subject: Student Finances [print this page] As many high school graduates have realized, the cost of higher education has sky rocketed. Getting a college degree is now more necessary than ever, yet it has never been so expensive. However, despite the seemingly desperate outlook, there are many ways to secure the money you need to get a higher degree; and one needn't jump through an endless maze of hoops to get by.
Finding a means to pay one's way through college is usually one of the top concerns of incoming students; in fact, many may put off getting that coveted degree because they simply can't afford it. Being a full time student means that it is highly improbable that you'll be able to build a tidy amount of savings while you are studying.
In fact, the student life usually isn't one of luxury. You'll most likely have to forgo some luxuries-dinners out at restaurants will become a treat, buying new clothes will be more of an after thought rather than a priority, and of course, movies, shows and other similar activities should become more sporadic.
It is, therefore, vital that you learn how to manage your money; it's good to start young. When you're a student you can still rely on your network of family, friends and the university to help you figure everything out, which makes it an ideal time to get a hold of your financial situation. The experience you get from learning how to budget will come in handy later in life. It's best to start out earlier rather than later.
Living on a fiscally tight budget isn't exactly a party; in fact, it can be quite difficult. You do have to make sacrifices. You have to learn how to discipline yourself; moderation and self control when it comes to spending do take work, however, it's not impossible. Many people in the world have to subsist on much more meager means. You can make it work.
Start out by making some calculations. Figure out what you can live with and what you can't. Your top priority should be living expenses, i.e. rent, food, transportation, utilities, internet, etc. You should also factor in books and university supplies.
Start figuring out a budget as soon as possible. Don't dally. The more time you waste, the less time you'll have later to get everything in order and it will be harder to do. Don't wait until you're actually in trouble to try to get things in order.
Many universities, banks and financial institutions offer free counseling to new students. You can ask for help planning your budget and you can find a good deal of information about where to find aid and how to get loans, scholarships, etc. Workshops and seminars dealing with student finances are also offered by most universities. Don't hesitate to ask.
Credit cards can be useful, but use them with caution. If you're the type who cannot pay the bills on time, you may think twice about when and where you use your card. Remember that credit cards are convenient but they also require jurisprudence-think before you buy.
Always track your expenses. Buy a ledger or type up your budget and what you've spent in an excel worksheet. Avoid getting into debt by planning ahead.
by: Gnifrus Urquart
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