A Student's Guide to Managing Money
Starting college is a hugely exciting time and a major milestone in your life. All of the hard work and time spent studying and taking exams has paid off, and now it is time to start the next chapter of your life. Going to college presents a massive lifestyle change, as well as providing the stepping stone needed to access your chosen career. For many new students, college is the very first time that they have spent a significant amount of time away from home. Life as a student is the first taste of independent living for many teenagers. The thought of living independently can trigger a whole range of emotions from excitement to anxiety, and likely a combination of the two, this is totally normal.
Money Matters
To help you prepare for your time at college, it is useful to get familiar with your finances. If you spend all your money in the first few weeks and have no idea when you are going to have more money coming in, you could struggle to make it through the rest of the year. At the very least, worries about your finances will put you under a lot of unnecessary pressure and cause you stress.
Money worries are a distraction that you don’t need when trying to settle into college life, so it makes sense to take charge of your finances from the start.
Financing Your Studies
Going to college can get expensive pretty quickly, there are books to buy, living costs to pay for, the social side of attending college, and so on. Therefore, it is essential to find a way to finance your studies that suits your needs. One popular financing option for students is taking out a student loan. There are many different student loan choices available, so knowing How to find Student loans and choosing the best one for you is vital if you plan to take this financing route. You will need to think about how much you need to borrow, and then how much you believe that you can afford to spend on monthly payments. You can also consider refinancing your student loans (look here).
Depending on your individual circumstances, you may be eligible for a scholarship to cover either the total or partial cost of your college education. There are many different types of scholarship available. Some scholarships are awarded to those in financial need. Other scholarships are based on merit and are awarded to students with outstanding talents or achievements. It is well worth finding out if you are eligible for a scholarship and researching the possibility of being awarded one to help ease the financial burden of continuing with your studies.
Many college students look for paid work to help support themselves through their studies. Jobs such as waiting tables and working in a bar are popular choices due to the flexible, part-time hours available in these roles. Taking on a part-time job during your studies comes with both pros and cons, so these need to be weighed up before making a decision to start work. The most obvious benefit of a part-time job is that it enables you to support yourself during your studies. The biggest negative of working while at college is that it eats into your study time. If you decide to work, it is vital to find a balance between earning money and giving your studies the attention that they deserve.
Budgeting
Budgeting may not be the most exciting task, but it is vital to have a budget in place to manage your money. Spending a little time putting together a budget can save you a lot of hassle and worry later in the academic year. Knowing exactly how much money you have available to spend, and then allocating it will ensure that you don’t have any panic-inducing moments where you realize that you have spent your whole month’s money in the first week.
When putting together a budget, try to think realistically about how much you will need to spend on food, living costs and books. Once you have your budget, do your best to stick to it where possible.
Budgeting your money doesn’t mean that you need to miss out on one of the best parts of college life - partying! Going out and enjoying yourself with your college friends is an essential part of the settling in process. The key thing to remember is not to go too crazy with the partying at the start of the year, and to only spend what you can afford.
