Sunday, May 22, 2022

How to Manage a College Budget

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Leaving for campus or college is one of the most exhilarating experience for any youngster. It spells out freedom, new and fun, and independence, a different world from parents’ authority. But of course, no coin is one-sided, with freedom responsibilities always tag along; it is inevitable. One of the main challenges for a college student, especially one who is straight from the parent’s or guardian’s care, manages their finances. Every student must learn how to manage their budget and live within their means. Poor financial management may lead to dire consequences, including bad debt and engaging in various illegal activities. Here are a few tips on how to create your budget work for you.


1. Many are the time that the pocket-money is barely enough to see a student through an entire semester. Of course, most of the time, when drafting the budget with the parent, it is enough for a full semester with even some small surplus. But a little parting here and there, two or three designer shoes and the money mysteriously disappeared. Discipline is key. Make a realistic budget at the start of the semester and stick to it.

2. Several companies have introduced student discount cards. For only $20, students get to enjoy amazing discounts for some of the essential commodities. And of course, for a student, a nice flashy phone and tickets to major events fall in the category of necessities.

3. Eating food in restaurants or cafes often may be quite expensive for a student. Most dorms have common cooking areas, and hence, one need not have sleepless nights worrying about gas and electricity bills. Cooking not only helps saves a big chunk of money, but it’s also healthier.

4. Most students hardly take time to go through their fees structure. It may come as a shocker, but some of the things they pay for privately are adequately taken care of in the school fees. It includes things like medical bills, trips, entertainment events, among others. It is always necessary to be on time with campus events and take full advantage instead of paying for the same services elsewhere.

5. Students have loads of stuff that they don’t necessarily need. These include learning materials, clothing, jewelry, electronics. The list is endless. Well, some claim that some of these things have some sentimental value. Several platforms, mainly online, help students sell the things that they don’t need. There is also the option of renting learning materials with sites such as Half.com and chegg.com offering this service.

One of the most fun and extraordinary periods of one’s life is campus life. Don’t make yours a nightmare by burdening yourself with the unnecessarily financial burden. You can be pretty sure the economic pressure will keep you on your toes at that time.


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