It’s no new revelation that a college education is as expensive as it has ever been. Many bright young people are missing out on a good quality education simply because they can’t afford to pay for it. What’s more, if you’re lucky enough to get the grades and the money to get into college, then the college life can be expensive, too. Sticking to a budget might not sound rock ‘n’ roll, but it really is worth being frugal with your funds throughout your education.
For many students, starting college usually marks the first time they have lived away from home, so it can be difficult to get into the swing of managing your finances. In truth, you’ll never really know exactly how much you can spend and save until you’ve actually spent and saved for a couple of months. The costs of settling into your accommodation, getting contents insurance and buying books and equipment for your course will have you spending more than usual at first, but once these have calmed down, you can start defining a proper budget.
Your groceries will obviously be a frequent expenditure. If you live relatively close to home, then it might be possible to stop by for a couple of free meals every now and then (as well as seeing your parents, of course) to save a bit of money. However, if you moved as far away from home as possible, then you have complete control.
Be mindful of your choices, i.e. don’t pick the most expensive products on the shelves just because you can. You can’t because your funds will run out in no time at all. Be sparing, but don’t starve yourself – maybe you could eat smaller portions and freeze more stuff so your weekly shop turns into a biweekly shop.
We all know the main reason we go to college – the parties. And we all know how frequent they are – every night. Without dampening your party spirit, it might be wise to think about your budget here, too. No student budget can afford to hit a party every night of the week, week after week, so pick carefully which ones you think will be the best and save your money for them. Drink cheaper beer and arrange cheap travel if you need to.
Defining and sticking to a budget doesn’t have to ruin your college experience. In can, in fact, make it better if you’ve got more money to enjoy more things in the long run.