How To Survive On A College Budget

College is expensive and everyone knows that. Yes! Everyone knows that college can be expensive and the cost is increasing every year. Between paying for tuition, parking, textbooks, extra fees, and everything else, you also have basic living expenses to pay for as well. How To Survive On A College Budget

These costs can add up, so it is important to learn to survive on a college budget. Below are a few tips to help you survive on a college budget.

Don’t worry, though, surviving on a college budget is possible. Learning How To Save Money In College is possible!

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Heading away to college or university for the first time is a rite of passage for many young people.

Every day, you get to explore a whole new city. Meet interesting new people and gain exposure to new ways of thinking; this newfound sense of independence can be extremely liberating.

However, it also means that you become responsible for a whole lot else, too. Chief of which is the art of financial management.

As various loans and grants start to flood in. Many students suddenly find themselves with the kind of spending power that they’ve never experienced before and, as a result, they do what they want.

It’s important to maintain control. Therefore, and learn to balance your lifestyle costs without stretching beyond your means. How To Survive On A College Budget

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Sorting your finances and establishing a student budget is an essential part of this process. So we’ve put together a few tips to help you out.

The excitement of starting college can hardly be compared to anything else for the students at that time.

For some it means no more high school. For others it’s about more freedom yet for some others it is all about going to a new city and meeting new people.

College life is one of the most exciting period of one’s life. You look forward to the life in high school. When you are living it you are at the cloud nine and when you are graduating all you want is to live it once more.

There is a lot that you learn while at college and it’s not just about academics but also many life lessons.

One such being money management. Most college students are living off a shoe-string budget but yet they manage to make the best of both worlds.

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But for those of you who are still struggling with managing your finances in college here are some tips to help you survive on that frugal budget of yours.

Effective money management is an essential life skill and one that you start understanding more as a college student.

When you head off to college you earn more responsibilities like living on your own, feeding yourself, and keeping an eye on your finances.

Whether you get a job while on campus or your family is helping you out financially. You have a source of income that will help you get by and you’ll need to know how to allocate adequately.

Learning to live on a college budget is a process that takes some thought and practice so it’s okay if you don’t get it right away.

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Struggling to manage things with a tight budget in college? Here are some tips that you can help you reduce your monetary woes. This is how to save money at college or university

How To Survive On A College Budget

1. Eat Out Less: How To Survive On A College Budget

It is quite common for students to start eating out often once they start college. Although it is convenient to save time, eating out often can add up.

This does not mean you should not eat out, but try to cook your own meals a few times a week in order to save money.

If you choose to still eat out, take advantage of happy hours or other times when food can be cheaper, such as lunch time.

2. Learn to Cook

You may not realize it but eating out several times a day or throughout the week can burn a hole in your pocket faster than anything else.

We understand that you probably have a lot on your plate and grabbing something quick to eat can be easy but this is a habit you can work on to break.

Eating out once in a while doesn’t hurt but it can be far cheaper to prepare your meals at home. Figuring out how to make meals you enjoy at home can be healthier and fun as well as a skill you can use for the rest of your life.

There are countless sites that can provide you with quick and easy recipes that will help save you a few extra dollars.

One of the easiest ways to burn through cash without realizing it is by eating out every day, something that many students are guilty of.

We’re not talking about three-course meals in the evening. Either, but about simply buying lunch at the nearest café or fast food restaurant in between classes.

The occasional snack from the campus canteen is fine, of course, but you don’t want to be spending all your money on food.

It’s far cheaper, therefore, to cook your own meals in the evening, as well as prepare your lunches in advance. It’s also far healthier, too, which will benefit your brain as well as your body.

3. Start Saving Early: How To Survive On A College Budget

As tempting as it may be to exchange your newfound wealth for nonessential clothing. Copious amounts of alcohol and various other assorted gadgetry, putting a small amount to the side at the start of the month is a hugely sensible idea.

Not only is it an essential ‘adulting’ skill that forms the basis of future financial security and independence. But it also has the short-term benefit of ensuring that you will never run out of money come the end of the month.

It’s easier than you think, too; even if it means putting all your coins in a piggy bank in the corner of your dorm, it’s still a start.

4. Plan Your Budget

It’s impossible to effectively manage your finances if you have no idea what state they are in. Therefore, it’s vital to create and maintain a weekly or monthly budget plan.

There are numerous online resources and software tools that can help with this, as well as several approaches you can adopt.

You can decide to restrict yourself to a maximum spend of $15 or £10 a day, for instance, or commit certain amounts to different needs, such as grocery shopping, transport costs and nights out.

