When it comes to education, it means that students need lots of money to spend. Especially when they are already in the University in one of the big cities. Big cities usually have a high cost of living and so do Universities.
Students need to pay expensive tuition and lots of books to support their studies. Even though the cost of living depends on the person, some cities are still expensive. Those reasons are enough for students to be careful about spending their money. Especially for those who still get “just enough allowance” from their parents.
Tips Of Saving Money For Students
There are thousands of opportunities to spend student loans or your hard-earned income while you are studying at university. Managing your money wisely will help your life during university life. Surely, you don’t want to have debt by the end of your study, right? So, doing some changes will save you from wasting money for nothing over time. Here are some tips for you to spend your money including student loans wisely.
- Stop buying unnecessary things
The first warning for you while spending your money in university is to stop buying the newest model of clothes, shoes, bags, accessories, and anything unnecessary. If you still have enough proper clothes for each season, stop buying more of them. it is not just wasting money for nothing but also storing up unnecessary things for your closet. You will have no more room in your closet, so stop buying unimportant stuff.
- Track the spending
Most of the time, you lose counting while shopping and just take everything you think, you need or you want. When it comes to the payment, you will get shocked because it is more than your budget. As a result, your spending will be more than your income. That is such a sad and pathetic story.
For avoiding that kind of sad story, it is time for you to track every spending money you do. No matter how little the amount of money you spend, write it down so that you can see how much money you already spend every single day. This tip will also allow you to monitor how much money you can spend tomorrow and you can know the exact amount of money left in your pocket.
- Cook by yourself
Food is another biggest monthly expense besides rent. Instead of eating out all the time, that will be the best way for you to get healthier and cheaper food by cooking by yourself. Cooking by yourself is a smart way to decrease your monthly expense. Besides, you can improve your cooking skill and get healthier food than eating out all the time every day.
- Student loans are debt
Some researchers revealed that more than half of students up to 35 years old who had student loans do not consider the loan as a debt. The more you use your student loans during the study, that would be the amount you have to pay once you can do so.