Student life brings with it costs that can not be avoided. However, he has many tips and advice to make the financial situation more pleasant and easier to manage.
There are also many factors that will determine the cost of your studies: the choice of university, the books you will need to buy, housing, transport, etc. All of this, of course, adds to the cost of a healthy student life: outings, trips, activities, etc. Although it may seem difficult to manage, do not worry. Developing a structured budget could help you organize your spending well and spend the money wisely. A good budget will allow you, in short, to have a rich student life both academically and socially.
Budgeting should be one of your priorities before the beginning of each academic year. It will not be nice, but it will guide you throughout the year to remain responsible and to enjoy a healthy student life.
- Make a written budget: Write a list of all possible expenses you may have. Include food, entertainment and, if you live outside your home, the cost of the return trip. When you go to see the list of expenses, you’ll be a little scared at first. But, believe it, it’s better to be surprised now than when that happens.
- Identify your financial habits: Everyone manages their money differently. Be honest with yourself and try to identify your personality type. If you prefer public transportation to get to school, then plan a little more money for the “transportation” category. If, on the contrary, you like outings with friends, give a larger sum to the “amusements” category.
- Add it all up: Once the list is fine, add up the expenses and compare them to your income, savings and student loans.
- Review It : It’s important to make sure your expenses do not exceed your income. If this is the case, then review your priorities and find out where it is possible to make cuts. By making the decision beforehand, this will allow you to be safe, psychological and financial throughout the year.
Being organized is a quality that will be useful to you not only during your studies, but in your life in general.
- Keep an eye on your budget: If you have a budget, do not forget to follow it. Having a budget is a good thing, but if you are not overseeing your expenses and going beyond your limits, then the budget is not going to help. Keep your receipts and write down all your expenses.
- Organize your business well: In order to stay organized, buy a binder in which you will insert all invoices and receipts. Also, if you benefit from financial aid or student loans, it is important to organize the papers so as not to get lost. Separate your binder into different categories: receipts, official papers, etc. So you will not be lost when you need it.
- Have a bank account (check and savings): It is important to have a bank account. Even more important is having a checking account and a savings account. This way, you will be able to see what your expenses are and what your savings are. Also, this would allow you to keep your money in your savings account and transfer only the amount of money you need at the beginning of each month. This will save you from spending all of a sudden.
- Anticipate the unpredictable: Your budget may already be tight enough. On the other hand, it is always advisable to put some money aside for an emergency or an unforeseen event. You never know when your car may need repairs or, if ever, a travel opportunity at a cheap price is offered to you.
Earn money and spend it wisely
Studies must be your number one priority. However, having a part-time job to pay for your books and outings is always an asset. In addition, it is never bad to have some extra money.
- Find a job: Studies will take a lot of your time. On the other hand, a part-time job, even a few hours a week, could make your financial situation easier. Many students are forced to work throughout the year in order to pay their tuition fees. Take inspiration from them and try to insert a few hours of work into your schedule.
- Avoid the university bookstore: Try to find alternatives to your university bookstore. Go for websites or look for someone who sells his old books. Ask friends if they know someone who has already taken the same course in the past. Finally, buy your office items (pen, pencil, etc.) in stores offering discounts. Quite often, the prices in your university bookstore are doubled.
- Avoid the car: If you do not need a car at school, do not take it. A car is a big expense even if you rarely use it. The parking price alone is a big expense in your budget. Opt for public transportation instead.
- Choose wisely your activities / outings: As a student, you are often exposed to a lot of activities. Make sure you make the right choices. He is very fond of spending all his money on night outings with friends. Pay attention and respect your budget.
- Take advantage of student discounts: Many places around your campus offer student discounts. It may not be a huge help, but it can do the trick. Ask the Student Help Desk at your university for a list of places that provide this type of discount. This way, you will be able to plan your outings in advance, which will save you some money.
- Scholarships: Apply for all possible scholarships. Your school must have a large list of scholarships. Why not benefit then? It does not matter whether the amount is small or big. A scholarship is a financial aid that no one should refuse.
- Desires vs. Needs: Learn to distinguish between your desires and your real needs. Being a student does not mean bathing in luxury. So, by resisting your temptations and your desires, you make sure you have a healthier and more stable financial situation in the long run.
Student life is filled with stress and there are financial responsibilities. So your money should be your priority. You do not want to worry about your financial problems during the mid-term or during the final exams. By being organized and having a budget, you avoid this kind of stress and, in fact, take another step towards success.