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If there’s one thing I wish I had mastered when I first attended university, it was handling my finances and budgeting. I wasn’t an avid spender, but I wasn’t the best at saving either. There are things I wish I did and things I wish I didn’t. My ultimate financial missions were to pay bills, get school supplies, and have food and water on my table.
Financial Aid
One of the things I wish I’d have done before going to art school was to apply to more scholarships and grants, which are financial aids given to students that require no post-degree paybacks. Honestly, I was not as passionate about having to search for them and, funnily enough, I didn’t want to write any essays. Looking back at success stories I’ve read of students who’d received thousands of full-ride scholarships, I regret not spending my time applying. When you’re thinking about going to university, please approach the financial aid process better than I did. Follow the advice and motivation that your instructors, counselors, and peers provide you when applying for the scholarships, such as:
APPLY EARLY
You can begin researching for scholarships even earlier than your junior year. This gives you time to really search for ones that you’ll be spending your time and energy applying for by the time you need to apply.
APPLY FOR LOCAL SCHOLARSHIPS
Most communities provide scholarships through businesses, organizations, clubs, and benefactors. Check in with your advisor, or search engines, or ask university alumni for guidance in applying for these scholarships.
USE SCHOLARSHIP SEARCH TOOLS
Scholarship search tools make things quicker and easier to filter through thousands of options. You can find ones that fit your qualifications, interests, or experiences and rule out ones that aren’t meant for you. It may be intimidating to look at the seemingly endless list of scholarships. Relax. Before looking, you may want to write down on a sticky note the most important qualities you’re looking for in a scholarship, such as award amount, interest, deadline, etc. You can always switch up your list as you go along, but use what you have as your base to filter your search.
Scholarship Search Websites:
APPLY FOR SCHOLARSHIPS WITH SMALL REWARD AMOUNTS & MORE REQUIREMENTS
Students often look for the bigger amounts, hoping it’ll be enough to cover their tuition if approved. Additionally, many students avoid scholarships that require harder work, such as essays, videos, and projects.
Scholarships that have more requirements and a small reward amount have a lesser applicant pool. Applying to scholarships with less than about 500 applicants creates a higher chance of getting approved than scholarships with about 5,000 applicants.
GET PERSONAL
Instead of applying for every available scholarship you qualify for, focus on the ones that actually interest you, and have fun working on them. The more interested you are in the scholarship, the more passion you’ll be able to showcase within that topic, and the higher the chances of creating an amazing submission.
FOLLOW ALL THE REQUIREMENTS
If the scholarship asks for a maximum of 500 words, don’t risk it and submit a 501+ essay. If the scholarship requires five photo submissions, do not submit more or less than that. Think through any questions asked and answer appropriately. Think of applying for scholarships similar to applying for jobs. By following simple tasks, such as following the exact requirements, you’re already showing your sincerity in wanting that scholarship. By not following even the tiniest requirements may result in the disqualification of your application.
APPLY, APPLY, APPLY
Apply to as many scholarships as you can while you’re still in high school and apply early. Spend a couple of hours each month researching and working on those scholarships.
KEEP DEADLINES IN MIND
Scholarship applications aren’t the same as submitting assignments or projects – do not wait until the night before the deadline to complete it, and, if possible, don’t wait until the deadline to submit. Being ahead of scholarship deadlines allows you to thoroughly go through them and revise your work as much as you can. Submit your application days before the deadline.
PRACTICE YOUR INTERVIEW SKILLS
Some scholarships may require an in-person interview. Before the interview date, research some common interview questions to get an idea as to what might be asked. Avoid writing your answers down and memorizing them – you’ll sound inauthentic. Practice with friends and family beforehand. Come interview time, if you don’t know the answer to a question, be honest with them and tell them, or ask them if they can rephrase it. Be yourself and thank them at the end.
BEWARE OF SCHOLARSHIP & GRANT SCAMS
There are many of them around and you need to familiarize yourself with the warning signs of fake scholarships and grants.
