Money management for students

Going to college is an exciting and sometimes intimidating endeavor for many young adults; often it is the first time that many leave the warmth and safety of their parents’ home and have to live and live on their own. One specific area that young adults struggle with is learning to learn budget. Here’s how students can manage their money more effectively while continuing their education.

Sign up for a meal plan

A meal plan is a pre-paid program where a set amount covers your on-campus meals each semester. Assuming the educational institution offers this option (in some schools it is mandatory or simply included in the total cost of room and board), a meal plan can save a significant amount of money, especially if it has a variety of levels or packages. paying for three meals a day if you usually skip breakfast).

While you might doubt that meal plans are cheaper than home-prepared food, they are probably more cost-effective than eating at restaurants all the time — and they are certainly more convenient. You can pick up a lunch or snack whenever you want and you don’t have to take the time to go shopping or cook yourself.

Share expenses with a roommate

When it comes to living in a student house, you can expect to live close to another student. Another way you can reduce your costs while living in college is to arrange things with your roommate, such as appliances or furniture. Or you can pool resources for laundry or other services.

Save on supplies

Saving money on many college supplies is easy, even if you live on campus. Before you head straight to the campus bookstore, ask around to see if there’s a used bookstore nearby (chances are it’s in a college town) – or go online to sites like Amazon or bookfinder.com; you could save a significant amount of money on your textbooks, even the new editions.

Particularly the site eCampus.com claims it can save students up to 90% on new and used textbooks, and you can either rent or buy them. Plus, you can save even more money if you consider downloading your textbook to an e-reader or tablet.

If you want to save on other supplies, like three-ring binders and loose-leaf paper, consider buying in bulk from an office supply store like Staples (another item you can share with your roommate or other students).

Determine what is essential and non-essential

Another difficult point for many students is determining the difference between essential and non-essential items. Essential items are things you need for daily living and hygiene (food, clothing, toiletries) and, perhaps, for your education (books, laptop, etc.).

Non-essential items are products that you do not need for everyday life, such as new sneakers or iPad. Non-essentials are things that are ‘nice-to-have’, but not ‘must-have’ items. Although it may be difficult at first, limit your expenses and limit them to only essentials until you get used to living within your means.

Beware of impulse spending

It can be very tempting to spend your money on things you want but don’t need (that fourth pair of sneakers) or on recreational activities. There is peer pressure all around you, and parents are not there to say no.

Of course, that doesn’t mean you should never spend or enjoy or socialize because it costs money. But give yourself compensation: budget how much you spend discretionary items or events per month.

The bottom line

Going to college is an exciting milestone, and if this is your first time away from home, it can also be nerve-wracking. Get started financially by setting up a solid budget when you enter campus. Save money where you can, share expenses with a roommate or friend, and most importantly, be mindful of your expenses.