Getting through university is hard enough, but it becomes even more challenging if you’re on a budget. Day-to-day expenses can add up so you’ll be spending lots every month. Truth be told, it’s not really fun or easy to manage your finances and ensure that you’ll have funds throughout the week, or until your next allowance. To survive, you need to change perspective. We’re not talking about major lifestyle changes.
As they say, every little bit counts, and this holds true when it comes to maximising your budget at university. So how can you better manage your finances? Here are some options:
#1 Consider living in a share house
Accommodation takes a huge chunk of your monthly budget while you are at university. In general, it’s far more expensive if you live alone. If living at home is not an option, live in a share house so you can save money. You can do this with some friends. In this way, you’ll have some company and at the same time, share expenses.
#2 Prepare your meals
Takeaway food and dining in restaurants can be expensive. Many students save a lot of their allowance by preparing their own meals. You can get significant savings and at the same time, it’s quick, delicious, and good for your body. You can make a quick grocery trip and prepare your meals for the next few days.
#3 Use credit cards only for emergencies
By emergency, it doesn’t mean buying the latest phone or gadget. While having a credit card has its benefits, it will not help your savings strategy if you cannot pay in full and on time.
#4 Pay your bills on time
Even those who are not in a university should pay their bills on or before they’re due to avoid late charges, which are unnecessary expenses. If you often forget to pay your bills, you can set up direct debits. Of course, your account should always have sufficient funds to avoid inconvenience.
#5 Be a wise shopper
There are so many ways to save money when it comes to shopping. Look for stores that offer student discounts. If you want to buy some fresh produce, go to the local market. If time permits, wait for the items that you want to go on sale so you can save some cash.
Do you have other ideas on how to get through university on a budget? Share your tips in the comments section.