Let’s say you got that dream job you’ve been longing for by help of federal resume writers, and you now have financial independence. Many students, however, get overwhelmed and then lose focus of their financial plan and budget. As a result, they end up drowning in overwhelming debts that could affect their lives dismally. It’s important to pan a budget and save money.
We have some tips that can help you save and budget your income so you can have a fruitful college education. Financial constraints can affect your studies. These tips will help you overcome such miseries in your college or university life.
1). Getting Started
Many students often overlook the need for saving and budgeting, and sadly end in hot water of debts. Some, on the other hand, do not know where to get started in this mission. You will be surprised how much you can achieve by strictly managing your finances.
To start, organize a spreadsheet on your computer to record income(s) and expenses. Mobile phones are also helpful with apps to record these transactions. Or, you can opt for a traditional way of using a pen and paper on a regular basis.
Partition the spreadsheet or the paper into incomes and expenses, and then record accordingly. Income can be the part-time job you take, parental contribution, full-time jobs during holidays, or any other formal or informal income stream. While at it, take advantage of the best resume writer to help you secure most lucrative part-time or full-time jobs for students.
Your expenses, on the other hand, can include a wide range of items. Library fees, rental, tuition fees, foods, laundry, and books constitute a long list of expenses you need to be cognizant of. Organize these in the income and expenses columns so you can track them.
2) Classify wants and needs
Oftentimes, students overspend on things they will only regret after a month. Since you’re living under finite financial resources, you have to be vigilant of what is your need or want.
- Make a list of needs and wants
- Put aside the money for needs and that one for wants
- Learn to prioritize on your wants that which one to come first. Or ask yourself if you really want that item or you can live in peace without it. Beware not to regret after a month that why have you bought it.
3). Curb your spending
The main expenses for the student would be textbooks, tuition fees, foods and accommodation. Social life is also an important part but often attracts unnecessary spending. Go back to that list of wants and needs and see if it’s necessary to splash cash needlessly.
With regard to foods, learn to cook for yourself instead of buying expensive meals from restaurants. But, oftentimes there are some promotional deals in restaurants adjacent to college premises. You may take advantage of them. Students may get discounts for many buys.
4). Manage your debts
There are many temptations to get into debts, from loans to overdrafts and credit cards. Beware to not drown in unnecessary debts. There are, however, some financial institutions that offer interest-free credit cards or loans for students. Plan well what you are going to use that extra cash for. It can, in some instances, relieve you from financial distress. However, do not take what you can’t afford to pay back. In many colleges or universities there are financial advisors free of charge to help you manage your finances.
5) Money saving tips
When recording your expenses, at least overestimate them rather than have a shortfall of income that may not meet your needs. Also, underestimate your income so that you may end up having enough cash at the end of the month. Whatever amount left, take it to your savings account.
If you have a partner, you may involve him or her in your financial planning. They can help you save tremendously. It’s a challenge to save money and manage budget, but if you have someone backing you up the process might be easy.
6) Maximize your income
The last tip is that maximize your income in many viable ways. For instance, if you have old books you may sell them. Alternatively, eBay and Amazon have great deals of second hand books. You can purchase them and sell them for an extra income. However, while maximizing your income, beware of overdoing it to an extent of compromising your study time.
Planning a budget and saving money are some of important tips for students. It is important to keep track of your income and expenses so you can live a debt free life. Follow our tips to get started. If you do not have extra income now, you may seek the resume writer to help you apply for the part-time or full-time jobs nearby.