If your child is studying in the United States and you are helping from another country, the American money system is probably new to both of you. It was for my family. I have lived in Australia for more than ten years, and when my daughter went to college in the US, I had to learn a third set of rules for credit, rent and everyday costs.
This page collects the guides that answer the questions we ran into first. Each one explains the US rule, shows how it differs from Australia or Korea where that helps, and includes a free calculator.
1. US credit starts at zero
A credit history from Korea or Australia does not carry over to the US. Your child starts from nothing, and that score later decides apartments, phone plans and car insurance. The guide covers what a Social Security number or ITIN changes, when a home-country credit history can help, and a simple 12-month plan to a first score.
2. Renting: what landlords actually check
Most US landlords ask for income of 40 times the monthly rent. The rent guide explains where that rule comes from, how Australia and Korea measure rent stress differently, and what is left over after rent.
3. A monthly budget that holds up
The 50/30/20 rule is the budget most Americans hear about first. The guide tests it against real US spending data and compares it with the way Australia and Korea build saving into every paycheck.
4. Paying for college: why the US feels different
American parents are expected to save ahead for college in a way that Australian and Korean parents usually are not. The college guide explains the one-third rule and shows how Australia and Korea split the bill instead.
5. The bigger picture: retirement accounts in three countries
If your family will earn or save in the US, the Roth 401(k) vs IRA guide compares the American accounts with Australian superannuation and Korean pension saving.
6. Sending money: what it really costs
Every transfer has a fee you can see and an exchange-rate margin you usually can’t. This guide shows how to compare by the US dollar amount that arrives, how to pay tuition through the school’s own link, and the rules for sending from Korea or Australia.
More guides for families abroad
More guides written specifically for families outside the US will be listed here as they are published. If there is a question you want answered, email studiojacobs@gmail.com.
I am not a licensed financial advisor. These guides are for general education and are not personalized financial, tax or legal advice. Rules for visas, taxes and banking depend on your situation, so check with the school, the bank or a qualified professional before acting. Read how each guide is researched in our Editorial Policy.