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Cash Apps – The New Way to Transfer Cash?

Posted on by ekoochel

Image result for cash apps

These days it seems like fewer and fewer people are carrying cash. Especially as students, it’s a lot more convenient to carry around a debit card and/or credit cards on a daily basis, rather than to have to lug around a large amount of paper money or coins. But as many of us know, this can lead to complications when you are splitting a pizza deal with a couple friends, or trying to four-way spilt utilities with your roommates. And since checks can be expensive and ATM fees can add up, we need an easier solution.

Apps like Venmo, Square Cash and Google Wallet offer that solution. All you need to do is download the app from the app store, sign up, and register a checking account or debit card. Boom. You can instantly transfer money to anyone at anytime, using a unique username and password. Did I mention that it was free? And, whoever receives the transfer can “cash out” whenever is convenient, and it processes almost instantaneously!

Sounding too good to be true? Yes, these types of applications have their downfalls. Here are some things to look out for when using cash transfer applications:

  • Lack in Customer Service: many online reviews state that these companies are lacking when it comes to customer service. Their account stops working and it takes longer than it should to get ahold of a customer service rep to finally get their account back up and running. In addition, many of these companies offer little-to-no live support.
  • Security Problems: it seems that there have been no big issues with fraudulent behavior or hacking with these types of apps. However, it is important to be cautious when using them because many offer no extra security measures (you only have to login to the app once to transfer out money). I’m not sure if I would trust one password on a mobile device to protect my entire checking account!
  • Need for Checking Account: another downfall is that some of the apps require a checking account or debit card for the free transfers. They will often tack on a small fee when transferring from a credit card. However, with their business models, if you do have a checking account/debit card, it is hard for them to have hidden fees.

So whether or not you decide to join the cash transfer application community, remember, as in any decision with finances, it is important to weigh the pros and cons. Yes, it will add convenience for the college lifestyle – but at what costs?

Hillary Williams
Peer Counselor II
Powercat Financial Counseling
www.k-state.edu/pfc

Peer Pressure and MONEY

Posted on by ekoochel

We have all been put into a situation financially where we did not have the money to spend but spent anyways! Being a college student does not help with this situation either. We live in a world where most feel the need to keep up with their peers and by doing that we sometimes end up spending money that we do not have. Unfortunately, there is not a magic formula to being able to say, “no” when the time comes to financial obligations.

We sometimes go out of our way to avoid tricky situations, especially when it involves money. However, there are some steps that you can take to assist in being able to stick to your budget and not spending money that you do not have. Having honest communication about your finances with your friends and loved ones, budgeting for events, limiting yourself, and not keeping score.

Communicating your goals to your friends and family.

You should be honest with your friends and family when it comes to your goals financially. If they understand what you are trying to accomplish they will have a better understanding of why you turn outings down and why saving or getting out of debt is so important to you.

Budgeting for events.

Almost every goal that you set for yourself in life may have money involved. It is important to set your goals early and decide how you are going to achieve those goals. Budgeting does not have to be only for big lifelong goals, it can be for mini trips or having a fun night out with your friends.

Limit yourself to the amount of activities you do.

In today’s society we often feel pressured to be involved and to not say, “no.” Saying no to going out to dinner, drinks or buying new items all the time can be difficult but it is important to learn how to limit yourself.

Keeping score.

Keeping score with your loved ones, friends and family can be dangerous. When it comes to money you should never compare yourself to what others have or make. Each individual is going to be in a different place at a different time. It is important to not try to keep up with the Joneses.

I leave you with this remember that peer pressure can be difficult but if you make your goals and priorities your number one focus it will affect you less. Last but not least if you ask to not be peer pressured financially or you ask for their help with sticking to your budget from your friends remember, to do the same for them.

By: Camila Haselwood

References:

Friends with Money: How to Handle Peer Pressure