For any college student, cost is very critical for an effective college education. Expenses may vary based on priority and the significance of what you spend on. This can get really difficult if a diligent scale of preference is not adopted. Expenditures on tuition and accommodation should be the primary concern of every college student, and should therefore be prioritized. This will further depend on if you get an on-campus or off-campus house. Other areas of expenditure will include textbooks, transportation, activity fees and personal expenses. Considering the huge expenses on the aforementioned items especially if you are enrolled in a private college, saving becomes an indispensable action.
Saving will ensure a debt-free life for you at college. Students who spend carelessly end up accumulating immense debts which can attract periodic humiliations. Through savings, you can have back-up money for unforeseen circumstances (sudden ill-health, surprise field-trips etc).The most effective ways a college student can save money is discussed below.
1. Get an ISIC Card
As a college student you are strongly advised to acquire an ISIC card. This is an international student identification document that opens the way to several benefits and discounts in many activities. The card mostly offers discounts on travel opportunities and will be perfect for students who want to minimize cost while on a cross-cultural exchange trip or some valuable internship. Students can also benefit from discounts on educational courses, magazine subscriptions and local eateries. You can get the card through an online application system that takes 3-4 weeks to deliver the card to you.
2. Finding Affordable Accommodation
As an international student you will have a wide range of accommodation options to select from. Usually on-campus houses are more affordable than off-campus options. Living on campus exposes you to meals and other products at a discount price offered by most universities. This helps you to save money for other necessities. Also transportation costs is significantly minimized with the on-campus housing. Staying on-campus is therefore advisable as it reduces your expenditure scale, and aids you enjoy the euphoria that radiates through every college campus.
3. Controlling Living Costs
As a college student you will require essential items for your day to day usage. These can include toiletries, groceries, and clothing. You may also decide to visit a local cafeteria or restaurant when famished. All these items require money and it’s critical that you identify affordable shops around that offer these needs at discount prices.Avoid excesses such as uncontrolled student hangouts on a daily basis, excessive consumption of alcohol, and rampant partying. These acts will drain your finance reservoir and ensure a debt-trap for you.Conclusively, maintaining a responsible lifestyle will save you some cash!
4. Use Campus Amenities
The use of campus facilities is very advantageous to students. Instead of buying huge textbooks at exorbitant prices, you could get them directly from the college library, thereby saving money. This is especially useful for engineering and medical students who have very expensive reference books included in their curriculum. Other facilities can include getting meals at discount prices and cheap transport services from campus to destinations outside campus.
5. Using Apps To Save Money
The technological revolution has enabled the use of applications to help control expenses of college students. Apps like Monzo, PayFriendz, Idealo, and Vouchercloud are making waves in their money-saving outcomes. Interestingly all the apps are mobile-friendly. So with a smartphone you can download any of these apps, and get your expenditure on the favorable side. Understanding how to diligently prioritize your expenditure as a college student will definitely aid you to save money. It will not only prevent you from debts but would surely set a proper foundation for your money-management schemes as a future professional. There are other great smartphone apps students can find helpful also.
Abhyank Srinet holds a Masters in Management degree from ESCP Europe & has an engineering degree with a specialization in Instrumentation & Control. His interest in the digital landscape motivated him to create an online start up for Masters in Management application consulting (MiM-Essay.com), focused on spreading quality information about the MiM degree & performing application consulting services for clients. He is the chief consultant of the company and takes care of Business Development and Digital Marketing side of the company. He is very passionate about writing and marketing.