We all get into college expecting a life of fun and unforgettable experiences. Unfortunately, financial challenges can make being a student frustrating, with some learners choosing to quit school before graduating. According to a recent survey, 40% of undergraduate college students drop out, while more than 30% quit during the first year on campus.
The good news is that college students can survive and even thrive during these challenging years by working on their money management skills. Read the rest of this article to learn how to survive college when working with a shoestring budget.
Always Create and Follow a Budget
College is supposed to be a time for learning, and budgeting is one of the most important skills you can embrace. Budgeting ensures that you spend within your means and avoid taking on unnecessary debt. Students who work with budgets know that the tool helps people keep their eyes on the prize. You set clear financial goals and work diligently towards them.
Shifting purposelessly through life and throwing your money on every shiny or attractive thing will mean that you can never have enough money to save towards a particular objective. If you want to save for a car or to further your education, following a financial plan guarantees that you remain focused on your objective.
Since you are already working with limited funds, you can’t afford to spend your money haphazardly. Budgeting is the only way to make sure you are not spending money you do not have. Even if you wish to order assignments from online agencies, include the expense in your budget. Check out this grademiners review for insights on where to get affordable papers.
Get a Part-Time Job
College life is already hectic, with tons of assignments and responsibilities. So, why get a part-time job in the first place? Although working while in school seems like a total drag. After attending class for hours, you may not feel like going for a four-hour shift at work. Furthermore, you will already have tons of assignments to work on. However, there are many reasons students should consider getting jobs, especially if they face financial challenges.
First, getting a job allows you to earn extra pocket money to fund your budget. College often means that you are only a few expenses away from being broke. Having a paying job allows you to afford the bare essentials. You may also get to afford a few luxuries like money to eat out with friends or go to the movies.
Getting a job in college also reduces your reliance on student debt. Of course, a part-time job is unlikely to cover all your college expenses. However, it will still go a long way in meeting some of your financial needs. Getting a job also allows you to learn valuable money management skills and the experience you need to boost your future career prospects. Get more insights here — kpu.polmankab.go.id.
Save Money on Textbooks
One of the costliest expenses for college students is books. The good news is that renting or purchasing used books can save you considerable sums. By buying used textbooks, you avoid the headache of having to shop around for exorbitantly priced resources. You could also save more by selling the books you no longer use. Many online platforms allow students to buy and sell used books.
Benefit from Student Discounts and Deals
One of the perks of being a college student is that there are numerous deals that you could benefit from, allowing you serious savings. Students can get discounts on books, electronics, airfare, restaurants, and cinemas. All you will need to do is produce your student identification and save it.
You can also get discounts when buying assignments online. Review platforms like topswriting.com offer insights on finding the most excellent deals on academic projects.
Be Cautious When Taking and Using Loans
Students facing money problems are encouraged to explore different financial aid options. Student loans are in this list of possible sources of funds that can finance higher education. However, you ought to understand that you will be required to pay back all students loan you take during your time in college, with interest. That said, while you should avoid taking unnecessary student loans, there are instances where you will be unable to avoid depending on aid.
The secret of student loans is to be smart about them. Don’t use the funds on wants. Instead, the money should help you afford necessities like accommodation, books, and tuition. Also, create a plan to start paying for student loans as soon as possible. This way, you get to avoid exorbitant fees and placing damage to your credit history.
When working with a limited budget in college, don’t buy what you cannot afford. Of course, college comes with considerable pressure from peers, and you may feel the desire to belong. However, it would be best to remember that your money is your responsibility.
Don’t buy or spend on things outside your budget to impress your friends. Stick to the budget you created and make rational decisions when spending your cash. Of course, your budget should also include fun events such as movie nights or night outs.