Looking back on the student years, many people remember a poor budget. Cheap lunches in the university cafeteria and the same dinner in the dormitory are still in memory. How does a student live on such a small budget?
Let’s divide students into two categories: incoming students and those who live and study in their own city. What is the difference? Budgeting. For commuter students, accounting for their own expenses and income becomes a priority issue. So, how can a student manage his or her budget?
Make a table with expenses, and incomes
You would think it would be easy: write down what you spent, how much money you had. However, many young people have difficulties. The easiest option is to write down how much money there is at the beginning of the month, what this money is spent on. This way the student will know where his or her money is spent. These notes will reveal unnecessary spending. In addition, it will be clearer after the analysis of how to distribute the budget.
Making a budget
We found out what the money is spent on. Now you can write it all down. For example, your budget for the month is a specific amount. Some of the money is your scholarship, some is material support from your parents. So, the main expenses: money for travel, food, other expenses. We’ll consider first the option when the student is studying in another city.
The way to the university
If the dormitory is close to the educational institution, you do not have to spend money on transportation. However, most students usually need to get to school by transport. In this case, it is more reasonable to buy a student pass and put it in the budget.
Meals
It is a good idea to include expenses for food in the budget, both in the dormitory and at school.
It makes more sense to buy food once a week, with the expectation that there should be enough food for the rest of the week. Some products can be brought from home, for example, vegetables.
With food in the canteen, everything is very clear. If a student is studying until the evening, then lunch should also be taken into account within the budget.
Other expenses
The other category of expenses usually includes cell phone charges, school supplies (if you need to buy them), paper help and other fees that are required.
These are just the main expenses that are common among students. It is worth remembering that the most important thing in handling money is reasonableness. Movies and cafes with friends are good, of course, but if you are limited in funds, it is better to wait with entertainment.
Income
It has already been described above that a student’s income is made up of scholarships and financial aid from parents. However, if you decide to take a job while studying to raise your budget to a certain level, it is important to remember that this should not be harmful to your studies.
Any student will be able to make a budget and calculate his or her income and expenses and see where he or she spends a lot. If you practice this month after month, after a while you will develop economic literacy. And saving money will become easier.