Mobile Wallets & Life Basics for College-Bound Kids

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Mobile Wallets: What to Know

Mobile wallets refer to two types of payments. Proximity wallets can be used at a physical location by hovering the phone over a reader. Remote wallets allow you to send money to someone else electronically, like your dining companions when you’re short of cash at brunch.

Pay attention to security. Mobile wallets can be more secure than magnetic strip credit cards because their data are encrypted. But like a credit card or a wad of cash, your phone can be stolen. Two-step verification, where you have one password for unlocking your phone and another to get into the mobile wallet app, is an important security measure to adopt.

Make sure you have fraud protection. Consider linking your mobile wallet to a credit card, rather than linking it to a debit card or being charged through your phone bill. You’ll likely get the same protections that credit cards offer, and it allows you to dispute fraudulent charges.

You still need cash. While the list of retailers that accept mobile wallets is growing, it’s not a given that you’ll be able to use them everywhere. You should still carry a credit card and a bit of cash—just in case.

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Life Basics for College-Bound Kids 

Discussing money, health and insurance basics can help college-bound kids manage classes, work and personal life.

Finances

• Set a budget. List income sources and separate essentials from the nice-to-haves. A banking app can help track spending.
• Check for local branches of your bank, or open an account at a bank near campus.

Health

• Make sure vaccinations are up to date.
• Send copies of any relevant medical details with your student.
• Learn where college health services are and what's available to students.

Insurance

• Check that your car insurance covers your student. Set a maintenance schedule and locate a close-by mechanic for repairs.
• Verify the family health insurance policy extends to college kids.
• If your student lives on campus, they are probably covered by your homeowners/renters policy. But if they live off-campus, renters insurance is a must.