Common Major Red Flags:
Fees: Scholarships never ask you for an application fee or any other fee.
Personal Information: Your Social Security Number (SSN), bank accounts, and any other personal information should never be given out.
Lacking Contact Information: Scholarships should have multiple ways for possible entrants to contact them.
Read More About Scholarship Scams:
DON'T GIVE UP
Rejection letters/notifications suck, but they do not mean that you should give up. Every rejection is a sign of a better blessing. Do not take these rejections personally. Use them as motivation to keep going and apply just as hard and just as much as you hadn’t previously.
Student Loans
On the other end of scholarships are the loans. Yes, loans. As I made the mistake of not applying to as many scholarships as I can, I had to make it through my education with a couple of loans. *cue tears* The loans were suggested by my school, so I didn’t do much searching for them.
What are loans?
Loans are money lent to one or more individuals or organizations, making the borrower(s) in debt. Borrowers would have to repay the principal amount borrowed, along with interest. For students, most loans are paid back when the student graduates, leaves school, or changes their enrollment status to half-time.
For more information about loans, please read Federal Versus Private Loans.
For more information about interest rates, please read Federal Interest Rates and Fees.
STUDENT LOANS TIPS AND GUIDES
My experience and personal opinion on student loans
The university I attended is a pretty expensive school, and I had to rely on student loans to get my degree. Is it worth it? I don’t know yet, especially during this economic hardship that we’re all currently facing. Am I worried about the thousands of dollars I have to pay back? Most definitely. It terrifies me. On most days, I worry if I’ll even be able to repay it all while still making ends meet and pursuing my dreams and goals.
They’re stressful and something that I hope future generations won’t have to go through. Young adults shouldn’t have to worry about repaying student loans from going after a degree that will help them achieve their passions. For most of their lives, they’ll focus only on living to make ends meet and pay off their loans. When instead, they should focus on living, exploring, feeding their soul, and connecting their inner beings.
And I’m not entirely saying this because I fall into this category, but…SHOULD EDUCATION HAVE TO BE THIS EXPENSIVE?
I am currently going through the payback phase, so I don’t have much experience yet on how to handle this type of situation and provide guidance and tips, so I’ve listed other articles below for more information on them.
Earnings
Throughout my four years, I was completely reliant on my parents for extra financial support. I did not get a job because I didn’t think I could handle the additional time away from doing my assignments. I was fully aware of the various ways to earn some extra cash while at school though. I’ve had classmates who were also reliant on their parent’s financial support, and I’ve had classmates who were full/part-time employees. See how your first semester plays out and determine if you’re able to handle schoolwork and a full-time job.
Tip: Ask your advisor for any work-study opportunities at your school or at the dorms.
All the dorm representatives were students at my school, and they definitely had their own perks. Having a job while studying is beneficial to you as you can learn to manage your time better, earn income, and gain work experience (even if the job doesn’t match the program you’re in). If you prefer focusing on your studies and are financially supported by someone else, but you’d still like to earn on your own, summer jobs and freelancing are other options to think about.
Ways to Earn Money While Attending University
Apply for work-study
Work-study allows students to work for income and get schoolwork done simultaneously. This position usually comes with the FAFSA application or you can talk to your advisor about it. Such positions may include working at the front desk of student buildings or being a Residential Advisor at the dorms.
Tutor
Tutoring is another great way to earn income while sharing and reinforcing your knowledge of the material taught.
Start a Blog/Website
If you love being online and working from home (i.e. me), then starting your own blog is a good way to start earning some extra cash. You’ll have to pay for a domain and webhosting, and once you have those set up, you can read up on guides, such as The College Investor, on how to start making money with a blog or website.
Get Rebates for Groceries
Ibotta is a great app that allows you to get rebates for certain items that you shop for.
Become a Driver / Food Delivery
If you have a car, participating in a rideshare or food delivery job is another alternative to quick and easy earning.
