It is easy to get caught in the rush of things when you are a college student. In the midst of studying, part-time jobs, socializing and extracurricular activities that you have, it is easy to forget one of the most important things, which is keeping track of your personal finance.
Here are some tips on how you can save money as a student:
Plan Ahead
If possible, do this even before you move into your dorm room. Planning is the most important part of budgeting, for college students and everyone else. Here are some important points in your student budget plan.
- Check if you are eligible for scholarships and other grants before signing up for any form of student loan.
- Construct a cash flow. First, where do you expect to get money from? List your sources of income, be it from your parents, your student loan or your part-time job.
- Forecast your expected monthly or weekly expenses for food, books, etc. Once you have set aside a budget, be strict with yourself and stick to it.
Save on Food
One of the major expenses that you have as a student that you might have ignored when you were still living with your parents is food. Avoid eating at fast food outlets, as this is most likely to ruin your student budget. Pack your lunch and plan your meals as much as you can.
Use Student Discounts
Those ID’s in your wallet are not just for show. Student ID’s and memberships in different student organizations are honored in several establishments which offer discounts to students. Also, patronize a certain establishment regularly and you are bound to get bonus cards for being a loyal customer.
Stick to Cash
Since you already have a draft of the items where you will spend your money, it is easier to monitor your cash flow. Avoid using your debit card when you have cash with you. Use your credit cards or write checks only in emergencies. Having debit cards, credit cards and checks handy might lead you to overspend.
Keep Yourself Busy
Join clubs according to your field of interest. Keeping busy will let your mind wander and help you stay away from things that you are likely to spend money on when you get bored. Examples of these are snacks, movie tickets or game rentals.
You will be surprised at the amount of money that you will actually save by spending less on luxury items, following your student budget plan and saving for financial emergencies that you are most likely to get as a college student.
Conclusions
Personal finance budgeting is even more important for college students. This is due to both them being new to budgeting, and the more restricted income. Budgeting for college students starts from the student budget plan, which should be made as soon as possible, when the studies begin.
This is true for those who have to figure out a way to pay their own way through college.
For me, my parents paid my way through college so it was a free ride but I was too spoiled to realize it by the time I dropped out. When I finally went back to college years later using tuition reimbursement from my employer, I began to appreciate the value of budgeting for college.
I would say this much, for those who’s parents are giving you a free ride through college, take a moment to look at your college bill and see if you can figure out how to pay for it on your own. It is an eye opener.
Left by Mark @ TheLocoMono on January 28th, 2008