Budgeting money and planning for expenses is not easy as a college student. Books, tuition, notebooks, personal expenses, and food are just some of the things that have an impact on your savings account. Many people, including me, struggled with managing money and budgeting their finances while being a first-generation college student. Because of these issues, here are some tips that I have encountered that will help you be able to better manage money and expenses while being in college.
Tip 1: Avoid unnecessary spending
Excessive spending on some of the things that you do not need will impact how much money you have in your bank account. Try to limit as much unnecessary spending as possible, for example, eating out often, buying new clothes or personal belongings that you may not need, etc. Avoiding unnecessary spending will help build up the amount of money in your bank account, so that you can use it for personal stuff that you really need, for example, personal toiletries, notebooks, pens, pencils, etc.
Tip 2: Try to avoid buying new textbooks
Buying new textbooks every semester can be expensive. To save money and limit the amount of spending, try renting or buying the ebook version of the book that you may need since those versions of a textbook is often cheaper that buying a brand-new textbook. Look on websites such as Amazon.com, Chegg.com, or Abebooks.com to find any cheaper alternatives or prices for any book needed for the semester.
Tip 3: Compare housing prices wisely
For some, living in a dorm is typically cheaper than living in an off-campus apartment. For others, living in an apartment with several people is cheaper than living in a dorm because the cost of housing is divided. To save money, compare the cost of living in a dorm versus the cost of living in an apartment, either alone or with several other people. By doing so, it could save you money and help with finances.
Tip 4: Monitor your bank account
Monitoring your bank account and having an idea of what is being spent and withdrawn is one thing that could help manage and budget your money efficiently. This will help you know how much to spend or how much to save in specific circumstances, for example, knowing how much to spend while at the store or knowing how much to save to pay for tuition the next month.
Tip 5: Take advantage of the campus amenities
On some campuses, they may have a shuttle service that can take you to several stores or to any given place that is within proximity to campus. In addition, some campus shuttle services also offer services at no extra charge. This can greatly help with transportation issues as well as help you save money on transportation. If your campus might not have a shuttle service, take advantage of using public transportation or even walking to certain places. Furthermore, many campuses also have a fitness area, gym, movie nights, free trips, and hold big events all at free charge. Taking advantage of those opportunities and campus amenities can positively impact how much money you save and spend.
Many people often find it difficult to budget or manage money. If you often find yourself struggling to budget or to manage your money properly, you are not alone. Being a first-generation college student and learning how to budget or manage money for the first time is not always easy. However, with the right tips on overcoming obstacles in your finances, you too will be able to manage and budget your money in no time!