New York can be an expensive city, especially when you're new to the area and as broke as incoming freshmen usually are, so we've put together a bunch of helpful tips for steering clear of the usual financial pitfalls of your first semester away from home! Banks & ATMS Steer clear of bodega ATMs and the like. Aside from the processing fee most non-bank ATMs charge, your bank may also assess fees for withdrawals made from ATMs other than their own. This goes for withdrawing money from an ATM at a bank other than your own, as well. The ATMs at delis, restaurants, bars, and so on charge fees that from from around $1.50 to as much as $5, and those fees can add up quickly! If you're in a pinch for cash, local superchain Duane Reade offers a relatively cheap $0.99 transaction charge. Know your bank's policies. Once you're versed in the ATM policies at your bank, keep reading (even the fine print). Knowing how much a bounced check will cost you makes you that much more unlikely to bounce a check. Some banks also restrict the number of in-house transactions you can perform before your account begins to accrue fees, whether it's deposits, money orders, and so on. If your bank does limit the number of ATM withdraws they'll process for free, try using the cash-back feature at the supermarket for a no-fee solution! Keep a balance. Now that you know how hard overdraft fees will hit you if you bounce a check, you can probably see the benefit of keeping a well-maintained balance. A set of checks may seem archaic these days, but the little ledger section in the back makes it easier to know what the available money situation is, including outstanding payments that haven't hit your account yet (just because your ATM balance says you have $200 doesn't mean you can spend $200!). Keeping a close watch on your money will also help you to visual you funds and allow you to act more deliberately and conscientiously with your money. Save, save, save. If you're working a job along with your class-load, do try to put away a little bit from every paycheck. Having more money in the short term is truly a wonderful thing, to be sure, but having a little to fall back on when you really need it is much more satisfying in the long run! Credit Cards Forget cash advances exist. The cash advance is an enticing siren of a service, and just as dangerous. The interest rates assessed to cash advances are often drastically higher than the rate charged for credit card purchases, and in the 21st century, there are very few things you can't buy with a card and, therefore, little reason to ever use the Emergency Escape option of a cash advance. Pay your balance down every month. It's easier said than done, but paying your balance every month will save you the added debt of accrued interest. And since most college students have little or no credit, the interest rates can be as high as 25%. For non-math majors, that's half of the purchase price. Suddenly, that quarter pounder at McDonald's is closer to a half-pounder! Don't fall for introductory offers. Credit card companies are nothing if not savvy. After all, what better waters to chum with the allure of free money than college campuses? Most people start amassing credit card debt between the ages of 18-20, and the correlation isn't a figment of your imagination: almost every college student gets these introductory offers in the mail promising low APRs (annual percentage rates) or sees the enticing 10% off deals at the checkout counters of department stores. But in the long run, saving 10% off your first purchase isn't worth the potential debt you could rack up later on; same thing goes for credit cards that start with low interest rates: the APR generally skyrockets after the first six-to-twelve months. Another brilliant trick the credit card companies use is the small initial line of credit given—a hundred or so dollars—because after you've paid the balance for a while, the credit card company will extend your line of credit in a wildly disproportionate manner. Then, of course, the card becomes an almost evil thing, beckoning you to dip into that rich, creamy credit line (while neglecting to remind you that your APR is still 23%). So our advice is to resist wading into those waters for as long as possible, and at the very least, be extremely deliberate in all your credit actions. Cold, Hard Cash (And Change) Credit is nice, but cash is real. A good general rule of thumb—and this comes straight from an NYC.com mother—is, "If you can't but it with cash, don't buy it with credit." Basically, if you can't afford something outright, you can't afford it, period. Limit your spending. You can't spend what you don't have! Try taking out the money you need for the month and staying away from the bank until next month. You'd be surprised how much having a month's worth of money onhand improves your ability to conceptualize the money. A balance on a computer screen is more abstract than you'd think, and way easier to spend than a diminishing pile of physical cash. We're not saying to walk around with a month's worth of money, not by any means. Keep it in a safe place in your room, and most importantly, only leave for the day with the money you need for the day—and try leaving your ATM card home, too. If you leave the apartment with $20, you can only spend $20! The best way to not waste money is to not have any on you to waste! Keep the change. Some like lottery tickets, some like savings bonds, but New Yorkers, by and large, have a far more reliable way to save money for a rainy day: keeping their change. Using exact change is great for toll booths, but it's amazing how fast you'll develop a cache of coins when you bring home the remainders of the day's purchases. Try to resist the urge to haul the bowl or piggy bank downstairs to the vending machines, though, and you'll find yourself with a little safety net the next time you find yourself suddenly and unexpected broke until the end of the week! A penny saved isn't lonely for long. Make your keychain heavier. Many of the large chains of supermarkets and drugstores offer free savings cards that you can slip onto your keychain next to the keys to your dorm room and bike lock. Over time, you can accrue some real savings on future purchases at absolutely no extra cost (beyond that of the purchases). Advice for the Vices Be a quitter. If you want to save money—it has to be said—there's one sure-fire way to pad your pockets: quit smoking. We don't expect anyone to be caught off-guard by the suggest (or even heed it), but with cigarette taxes always on the rise in New York City and packs flirting with or breaching the ten-dollar-a-pack mark, the tobacco trade is a huge drain on the finances of students. If you're reticent about quitting, at the very least you can try to cut down on your nicotine intake (sublimate your cravings with gum, toothpicks, or the ever-present clicker on your pen). Failing that, keep your eyes peeled for the Buy 2 Get 1 Free deals at chain drugstores like CVS and Duane Reade. (It bears mentioning that bodegas tend to get these deals and break up the set to sell individually, so they're not the best places to find bargains on cigarettes.) You can also pick up rolling tobacco, like Balishag, which comes with rolling papers and can make around two packs' worth of cigarettes for the price of one pack of Parliaments. Drink smarter. First of all, if you're under 21, most New York City bars are going to toss you out on your ear if you try to get in and get served. Second, if you're 21 or over, you can always drink smarter. Stay away from clubs with door charges, that's a no-brainer, and get an idea for the happy hours in your area. No one says you have to drink at full price, after all, and since college students will be college students, a happy hour can be a brilliantly cheap way to relax. Know which bars do buybacks (i.e. you order two or three beers, the third or fourth is on them) but don't ask them if they do; simply be aware when it happens, and remember that bar. It's a rarity in Manhattan, but Brooklyn bars are far more likely to do buybacks (depending on how you tip, sometimes). The cheapest route of all, though, is to either not drink at all or purchase your alcohol from liquor stores and bodegas. A 12-pack of Yuengling, for example, is just over ten bucks at a bodega; a rather reasonable price compared to a draught pint for $5 at a bar, and you don't have to tip your deli clerk!