Managing your money at university
Everybody knows that student life is synonymous with financial hardship, especially if you don’t have your parents helping you out. Getting your finances straight before you leave, and organising how you will manage for the duration of your studies is extremely important. These top tips will ensure you can afford to study and to enjoy student life on a budget.
Budgeting for university is extremely important and can be made easier through the use of a budgeting tool. Forbes cites 7 Budgeting Tools to Better Manage Your Money which can assist with keeping tabs on spending and saving throughout university life. However, you will need to budget before you set off for college, so be sure to note all expenses meticulously and allow for any emergencies.
Tuition fees are expensive, which is why, if you don’t have the Bank of Mom and Dad to lean on, you should research alternative funding ideas. USAScholarships.com is a useful resource, presenting a List of USA Scholarships open to students in various fields of study.
Sharing is caring – and saving!
Pooling resources is a fantastic way for students to save money, this can be sharing accommodation, food, and even transport. Share the weekly shop and cook meals that can be shared among housemates thus costing much less than individually prepared meals. If you need to attend field trips or to travel into university, car pool and share the price of gas.
Buy pre-owned books
Literature for any course can be expensive, so why not save a heap of money but buying second-hand books? Students rarely keep their books after study and will be all too keen to earn a little extra cash by selling them. The website Debut features a helpful article regarding the best sites to visit for cheap second hand university books. This will also come in useful when you have finished your course and want to sell your no longer needed books.
Save space and money by purchasing a kindle and downloading university literature for much less than hardcopy books. Not all books needed may be available digitally and it will depend on your course of study, but with a little research you should be able to find out. Using online resources can be massively beneficial and is accessible anywhere, which is why it appeals to so many students across the globe.
Get a job
The most obvious way to build your finances is to get a part-time job. This needs to be carefully planned as to not interfere with your studies. The thought of working while your friends are out partying may be putting you off the idea, but you may also have little choice if you are strapped for cash. The work experience will also be useful for your resume and will show future employers that you are versatile and determined enough to be able to work and study simultaneously.
With some planning and careful budgeting, university can be an achievable goal, even for those with minimal finances.
How do you manage your finances at university? If you have any good tips then share them below.