Get a Summer Job
Summer jobs aren’t just for high school students. College work is not as hectic during the summer, and if you’ll be taking online classes, why not use the extra time you have getting a part-time job?
Get an Internship
Some internships offer to pay you while you’re with the company. Pay attention to the ones that do if you want to get paid. When getting an internship, you’re not only being paid, you’re also gaining more experience with your skills.
Check out Fiverr
Fiverr is an online platform that allows individuals to do freelance work in gigs they specialize in, such as graphics, writing, music, digital marketing, lifestyle, and more.
Be a YouTube Vlogger
There are many student vloggers I see on YouTube these days. Majority of them vlog about their daily or weekly life and, once you attract a good amount of audience, you have the opportunity to get paid for your videos.
Sell Your Creations
If you have a knack for creativity and are often doing handicrafts, Etsy is a great site for that. Or if you love drawing, painting or any visual illustrations, artists at Deviant Art get paid for selling their work.
Sell Your Textbooks
Selling your textbooks may be slow or occasionally lucrative, but earning even a little bit is better than having them stocked away in your shelf collecting dust. The sites I’ve personally used and had positive experiences were: BooksRun and Textbook Maniac.
Sell Your Belongings
There are websites that allow you to sell clothes and other items if you’d also like to clean out your closet or room space.
Expenses
I knew SF wasn’t exactly the cheapest city in the world, even in the state, so I had to manage my spending wisely. Of course, there were a couple of times when I indulged in overspending, but I was still able to control myself majority of the time, which I’ll explain how I did in the last part of this post. I found myself $10/week on bus commute. When I went out, which was rare, I still managed to spend less than $80 total for that week. I was thankful enough that I lived in an area that was about 30-minute walking distance to school, about a 7-minute walking distance to the grocery store, and about a 5-minute walking distance to the laundry. Commute expenses were largely decreased due to this.
Weekly / Monthly Bills and Expenses
Rent
Pay attention to how much rent and deposit fees are when looking for an apartment. Most deposits are given back in full upon move-out, so long as you don’t damage the property. Rental fees also depend on whether you live directly in the city or the suburbs. Rent in the city is often much higher than rent in the suburbs. Double-check the amenities that are included with the rent and determine if they’re worth the listed price.
I lived in a tiny one-bedroom co-ed apartment that was around $1,000/month. The security deposit equaled my rent, and I was able to get the full amount back when I moved out. Though I didn’t have a kitchen of my own, and restrooms on each floor were shared with all other renters within that floor, I was fortunate enough to have water, power, cable, and Wi-Fi included with this payment.
Cellphone
Most phone providers offer student discounts and plans. For students on a budget, it is highly recommended to take up these student offers as many of them include free texting and calling. If you would like more data, you can request that from your phone provider but prepare to have a higher monthly payment.
I signed up for the $40/month plan, which included data, free texting, and calling (including Saipan). The price and features were my top priorities in selecting the plan. I barely needed data when I was out, and when I did, I’d only use it for Google Maps, Uber, Messenger, or Spotify. I never really paid attention to what other cool features a plan offers as I mainly needed some sort of data and the ability to talk to my parents (I sometimes prefer regular calling to online as Wi-Fi sometimes gets choppy or cuts off).
Laundry
If your dorm or apartment does not have a washer and/or dryer, you’re going to need quarters. The best place to get them is typically at your bank. Some laundromats offer cards where you can refill one through their machine using your credit card or cash.
Remember to separate your colors when washing. You wouldn’t want your whites turning pink. Also, wash them inside out to preserve the color. To preserve the quality of your undergarments and delicate clothing, I suggest purchasing mesh laundry bags. If you prefer not carrying a laundry basket or showing that you’re on your way to do your laundry, I’d get a laundry backpack. The one I have is machine and dryer friendly, so I always include it when I’m doing my laundry (after emptying my clothes into the washer first). If some of your clothes are still damp, pack/fold them last and place them on top of your laundry bag. You can hang them at home later.
