Most students live on limited budgets, so it is important to manage your money wisely. You should be cautious about spending a lot of money until you are aware of the value of the dollar and realize exactly what your living expenses will be. It is wise to plan a budget of expenses each month. You should remember to include transportation, toiletries, laundry, food, lunch, books, and supplies for classes.


The United States monetary system follows the decimal system. The dollar is the basic unit. Paper money, also called bills comes in denominations of $1, $5, $10, $20, $50, $100, $500, and $1000. On occasion, you will see a $2 bill. All paper money is the same size and color, and the design is similar. It is generally safer and more efficient to carry small denominations of bills, especially since small stores and shops may not be able to make change for a $100 bill.

Currency in the form of coins is also called change. Coins come in five denominaions: one cent (penny), five cents (nickel), ten cents (dime), twenty-five cents (quarter), and fifty cents (half-dollar). Coins are used for self-service machines, such as: soft drinks, coffee, candy, and snacks. Coins are also used for washing and drying machines in the laundromat. It is important to have the correct change when using public transportation such as buses and subways.


One of the most important things to do upon arriving in Salinas is to establish an account at a local bank. This is for safety as well as practical reasons. It is unwise to keep large amounts of cash on your person or around your home. It is impossible to have money wired to you from your parents if you do not have an account at a bank. There are several types of accounts that you can choose when establishing a bank account. You need to speak with the new accounts representative at a bank to choose the account most appropriate for you.

A checking account is probably the most useful account. Americans use checks, debit cards or credit cards to pay for college tuition, books, rent, and bills sent through the mail. You should never send cash through the mail. A checking account also provides you with a useful summary of how you are spending your money and can serve as proof that you have paid your bills. Most commonly, banks provide debit or check cards linked to your checking account. ATM machines are widely available and debit cards are used in most retail stores.