Basic Budgeting and Money Management Tips for College Students
If you are wondering how to manage your finances and survive the expenses of college, read these simple budgeting tips to help.
Research shows that around 70% of college students are stressed about finances.
College life is becoming more and more expensive. Students are facing many expenditures in order to attend college and complete their degrees.
First-year student money blues
The cost of living is causing stress to students, who are having to manage the costs of rent, bills, food, and lifestyle at a young age.
The cost of attending college is enormous and it continues to grow. The debt of tuition fees proves worrying for students. Books, supplies, and learning materials can also be significant expenditures.
Some students make the mistake of spending unnecessarily, failing to find the best deals, and falling into debt. These mistakes can be avoided with simple money management techniques.
The benefits of budgeting and money management :-
Budgeting and money management can really help students to keep on track with finances and feel less overwhelmed by the new responsibilities. College can be a much more enjoyable experience for students who are careful and selective with spending, allowing savings to be made and money to be available for socializing and having fun as well as surviving.
Budgeting helps us to answer important questions such as:
a). What are my main expenditures?
b). In what areas can I save money?
c). Am I prepared for any unexpected costs?
Budgeting also allows us to set financial goals and keep motivated. If we have a visual track of the money we receive and earn and the money we spend, we can start to visualize how our finances could improve and the benefits that could come from that.
The goals we set can be split into short, medium, and long term goals. This helps to plan into the future and develop a sustainable financial situation.
Tips on handling your money
Budget: Keep a clear log of all income and expenditures, track savings, and be aware of the money you have and how you’re using it. Budget in all of your recurring expenses, including your Duke Energy bill, as well as all other utilities, rent, etc. Anything you pay every month.
Automate savings: Arrange for a specific amount of income to be transferred automatically into a savings account each week or month. This allows you to always have a contingency in case any unexpected costs arise. It also allows you to be more financially stable.
Check for deals: When buying food and essentials, always check for deals and cheap alternatives. Loyalty schemes can also help if you shop in the same places regularly. It is also helpful to purchase second-hand goods where possible, books and learning resources can often be bought much cheaper from students who have previously completed the same degree.
Bills: It is important to shop around when paying for utility bills. There are big savings to be made depending on the providers you choose to supply your energy.
Cheap thrills: Find hobbies and fun ways to socialize that are free or of minimal cost. Cooking at home can be a fun way to socialize and it allows huge savings as opposed to eating out regularly. You could research things to do in your local area and join in on social events to socialize and participate in the things you’re interested in for a low cost.
Make money: There are always creative ways to make money. Many students have part-time jobs while studying at college to help them to improve their financial situation. There are also flexible opportunities such as freelancing in your chosen area of work. Starting a side hustle is also popular among college students, selling your own products and services can be a great way to make money in your own spare time and on your own terms. Finding work opportunities or creating your own opportunities is also great for your resume and can help to make you stand out when applying for full-time-work.