Be disciplined, though. Budget plans only work when you stick to them, and if you do stray, you need to account for it.

An impulsive clothes purchase or an unplanned night out is not the end of the world, after all, but it might mean walking to campus or living off noodles instead to balance things out.

5. Create a Reasonable Budget: How To Survive On A College Budget

The first step towards managing your finances in college is making a reasonable budget. It is the key to surviving on a tight budget.

If you are thinking that your friend is quite good at managing his finances and you’d just follow in his footsteps then hold that thought right there.

Remember that every individual is their own person. Each of you has a different set of priorities and requirements. What works out for your friend may not necessarily work for you.

Create your own budget surely take tips and advice from those around you but draft out your own personalized budget.

First, budget the fixed expenses such as  that of house rent, monthly bills and other utilities. Determine an amount of saving from  the remaining amount.

Then use the leftover money to make the budget of other things such as that of food, clothes, groceries etc. Re-evaluate your budget on regular basis to ensure that it is suitable of your needs.

6. Avoid Unnecessary Expenses

It may sound like common sense, but if you’re smoking 20 cigarettes a day or living in your own flat. Your financial situation is going to be a lot more difficult than it needs to be.

Of course, while some expenses are unavoidable, many can be negated. Every time you spend money, ask yourself if you are paying more than you need to.

In most cases, the solution is obvious – quit smoking and get a roommate, for instance – but sometimes you need to pay attention to the little details.

As an example, combining your costs with others can often help. Such as sharing laundry loads or chipping in with your housemates for one shared Netflix account.

7. Review Your Spending: How To Survive On A College Budget

One of the best ways to stay within your budget (see Tip 3) is to review your spending at the end of each month, either through the collection of receipts or through your online banking system.

This will allow you to see where exactly your money is going and if you’re adhering to the boundaries you’ve set yourself.

It also allows you to tweak things if you find you’ve over- or under-budgeted for a particular cost.

Having all this information on an Excel or Google sheet means that you can analyze your outlays and even restructure your budget to better reflect your spending habits.

It might sound a bit intense, but your bank balance will definitely reap the benefits.

8. Live at Home

No matter what stage of life you are at, your biggest monthly outgoing is always likely to be your living arrangements. So it makes sense that staying at home will save you a large chunk of money.

Indeed, many students who live close to their chosen universities pursue this option.

Being a home bird doesn’t need to signal the end of your social life, either, nor does it mean that you’re missing out on the complete student experience.

In fact, if you prefer the quieter life, it can actually be preferable. Besides, you can always stay at a friend’s place on campus when it’s time to party.

Living on a budget can be restricting – especially as a student – but as you can see.

With some due care and attention to your financial outgoings, you don’t need to compromise on having a fun and successful time at university.

In fact, planning your finances in advance makes it easier to tackle any issues that may arise along the way. Minimizing unnecessary stress levels and allowing you to be thoroughly prepared to take action.

9. Have a Roommate : How To Survive On A College Budget

No matter how hard it might be to accept the idea of having roommates, of having to share your own personal heaven with others and sometimes even watch  them turn it into a mess you gotta do it.

Roommates can come in quite handy while living on a budget. First of all, the burden of the rent reduces considerably.

And secondly, you have company.

Okay, that doesn’t sound quite as exciting as the first one but how about this one if you find a good roommate one that shares your interests and dislikes you could easily end up becoming close friends.

And close friends means sharing. Whatever is yours is mine and whatever is mine is yours. Suddenly, the clothes in your wardrobe and possibly more options for food.

Having a roommate can be beneficial as it means you pay less in utilities and rent.

If you live on your own or plan to live on your own, consider renting your apartment with a roommate to help lower the costs of rent and utilities.

When looking for a roommate, it is important that you find someone with whom you are comfortable as you will be sharing living space.

10. Pay Your Own Way: How To Survive On A College Budget

Although balancing a job with full-time study can be demanding, it can be rewarding, too – and not just in the financial sense.

It gives you something tenable to put on your CV. As well as helps you develop various skills and attributes that will serve you well when you graduate.

In the short term, though, it’s all about the money. Having that extra cash in your pocket at the end of each month can help you tackle your extra expenses or even just live life a little more comfortably.

11. Learn to Use Credit Cards Properly

It is quite common for students to utilize their credit card often throughout college.

It is important to learn how to use credit cards properly as many college students rely on their credit card, often creating debt that can be hard to get out of.

Learning proper credit card management is important to prevent yourself from getting into debt that you cannot manage.

It is best to avoid paying for expenses with credit cards whenever possible and instead use your debit card when you can.

If you find you need to use a credit card, only use it for expenses that you will be able to pay off in full.