I spent about $6 biweekly for laundry. I rarely go out as it is, so I never end up using too many clothes per week. My classes were only twice a week and that further limited my laundry size. I’d wash my sheets every last Friday of the month. I also purchased a laundry backpack, as I didn’t want to be seen visibly carrying my clothes. I know this isn’t ideal, but I would put all my clothes in one washer and dryer. For every two weeks, I’d wear all dark-colored clothes, then the next I’d wear all white, and then all colored. I use separate mesh bags for my underwear, bra, thin blanket, and socks. This system seemed to work well for me.
Laundry Basket / Bag
Hangers / Drying Rack
Clothes Pin
Mesh Bags
Detergent
Dryer Sheets (Eco-Friendly Option: Reusable Dryer Balls)
Food
Check if your local grocery mart offer membership cards and request to have one. Most of the time, they are free to obtain. Membership cards offer pretty decent discounts on items, and will greatly help you save.
Grocery shopping will happen quite often, especially if you’ll be cooking a lot, so reusable grocery bags are the way to go. You’re saving the planet by avoiding plastic and paper bags. Also, make a list before going and do your best to stick to that list. You get to spend less time at the store and avoid purchasing items you don’t need. When you buy fruits, get fresh ones, not frozen, whenever possible. They’re healthier.
I understand the temptation of having to eat out. No one should starve themselves, but no one should also constantly spend more money eating take-out foods. If you have a kitchen, I strongly recommend cooking all or most of your meals. If you don’t know how to cook, ask a relative or friend who knows some easy recipes to help get you started, download cooking apps, or watch cooking videos online. Of course, you’d have to purchase cooking utensils and ingredients, but at least they will last you an entire semester, with the utensils possibly lasting until you graduate.
Because I didn’t have a kitchen, I was limited to mostly microwavable foods, but I’d also get myself some fruits, water, bread, milk, cereal, orange juice, and noodles. And snacks- definitely needed my weekly snacks. For my groceries, I’d spend about $40 every week. I often shopped at Safeway where I had a member’s card, and it has saved me tons of money. I often looked for foods that were on sale, but unless there was something I was really craving for that week, I’d end up purchasing it even if it weren’t on sale.
On a normal week, I’d eat out at most two times. I’d usually go out to eat for dinner after my late-night class with a friend as we found ourselves being hungry and lazy to cook by the time we went home. The two weeks of finals, on the contrary, is the most stressful time of the semester, so I would order more restaurant food than usual or purchase even easier to prepare the type of meals. Other than that, I didn’t find the desire to eat out. Though I don’t mind going out for special occasions, like someone’s birthday or passing the semester classes.
1x Mini Rice Cooker
1x Nonstick Frying Pan
1x Knife Set
1x Can Opener
1x Peeler
2x Cups / Mugs
1x Nonstick Saucepan
1x Spatula
1x Chopping Board
1x Tupperware Set
2x Spoons
1x Tong
1x Measuring Spoon Set
2x Forks
2x Plates
2x Bowls
Food Delivery Tip: When you order food for delivery, pay attention to the delivery fee.
Cheaper fees usually mean that the restaurants are closer to you and will get to you quicker. If you have any leftovers, don’t be so quick to throw them away, especially when they are still edible. Transfer the food to a Tupperware (or keep them in the original packaging), and put it inside your fridge. You can heat them up in the microwave or on the stove the next time you’ll eat them, which should be during the next two days, as they will get worse if you keep them in there long enough.
Commute
If you have a car, the expenses you’ll have are gas, car insurance, and the occasional parking spaces. Most universities provide parking spaces for students and, depending on the school, you’d have to let them know that you have a car and would like access to the parking spaces, and they’d give you a student dashboard pass to let security know that you’re allowed to park there.
When taking the bus or subway, obtain a bus pass as soon as you can to avoid staying in the front for a long time depositing your cash payments, which has to be the exact fare amount as buses and bus drivers don’t have change on them. Most bus passes are obtainable at subway stations, and possibly at your local Walgreens store (which is where I get mine). You’d have to put money in your bus pass and refill it every time you’re low on it. Balances are seen on the bus scanner whenever you enter to make your payment.
