Going to college should be one of the greatest times in a young person's life but, too often, that experience is sullied by money problems. Not only is there the fear and anxiety that accompanies the realisation that you are going to be saddled by debt for many years to come but it can often be a struggle just to get by on a day-by-day basis.
It's important to realise, however, that you are not alone in facing this predicament and that there are some things that you can do to lessen the financial burden. With that in mind, here are ten top tips that you can apply to improve your monetary wellbeing.
1. Opt for the bank that offers the best overdraft deal, not the best gimmick:
When you enrol at college, there will normally be a host of banks keen to sign you up and they attempt to entice students by offering freebie account opening incentives. However, you are always better to choose your bank based on the quality of the accounts that they are offering you. Given that you are likely to face financial strain during your time at university, the overdraft deal that they offer will normally be of particular relevance. If the bank that offers the best interest rates, and has the lowest charges, also happens to offer the best incentive then great. However, don't go with them just because they're offering a free camera or whatever else it might be.
2. Learn the art of budgeting:
Nobody's saying that you need to live the life of a hermit but, at the same time, it's important to realise that you can't paint the town red every day unless you happen to have a footballer's wage packet. Budgeting is about working out how much money you have available to spend each week or month and then working out what you're going to spend it on. It may not come naturally for many people but budgeting is an invaluable tool that can help you get through college and will become a useful lifetime skill. Your bank student officer should be able to offer more detailed advice and budgeting tools, so don't be afraid to ask for their expertise.
3. Get a part-time job but don't let work affect your grades:
It's an unfortunate fact that most students need to join the workforce whilst at college in order to fund their time at college. A positive of this is that it will look good on your CV and will enable you with skills that you can benefit from when you start your professional career. However, there is risk attached to working through university. If you find yourself working every free moment that you have, then this won't leave enough time for study and (in extreme cases) could lead to you having a physical and/or mental breakdown. The key, therefore, is to get the balance right between the need to bring in money and the equally important need to get a good grade and have some freetime to yourself.
4. Become a cost cutting champion:
Many people go through their lives oblivious to the cost savings that they could be making. They then wonder why they have gotten into financial difficulties when those around them have coped so much better. As a student, it's imperative that you learn the skills of cost cutting. There are far too many examples of ways that you can trim costs to list them all here but you will find plenty of other articles on Helium devoted to this subject. A few basic examples, however, are buying groceries from low cost outlets, avoiding over-priced branded items and making full use of any student concessions or coupons that you are entitled to.
5. Ensure you've taken advantage of any grants that you are entitled to:
There are sometimes grants or bursuries available to some students that can make a real difference for those who qualify for them. Often, these are means-tested so that they are only available to students who comes from households with low incomes. However, there are sometimes also busuries available to students who have achieved exceptional academic grades at school. I appreciate that such monies may not be available to the majority of students but, for those who do qualify, they are worth taking advantage of.
6. Get sponsored through college:
Again, this option will probably only be available to a select few. However, companies will sometimes agree to sponsor a student through university, usually with the proviso that the student spends the summers doing work experience with them. In competitive fields, such as engineering, there can be real value to companies in securing exceptional quality students and the advantages to the students can be great.
7. Avoid unneccessary expenses:
How many students do you know who plead poverty but run a car, have a fancy computer, a games console, a fancy mobile phone and a wardrobe full of the latest designer branded clothing? On the other hand, there are plenty of students who do without such things so that they can leave university without being crippled by a mountain of debt. Being sensible with your money doesn't mean that you can't have any of the items that I've listed but you might buy them second hand or trade them for other items or get a cheaper make.
8. Consider a student loan:
The ideal scenario is to get through college without needing to incur any form of debt. However, the reality is that most students will need to borrow and a student loan will usually provde a better deal than other loans that banks offer. When taking out your loan, your aim should be to take out the minimum that you need to cover your essential costs. You should not take out extra just to fund an extravagent lifestyle; such an approach may be fun whilst it lasts but will come back to bite you severely in later years when you have to repay the loan!
9. Shop around for a good deal on accommodation:
Most students opt to reside in a Hall of Residence during their first year and then look to find an apartment to share in subsequent years. It's important, however, that you price options and that you take into account all of the associated costs. For example, Halls of Residence places are usually quite expensive but you don't need to pay extra for electricity, council tax, etc and the deal may include meals. In contrast, getting a room in a shared flat will usually be cheaper but you will then need to factor in the additional costs.
When looking for a shared flat, it's important to look for a good deal but you shouldn't necessarily go for the cheapest option. From my experience, the cheapest apartments were usually in a horrible state of repair and/or were located miles away from the college campus. You therefore need to weigh up both the cost and the quality of life.
Of course, for those going to college in their home city, there may also be the option of continuing to live at home. That will deliver a significant saving but many students like to (and benefit from) flying the nest and getting their own independence.
10. Cook your own meals rather than buying takeaways:
Often, college is the first time that students have had to fend for themselves and their cooking skills may be rudimentary. However, cooking your own meals will work out much cheaper and more healthy than constantly buying in pizza, curries or chips! Cooking really isn't that difficult a skill to master and there are plenty of easy-to-cook meal recipes that are available on the Internet.
Summary:
Hopefully the ten top tips that I've outlined will be of use, or at least some of them. Getting through college can be difficult from a monetary perspective but the budgeting skills that you pick up will be invaluable throughout your life and things will get better once you've got your degree and have embarked upon your professional career. Finally, if you still find that you are mired in debt and can't see a way out, then please speak to someone about your problems. Family members, friends and your local bank staff will probably be able to offer suggestions and support and we usually find that things don't seem quite so bleak once we've shared them with other people.