Here are some of the best ways to saving your money in good shape. You’ve worked hard on tests, homework, applications, and deadlines at school. You finally made it to college, where you can be on your own. For some, this means living with friends, staying up all night, and finally not having to take that awful class again. But don’t forget that it also means being financially independent. Even though you won’t be tested on it, managing your student finances could be one of the most useful things you learn in college.
How to make a budget
Make a budget that shows how much money you expect to get and how much you expect to spend. Set a limit on how much you can spend. It sounds dull, but do it anyway!
Try breaking up your student loan into monthly payments so you don’t have to spend it all at the beginning of the semester.
Set a time each week to check your bank statements online and keep track of how much money you’re spending. You might be surprise by what you find out about your habits. For example, did you know that you spend more than £30 a month on library fines?
Using bank accounts for students
Do some research and look at a few different student bank accounts before deciding which one is best for you. Remember to look at the interest-free overdraft and think about how you will pay this back after you graduate.
Are you sure you won’t have to use your overdraft? Think about putting this interest-free cash into a high-interest savings account to make money.
There are two kinds of student savings accounts, so you need to think carefully about which one will work best for you. If you know you’ll be tempted to spend the money, choose a “fixed rate bond” that will stop you. On the other hand, if you have a “instant access savings account,” you can get money out of it quickly if you need it.
Spend wisely
You can save a lot of money if you know where and when to cut back on spending. Try the value ranges at the supermarket. You might feel snobbish about them, but some things, like cleaning products, can be a fraction of the price of similar brand-name items.
You can also save money by shopping with roommates or buying things in bulk.
Try looking for used textbooks online and haggling with students in their last year to buy them cheaply.
On days with a lot of lectures, don’t forget to pack a lunch.
It can be hard to live on a student budget, but with a little planning and common sense, you can make your money last longer than Fresher’s Week and avoid leaving school with a lot of debt.
One of the most obvious characteristics of students going abroad is that they need to save money. With student loans still quite high and their own very low incomes, most people leave the house for extended periods of time, either because they are dependent on their parents’ money, have an extremely tight budget, or – often – a combination of both.
How to save money without missing an experience
Even within the EU, the cost of traveling to another country can vary widely, a problem that is exacerbated if young people choose to continue their education. As a result, most of these young learners are always walking the tightrope of money to balance education, living expenses and entertainment budget so that they can experience everything the host country has to offer.
The following budget-balancing tips apply not only to students going abroad for a longer period of time, but also to those taking short trips with a school or college group. General advice will cover all areas of the experience, from accommodation to food and entertainment.
Housing
When young people move out of their homes for the first time, they may not have much experience with landlords, rental companies, or lease agreements. It is best to contact more experienced students, or even professional educational institutions, to ensure that you are not overcharged or ripped off when buying accommodation.
Don’t forget to scroll through your options – don’t settle for the first choice. Alternatively, staying with a host family is also a safe option as most are honest and offer you excellent value for money; however, keep in mind that this can be a slightly more expensive option. If you are traveling with a tour group organized by a dedicated educational tour company, the accommodation is all taken care of so you don’t have to worry about this.
Food
The old stereotype of college students going abroad to eat noodles and fast food has a certain authenticity to it. This doesn’t have to be the case though – with a little budget and planning, eating well abroad can be done. Browsing the aisles of supermarkets and shops in the area will teach you a lot about the local cost of living, and you’ll quickly discover where to find bargains.
Entertainment
This is probably the area where your finances need to be most balanced. Young people in a foreign country, of course, want to experience as much as possible while away from home, but may need to change their ways (or at least downplay) their ways while away from home. For sightseeing, the “poor man” walking tour of the city can provide plenty of immersion and reveal hidden treasures.
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