Public Transportation Tips: If you're carrying a backpack, change its placement from your back to your front.
Place your arms around it as well, especially when the bus/subway is crowded. Public transportations typically have the next stop mentioned in tiny screens at the front. If you’re still worried that you might miss your stop, Google Maps is your best friend to stay on track.
When traveling at night, whether you’re alone or with a friend, I suggest taking rideshare. You can split the payment amongst yourselves, and you can reach your destination quicker. Remember to ALWAYS double-check the license plate and ask the driver who they’re picking up – you can simply ask, “Hi, you’re picking up for…?” Let them answer your name for you to be extra careful.
I don’t own a car, nor did I find it necessary for me to get one (for the most part). So I definitely saved on gas and car insurance. When I lived further away from school, I’d commute by bus about twice a day, twice a week. This cost me about $10/week. I avoided taking rideshares as much as possible, especially when I knew I could walk to certain places or the bus ride didn’t seem long. When I did take rideshares, I was traveling at night, I was running late, I waited more than 10 minutes for the bus, or I was headed to/came from the airport. I had never spent more than $30/month on rideshare. When I moved closer to school, I would still occasionally take the bus after class when it was raining (I still had to walk a couple of minutes to the bus stop), but I’d still spend less than $10/month.
One-Time / Semester Purchases
Textbooks and School Supplies
Avoid purchasing a lot of supplies before your first class session. Most instructors will change or not require the supplies listed on the syllabus. If you’d still like to be prepared, you should email your instructor at least two weeks before classes begin to have ample time for any online orders to arrive.
Most colleges would sell textbooks from their own bookstore. Feel free to purchase from there, but I personally prefer getting my books from Amazon for their cheaper prices (even new versions). If you plan on reselling your books, getting a new book will typically give you the advantage of reselling at a good price. Purchasing a used book is also not bad as they are already cheaper, and you can still sell them at a fair price.
I was fortunate to purchase fewer than 10 textbooks throughout my four years, and when I did, each of them was less than $50. I was able to resell them for good prices by the end of the semester. I resold mine using Textbook Maniac and Booksrun. They were easy to work with and I got my payment quickly.
I never really had to buy school supplies unless I was taking classes outside of my major. For the most part, I used the same major supplies throughout my semesters: hand sanitizer, laptop, earphones, mouse, and flash drive, as well as, software programs, such as Adobe Creative Cloud.
Recommended School Needs (*for art students):
Mask
Water Bottle
Pencils + Erasers + Sharpeners
Stationery Pouch
ID Card Holder
Tape
Hand Sanitizer
Academic Yearly Planner
Markers + Highlighters
Journals / Notebooks
Umbrella
*X-Acto Knife + Cutting Mat
Travel-Sized Disinfectant Wipes
Pens + Whiteouts
Folders / Binders
*Sketchbook
Stapler + Staples
Post-It Notes
Technological Devices
Spend a little more time carefully researching the product that you want to have. Look at what customers are writing about them. Watch YouTube videos of people reviewing them. Ask classmates or friends who you’ve seen with the product what they think of it. Price is more intimidating when it comes to these, so only get the devices that you truly need and not because you’ve seen someone having it and you thought it looked cool, so you want it too.
I spent about $1,500 on technological devices throughout my education, with my laptop taking a major proportion of it. I’m thankful that almost all of my devices lasted throughout my four years and that I didn’t lose any of them, especially my flash/hard drives. (That would’ve been a real-life nightmare.) The only device I had to frequently replace was my earphones because one earbud seems to somehow not work after only a couple of months.
