Starting your college life is a whole new ball game. As you revel in your newly found freedom and become a part of an ever-expanding social network, it’s easy to let your budget go for a toss. Despite the thrill of living alone without parental supervision, it’s important to be mindful of your finances from early on considering the troubles students generally face repaying their loans. And it’s not just repaying debts. Knowing how to manage your finances will give you more scope to save for the rainy day.
Let’s say you are stuck with a complicated accounting problem and desperately need accounting assignment help from a professional. But you have already overspent on parties and movies! There’s no way you can hire a tutor for personalised guidance. Now, the entire scene would have been different if you had saved it. That’s why it’s important to master budgeting and expense management before real life happens.
Broke to Boss – Excellent Money-Saving Tips for College Goers
The purpose of saving money is not only to pay for assignments or buy tutoring services from a platform like MyAssignmentHelp.com to excel in your studies. It’s way bigger than that. Saving money will help you pay off your student debt faster, stay on track with bills, and secure your financial future. On that note, here are some effective ways you can save a few bucks from your college budget and avoid financial stress:
- Create a Realistic Budget
Before you start planning your budget, track your spending habits and your basic needs. Once you get the hang of your regular expenses, you will be able to assess the amount you need every week and can save accordingly. Also, divide your budget into three categories:
| Monthly Income | Fixed/ Essential Expenses | Discretionary/Optional Spending |
| Includes:ScholarshipsGrantsPart-time job earningsLoansSupport from parentsSavings | Includes:TuitionLiving expensesFood costsBooksPhone billsRentMedicationConveyance Laundry | Includes:Buying giftsDining outConcertsMoviesGamingWeekend partiesTravelling |
Instead of splurging all your money on optional expenses, prioritise the essential needs. Use budgeting apps like Monefy, Goodbudget and EveryDollar to keep track of how much money is coming in and what amount is going out so you can adjust spending accordingly.
- Open a Bank Account
If you don’t already have a bank account, set up one. Next, disable the overdraft feature to avoid unnecessary charges. Then, set up alerts for low balances and get a chequebook. To track your spending online, you can download the bank’s app and set up mobile banking. Finally, generate a safe PIN and enable digital authentication for better safety.
I suggest you set up separate bank accounts for bills and personal spending. That way, you can easily check if your bills account has enough money, and avoid overspending the money that was accounted for paying rent, internet, or some other facility.
- Build Your Credit History
It’s a wise idea to increase your credit score early. You can build a healthy credit history by using a credit card, which is crucial for future loans. In fact, many employers check potential employees’ credit before offering a job position.
That said, you can easily miss payments if you fail to keep track of or abuse your line of credit. Falling behind on repaying the credit amount will negatively impact your financial life.
- Apply for Scholarships
As a student it is necessary to plan not just for the day-to-day expenses and some savings but also academic requirements. For instance, understanding the lautech cut off mark is crucial for students aiming to secure admission to Ladoke Akintola University of Technology (LAUTECH). This benchmark will guide you in setting academic goals that align with your career aspirations, helping you plan better financially by focusing on areas that may qualify you for scholarships and reduce the need for loans. Financial planning followed by keeping academic track of the student life helps in a better college experience without worrying about sudden cost.
There are different types of scholarships available to provide students with financial help, which include:
- External scholarships
- Academic scholarships
- Community service scholarships
- Military scholarships
- Legacy scholarships
- First generation scholarships
- Athletic scholarships and others
Check the eligibility requirements of each scholarship and start applying. Since there’s no limit to the amount of financial aid you receive, secure enough to avert the burden of student loans.
- Work Part-Time & Save
Reports suggest that 74% of undergraduate students work part-time to meet their regular expenses. Even if you have the means to manage your expenses, it’s a wise move to work part-time while attending school.
Having said that, maintaining a study-work-life balance can be tedious, but once the payment starts rolling, you will feel motivated to push yourself harder and save enough to pay off your student loan faster and save more.
