Just as a disclaimer, these tips aren't from professional sources - they're just little hacks I've picked up on along the way and you may find that only some tips may help but maybe all might help. Each person has their individual differences and varied financial circumstances. But despite that, we're all just college students who could use some help with our finances :D
1. Establish your Income Flow and Evaluate Expenses
When I say income, I'm referring to wages from a job/internship, help from parents, an allowance, what have you. Basically anything that is acting as your means of income for when you are at college. This part is important -- make sure you measure how much of that income you typically spend in a given week and divide your expenses into categories. For example, if you spend $50 a week on groceries, record this expense under the "groceries" section. If you spend $20 on coffee a week, record that under the relevant category. Do this for all expenses.
2. Cutting Back
This doesn't automatically mean "I can't ever buy a cup of coffee before class ever again" cutting back. Making gradual changes is the key with this tip. Do you buy coffee and a bagel on campus everyday? Try limiting that to buying only the bagel once a day, and invest in a coffeemaker and thermos and bring your coffee with you instead. It is much cheaper to make your own coffee at home and bring it with you than it is to spend $4 on a latte from a coffee shop, guaranteed. After you've limited yourself to bringing your coffee with you, prepare a snack or meal the night before and bring this in place of the bagel you would've purchased. This can save you just over $7 a day if you were to buy a grande cafe latte at Starbucks for $3.65 and a sandwich for $3.35
3. Save a Percentage of your Income
If you can manage/afford it, saving money will be your best friend. It's obviously easier said than done, but the same gradual process applies to this tip. From whatever you income is, begin with saving 5% of it for a week. Say you get $100 a week (again, from allowances, wages, etc.) so you should save $5 that week. The following week, bump up your saving rate to 10% so that you have $10 saved for that week. Set your own pace, and know that it's ok to take baby steps.
4. Research Textbook Options
In my own experience with acquiring my textbooks, renting has always been the most wallet-friendly alternative to buying textbooks. Buying a new textbook is out of the question. Buying a used textbook is better since you can buy it for cheaper and sell it however, it's very likely you'd have it mark down your sale price by a large amount. In spring quarter, I rented an accounting textbook for around $32. A new copy costed $262 and the cheapest used copy costed $75. If I purchased the used copy, the best I could possibly sell it for is $30 even if I took good care of it. This number is based off of students' listings I've seen on our campus Facebook page that have been successful at selling that same accounting textbook. That would mean I "lost" $45 on this particular textbook while renting it would only have costed me $32. Of course, not all textbooks might be most affordable through renting. It could definitely be more beneficial to buy the textbook, but you have to do your research. Go through each and every option to see what the best one would be for you.
5. Look for Additional Sources of Income
At my university, there are always a ton of research studies happening who accept students as their subjects. Most of them offer some form of cash as compensation for your time during the study. If you can find a couple experiments that you can fit in your schedule, definitely take advantage of this. Your college or university would have a separate website where you can register and receive information on possible studies you would be eligible for.
No comments:
Post a Comment