Laptop
Electronic Accessories Bag
Mouse
Printer + Ink + Paper
External Hard Drive + Flash Drive
Earphones + Headphones
Health Insurance
Insurance is probably not on your high list of expenses, but it is something to think about having, especially when something could happen at any given time. If your financial situation really can’t afford insurance for the time being, do your best to eat healthy foods and be physically active. Drink vitamins and avoid all those other unhealthy items. WASH YOUR HANDS and cover your mouth when coughing or sneezing. If you’re sick, please stay home. Your instructors are understanding and will excuse you. If you’re mentally drained, go out to the park or be in nature and relax for an hour or two.
One of the requirements for living in my dorm was having health insurance. I forgot how much I paid per month. I switched insurance when I moved out and was able to get my eyes and teeth checked. Even with insurance, I made sure to still drink my daily Vitamin C, and eat fruits and salads. Other than water, the only thing I ever drank was orange juice.
Household Items
The household items listed below are A LOT. Depending on your situation, and whether you live in a dorm or not, you may need all, some, or only a couple of them. If you’re second-guessing any item, don’t purchase them right away. Wait it out a week or even a semester to determine if you really need them or not. Focus on the things that will allow you to live comfortably and focus on your studies.
For the most part, many of these items below lasted me throughout my entire four years. Some, like cleaning supplies, vitamins & medication, and toiletries are purchased on a “running low” basis. Most stores offer these items in bulk, and what I usually purchased in bulk were toilet tissue, paper towels, and disinfecting wipes (these were pre-pandemic). When I say bulk, I mean that I either get the 6-8 rolls of toilet tissue pack, 2 large rolls of paper towel pack, and two large containers of disinfecting wipes pack. All of these last me over a month at a time, with the wipes lasting longer.
Recommended Household Needs:
Hand Sanitizer
Rubbing Alcohol
Health Insurance + Card Holder
First-Aid Kit
Band-Aids
Vitamins
Cold Medication
Pain Relievers
Mattress
Bedsheets / Comforter
Blanket
Pillows + Pillowcases
Desk + Desk Chair
Shampoo + Conditioner
Body Soap / Body Wash
Toothbrush + Toothpaste + Toothbrush Case
Floss / Toothpick
Shower Caddy
Bath + Hand Towels
Bath Slippers
Plunger
Toilet Tissue
Hand Soap
Deodorant
Hair Dryer
Hairbrush + Hair Ties
Q-Tips
Nail Trimmers
Tweezer
Razors + Shaving Cream
Feminine Hygiene Products
Disinfectant Wipes
Broom + Dustpan / Mini Vacuum
Dishwashing Soap + Sponges
Paper Towel
Trash Can + Bags
Air Freshener
Storage Cubes / Containers
Desk Caddies
The Wants, Be Mindful About These
Clothes
Clothes shopping is a stress reliever for many people, and because college can be a stressful experience, as college students, you might be tempted to splurge on clothes even when you don’t need new ones. Instead of cluttering your closet with new clothes, why not destress in another way by filtering out rarely used clothes? You can donate those clothes to charity or shelters as well. If you really want new clothes, try waiting to buy them towards the end of the semester. If you’re still thinking about the clothes, purchase them as a treat for passing your classes.
As much as I love collecting socks, I’m not a big clothes shopper. I go clothes shopping twice a year, which is typically at the end of each semester. I refer to these as gifts to myself for passing my classes. Other than that, I never had issues with splurging my money on clothes.
Travel
When traveling, book at least a month in advance for cheaper prices. Search prices on Tuesdays as sometimes they are cheaper. If it’s a short trip, try packing enough to fit into a carry-on to avoid checked-in bag fees. Make a list of expenses beforehand to get an estimated amount and budget your finances accordingly.
I’ve traveled a couple of times these past four years. Two of them were flights going back home, which was about $1,000 roundtrip. Some were train rides to nearby towns, visiting friends, costing about $12 roundtrip. Others were flights to other cities, visiting family and friends, about $200 roundtrip. I mostly traveled during my summer and holiday breaks, and when I did, I was fortunate enough to stay with friends and family and worried about spending only on my travel fare, food, and personal purchases.
General Travel Expenses:
Flight
Rental Car / Public Transportation
Housing
Food
Budgeting
Now comes the fun part – budgeting.
