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Getting into college or the university isn’t as awesome as you’re probably thinking. You get frequent assignments, endless streams of exams and tons of facts and dates with definition to exchange. All of this in exchange for your independence and freedom.
Want to know the worst part?
College or University isn’t that great when it comes to expenses. You will quickly discover that you are broke and stressed out if you don’t know how to set a budget and stick with it. Being broke or in student debt can make studying or focusing on your studies a whole lot harder.
I always recommend students to go for money debt management tips. That is why we have taken our time to write about them, check out these best money manager expense & budget tips you can make use of as a student:
Best Money Manager Expense & Budget Tips
- Set a budget
You will agree with me that college years are very hard on your finances. You probably have limited resources (with limited time); you will need to survive on what you currently have. Now, to make maximum use of your current cash, you have to:
- Plan and select the funds (incoming and outgoing)
- Write down a to-do list that contains a list of expenses that are primary (very necessary) and the ones are secondary (you can postpone).
It is not going to be easy to follow, trust me but you have to be determined and consistent with your expense chart. After this, you must then diligently follow it so that you can be in more control of your cash and track your money.
- Start saving
Saving is of high importance in achieving a debt free life. College expenses can be quite burdensome but that doesn’t mean you shouldn’t save.
Ensure you save a part of your monthly budget. It will help create self-discipline which wil come in handy when doing your future financial planning.
If you discover that saving has gone from hard to almost impossible, you can automate it. There are banks that can help you achieve your target.
- Share an accommodation
Living in a paid apartment as a college or university students can cost you a lot more than you know. Alternatively, you can get a roommate with which you share the bills or you can search for shared accommodation in your school hostel or outside. You can also ask your department mates or join outside communities to discover similar individuals willing to share an accommodation and move in with them or them moving in with you.
This single move will cut down your expense a lot. You can then put the extra cash into your savings account or use it for some other important expense.
- Utilize college facilities
Your tuition fee is expensive; why should you not use its facilities expressly? Make sure that you use it’s free facilities. For instance, rather than buy textbooks outside campus (which costs more), first look in your school’s library and once you find it (borrow your required books). If you are shy or don’t like to be around a lot of people, you can also download e-books online for that purpose.
Many colleges and universities have nice fitness centers for their students, too. If you are someone who likes to look good or healthy, you might try out one in your school. This helps you save cash as you won’t have to spend lots of bucks on gym memberships. This is another best money manager expense & budget tips for college and university students.
- Learn to cook
Cooking is healthy and can save you from spending unnecessary money. Why spend so much for a cup of coffee when you can quickly make some in your room? Why eat expensive in a restaurant when you can easily cook your own meal?
Don’t know how to cook? You should learn it from friends or take up a few courses online. Watching tutorials on youtube can also help get you started.
Making your own meal will save you a lot of money. It’s also offers you the chance to learn something new, be smart, be creative, and eat healthily.
You can also draw out food plan (time-table) to help you get started. It also motivates you to save your
- Curb travel expenses
Ask yourself this:
Do I really need a car or bike to travel to college or university and back?
It is important for you to understand that owning a vehicle means an added burden on petrol, gas and maintenance. You need to try traveling by public transport or going in a friend’s car will help you achieve huge savings.
Enjoying this best money manager expense & budget tips? Read on….
- Use credit cards sparingly
I was guilty of this until I decided it was high time to stop. A good number of students often end up getting entangled in huge student’s debts because they did not use their credit cards properly. Credit cards were designed to help you purchase and shop without needing to use real money.
To avoid abusing it, avoid using the card for everything you buy by bringing real money. This will help you keep an eye on the total amount of cash you spend on a daily, weekly and monthly basis.
- Get a job
Getting a part-time job comes really handy in helping you get financial freedom. It is even better if the job does not take a big cut of your time and still pays you handsomely. Taking up a part-time job guarantees that your studies are not in any way disturbed and you also get some extra supplementary cash through your second source of income.
You should be very creative in getting a job. If you are someone who is really good at writing, use your skills by providing quality writing services to other students at an affordable rate (competitive rate gets you sales quicker). This will help to keep your writing skills in good condition and also help you earn some extra green when you help others with their works.
Soon, by word of mouth, you’ll have more assignments which mean more cash inflow!
To successfully put to good practice all that has been discussed above, you will need Motivation. So prepare your mind to be mentally strong to achieve financial freedom. Always remember that “No pain no gain”. Similarly, you cannot enjoy financial freedom unless you effectively plan and execute these best money manager expense & budget tips for students.