How to Spend Money Wisely in College

The most exciting part of leaving school is the college life. The new freedom that one gets in college is great. New friends, new teachers, independence and responsibility are synonyms of college life. A drastic shift takes place when one leaves school to join college. We have to manage our own expenses and live life on our own terms. All this sounds very exciting but with freedom also comes responsibility.

Many times we get so distracted in the daily college life that we lose track of the expenses. Apart from studies, money is needed for daily expenditure, movies, food, phone calls, books etc. The new exciting life makes us forget the importance of spending money wisely. Everyone in college wants to be a part of every exciting activity that is happening around, and this is not possible without having money. Managing expenses as a student can be tough and if you do not have a part-time job, it can be tougher. Sometimes the monthly allowance is finished before the month ends and this causes problems in daily life. In college the maximum expenditure is done on food, movies and entertainment. Saving money is a distant dream in college but it is possible. Read the below points to find out how to spend money wisely in college.

How to spend money wisely in college

1. Make a Budget:

Plan your budget in advance. It is always helpful and it will keep a track of your expenses. When you make a list of your expenses at the beginning of the month you will know exactly where you have to spend and where you have to save. Once you take out money for expenses, the rest of it can be used for entertainment and outings. Making a budget is helpful because it helps you to take out money for necessary items like books, stationary etc.

2. Prioritize:

Needs and wants are two different things and they have to be differentiated properly. Anything that is needed and is related to your studies needs to be bought first. Prioritize your needs and wants. By doing this it will be clear in your mind, where you have to spend money.

3. Discover New Options:

If watching movies doesn’t interest you or is too expensive, look around to find what else is happening in your vicinity. Many colleges have youth festivals that have concerts, plays, singing competitions etc. Attending these concerts can be a good source of entertainment and will not burn a hole in your pocket.

4. Shop at the Sales:

Clothes form an important part of college life. They determine our style quotient and enhance our image. When shopping for clothes, keep an eye on the sales. During sales you can get some really stylish clothes on a cheap price and this will keep your style and money in place. Some stores near the college also offer student discounts. Look for such options.

5. Be Call- Wise:

Phones are a massive expense in college. Do not take a rental connection as that be very expensive and you end up paying extra. Choose the connection wisely depending upon your usage. Do not go for the first plan you see. Go for what suits your need and budget.

6. Make a List:

Whenever you go shopping to the grocery store, make a list of everything that you want. If you don’t do that you will end up buying things that you don’t need. When you are organized, your money will be organized too.

7. Cook yourself:

Food accounts for major expense in college life. Spending wisely on food can really help you in saving money. Rather than eating out in a restaurant or ordering food from outside every day, cook yourself or with a room-mate. Cooking at your home will make a huge difference to your pocket and will be good for your health too.

8. Get a Room-mate:

Lodging is another major expense in college life. Instead of living alone in a flat and paying the entire rent, get flatmates or a roommate who can share the expense with you. This way you will be saving a good amount of money, which you can use elsewhere.

9. Don’t buy a Brand New Car:

Buying a new car for college purpose can burn a hole in your pocket. Instead of brand new car go for a second hand vehicle. Better still, try and take a walk to the college. You will be saving money on gas too. If you buy a car, use it sensibly and arrange facilities of car-pool.

10. Join a Library:

Books and movies are the part and parcel of college life. A lot of money is spent on buying additional books and watching movies in the theatre. If you want to spend money wisely in college then, join a library. You can borrow additional books and also rent DVD’s of the movies you want to watch. This way you can get entertainment and knowledge both without spending a lot of money.

11. Make friends with Care:

Friends define college life, without them everything is boring and dull. Making new friends is the most exciting part of college life. As you enter college and start meeting new people, be in the company of those who spend money with care. Those who have lots of money will spend it lavishly and at some point, they will make you spend extra money too. Being with such people can spoil your budget and leave you penniless.  Choose your friends with care and be in the company of those who spend money wisely.

12. Look for Inexpensive Places:

Entertainment and student life goes hand in hand. Watching movies is one of the most favorite activities among students and this activity also burns a hole in the pocket. To get maximum fun, look for theaters that give discount to students. Mostly theaters in the vicinity of the colleges have special offers for students. Discover inexpensive places and enjoy your college life without spending too much money.

College life is fun and can be better if you learn the art of spending money at the right places. Once you know that, you can enjoy every bit of college life without any tension.

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