During my first one and a half year, I never really had a budgeting plan because I typically just went with the flow. When I needed something, I’d get it on my next shopping trip. I kept all my receipts in zip lock bags, and I’d look at my balance to see if I have enough money before going out. Don’t be like me. Ask your parent or guardian how to budget while you’re still living with them and be with them to see how they budget. Take notes if you feel you won’t remember anything or call them whenever you might forget. By the second half of my second year, I was able to be more in control of my finances.
Budgeting Tips
Identify Needs & Wants
I know how difficult it is to distinguish needs and wants. I’ve been in this situation multiple times and it gets frustrating. For the most part, I’d identify my needs as items that my body, my school, and my apartment needs on a weekly/monthly/semester basis. My wants are more classified as rewards to myself when it’s my birthday or when I passed all my classes in the semester – I needed to accomplish something in order for me to get another thing. These are things I can physically live without and are around to satisfy me for periods at a time.
Most people usually write down their needs and wants on a piece of paper. And that’s perfectly fine. What worked for me was adding all my items to my cart (online or in-person). If I hesitate for more than 10 seconds, I’d leave them in the cart or return them. If I needed them, I would’ve bought them there and then, but since I hesitated, I knew it was more of me wanting them. When I need something, I automatically type them down on the note’s app on my phone. These are the ones where I know I’d automatically check out online or get on my next grocery trip. Most of the time, these needs are when I run low on food, water, or cleaning/laundry/school supplies.
Limit the Wants
Use wants as your incentives to do well throughout the semester or school year. Only get them once you’ve actually accomplished something, big or small, such as acing that test or passing your classes. If it’s something that came to mind so suddenly, it’s more of a want than a need.
Take Advantage of Your Student Status
There were multiple websites and apps that I couldn’t thank my student status enough for allowing me to use them. Be mindful that just because your student status will give you discounts, don’t make it a reason to splurge on items that are on your want list. You will also be needing to verify your student status every year.
Websites Offering Student Deals:
Record Your Expenses
Recording your expenses allows you to keep track of how much you spend and what you typically spend on. Plus, you can compare prices between stores that you go to. When you see that you’ve spent a lot in one week, you’ll know you have to conserve your spending the next week. I typically use Microsoft Excel to record my expenses.
Create A Routine
Creating a routine helps control how much you go out and spend every week. I typically combine grocery and laundry day together, and I’d go on the day after my last class of the week. By getting these done early on, I can focus the rest of my week on my assignments. Choose a day out of your week, most likely a day when you don’t have class, to do your weekly grocery shopping and laundry, and stick to it.
Make Your Financial Aid Refund Last
Financial aid refund is there to assist you with your educational needs, including food and household necessities. Do not use it for personal wants, such as providing a down payment for a car or purchasing new clothes. The more you can save, the more you can eventually use them to start paying back your student loans or invest in your goals or business.
Create A Savings Account
Create and avoid withdrawing or transferring any money from there. Use it as your emergency fund. If you have a job, try saving at least $50 in there every payday, and increase that amount every time you get an increase in your salary.
Don’t Compare
One of the ways you can really fall under a spending spree is by comparing your items with those of your roommates or classmates. You’ll think they have better things than you or that because they have the latest version of something, you’re going to be behind and so you feel that you “need” the latest version as well. Please don’t ever think this way. Everyone’s financial situation is different. Instead of comparing what you don’t have with them, be grateful for what you do have. Be grateful that you’re even there attending the university of your dreams, and being part of a program that will help you achieve your goals. The more grateful you are in life, the more you’ll feel that you already have everything you need and want in life.
I hope that this post will help you in the financial aspect of your university journey.
At the end of the day, always consider your own financial situation before making any financial decisions.
Let's chat!
If you’re an ongoing or graduated college student, comment below on ways that have helped you financially during college. If you’re just entering university, comment on some tips that you’d like to go for and how you plan on sticking through them.
