An Empty Wallet: A College Student’s Guide to Living On a Budget
For students, college life often seems impossible to manage. These individuals must focus upon their education yet find time to earn money. Financial aid doesn’t always cover a students expenses, and parents can’t always afford the costs. Unfortunately, this leaves students to work and study hard every waking moment. Money shortfalls hurt college students in countless ways. Each student must learn to live on a budget to make ends meet.
Be Realistic
Creating a budget and learning to follow it are two separate notions. Without a doubt, anyone can create a simple budget. Even realistic students will find themselves deviating from that budget regularly. Exceptions and unexpected costs come up quite often after all. Therefore, students need to learn to adapt. It’s important to know which expenses can be reduced to make up for shortfalls. Budgets that can’t be modified are problematic.
Do you really need it?
When it comes to budgeting, students can always lower their entertainment and luxury costs. The average person makes unnecessary purchases each week that could be eliminated. For instance, students could stop driving personal vehicles and choose less expensive public transportation. They could learn to cook and pay for groceries instead of fast food. Netflix could take the place of cable television. In these areas, small changes result in noticeable savings.
Living Your Budget
Living on a budget requires sacrifices and incredible discipline. Students should focus upon controlling every facet of their spending. For most people, budgeting turns into eliminating costs wherever possible, even on necessary expenses. A student can invest in a bicycle or choose a prepaid cell phone plan. They might even consider moving back in with their parents. These days, major sacrifices are often required in order to attend college full-time.
Loan Options
One solution students can consider are student loans and payday loans. Federal student loans offer low interest rates and no payments until graduation. Sometimes, private student loans feature similar albeit less favorable terms. Most students find some amount of loans necessary for their education. They can use these funds to live a more comfortable life during school, though. On the other hand, payday loans should be considered a last resort for emergency expenses.
The college life could never be considered an easy one. Less financial aid and parental support means more effort on the student’s part. For these students, success comes from effective budgeting and impressive discipline. Balancing a job and school isn’t easy, but students that manage their money effectively find themselves in a decent position. A student that can’t handle their own finances could find themselves out of college, working long shifts for low pay.
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Category: Budget
