If you’re a college student, you’ll know that finances can be tight. There are so many things to spend your money on, whether it’s food, rent or travel. You’ll be seeking helpful recommendations for books and computer equipment – in fact, the list goes on. As a result, it can be hard to keep track of your spending and make sure that you’re staying within your budget. In this article, we’ll provide some helpful tips on how to wisely manage your money while in college.
Create A Budget And Stick To It
Figure out how much money you have coming in each month and how much you need to cover your expenses. Be sure to include everything, from rent and groceries to transportation and utilities. You may wish to get on your computer and use an Excel spreadsheet for this purpose.
Once you’ve created a budget, be sure to stay within it. This may take some effort at first (and it may be sacrificial) but it will be worth it. Regularly track your outgoings so that you have a handle on your monthly finances. If you stick to your budget, you’ll find that you’ll have more money left over at the end of each month. You may even be able to put some surplus aside for savings or to cover any unexpected expenses.
Be Wise Over Travel Costs
Walk or cycle wherever possible – you’ll save on transportation costs, benefit the environment and get some exercise at the same time. If traveling is unavoidable, see if there are ways to car-share with friends. Splitting the cost of fuel and parking can save you a lot of money in the long run.
If you need to travel by train, explore the various options before you buy your ticket. There are many different types available, including one-way or return tickets, and student travelcards. Some websites allow you to buy a split ticket that could save you up to 90% of your fees. These sites explain why they cost less, whether you need to change trains and whether you can reserve seats or use your National Railcard.
Be Sensible With Food
This will be one of your biggest expenses, so only buy what you know you’ll eat. Meal planning can help with this: take some time at the beginning of the week to plan out your meals and make a grocery list accordingly. This way, you won’t end up overspending on food that ends up going to waste. It’s also worth making larger meals (e.g. curry, bolognese, stew, chili con carne) and freezing the leftovers for use another day. You can buy the ingredients for these in bulk, which should bring down the prices for you.
Another tip is to cook at home as often as possible instead of eating out. Not only will this save you money, but it’ll also be healthier for you. If cooking meals from scratch seems too daunting, try looking for recipes that are simple and quick to make. There are lots of cookery books you can get that are specifically designed for students. Something else you should do is pack your lunches at home rather than buying something once you’re at college (which will be more expensive). Rather than paying for drinks at a pub with your friends, buy them from a local grocery store and invite people to your flat instead.
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Sell What You Don’t Need
Now we’re going to discuss raising some extra money to help you with your finances. Anyone can sell their unused and unwanted stuff online for cash, whether it’s clothes, electronics, hobby equipment, or more. eBay is one of the most popular places to sell your items, and you can easily do it from your mobile phone (using a downloadable app).
You just need to list the product with its condition, write a short description about it and upload a picture of your item. eBay lets you set up shipping or allow local pick-up for people in your area. Once someone buys something from you, eBay will guide you through every step so the whole process is as painless as possible. Be sure to deliver what you promise and make sure the items are in good condition. Customers are able to submit reviews, so it’s vital they have a good experience if you want to sell more in the future.
Get A Part-Time Job
Working part-time is a great way to earn some extra cash while acquiring valuable work experience. It helps teach young adults how to manage their money and live within their means. Working part-time can give students the opportunity for learning and develop skills that will enhance their future job prospects after graduation from their colleges or universities. Many students check out jobs in retail (e.g. part-time cashiers, shelf stacking) or the hospitality industry (waiters, waitresses, bar staff).
On the downside, there are also a few things to keep in mind when taking on a part-time job:
- Be sure to balance school work and your part-time job, as it can be easy to get overwhelmed
- Make sure you are aware of any company policies that may conflict with your academic goals
- Consider the time commitment involved before accepting a position
If you don’t think you could manage part-time work alongside your course, consider getting work during the college holidays.
Grants And Scholarships
This is a major area you should explore before you pay out for accommodation and tuition fees at a college or university. There may be government grants available that can be repaid later on (once you’ve secured a job with a sufficiently high salary). Some institutions provide scholarships for students with outstanding abilities, or who have financial constraints.
Hopefully, these tips have helped you see the many different ways you can budget whilst at college. By putting them into practice, you’ll be able to stay afloat financially throughout your course. In turn, you can focus on your learning and all the opportunities that this will bring you.