How To Survive On A Student Budget

There comes a time in every young person’s life where they leave the safety and security of their family’s home and venture out into the world by themselves. For most, going away to college provides enough material to fuel late night discussions with siblings and countless embarrassing tales afterwards. Taking on the responsibility of caring for oneself for the first time presents a challenge.

Never realizing just how much their parents spent to keep their households running can be a problem for some students. A lack of resources and creativity can make it difficult or even impossible to stretch the almighty dollar. For those possessing both, a few simple tips can help ease the transition from full-time son or daughter to full-time student and adult.

Whether your education is funded by the government, by your parents or by your part-time job, the first rule of success for any college student is to live within your means. Albeit nice to own a fancy new car or don designer duds while going to school, you must remember that someone has to pay for it. Working 20 hours a week at a local fast food restaurant will not allow you the lavish lifestyle you were accustomed to at home nor will it earn you sympathy from your instructors when you fail to attend class. Taking into consideration the vast opportunities to generate income while receiving your education will not only ease your troubled mind but also ease your troubled bank account as well. Career counselors are available on every campus and offer a wide variety of services to jobseekers. Campus bulletin boards are also a valuable resource because they offer the most current job opportunities.

Once a source of income has been secured, it is crucial to design a budget that will cover all your expenses. Make sure to include everything. If your roommates insist on ordering pizza once a week and expect you to contribute, factor that in. Don’t forget to consider the costs of textbooks, clothing, transportation and social activities. If you are responsible for making a car or cell phone payment, don’t risk your credit rating by paying late.

A clearly written budget will help you evaluate your assets and expenditures. The money that is coming in should exceed the money that is being paid out. By accounting for every penny spent or owed to you, you develop a sense of financial freedom and independence. You also cultivate creativity. In a sense, you know exactly what you can and cannot afford. Gone are the days of excess and impulse shopping. Funding your education means that you make sacrifices in order to achieve longer term goals.

The costs associated with living off-campus are enormous and unnecessary. If your school offers a housing plan, it is beneficial for you to take advantage of it. Where else will you be given the opportunity to make friends while saving money on utilities, transportation and food? Rather than scrimp and scrape together a monthly rent payment, you will be given the option to pay for housing in one lump sum. Taking advantage of what your school has to offer is not only smart but also economical. Recreational facilities, computer labs and laundry services are available for little or no cost to students. Remember that the less that comes out of your pocket, the better.

Using your school’s meal plan is also a wise idea. If you don’t have time to sit down and eat, take something with you. Most cafeterias offer “to-go” boxes for busier students. Load up on fresh fruit, raw vegetables and make sure to include a source of protein. If allowed, grab enough of each for a late night snack. Having food on hand will help you resist the urge to have it delivered. There is no faster way to drain a wallet than to eat fast food everyday.

If cafeteria food is not your style, make a list, clip the coupons that you will need and make a weekly grocery run. Remember to stock up on foods that are nutritious and require little or no preparation. Ramen noodles are inexpensive but should be avoided like the plague. They are high in sodium, low in nutritional value and only enjoyable in moderation. Healthier options are available if you’re willing to shop around. The key point is to never let food go to waste. Invite your friends over for dinner a la dorm style. Encourage them to take leftovers back to their rooms with them. Most dormitories are equipped with mini refridgerators. If one isn’t provided, there are plenty of places who rent or sell them to students.

Restaurant.com sells gift certificates to local eateries for a fraction of a cost. Much like coupons, the stipulations for use in each restaurant is listed on their website. If you insist on dining out from time to time, you can save yourself a lot of money this way. Student discounts are also plentiful. Never be afraid to ask if someone will take a percentage off the bill in exchange for you showing your student i.d.

Cheap entertainment is everywhere. Make sure to read your campus newspaper often because it will list student events as they take place. Contacting your local Chamber of Commerce will also give you an idea of what your community has to offer in terms of recreation. Parks, nature trails and campgrounds are often free or very inexpensive to visit. Local festivals, parades, theatre and sporting events are significantly discounted for you to enjoy.

Taking advantage of your local public library will widen your horizons and provide you with free entertainment year round. Books, movies, audiotapes, CDs and visual aids can be loaned out for weeks at a time. If your busy schedule allows for it, sign up for a reading group or computer class. Calling ahead to enroll may be the only requirement asked of you. Some libraries have a certain amount of slots reserved for the public. Once they are filled, you must wait for another class or group to begin.

Frequenting thrift stores and yard sales is a fun way to spend your time and to stock up on the things that you need. Even the smallest communities can offer you a big selection. You don’t know how many times I’ve found brand new items with the tags still attached for ridiculously low prices at places like these. Rather than hitting the mall, check out the Goodwill or Salvation Army. You can find everything from books to clothing to home furnishings and electronics for a fraction of their retail costs.

Sponsor a campus swap meet and trade the things that you no longer need for things that you really want. Gather all your old clothing, books, cds, movies, etc. and offer them to your friends and classmates in exchange for something that they have. A dog-eared copy of Catcher In the Rye may be just what you’re looking for at the moment. Being thrifty and creative is part of being a well-rounded adult. Events don’t have to cost a fortune to be fun!

The stresses involved with attending college can be avoided with careful preparation and some fine-tuned skills. By identifying what sources drain their pocketbooks and which ones spark ingenuity, students get a taste of the real world in a supportive environment. Whether it be their first or millionth time away from home, saving money is a concern for most. By applying certain principles to their lives, even the most inexperienced young adult can be a successful saver and student.

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