Unless you have a huge trust fund from your parents, you’re pretty much on your own when you start college and leave your home to the great unknown. But it doesn’t have to be the ‘unknown’. Students can actively plan how they decide to spend their money to ensure it is smooth sailing after college and during college. While it is important to enjoy university life to the fullest; it could also be done by being smart about how you spend the limited funds you have.
Roomies for a Reason
After the first year, if you’re moving out with a roommate to a different place, it makes perfect sense to always share all your expenses with your roommates. Having an understanding that works out well for all parties involved is also an option. For example, if one person gets the groceries for a week, the other can replenish the stocks next week. Water, electricity, internet bills, and laundry can always be shared equally. When buying appliances that might put a dent in your pocket, it is always best to share with your roommates.
Buying Expensive Items
Buying a laptop, TV, or anything else that requires you to spend a lot of money can always be bought through a lay-buy. It not only helps you spend money when you can, but it also ensures that you don’t bust all your money in one go. As you get your weekly allowance/weekly salary, you can pay off these items. You can even stretch your budget to buying non-essential trendy items through this method as you will be paying across a period of time, and your wallet won’t feel it as much.
Say Yes to Campus Meals
Eating out is one of the most common ways college students waste their money. If you simply signup for the campus meal plans, you have the ability to save money and also have prepared meals where you don’t have to cook for yourself! It is a lot cheaper than cooking your own food and most definitely cheaper than eating out. You can always save up by identifying your meal patterns; if you like preparing your own dinner, or skipping breakfast you can opt-in to have only one or two meals at campus and save money there!
Don’t cave into the trends
Owning the coolest gadgets while you’re in college. The ability to host parties will probably slightly change your college experience positively. But having to manage your funds later in life will surely be a hassle. Ensuring which items are essential, and spending only on the most needed. Essential items during college will help you save a lot of money. Living below your means is the best way to ensure that you have a comfortable margin to fall back on if things get rough, and if you have to incur any unexpected expenses.
.Be practical and well-prepared Utilize the skills you have acquired from your high school years to prepare for university life. Take advantage of your knowledge and make sure to use it effectively in the most appropriate situation so that it will be useful later on. Some examples of skills include being able to work independently, being organized, learning how to manage stress, and planning ahead. Examples of attributes include being dependable, hardworking, and a people person.
Life in university has to be memorable and fun. Being responsible, careful, and level-headed will be during this period. You will also help you get through tough financial situations easily in the future as an adult.