Entering college isn’t as great as you’re probably thinking. Instead of getting freedom and independence, you get overwhelming assignments, endless hours of reviewing for exams, and tons of data to memorize.
And you know what else?
College isn’t that fun when it comes to expenses. If you don’t know how to set a budget and stick with it, you can end up broke and more stressed out. These things can make it harder for you to focus on your studies.
To make sure you stay on top of your finances, check out these best money management tips for students you can use:
Set a budget
College years are very lean periods in terms of finances. With limited resources, you will have to survive with what you have. To do this effectively, your first priority is to determine and plan the incoming and outgoing funds. Know which expenses are absolutely necessary and which ones you can postpone.
It is going to be a tough choice but you need to be steadfast and prepare an expense chart, which you can diligently follow. This will help you track your money and make you feel more in control of it.
Saving is highly essential in the long run. College expenses can be quite arduous but that doesn’t mean you can forget about saving.
Make sure that whatever your monthly budget is, save a portion of it. It will create self-discipline which will be very useful for your future financial planning.
If you are having a hard time saving, you can automate it. There are banks that can help you achieve your target.
Share an accommodation
Living in a leased apartment as a college student can be quite expensive. As an alternative, you can search for shared accommodation. You can join communities to find out about similar individuals willing to share an accommodation and move in with them.
This can cut down your expense drastically. You can add the money to your savings or direct it to some other expenses.
Utilize college facilities
Since your tuition fee is high, ensure that you use all the free facilities in your school. For example, instead of buying books, check out your school’s library and borrow your required books. Similarly, you can also consider getting e-books.
A lot of colleges have fitness centers for their students, too. If you are conscious of your health, you can start using the one in your school. That way, you won’t have to spend lots of money on gym memberships.
Learn to cook
Why spend for an expensive cup of coffee when you can easily make one at your dorm? Why eat in a fancy restaurant when you can cook your own meal?
Learning how to cook can save you a lot of money. It’s also a great way to learn something new, be creative, and eat healthily.
Even though it requires some planning, the fact that it can save you money should be enough motivation for you to try it out.
Curb travel expenses
Do you really need a two-wheeler or a four-wheeler to travel to college and back?
You must bear in mind that owning a vehicle means an added burden on petrol and maintenance. Traveling by public transport or probably pooling in with a friend will help you achieve huge savings.
Use credit cards sparingly
A lot of students end up getting entangled in huge debts because of not using credit cards properly. Credit cards are a great way to shop and purchase without actually using real money.
To make sure you don’t misuse it, avoid using a card for everything you buy and bring actual money. This will help you keep in check of how much you’re actually spending.
Get a job
Get a part-time job that does not take much of your time and also pays you handsomely. Part-time job ensures that your studies are not hampered and you also get some extra supplementary cash.
Be creative in getting a job. If you are good at writing, use your skills and provide writing services to other students at a competitive rate. This will not only keep your writing skills in shape but also help you earn extra dough by genuinely helping out others.
Soon, by word of mouth, you’ll have more assignments which means more cash inflow!
In order to put all the above points into practice, you need to be motivated. Prepare yourself to be mentally tough to achieve financial freedom. Always remember that there are no rewards without any sacrifice.
Always remember that no war cannot be won without planning and executing the right fighting techniques. Similarly, you will be unable to enjoy financial freedom unless you do not plan and execute these money management tips for students.