It’s hardly a secret that students are challenged with extremely tight budgets and while there are several ways to reduce your spend without having to live an exceptionally frugal lifestyle, it all boils down to your knowledge of basic needs and wants. Unfortunately, the students that struggle the most are those who are well-adapted to a somewhat luxurious lifestyle prior to entering college or university. Therefore, while some students may simply need to adjust their monthly excess spend, others would need to adjust their way of thinking completely and instil a positive mindset towards money. Before you start living off of instant noodles and plain rice, here are a few ways you can make your budget stretch as a student.
Stretch Your Education
Unless you have a trust fund loaded with more than enough to keep you going, you may need to reconsider the dynamics of how you obtain your qualifications. Rather than only focusing on studying, you could consider stretching your education to be able to fit more into your days as this would allow you to study and work part-time, or even full-time while furthering your education. For those who are confronted with extremely small budgets, it may be best to consider the online pursuit of higher education. However, if you fit into the middle-class of struggling students, you should evaluate a bachelor degree list and break your studies up as much as possible. Even though you will be completing your education later, you will be able to make it through with less of a financial struggle.
Find A Roommate
Dorm living is definitely not for everyone, and if you don’t find the idea appealing, it would be a great idea to search for a reliable and responsible roommate. You and your roommate should split costs with regards to all living expenses from rent and utilities to your grocery spend. This will enable you to both enjoy a higher quality of life and if done correctly, you may even be able to save as a result.
Live Close Enough To Walk
Transport expenses can be quite high, especially if your budget is tight. Rather than considering transport costs as essential for your budget, you could opt for accommodation close enough to amenities and your college or university. This will enable you to walk everywhere you need to be. Even though rainy days may be something of a challenge, you will fast become accustomed to the decision and it will benefit your health while helping you improve your budget spend at the same time.
Learn To Prioritise
Learning to prioritise is not just for students struggling to make ends meet as the skill will benefit you in your career. Determining which items on your budget can be reduced and which can be cut may seem overwhelming, although, even small changes add up and can accommodate small savings. Therefore, it would be wise to craft a budget each month before spending, as your expenses can differ from month to month. If your budget is simply not capable of allowing you to thrive while studying, you should consider methods of making money that will complement your study needs.