Being in college is a wonderful feeling. You get to experience new things, meet new people, and learn about real life. But there is a drawback to going to a different state and enrolling in college. Even going to college, in general, is full of challenges, and the biggest one is balancing your money. The college tuition is already high, and there are other miscellaneous expenses like stationery, projects, side courses, and so on.
Also, you have to pay rent if you are staying as a pg somewhere, then the occasional trips and outings you have with your friends and so on. All these things take up money, and sometimes your finances are under stress.
Your college life must start on the right financial foot. It will take some serious willpower and skills, but you can do it. Also, these tips from experts on saving money during college will definitely help you.
Track your expenses and create a budget
How many of us make a list of all the things we spend money on? Not most of us right, especially when it comes to small things, like ordering food. But when you are in college and even otherwise keeping track of every expenditure is crucial. Do it for the whole month or just the week. When you do that, you will understand how much you spend specifically on small items.
Once you know where your expenditure stands, you can create a monthly budget. It will help you stay within your limit, and ensure that you save some money. For that, look at all the sources of income you have:
savings, money from parents, income for a side job, and so on. Now, fix a budget for everything-rent, stationery, school supplies, food, travel, and other leisure things like a movie, events, outings with friends, and so on. Make sure that if you are low on a budget in a month, you can cut back on your leisure activity for that month. It is better than going broke or being in debt.
Get a credit card
A credit card can be a blessing when you are low on cash. But it can backfire too if you overspend and are unable to pay the creditors on time. The interest rate will be high, and it can lead to serious debt issues. Then how can a credit card be useful? Well, keep the limit of spending low, and use it only for emergencies.
Don’t be in an illusion that just because you have a credit card, you have plenty of money. Keep track of your expenses, and you will be fine.
Work on your spending
Every one of us is addicted to something, like food or shopping or alcohol or expensive things. But when you are in college, and you have limited income, it is best to not give in to your desires. Buy what you need and not what you want. Sometimes, indulgences are good, but if you are shopping every week for shoes or clothes, then you will be in big trouble.
So, learn restraint, you can even talk to someone if you have a serious spending problem. Also, if you do have a budget for something, but no need for it, don’t waste that money on it. Instead, save it for emergencies.
Take up a side hustle
The best way to manage your money is to save it and invest it. As a college student, you cannot do a full-time job, but you can certainly take up a side hustle. Also, it will look good on your resume. So, maybe you can be a barista at your local café, or you can start your blog, work as a freelancer online, or start a YouTube channel.
Find anything that you think will help you learn a skill that is excellent for your future, and adds to your savings.
Save money on school supplies
School supplies like books and bags cost tons of money. So, cut back on them by buying old books from your seniors. You can also find used textbooks online. They serve the same purpose in less money.
Borrowing money from creditors, banks, or even from friends should be something that you have to avoid. It can lead to debt and pressure to pay it back on time, which can disrupt your life.
Be smart with your finances so that you can enjoy your college journey without worrying about how you will pay your rent or buy your school supplies.