How to Cope Financially in College
College is the stage in which most young people get their first taste at independent living. There is no longer another person to worry over what they will eat, who they will share their room with, no one to do house chores for them, and especially no one to worry about money for them.
If this seems stressful for you, you can read here some ways to manage this situation, especially the financial side.
You need to first consider all future expenses. You need to make a budget, to help you manage those costs. This happens best when there is a list in place. There will be some fixed cost expenses, and others with varying costs. There are those who are your parent’s responsibility, and others which you have to figure out. You need to, therefore, enroll in a part-time job program. You can see this is the housing situation. You need to think of the costs and benefits of staying in campus housing, to those of choosing off-campus accommodations. Transportation is another factor, affected mostly by your choice of residence. You will also need books and supplies, which worries one more when they lack scholarships or financial aid.
After budgeting, you then need to monitor your spending. You need to see to it that you live below your means. You need to set some financial goals, to help you make sure each activity is geared towards attaining those goals. You need to regularly review your spending, maybe on a monthly basis, to help you put in place money saving strategies where necessary. There are even apps to reduce the workload for you in the process. A strategy would be to prepare your meals instead of eating out. A good meal plan should help you keep costs down, ensure you eat healthy food and save time in the process.
You need to find out if there are other cost-cutting measures you can implement. An example is acknowledging your need for coffee, and instead of wasting money at a coffee shop, buying a coffee maker. You can also attend more of the college social events, where free food will help you save on meal expenses. Businesses out there also tend to have discounts and other offers exclusive for students. You can use your status as a college student to save so much when you use those discount coupons. Since you are likely to be drinking, you need to do it more responsibly, and safely. Excessive drinking of alcohol not only messes up your health, it also drains you financially.
These tips are there to mane finances less of a struggle for you, as you focus on your studies. You will discover more financial tips on this site.