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Here are a few things to keep in mind when selecting a bank:
- Location—Is there a bank or ATM located near your house or school?
- Services/Type of Account—Do you want a checking, savings, or combination account?
- Requirements & Fees—Is there a minimum balance associated with the account? Will there be regular fees for transactions?
To open a bank account, you will need two or more forms of identification (a passport and a student ID are usually enough). When you open your account and make an initial deposit, be sure to keep enough cash to last a few days, as there will be a short delay before you can access your money.
In order to ensure that your funds will last for your entire stay in Boston, it's important to create a budget and keep track of your spending. When you first arrive in the city, you are likely to incur one-time expenses as you pay fees, set up an apartment, get a cell phone, etc. Don't base your budget on these startup costs, but do track your general expenses for the first month. Once you have an idea of how much money you need and can afford to spend on a daily basis, create a realistic budget and follow it.
Expenses to consider when planning your budget may include (but are not limited to):
- Apartment rent
- Heat, hot water, electricity
- Internet service, phone service
- Transportation (train passes)
- Textbooks, school supplies
- Entertainment (movies, theater, sports events, etc.)
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