College students survive on a budget and it becomes difficult to manage that with so many expenses. From buying books to notes, eating out at the canteenand roaming around the city, managing everything while studying at university is not an easy task. However, if students try to keep a track of their spending and keep it under control, they can easily stretch that pocket money rather than finding themselves in a cycle of debt. Remember that, the key to financial success is saving money and being aware how you are spending it. Here are a number of ways that can help you save some bucks while at the university.
Keep a track of your expenses – Save yourself from overspending by keeping a track of your finances. Create a spreadsheet or maintain a diary and add your daily expenses to major costs including scholarships, student loans, or income from any part-time job. Note down your regular expenses such as monthly rent, mess fee, mobile plans, or other basic finances. Download any expense tracker app to know how much you are left with after spending on important things. Keep a check on your account balance using mobile or internet banking app.
Buy second-hand course books – Make sure to sell your last semester’s textbooks and purchase second-hand books, as buying new course books can be expensive. Borrow reading texts or books from the library whenever you need them. Spend your money on the most important books and look for cheap second-hand version online or through your seniors. Once the semester ends, sell them to regain some of the costs.
Limit on eating out and shopping – As exciting as it sounds to eat out every weekend, it leaves a big hole in your pocket. Try sticking to college mess or maybe some local cheap eateries located within the campus. Too much of eating outcan have adverse effects onyour health. Avoid shopping brand items and buy generic clothes, shoes or anything whenever possible.
Take advantage of student discounts – Many food outlets and shops in the campus offer attractive student discounts and sell items at subsidized prices. Shop at places where you get a good discount on essential items. There are multiple places outside the campus that offer a discount to students with a valid school ID.
Save on transport – Universities usually offers excellent bus services and transport links for students staying out of the college campus. If you take a train or bus every weekend to meet your family or friends, make sure to buy a monthly pass to get off on rail/bus fares. As a student, you do need a car to commute. Save on fuel and travel by local bus or train to get around town.
Avoid shopping when you are hungry– You will end up spending more than you need if you go shopping on an empty stomach. You will purchase a lot of stuff before you get a chance to use it and then you might throw away that and waste a lot of money. Go for shopping once or twice in a month and stock up what you need and avoid impulse shopping.