Financial advice for first year university students

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(MENAFN- Jordan Times) By Nashwa Beheiry
Digital banking expert

By now, young adults should have some knowledge of payments and budgeting. Here are some of the payment methods you can use to cover their financial needs during this step.

The time has come. Children are young adults going to college and you have to make decisions together: what to study? Which university? Where? Here in Jordan or abroad? Will they stay home or go live on campus? Will they rent their residence? And many other questions to settle. In any case, you need to decide how you will support them financially:

Cash

Traditionally, money may be appropriate if your teenager stays with you and goes to college in the same city. The disadvantages are:

• They will not have the chance to explore banking services to prepare for post-graduation

• Controlling spending and budgeting will be difficult

• Parents will not be able to monitor their financial behavior

Link a debit card to a bank account

Opening a bank account and issuing a debit card for your children will allow you to transfer money from your account to theirs, especially if they are studying abroad. Then they can use the debit card at the merchant’s point of sale.

If they need cash, they can withdraw directly from the bank or from ATMs. This option will help children:

• Become familiar with banking services

• Manage their expenses using account and card statements

• Think about the choices they make and the consequences

• As a parent, it will help you monitor their spending

However, the downside here is that the cost may be slightly higher than other means.

CliQ instant payment system

CliQ is a new payment method launched in Jordan under the supervision of the Central Bank of Jordan that allows money transfers between participating banks in Jordan instantly and without fees. Using this feature can be handy if you and your child have accounts at different banks. The advantages in this case are:

• You send money free of charge

• You will receive a confirmation of receipt

• Your child can send you a payment request

Electronic wallets and mobile money

A convenient local method of making money transfers and payments is to use “Electronic Money”. The Central Bank of Jordan has encouraged such payments in recent years, especially since the pandemic.

Most banks in Jordan, as well as seven other institutions, offer the service of “electronic wallets” whereby you can transfer money from person to person using their mobile number on an app and without depending on a bank account, free of charge.

The recipient can use the money to pay merchants directly from the wallet for their purchases, pay bills, transfer to another person, or withdraw money from any ATM machine. This payment method is:

•Safe

•Easy

•Practice

• Allows you to monitor and analyze spending behaviors and budgeting

International instant payments

Several international payment institutions represented by Jordanian banks and foreign exchange bureaus are available across the country.

You can transfer money locally or internationally by going personally to the representative and handing over money, transferring money from your bank account, online or using the mobile app of the desired payment institution. Then your child can receive the money in cash at the representative branch of a nearest financial institution. This option has the same drawbacks as handling cash.

Finally, whatever method you use, it is essential to warn against identity theft – never share personal identification, account / card numbers, passwords or financial information with anyone to protect them from all types of fraud.

Reprinted with permission from Family Flavors Magazine

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