Beginning of the new academic session in 2019, multiple tasks need to be on to-do-list. Wasn’t it better to double up your earning with two jobs in the break? Now the break is over and college session is about to start different expenses are steaming up one after another. From hostel room décor to buying academic books or selecting a major, all come with a hefty amount to pay for.
Life never fails to give you lemons, being a college student your responsibilities would only increase. To progress ahead in your career you need to have a strong hold on your decisions. One needs to understand the art of money management to control their expenses.
Here are some effective tips to control the budget of your academic year through the expert tips
- Financial scholarship program:
Scholarship or financial aid programs are the most effective to reduce the costs of college. It tends to help the student through financial aid or facilitating in the semester fees. The procedure of merit-based system scholarship and financial aid are kept hard to make sure the deserving one gets the help. However, it doesn’t mean you should not apply. God knows if your luck is waiting for your effort to apply. Many websites and other program are offering financial aid like FAFSA whose money you don’t have to repay back.
- Make a Budget for expenses:
College student frustrates in keeping track of their expenses in hangouts, drinking or any other form of enjoyment. However, it is essential to keep on a budget the money that is coming in or going out from your side. As a college student you need to make a budget list and incorporate basic expenses like hostel costs, Fueling Costs, Food and Tuition costs, Books and extra amount costs. It will help you to be on budget and
- A checking account:
Opening a checking account should be on your top priority list. It will help you learn smart money management skills. Also, look for the nearest bank that has ATM services in your campus saving you from extra expenses.
- Used Or half Priced Books:
According to the CNBC report, “The College Board estimates that the average student in this country spends around $1,200 a year on books and supplies”. A normal college textbooks costs approx. $200, the question here is it really necessary to invest such a hefty amount on a book? As a college student use half priced or used books buying from Amazon or Half.com.
- Campus Amenities:
Try to control your expenditure in extra expenses like hanging out in friends. Rather utilize your college campus activities like cultural shows, free foods, concerts and even libraries to cut down your expenses to half. Communicate with student societies of different universities bringing you different events. Communicate via student’s newspapers, online portal or social media pages.
- Credit cards:
Most students get a credit card in their college age. A credit card comes with a responsibility to manage the finance thus it is essential to take care of your expenses while charging it every time. The sane usage of credit cards also enables you to have paybacks or discount offer on the usage at gas pumps, books centres, hotels or restaurant etc.
- Have A debt Plan:
The college journey of many students ends up with debt in the UK. Entering into a marriage, professional career or any other aspect of life with debt would keep you in constant mental trouble. Therefore, it is essential to keep your extra penny saved and use it in debt cases.
- Apply 20/30/50 Formula:
As per the Forbes reports, the college student should follow the famous 20/30/50 formula. It helps to control your student loan to extra expenditures costs. Confuse what this formula means? Well, spend 20% of your expenditures on the home pay or student loans etc. for better financial management. Other 30% should be invested in night outs, fun and entertainment. Whereas the rest of the 50% should be spent on the rent and other essentials.
- Find a Part-Time Job:
A part-time job with your studies might help you with the expenditures of your college career. You might find a part-time job within your college journey thus it may help you to work and study altogether.
Another important thing that should be on your budget list is the savings for thesis and dissertation writing. You might be able to write your dissertation on your own but at a point, you may seek professional help for specific chapter mostly its Dissertation Literature Review that keeps the student tensed. Thus, hire Dissertation Educators professional to get your perfect dissertation help for every chapter.