money looks alike, so keep your eyes open when paying or receiving cash. Our coins can be tricky, too. The five-cent piece is known as a nickel, the ten-cent piece as a dime, and the twenty-five-cent piece as a quarter. A dime is smaller in size than a nickel, even though it is worth more.
Start budgeting from the time you arrive. Bills often take a month or two to arrive, but arrive they will! Don’t fool yourself into spending the money you’ll need to pay them.
[Orientation] [Transferring funds to the US]
[Table of Contents]
Comments»
no comments yet - be the first?