Your college years are some
of the most exciting you’re likely to have, but they can also be filled with stress, worry, and heartache. You’ve
got endless lectures to sit through, midnight oil to burn to try to meet your deadlines, and the problem
of trying to make your money stretch further. While there is an endless number of courses to take
covering subjects from archaeology and anthropology to philosophy and theology,
not one of them is going to teach you how to make your student loan go further.
Lucky for you we’re about to share some of the secrets. With one less worry,
you’ll be able to enjoy college life a little better.
Create a Budget and Stick to It
One of the most important
things for anyone to do if they want to manage their money better is to create a budget. Without one, there’s no order to your spending habits, and you just spend whatever you want on anything that
takes your fancy. Very few people have a big enough income to live their life
this way.
The first step is to make a
list of the most important expenses such
as your rent, phone, utilities, and savings. What money you’ve got left can then
be portioned out to cover variables such as food, gas, clothes, and
entertainment. Don’t worry if you’ve not got much left for these as you’re
going to be re-evaluating your expenditure every month and you might be able to
make some changes.
Keep Yourself Informed
As a student, your
coursework is very important but try to
find the time to keep abreast of financial and investing news. You might not
have very much money to invest right now,
but if you do find some, your knowledge
is going to help you avoid making poor financial decisions. While thinking
about the future might be very hard, you owe it to yourself to start making plans and spending your money wisely.
Find Some Mates to Share with or Study Online
Moving out of mom and dad’s
comfortable all-inclusive hotel can be very hard, but it’s possible to soften
the blow and expense of living away from home by taking in some roommates. You
could save hundreds of dollars in rent if a couple more people are sharing the
cost. Yes, there are some inevitable downsides such as loss of privacy and
someone raiding the fridge and sneaking all your snacks. However, there are
roommates out there who will make brilliant companions. It’s not always
possible to choose your roommates but if you can try to find someone that
compliments your personality and shares similar living habits.
Another alternative is to
study online. An increasing number of young people are choosing to study from the comfort of their own home, and
this can be a considerable saving. The range of courses is vast, and you don’t
have to worry about the cost of travel or accommodation. Study for a masters in electrical engineering online, for example, and you’re free to study anywhere you
want.
Don’t Feel Pressured to Buy New
Resist the urge to buy new when you need books, clothing, and
other household items. Thanks to technology there’s a world of secondhand items
waiting for you to buy. Thanks to sites such as Freecycle and Craigslist
you can also swap, borrow and sell anything you want. Secondhand clothing
stores, in particular, have become very popular and it’s possible to pick up
some very cool items to add to your closet.
Get Yourself a Side Hustle
There are plenty of things
you can do if you want to bring in some extra cash. You might think you haven’t
got enough time, or you don’t know where to start, but both of these are just
excuses. You’re not sitting in lecture halls every minute of the day, and if
you’re smart with your homework, you’ve got plenty of time in the evenings to
earn some extra money.
Think about some of the
things you’re good at, and you’ll be able to find someone willing to pay. You
might be a brilliant cook so why not offer your cooking skills at a price? Have
you got green fingers? Maybe you could help a resident with their garden. You
could start a blog or a website, become a freelance writer, do online design
work, fill out online surveys, participate in market research, or walk people’s
dogs. These are just a small selection of the many real and honest ways you can make money in college.
Practice Self-Control
This is possibly one of the most difficult lessons you’ll need to learn if you want to manage your
money. It is, however, one of the most important and will stand you in good
stead for the future. Learning how to exercise self-control when you’re faced
with the choice of going out for the evening with your mates and sitting at the
bar drinking or staying in with your textbooks and a cheese sandwich. If you
want to get anywhere in life, there are times when you’re going to have to make
sacrifices. Get a handle on this now, and you’ll be able to deal with far
bigger temptations in the future.
Having self-control doesn’t
mean you don’t get to treat yourself every now and again. It just means you have to do it in moderation.
Budgeting your time and money correctly
is going to help you choose the right time to spoil yourself. If you haven’t
got the willpower to stick to your budget, you’ll always struggle to succeed.
Think of your time in
college as a lesson in life, and you’ll be better equipped when you enter the
real world. Learning how to succeed at college on a tight budget isn’t easy. It
takes a lot of hard work, and you’re going to have to make sacrifices. Now you
know some of the tricks to make it work you’re on the right road to a brighter
future.
