College is often a new chapter in the lives of young individuals. You may be going away from home for the first time and be in a position where you have to support yourself for the most part. Learning to handle your finances at this time can be stressful, but there are tactics that can help you prevail.
One of the first things that you should try and accomplish is finding a part time job. Most students are unable to work full time due to class schedules, but a part-time gig that works around you and your schedule is the perfect solution.
Having the part-time job will enable you to be more flexible with how you spend your money and it’ll also force you to be wiser with how you spend it. Budgeting is a concept you are going to have to get used to. And when you’re the one to earn your own money, budgeting starts to become a whole lot more appealing.
In college, you encounter and befriend people with different types of financial situations. If you are on the end of the spectrum that does not make much money and your new friend is on the pocket-full-of-cash end of the spectrum, things could get sticky.
Say he or she wants to go out on Friday to grab something to eat; that should be ok. Then the next day he or she wants lunch and then on Sunday brunch sounds good. The smartest move to make here is to tell him or her that you have plans to work on a homework assignment at the times you’re invited. You may have to miss out on good food, but it’ll help your wallet in the long run.
Speaking of food, if you did like to eat well prior to leaving home, it may be time to leave those expensive breakfast sandwiches at the grocery store.
You may have been living the high-life living with your parents, but now is the time when you need to be more responsible with your money or you won’t have money to last you to the end of the week. If that means buying the off-brand cereal then do it. No more three-course meals for dinner all the time; get used to ramen noodles and peanut butter and jelly sandwiches.
Another key step in budgeting your finances in college is always going to the events being held on campus. We have to eat, and buying food is one of the major reasons our pockets take a huge hit. Why not go to events where the food is free?
Events are almost always happening on campus a minimum of five times a week. Different organizations on campus hold these events and one thing they do is provide free food for those who attend to try and gather more people to join their organization.
If you’re hungry, just check your school’s website for the events page and find out when the next one is being held. Often times, they even give out free clothing. That could save you a trip to the outlet when you need a new shirt.
All in all, it could be a struggle getting through college and trying to manage your money, but don’t break down. There is always a way.
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