Cost management and budgeting in student life is an issue that many students face. Student life is a period of life for people that are accompanied by many sweets and bitters. During this period, students are usually unable to work full time due to the long time of classes and the time spent studying.
Many students live far from their families. The hardships of such a life and the lack of experience, as well as the low income of part-time jobs, make it difficult for students to manage their expenses. In this article, we have reviewed tips to facilitate this.
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Note-Taking And Scheduling, Management Key:
One of the most important steps people can take to manage their living expenses is to make a list of all their expenses. Keeping track of the expenses you have incurred during the month gives you an overview of how you spend your money.
Choose a day to organize your list. Consider the options listed and think about whether or not each one is necessary. Finally, you can identify the items you do not need and avoid spending on those things for the next month.
Make A Shopping List:
Another important point in budgeting is to always buy according to your needs. Choosing the ones you do not need, even if they are very cheap, will ultimately reduce your budget. To manage expenses during the week, it is better to write down everything you need and goes shopping with that list in a targeted way.
When shopping, you can save more money by following some tips:
- Buy from discount stores. These stores usually offer more discounts to customers on certain days of the week. You can also save on your budget by choosing items that are in the seasonal discounts section.
- Share your shopping with friends and roommates. Put money together every week and go shopping. You can buy the materials you need for a whole week. This way you can buy more and share in the costs.
- Use bulk foods instead of packages. If possible, buy foods such as beans or cheese in kilograms and in bulk to take home more at a lower price.
Ways To Earn Extra Money:
If you find that your current income does not fully cover everything you need, there are things you can do to make money. Maybe you can babysit a few nights a week or choose some tasks to teach other students. Another idea is to place some of your unwanted items on second-hand sales sites.
- Use your student card:
You can take advantage of student discounts if you are interested in participating in academic or artistic activities that require tickets or reservations. These discounts may only save you a few dollars, but those dollars go up! Today, most movie and theater counters offer you a significant discount by offering a student card.
Most scientific and research seminars also offer facilities with student numbers to invite students of relevant fields. You can also charge your subway ticket economically by presenting a student card and pay less for transportation by public transport.
You can also write down the discounts you have used and be informed of the amount of money you have saved for them at the end of each month or week; this also has a huge impact on the cost of living management and gives you an overview of minor expenses.
- Walk more:
If you live far from the university, you probably spend a lot of money every day on public transportation; or you may have to spend a lot of money on gasoline, so consider other options. You can wake up early in the morning and use the bus instead of a taxi.
When you get home, you do not have to worry about time, you can walk all or part of the way. In this way, you have both exercised and saved money. Instead of taxis and subways, you can use the walk to get around.
- Eat at home:
Another thing that costs students a lot is eating in restaurants and fast foods. These foods are not even healthy and their use over a long period of time may threaten the health of students.
Instead, always cook at home and take your food with you. Always cook enough food to eat at least two meals. This will save you time, money, and expenses, as well as a good budget.
If you have a class and do not have time to return home or dormitory for lunch, put your food in a container and take it with you to class, you can warm it up at the university buffet or in the dining room. The use of the university’s own dining room can also be very effective in managing costs if it is of good quality.
- Use second-hand options:
You can save a wide range of time by searching for second-hand options – from textbooks, clothing, and electronics to cars and furniture. You can do your shopping in garages, markets, and second-hand stores; online on websites like eBay and Gumtree or social media forums.
If you can, save some of your money every month. Then try to spend a month with the rest of the money. This way you have a secure reserve for the future and you can better identify and avoid unnecessary needs.
Final tips for managing student expenses:
Student life has its ups and downs, but if you manage your expenses carefully, you can make it sweeter and have a better time. Remember that by saving on extra costs such as buying fast food, you can buy more books or participate in various other scientific and artistic activities. So it is better:
- Keep notes of what you learned from the process.
- Be careful when shopping.
- Avoid choosing unimportant options that you do not need.
- Take advantage of student discounts.
- Spend your time cooking at home to avoid the cost of eating out.
- Walk more instead of taking taxis and buses.
Student life is hard but it is a transitional stage. Try to enjoy this part of your life the most. Saving money should not deprive you of the pleasures of life. Sometimes spend it on a recreational or entertainment occasion to keep your spirits up and enjoy.
“If you have any feedback about how do you create a student budget that you have tried out or any questions about the ones that I have recommended, please leave your comments below!”
NB: The purpose of this website is to provide a general understanding of personal finance, basic financial concepts, and information. It’s not intended to advise on tax, insurance, investment, or any product and service. Since each of us has our own unique situation, you should have all the appropriate information to understand and make the right decision to fit with your needs and your financial goals. I hope that you will succeed in building your financial future.