Apr
14
How to Save Money and Cut Expenses in College

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College involves a massive lifestyle change and comes with its own set of responsibilities. From the moment you step into those cool university hallways, you are no longer seen as a child, but instead as a young adult with a newfound sense of independence.

This independence encompasses everything from being able to choose your own lifestyle, decide upon a schedule that suits you, and looking after your personal finances. While independence can be thrilling, it comes with many responsibilities, including appropriate money management, or "college budgeting."

Most college students must live on a tight budget, most of which is supported by a part-time job they may have picked up. College students cannot afford to spend too much and must manage their expenses appropriately.

If you're living on a college student budget, the list below will help you learn how to manage your expenses in college. With our helpful budgeting tips for college students, you'll be able to reassess your budget plans and tailor them to help you save money and cut expenses in college.

School Choice

Before we discuss your monthly expenditure and cost of living, let's talk about your tuition fee. The cost of attendance is the most significant contributor to your college expense and is the reason why many students take out loans and try for scholarships. But before aiming for a loan or scholarship, it is important to analyze all your options.

Many students dream of leaving their hometown for college but don't realize how much this can end up costing them. The average cost for tuition outside your own state can be up to three times higher for government universities, and more than three times higher for private ones.

So, if you can find a worthy university within your state, go for it. You'll be thanking yourself for making this decision once the time to repay your student loans comes around. If you're planning on leaving your hometown, look for other large cities within your state so that you can comfortably move out while still being able to pay a nominal amount for your tuition.

Look out for scholarships

Like most high school students, you’ve probably started to look at colleges and have decided what you want to study. Now is the perfect time to begin your search for scholarships, too! There are hundreds of scholarships available for high school students, from freshmen up to seniors. Check out all the free college dollars waiting for you!

Textbooks

Textbooks are costly and buying new ones every semester becomes costly. There are several options to buying new books, you can buy used ones, or you can rent them. Yes! Rent them. There are online services with resources for both options and renting or buying uses books will save a considerable amount of money which can be used on other pressing resources.

Housing

Housing is another element that makes up a large chunk of your budget. If you compare on-campus dorm rooms with off-campus apartments, you'll find the former to be significantly more affordable - even if you're sharing your apartment with a housemate or two.

However, there is one exception to this rule. If your university is in a small town and not a large city where rent is high, it may be more affordable to rent out an apartment as compared to living in a dorm room.

If you want to bring down the cost of living in an apartment, opt for either a studio, or invite a roommate or housemate. This depends on how many rooms you have available in your residence. Also, make sure to interview all potential housemates before agreeing to live with them. Their temperament should match with yours, and they should have a positive monetary history to vouch for them.

TV and Cable

The cable can cost up to $100, which is a lot of money, especially for a college student. TV is a major source of entertainment for most people. However, it is expensive and requires both a cable connection and a TV device to enjoy.

To cut down on the cost of TV, you can opt for an online streaming service instead. Platforms like Netflix cost just a few dollars a month to run and can be enjoyed on your laptop or phone or even better, why not used your parents account and save. This is a major plus point because it means you won't have to invest in a TV device. Most students already own a computer and phone, so streaming Netflix won't be a problem!

Meals

Eating outside can rake up quite a bill, which is why we suggest you stay inside for your major meals. However, everyone would like to enjoy a gourmet meal every now and then. If you're in the mood for good food, consider buying raw ingredients and cooking it yourself. If you're not good in the kitchen, why not invite your friends over, including one who knows how to cook well, and ask them to pitch in and help you divide the cost of the meal?

You can also try to eat less meat and instead opt for vegetables, which cost less and are also much better for your health. Making small changes like this can save you plenty of groceries and help you save up in the long run.

Brew Your Own Coffee

Coffee is a common drink enjoyed by most college students. A healthy dose of caffeine can help you be up and running in no time. However, coffee doesn't come cheap if you're buying a readymade cup. It costs at least four times less to brew your own coffee at home than to buy a cup from your favorite coffee shop.

Feel free to treat yourself every now and then but try and limit your spending habits to necessary items only. For example, if your daily cup of store-bought coffee costs your $2, you'll be spending around $730 every year on coffee alone. However, if you make it at home, it can cost you as low as $0.5, or 50 cents, which brings down your annual cost to around $180. By brewing your coffee at home, you can save at least $550 per year!

How to Draw Up a Budget

In this next section, we are going to help you create a budget for yourself. Here's how to do it:

1. List Your Sources of Income

Before you can create a budget plan, you need to know how much money you'll be working with. Take note of your money, including income from summer jobs, part-time jobs, pocket money from your parents, scholarships and grant money, and any miscellaneous gifts or cash you may have received or expect to receive.

Once you have a clear idea of how much money you have on you, you'll be ready to move on to the next step.

2. Calculate Fixed Costs

Everyone has a set of fixed costs that they cannot dodge. This includes things like room and board for on-campus living, rent, and utilities for those living off-campus, books, educational equipment, supplies, and car-related or transportation costs.

Make a list of all these staple costs and calculate the total expenditure. Remember to calculate this cost using your tuition fee cost after aid, if you have received any. Next, subtract this amount from your income and see how much money you're left with.

3. Calculate Disposable Income

Once you've completed the previous step, you'll be left with a small amount of money to account for your other needs. This includes money for things like clothing, optional transport, and parking fees, social and recreational activities, take out and fine dining, personal expenses like laundry, and other miscellaneous things.

4. Set Aside an Emergency Fund

You should try and save as much as you can from your disposable income and set it aside in an emergency fund. You never know when you might need some financial help, and it's best to try and rely on yourself if the time ever comes around.

If you manage to cut down your costs, you can use that money for other things, like getting assignment writing help online. You can hire professional assignment writers from an online assignment writing service to help you complete your essays on time. This will allow you extra time to spend on your social life, which can sometimes become strained due to all the heavy college workload. Hiring a writer can make your life much simpler. Just make sure you're working with a reliable assignment service for your needs and that paper is plagiarism free! Online plagiarism checker will help you to make a perfect paper with no plagiarism. Writing service will help you to write any assignments you need.

Final Thoughts

Life is both fun and challenging as a college student. How stressful it will be financially, though, is mostly in your hands; so, make sure you're keeping track of your expenditure. You can use the tips above to help!

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