Money and Our Next Meeting

Hey East Coasters!

So, parents of students going on the East Coast trip often ask, “How much money does my child need to bring with them on the trip?” The short answer, technically, is “none.” Your child probably won’t like me telling you that, but all necessities are covered on the trip. All meals are paid for, drinking fountains are fairly common in most of the places we’re going, all admissions to all museums, events, and attractions are included, so your child doesn’t need to bring any money. Technically.

OK, but seriously... Your child is probably going to want a bottle of juice or Gatorade here and there, and may want a little extra spending money for snacks and beverages beyond mealtimes (about $5-$7 per day). Then there are souvenirs. I’ve seen kids buy a couple small tchotchkes for family, and spend little more than $15 on souvenirs TOTAL for the whole trip. For other kids, they would put the Kardashians to shame. We had one kid spend over $500 in less than a week.

You know your child and his/her shopping habits best. Clothing is usually the most expensive item kids buy on this trip, and one nice “I  NY” sweatshirt in Times Square can go for $50-60, easy. Overall, average souvenir purchases are about $10-$20 per day.

Also as you may or may not know, I do respectfully request a little tip money ($10 total) from each student: $5 for our coach drivers, $5 for our tour guides. These people will be with us for the whole trip and become a part of our trip "family".  Naturally, tipping is optional, but in our country it is customary and a nice courtesy, especially for a job well done. All other tips are included in the cost of the tour. I will collect the coach driver and tour guide tip money ($10) at the Pre-Departure Meeting on Tuesday, March 12 (your student can also drop it off to me during school either before or after the meeting if you prefer). 

On a related note, parents also ask: “Debit/prepaid card or cash?”  While it seems crazy to say it...cash is no longer king.  I highly recommend getting your child a debit card for the trip.  There are some instances where cash is fine, but many vendors only accept cards. Nice thing about debit/credit cards is that depending on the type of card and the issuing bank, parents can control the amount of spending per day and/or add value to the card if needed; this is a good security feature if the card is lost, and is also helpful in limiting teen spending.  Additionally, your kids aren't too far away from their first jobs, so getting used to having a card, spending on a budget, using ATMs etc., can be a great learning experience in itself.  Talk to your bank now about your options. Looking online, many financial magazines rate kid specific apps and cards like Greenlight, GoHenry, and BusyKid as good options, but your personal bank will probably offer something as well. Cash is easy, and will work at many souvenir shops, but once lost it is almost certainly gone for good. Talk with your child and find out what you think will work best. Most airlines are now cashless, meaning you can only purchase items on the plane with a debit/credit card.

As for VISA, MasterCard, or American Express gift or pre-paid cards, most of them don’t have a name on them, they don’t require ID, and they’re usually as good as cash if lost, so be careful with this option. Finally, while I'm sure I don't need to tell you, don’t even bother with traveler checks; their time has passed...the truth is the 19-year-old kid behind the counter at the souvenir shop will have NO idea what to do with your traveler's check.

 When asked, this is what previous East Coast trip parents had to say with regard to money:

“A mixture of cash and debit card worked great for our daughter.” 

“My kid had a $200 budget on her card and that was more than enough, she came back with money leftover, and she is quite the shopper!”

“We got our daughter a debit card for the trip, (which she hardly used, just on the plane and one souvenir shop), but it made us feel better.  AND, it's proven to be a useful budgeting tool for our daughter going forward. Rather than $5 here, $20 there, she uses the card and we review it to see where the money is going.” 

"The debit card was a great choice.  Lots of the food vendors didn't take cash, so the money given to the kids for lunch couldn't be used the way he wanted.  With the debit card, our son kept the cash and used his card to get his food...and we could see where he chose to eat!"

“I would say slightly more than $20/day.”

Hope all that advice will help your family make a more informed decision about money. Our next student meeting is in less than a week, on Tuesday, February 20, at 2:40pm in the MPR. Our East Coast adventure is now only 43 days away!  As always, if you have any questions, don’t hesitate to contact me.