12. Utilize Your Student ID: How To Survive On A College Budget

Did you know your student ID can be used beyond your college campus? Many companies offer student discounts and you can save money by simply providing your student ID.

Before you buy anything, check if the company offers a student discount. Your student ID can be used at restaurants, movie theaters, clothing stores, and much more.

13. Learn the art of Self-Control

When living on a budget one of the hardest thing to control is your own habit of impulse purchase. You look at something and you want it, no matter whether the thing is of any use to you or not.

And not just that suppose you and your friends had planned for a party but instead of saying no for it would look bad in your part you go to a bar with them.

Where you could have easily said no to booze but instead you end up wasting all your remaining money on it just to appear cool in front of your friends.

You need to learn to prioritize things when surviving on a college student’s budget. Moreover, if you can’t learn self-control now bigger and far worse challenges would trouble you later on in life.

14. Search for Discounts: How To Survive On A College Budget

Possibly the easiest way to save money as a student is to take advantage of the countless discounts that are available to you. From clothes, groceries and haircuts to cinemas, transport and restaurants.

Some benefits might be relatively trivial (such as 10% off a burger), but in many cases you can make some serious savings.

For example, a UK student rail card includes a third off all fares. While in the US there are entire college textbooks that you can claim for free.

For a full list of retailers that offer discounts, you can ask at the student’s union or search online but bear in mind that many companies don’t actively advertise their discounts.

Therefore, make sure that you always ask before you pay, as you may be pleasantly surprised.

15. Ask for Help

If you’re really struggling to stay on top of things, then you can always ask for advice.

Nearly every college and university on the planet provides dedicated student finance advisors who can talk you through your options. You won’t be the first person to seek their guidance.

Consider other possible routes, too. You could apply for another loan through a reputable company or you could even obtain a student-specific credit card. Allowing you to build your credit score while you study.

16. Travel Smarter: How To Survive On A College Budget

Ideally, you should try to live as close to your campus as possible; even if the rent is a little higher, it might still be cheaper overall because you won’t be paying transport costs.

But if this isn’t feasible, then consider ways in which you can minimize your commuting outlay.

If driving is your best option, consider a car share where you can split parking and petrol costs. Alternatively, look for student deals and offers on public transport, such as rail cards.

Depending on your arrangements, this might mean mixing and matching. Such as utilizing a Park and Ride scheme; either way, try and find that sweet spot that works best for you.

17. Distinguish Between Needs and Wants

An essential money skill that you’ll get the hang of as you do more budgeting is distinguishing between your wants and needs.

Noting this key difference in your expenses will help you determine if you have the resources to spend on the kinds of things that would be nice to have or are necessary to your current situation.

As you better understand your finances then you can figure out what expenses you can incorporate into your budget based on priority and importance.

18. Earn Some Extra Cash: How To Survive On A College Budget

If you feel that the money that your parents are sending monthly isn’t enough to cover your expenses it’s time to look for some other sources of income.

You could work part-time but that would mean that you’d have to manage a part-time job along with your studies.

Not to mention that not every boss is understanding enough of your priorities as a student and wouldn’t offer you any relaxation or extra perks.

There are some other ways to earn that extra cash one way is that you could sell things  that are of no use to your anymore such as your old books.

Or you could always take to freelancing, offer your services for a decent amount of payment.

Whether you are good at writing, dancing or playing some musical instrument sell your services to earn some extra cash.

19. Calculate Your Income

The money you bring in each month is an essential part of your monthly budget.

Whether you have a part-time job or get assistance through scholarships or loans, it’s important that you make note of this income because it is essentially how much you have available to spend.

When you know how much you make, then you will be able to set a budget for yourself.

20. Track Your Spending: How To Survive On A College Budget

Anticipating your expenses and calculating your income are vital but don’t forget to track your spending.

The most effective way to get a handle on your finances is to know exactly how you’re spending your money.

Keeping an eye on your purchases can also help you figure out where you can make cuts if you find yourself wanting to save more.

Conclusion

All this doesn’t mean that you end of up sulking and compromising things every moment of your college life.

For that would be an utter and complete waste of what could have been one of the most important phase of your life.

But it simply means that you should make the best of your life within the limits of your budget. Treat yourself, party with friends but keep in mind the budget that you have.

Money management is important not just while you are at college. Once the skill is learned it will stay with you for the rest of your life.

However, remember that it takes a lot of hard work to succeed and live a fulfilling college life on a tight budget.

But if you survive that you can survive any hardships that your professional life would bring upon you.

What budgeting tips served you well at university? Let us know in the comments below!

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