Budgeting Your Way Through College

Going to college or university can be tough, and even once you’ve been accepted and got your accommodation sorted out, there are still so many things to think about. One of the most important things which will come into play is finance. In some countries, it’s possible to get a student loan which will cover everything you need, but you’ll find yourself with little spending money. If your parents aren’t willing to fund your social events and happy weekends, you will find yourself having to budget very strictly.

  1. Write everything down

If you attempt to keep all your outgoings added up inside your head, you’ll inevitably forget half the things that you’ve bought. People who budget in their heads rather than on paper often drastically under-estimate how much they’re actually spending. This will leave you wondering why you’re left with so little money at the end of the month. Write down on paper everything that you spend and what you’ve spent it on. After the first month, you can see where the bulk of your money went, and if necessary, you can make changes for the next month.

  1. Be willing to make sacrifices

The truth is that you can’t have everything, even when you’re working a full-time job. Unless you’re lucky enough to be filthy rich and have more money than you could ever wish for, you’re going to have to sacrifice certain things. Perhaps you need to stop spending so much money on clothing. Maybe dining out twice a week just isn’t doing your bank balance any favours. Parties every weekend can cut deeply into your funds, so you might need to think about going out every other week.

  1. Get a part-time job

Getting some part-time work will give you more financial freedom, and you’ll have some extra cash to either spend or save up. However, even if you live in a big city, there are only so many jobs to go around, and you could find yourself struggling to find work. The secret is to keep looking, keep applying and be willing to try out different things. Ask your friends if they know of any local businesses which are currently hiring, and don’t be afraid to put yourself out there. Make sure that you don’t do too many hours, since your studies are the number one priority when you’re at college or university.