Education can be a luxury even with the financial aid of parents and scholarships. A student loan is sometimes the only solution, but also a nemesis that can ruin your already poor finances. It is thus a high time to save some money or try earning it.
I know it can be hard to find time to work between classes, parties and homework. A regular job can turn out to be a train wreck, but there are some alternatives like part-time and online jobs. Also, don’t forget that the accommodation costs can be a matter of financial life and death for students.
Save money where you can
Student’s life can be a constant party, but you should try to be rational with money. Monitor your spending habits and keep a close eye on the budget. Yes, it includes saving the receipts, but this will give you a clear idea how to adjust your finances.
Cut the costs by purchasing textbooks and other reading material from used Book stores. Search the campus for discounts, because students tend to receive a lot of those. Driving your father’s car might win you some acclaim, but local bus or a subway can be a much cheaper solution. Student’s ID might even offer transportation services for free or at a discount. Walking or riding a bike is the cheapest and healthiest solution, if you live close enough.
Find a way to make cash from dorm room
Two basic solutions students should seek out are cutting the unnecessary spending, and generating more income. You can achieve the latter by making some cash working online. This is energy and time-efficient way to tackle your financial difficulties.
If you have talents like audio-editing, writing, design or photography, make sure to promote yourself and generate some profit online. Create a YouTube channel, write an eBook or a blog, sell your stock photography and crafts or learn some penny stock tips and tricks. You can also complete online surveys, and get paid for searching the web, or review applications and websites for cash.
Find a cheaper accommodation
You might be enjoying your prime living conditions, but you should try to find an accommodation that will be gentler to your budget. If you are thinking of staying it town for good, the best option could be to purchase some cheap real estate. The upfront costs sure are unpleasant, but this solution pays off in the long run.
You can turn to letting agencies or summon an internet as an ally in your search. I know it can be hard when a semester is approaching and you haven’t found a proper solution, but take your time. Put effort to negotiate a good deal, and seal it only if you are sure it is as good as it gets. Just make sure you understand all the legal aspects of buying a new property.
Less is more
A student loan is an investment in the future, but just mentioning it can strike fear in the hearts of many students. On the bright side, there are ways to mitigate the impact of it on your finances. Cut the spending on luxury, and save money on the essentials like food and housing.
Accept less so that you can have more in the future. The only exception from this rule is if you are making a long-term investment in property. Always remember why you applied to the university in the first place. Everything else comes as a bonus, if you can afford it that is.