Money management for students

Starting college is an exciting and sometimes intimidating endeavor for many young adults – it is often the first time they leave the warmth and safety of their parents’ home and have to live and fend for themselves on their own. One particular area that young adults find difficult is academics budget. Here’s how students can manage their money more effectively while continuing their education.

Sign up for a meal plan

The Meal Plan is a pre-paid program that provides a set amount for on-campus meals each semester. Assuming the educational institution offers this option (in some schools it is required or simply included in the total cost of room and board), a meal plan can save a significant amount, especially if it has different tiers or arrangements – there is no point in paying for three meals a day , if you usually skip breakfast).

While it’s debatable whether meal plans will prove cheaper than home-cooked food, it’s probably more economical than eating out all the time – and they’re certainly more convenient. You can pick up your lunch or snack whenever you want and don’t have to waste time grocery shopping or cooking yourself.

Share expenses with your roommate

When it comes to living in a residence hall, you can expect to live in close proximity to another student. Another way to reduce the cost of living in college is to run errands with your roommate, such as household appliances or furniture. You can also pool resources for laundry or other services.

Save on consumables

Saving money on many school supplies is easy, even if you live on campus. Before you go straight to the bookstore on campus, ask if there is a used bookstore nearby (probably in a college town) or go to sites like Amazon or bookfinder.com; you can save a significant amount of money on textbooks, even new editions.

It’s worth paying attention to the website eCampus.com boasts that it can save students up to 90% on new and used textbooks and allows them to be rented and purchased. Additionally, you can save even more money if you consider downloading the textbook to an e-reader or tablet.

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

Determine what is important and what is not important

Another point of difficulty for many students is determining the difference between essential and non-essential subjects. Essential items are things needed for everyday life and hygiene – food, clothing, toiletries – and possibly for education (books, laptop, etc.).

Non-essential items are products that you don’t need on a daily basis, such as new sneakers or an iPad. Unnecessary things are things that are worth having, but not necessary to have. While it may be difficult at first, limit your spending to only include essential items until you become accustomed to living within your means.

Beware of impulse spending

It can be very tempting to spend money on things you want but don’t need – a fourth pair of sneakers – or on recreational activities. Peer pressure is all around you and your parents aren’t around to say no.

Of course, this doesn’t mean you can never splurge, indulge or socialize because it will cost you. But give yourself an addition – set a budget for what you will spend discretionary items or events each month.

Conclusion

Starting college is an exciting milestone, and if it’s your first time away from home, it can also be stressful. Start off on the right foot financially by setting a solid budget as soon as you step onto campus. Save money wherever you can, share your expenses with a roommate or friend and, most importantly, be mindful of your expenses.