University life demands many expenses. It is a great time to learn about yourself, try new things, and meet new people. But it’s a little challenging to do when the budget is tight!
Between tuition and fees for books, rent, food, and phone bills, you have a lot to think about financially as a student.
Therefore, it is essential to learn a little about personal finance during this stage, as this will prepare you to lead your future independent life more easily.
Follow these five clever frugal living ideas, and you can start your future on the right financial footing.
1. Keep a budget
It sounds obvious, but an essential part of living a frugal student life is making a budget and sticking to it.
Carefully document your expenses each month and save your receipts. Also, when it’s time to pay taxes, you might be surprised at the refunds a student is entitled to.
Keep any student loan documentation and note the due date of the bills on your calendar. This means no late fees, saving you money overall.
Make sure you leave some room in your budget to spend and save when you can. That way, if something happens, you won’t be left with empty accounts. (See also: Student Budgeting Tips To Organize Your Finance).
2. Choose your house well
If you don’t live at home, housing will be one of your biggest expenses. If living at home is not an option due to distance or location, consider an apartment with roommates rather than spending money on a room. And don’t forget the potential expenses for commuting to and from school each day.
In many cases, dorms and hostels are cheaper living options than off-campus living. But, weigh the options available to you before making a decision.
3. Switch to a student credit card
If you already have a credit card for which you have to pay an annual fee, consider applying for a student credit card. A student credit card has no annual fee and allows you to receive cash back on groceries and other purchases. If you don’t have a credit card yet, now might be the time to do so. If you continue to make your monthly payments on time, a credit card will help you build a good credit history, which will come in handy when the time comes to buy your first home or your first car!
4. Find cheap ways to socialize
College should be a time to build relationships and make connections. But it should also be a time to try new things and have a weird adventure now and then!
Most of your friends are also on a tight budget, and they will love the opportunity to find a cheaper and easier way to catch fun. Watch movies online at home instead of going out. Stroll on the beach instead of the pool. Go running instead of paying to join the gym. Host parties at home instead of at a club, and go out for dessert or coffee instead of dinner. There are many ways to have fun, regardless of your budget.
5. Look for alternative transportation
Sometimes college campuses are as big as small towns. A car can be a big deal in these cases, but it can also drain your funds. Instead of driving across the campus, choose to walk or move around the campus by public transportation. Only use your car when absolutely necessary.
In conclusion
College is expensive. Your student loans can create debt, but your living expenses don’t have to. With these simple, frugal living ideas, you’ll find that you can enjoy college life without worrying too much about bills and debt. Best of all, you’ll develop great financial tips and tools to help you get through not just college life but life beyond.
Be creative and think outside the box when you are in college, and you’ll save a lot.