When you enter university life, you may have anxiety about what to do and how to spend your limited resources. There may be several activities you may desire to indulge in, but you are not sure if your money will survive the whole semester. It is best to budget your money to last for the entire time and even leave you with some more to spare.
Budgeting
For you to live at peace during your campus life without money worries, you first have to know how much you have and what you spend your money on. You have first to list all your sources of money, such as:
- Students loan
- Scholarships and sponsorships
- Parents
- Part-time job
Most student loans and scholarship money gets to your bank account at the beginning of the semester. Your account balance at this time may make you spend recklessly. However, before you start spending, make a list of all your expenses, starting from the essentials to the luxuries. An example of a student’s spending list is as follows:
- Rent
- Food and groceries
- Utilities
- Insurance
- Fuel or fare
- Course work materials
- Personal items
- Clothing
- Leisure activities
Once you know all your expenses, allocate money according to necessity and available cash. Now that you have a budget, you need to strategize on how to keep your spending habits within the set limits. Below we shall discuss some ideas on how to stick to this plan.
Always Sort the Essentials First
When you get the money, ensure you pay all the essential bills and purchase all house necessities before thinking of other adventurous ideas. This way, you will ensure that you will not struggle to meet your basic needs after spending money on non-essentials.
If you receive monthly allowances from your parents or guardians or get paid every month, ensure that you pay your utilities at the beginning of every month. You also need to set aside money for any school materials you will need and ensure you do not touch it with any other spending.
Minimize Unnecessary Expensive Fun Activities
There will always be road trips, parties, and other fun things to do during your university years. You need to know the most suitable for your budget and ignore the rest. You can always find cheaper fun activities that will not deplete your account balance within weeks.
If you attend the University of Florida, you can easily find UF housing that has additional amenities and have the chance to enjoy with friends within the residence. This will save you the money for travel and paying facilities. Whenever your friends are going for some expensive activity that does not fit your financial ability, you can opt out and save yourself from financial struggles.
Prioritize Savings
You can never say you have more than enough savings. Open a savings account and keep saving as much as you can. You may save up for a trip, a laptop, a phone, or whatever you want to save up for. Whenever you minimize unnecessary spending, you make room for saving money for future use. Check out banks with offers for students and open an account with them. You can also save by using recyclable materials that you may use severally or put to a different use in your apartment.
Make Extra Money
It is advisable to pick up a part-time job that will give you some extra money while keeping you busy at the same time. This money can go to your savings or help you meet your needs. Recycling also gives you some extra money. You can sell the things you don’t need on the many online platforms. Selling will create more room in your place and give you some much-needed cash.
Learn skills that help you make some items from scratch like baskets, indoor furnishings, and other things that you may otherwise spend money on. You can sell the products to friends, fellow students, or other people online.
Do not squander your money while in university. Your years on the campus are a training ground for your money management skills so that when you finish schooling, you know how to survive. Live within your means to ensure you do not lack any basic needs. Discipline and dedication help you to stick to your financial plan. However, when you finish your semester with extra money in your account, it will be worth the sacrifice.
