Most students will leave education with some form of debt, and this is to be expected. It is completely normal and necessary for most people to borrow for education, and there are loan options out there whether you have good or bad credit. You will just need to find the best finance options for your situation. But the amount of debt you acquire whilst studying will depend on how well you have managed your expenses whilst you are studying.
Managing your finances is really important while you are studying so you can limit the amount of debt you owe once you leave education. But you still want to be able to enjoy your time at college or university. So some savvy financial management will not just be able to save you money, but also allow you to reduce your outgoing expenses so you have money budgeted for the things you enjoy.
How to plan your spending smartly
Spending smartly is not something that comes naturally to most students. More often than not, many spend money without thinking about their budget or the consequences of spending on non essential items. If you want to be smart with spending money while you are studying here are a few ideas you should take into consideration:
- Enroll in Meal Plans
One of the ways to save money is by enrolling in meal plans. A meal plan is program that is pre-paid. This is where you pay a particular amount of money for your meals on your campus every semester. In addition to that, meal plans are extremely convenient. You can just pick your snack or lunch whenever you like and you don’t need to cook for yourself.
- Share Expenses with a Roommate
Another option you can consider when reducing your expenses while studying is to share expenses with a roommate. If you are living in a dorm, you should expect that you will live in a close quarter with another student. A lot of expenses can be shared between your roommate. Some of these are groceries and furnishings.
- Look Out for Impulse Spending and Stick to your budget
It can be very tempting to spend money on things you like but don’t require. When you do get your loan or student finance payments it can be difficult not to want to treat yourself or splash some of the cash. But first you should write yourself a budget of how much you need to cover your essentials, living costs/food/transport/etc and then you can see how much you have left over for ‘fun money’.
- Saving Money on Various Supplies
Saving money on supplies can be easy, especially if you’re living on campus. Before you head straight to the campus bookstore, try looking on local selling groups, social media selling groups or see if there is a second hand student bookshop. You might manage to pick up the books you need from other students who have now finished with them, and this could save you a lot of money. In addition to that, you can save yourself even more money if you choose downloading your textbook to a tablet device or an e-book. If you are looking to save on general supplies like 3-ring binders, notebooks and paper, consider purchasing in bulk from a store that caters office supply. Retailers provide you a discount when you purchase a bulk amount of supplies. This works well if a number of you want to chip in together, so ask your roommates or fellow students if anyone wants to split the cost of these essentials.
