Budgeting
For a lot of students, college is the first taste of real independence; but that can also mean new responsibilities. Budgeting for tuition, books, and housing costs as a student is extremely important. Did you know over 80% of college grads will have student debt once they graduate? It is frustrating to find yourself in financial debt after completing post-secondary education.
Starting early budgeting habits can allow you to prepare for potential financial hardships you could face while in school and after graduation as you begin searching for your new career. However, there are strategies to help budget for tuition and other costs associated with being a student.
Here are a few to keep in mind:
- Take advantage of all the resources at your disposal including student discounts, free campus events, and open-source learning materials.
- Don’t spend more than you have. Although tuition and other materials such as textbooks usually cost more than we can afford to begin with (which is why we use student loans) it is important to remember not to spend money you don’t have.
- Save money where you can. Having a saving account is a great asset. Even if you find it difficult to put money aside, you need to start somewhere. Setting small goals each week can help increase your savings and allow you to have a fallback in case of an emergency.
Starting your student budget for your situation can help you stay on track and gain financial success for life after graduation. Learning to maintain and support a budget is an important skill to utilize and have for the rest of your life