Tips To Manage Your Student Budget

College means living independently for the very first time, becoming responsible and living on your own. However, being a student also means assuming responsibility for managing your expenses – welcome to real life.

College is an expensive affair – students will agree with me on this. Surviving with rent and fees may be overwhelming. Still, with a little planning and a realistic approach, you might make ends meet and still have a social life. Follow the next tips for drawing a workable budget plan.

·         Create a budget

The first step is to put pen to paper and write down every monthly expense, namely rent, library charges, food, laundry, personal care items and books. Additionally, write down your income sources – parental allowance, wages, savings, scholarships, etcetera. Knowing how much money comes in and out is eye-opening. You might realize you’re exceeding the expense limit in some areas. Also, tracking your expenses for a month’s time will aid you to create a sensitive budget.

·         Separate needs from wants

Is 30$ a week for coffee really a necessity or a pampering? Should you be spending $150 on dining out? Tracking your expenses will help you to separate needs from wants. For instance, smoking doesn’t account for a need, does it? Not only that it is detrimental to your health, but it might also leave you bankrupt. Really. Also, try sharing the TV license with your roommates; it will work out best for all of you.

·         Shop smart

It’s a truth universally acknowledged textbooks are really expensive, leaving a deep hole in your pocket. However, by developing some practices, such as smart shopping, you might manage to diminish your expenses. Browse for used books instead, or the online version which is usually more cost effective. Additionally, when you’re in need of professional assistance for your papers, look for a cheap research paper writing service– browse around and you’ll get the best deal.

·         Learn to cook

After tracking your expenses, probably you’ll realize that a lot of your income goes on food. Of course, you need to eat; no one contradicts that. However, dining out is really expensive, and developing this habit in college, when you’re a tight budget will leave you penniless.

There’s a solution to this scenario. You need to learn how to cook. This doesn’t mean that you should become the next gourmet chef on campus, but you should learn the basics, such as making an omelet, pasta, fries, or preparing sandwiches, so on and so forth. There are plenty of healthy, easy to make recipes out there. Not to mention that cooking at home is also good for your health. So it’s a win-win situation.

·         Take a job

Most undergraduates take on a job in order to maximize their income. It might help to look for a job that provides you with flexibility, and isn’t too demanding. It’s important to realize that your priority isn’t the job, but doing your best in classes. Experts advise students to opt for less than 15 hours of work per week. You can work full time on holidays, of course.