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As if paying off your student loan isn’t enough of a burden already, there are other expenses that you have to think about. At your young (but bewildering) age, finances may sound like such a big responsibility. But if you can spend your money wisely, then it shouldn’t be a dilemma. Here are a few tips for students on a budget:

1. Buy used textbooks. This may seem really obvious and/or desperate, but it’s not such a bad idea. Used textbooks are usually in good condition, and far cheaper than its original price. Just make sure to check for missing pages and also check the edition number if it’s what is required of you.
2. Be frugal. It sounds painful, doesn’t it? But it’s not. Living on a budget doesn’t mean living miserably—just differentiate your wants from your needs. And buying from bargain stores and surplus shops won’t hurt either.
3. Pay your bills on time. Pay them as they arrive. As much as possible, pay before the deadline, not during the deadline. And NEVER after! This will save you time and effort, and keep you from paying late payment fees and penalties.
4. Create a money calendar. It can be especially useful to help you pay your bills on time. Mark down due dates for your expenses and bills (and even your tuition if you’re the one paying for them).
5. Avoid debt altogether. Your student loan is a big enough debt—don’t add to it anymore. Especially avoid non-academic debt! Like mentioned before, separate your wants from your needs. Prioritize your needs, and set aside what’s left for you to splurge with later.
6. Learn to budget. There are computer programs out there that can help you track your expenses. It also wouldn’t hurt to keep your receipts and keep them in an organized fashion. This way you’ll be able to set an amount you can use per day, per week, or per month and compare it to your daily, weekly or monthly allowance.
7. If possible, be friends with not-so-big spenders. There are a lot of people out there who know how to spend cash properly and it would be beneficial to be with them. They could even give you tips on how to save money like they do as well. And what’s best, you won’t be forced to “keep up” with other people’s expensive lifestyles.
8. Keep an eye out for freebies and free events. Having fun doesn’t have to be expensive. There are free and/or inexpensive events in schools and cities all the time—festivals, carnivals, movie marathons, themed events, concerts, etc. Sometimes, freebies and gift bags are given to early birds and people dressed in certain ways!
   
9. Limit your vices. This will not only save you money—it will also keep you healthy! Let’s face it: cigarettes, liquor and partying can be very expensive nowadays. It will also take a toll on your body if you don’t stop or at least cut down on these vices.
10. Get a job. Apply as a waitress at the coffee shop, or as an assistant at the library, or even try out as a musician for the local club. It’s only part-time since you’re a student. But having the extra money will be ever so sweet, especially if you’ve been eyeing that new mp3 player or cute shirt at the mall. Buying stuff you want with your own money feels really good!
11. Start a simple business. If you are some sort of computer whiz, or you can burn music that people love, or have a pickup truck that you can let others use when moving from dorm to dorm, then use them to your advantage. Help others and earn extra cash at the same time.
12. Plan ahead. Look into the future a bit—will you need the cash you have for a project, a road trip or for Christmas gifts, etc.? Then don’t spend it. It pays to wait.
13. Talk to your roommate(s). It’s really okay to share. It’s much less expensive to share your appliances, and for them to share theirs with you. It’s crazy having two refrigerators or two microwaves in one room when you can just share. And just imagine the electric bill!
14. Don’t be afraid to phone home for help. Despite your newly-learned budgeting skills, there will be times when all of a sudden you’re in dire need of cash (say, your car suddenly needs repair, or you have major project needs that are way expensive). It’s okay to call home and borrow cash—and make sure to pay it back as soon as possible. Nobody’s perfect, so the occasional financial slip is okay. Just don’t do it too often.
15. Talk to your parents. Ask them what they are responsible for paying, so you could get a better handle on your finances.
16. Have an emergency fund. Remember those piggy banks you used to stick your fingers in to get coins for ice cream? It’s time to get one again. These little banks could save your life! Drop a dollar in there every day, or even five dollars if you’re feeling generous. The money you save can be used for rainy days and times when you need money quick but can’t get the ATM to work.

This entry was posted on Tuesday, July 15th, 2008 at 11:35 pm and is filed under Money management. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.