Being broke is the most common adventure in college, if there was a club for broke students, it will be the most dominant society in all colleges.
However, did you know it is very easy to remain financially stable for the most part of college life and still manage to save money for your future?
There are a lot of temptations in college that aim at putting a dent in your finances and you should be well aware of these agents of insolvency. With the right money attitude and control, you can save daily and still be cool.
Communal living is advantageous especially when it comes to distributing expenses. By the time you reach the second year you will realize how living with a friend can lift most burdens from your life let alone your finances.
To start with, you will pay less rent for a better apartment. Also, if you had a roommate outside campus you can come together to put meals on the table and take shifts in cooking and dishwashing.
You can also buy the house appliances you want so badly with the help of your roommates of course with a contract on how you will distribute them when you guys go separate ways.
This saves a good amount for other uses. The best part, however, is that you always have some company which is a component of successful social life.
A necessity it is, but you still wonder why you should bother about what you take. Well, sometimes we go way over the line pampering our fragile bodies with unconceivable chemicals, all in the name of feeding.
We all know food is a major money excavator, but sometimes we gas it more than required. If you’ve made it a habit to always take a soda before the day ends, or dredge into a bag of chips while watching Game of Thrones, you better stop. These rituals are just unnecessary.
Consider making the changes below and follow them for just one week as you record your expenses, then at the end of the week compare with your usual week budget on food.
- Make a daily food budget.
- Avoid unnecessary spending e.g. alcoholic beverages and junk
- Consider campus dining for most of your meals or cooking at your off-campus hostel.
- Focus on healthy foods
I didn’t say it will be easy; remember a little bit of sacrifice is needed for any success. Good luck and remain committed. Furthermore, your body will benefit the most.
Taking control over money
Money makes the world go round and in this very prime age of early adulthood, it spells doom on many unwary youths. Search for it and lack of it, either, are the roots of evil.
However since we always have a choice, we are given opportunities to embrace the fact that being broke is inevitable and work our way through this tunnel until we see some light.
As I type on at this very moment I wouldn’t say I have mastered the art of being your own Financial Einstein. I still get excited when WWE Summer slam 2016 HD clip comes out and hence pinch out some unbudgeted 50 shillings and race to the movie shop to buy a copy.
Nevertheless, I have gained most control over my finances and it has made me evade insolvency for a while. To achieve this coup de tat’, you have to drop the attitude that you can’t survive without money and put on a crown that spells dictatorship over money.
Budget your expenses, plan for projects, put your needs first, and always have your money partitioned; most of it away from reach. You can open a fixed savings account for this purpose.
Be slow to pay but quick to be paid for.
There is always a means of getting whatever you want through a cheaper deal without compromising on quality. Take for instance purchase of college books, you can either buy new, expensive, out of the package books or get old but cheap similar books from friends, graduates, or book collectors.
Comrades who choose the cheaper drill cut more than half of their expenses on books averagely. Don’t be fast to pull money out of your wallet, keep in mind there is always a better deal and when you get comfortable, then do the purchase.
This applies even when buying clothes and shoes; the priceless art of bargaining comes in handy.
On the other hand, never take a deal that seems too good to be true, else you will end up regretting it. This topic can be very expansive but soon I will help you through it.
In addition, if there is a way for your expenses to be paid for, be quick but careful to take them up. I’m talking about aids; bursaries, scholarships, and sponsorship.
Take your time to research on all financial aid opportunities within your scope and make it your duty to apply. Such aids might be lifesaving in the future. Please do inform me of any especially those available for Kenyan students.
NB. Be careful to avoid any sponsorship that might cripple your life.
Well briefly, these are major hacks that can help you square out with insolvency while still enjoying the best days of your life; in college. My punch line though is that you need to take control of your money in order to achieve financial stability.