For many students, going into university means more independence, as well as more financial responsibility. Therefore, here are some tips on how to manage your budget during this exciting and challenging time.
1. Create a Budget
Firstly, and more obviously, you will have to create a realistic budget which can work for you. Make a list of all types of income that you receive, whether it will be money from loans, your parents, your part-time job, etc.) and then make a list of your expenses. One of the benefits of such lists is that it will help you to see the difference between what you need, like rent, groceries and textbooks, and what you want, like going out, clothing sprees and other fun but not very necessary purchases.
2. Don’t Overbuy
Try not to overspend money on unnecessary items. Yes, it is exciting that you are moving to university but this does not mean that you have to buy everything you see in the home section of the department store. Realize how much you will actually need and remember that even for parties, you can actually just use paper or plastic cups and utensils. Also, it is a smart idea to limit your new purchases before you see how much space you have available. Focus on setting up a routine first and then see what still needs to be bought.
However, keep in mind that some pricey purchases may be worth the money in the long run. For example, if you love coffee, it will be a great idea to invest into a coffee pot because daily trips to Starbucks might not influence your budget very well. Simply think carefully and purchase wisely.
3. Learn to Cook
One great way to save money is to learn to cook for yourself. By making your own packed lunch and simple dinners, you will save great deal on inflated prices, giving tips in restaurants and delivery fees. Before going to the grocery store, think carefully what you are going to eat and create a list of things you need and then stick to it once you are in the grocery store. Focus on buying rather more basic and multipurpose foods that can be used for more than one dish and this will help you avoid getting any excess ingredients which won’t serve you any good.
So overall, keep in mind that it is not so difficult to stay on track with your finances when you are in university once you have a realistic budget and you stick to it.