How to Budget When You’re a Student

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How to Budget When Youre a Student
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• If you spend too much when you start college,
  youll find you have little left for essentials
  and nothing left for having fun as the year
  progresses. To avoid adding to your debt, you
  need to budget.

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Plan Your Expenses

• It may sound tedious and complicated, but
  figuring out how much you can afford to spend is
  key to staying within your means. Begin by
  calculating your monthly income. Then, determine
  the amount you can assign to each of the
  following categories.

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• Essentials This includes housing, food,
  utilities, and transportation.
• Not-quite-essentials Into this category go
  things you need but could be spending less on.
  For instance, you could change to a cheaper
  cellphone plan, if necessary.
• Emergency fund

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• Entertainment
• Savings Ideally, you should also be putting
  some money into a savings account.

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Take Advantage of Free Activities

• Most people around you are also budgeting. The
  result is plenty of free activities, which allow
  you to have fun without spending almost anything.

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• Find free things to do by joining clubs at
  school, signing up for meetups, and attending
  college sporting events. Also be on the lookout
  for activities that are significantly discounted
  for students, such as at museums and theatres.

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Find Cheaper Textbooks

• A major expense for students is textbooks.
  Theres no way of getting around buying
  textbooks, but you can save money.
• For starters, ask your professors if it is
  necessary to purchase the current versions of
  books.

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• Often there are only minimal changes, and it
  will be easier to find an older copy for sale
  secondhand. Ask students who previously took the
  course they no longer need the books and may be
  willing to sell the material at a good price.

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• If you do need current versions, look in more
  places than just your campus bookstore. Colleges
  tend to sell books at inflated prices. Shop
  around online to find the best deals.

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• Finally, when you finish your course, sell your
  books to incoming students. You can offer
  textbooks to students directly, head to a nearby
  used bookstore, or list books online. The money
  you save can be used to fund books you need for
  future courses.

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• You can save even more money if you move out of
  a Fanshawe College residence to off-campus
  student rentals in London, Ontario. These
  students have the option of Foundry First, which
  offers fully-furnished suites just steps away
  from campus. With a gym, laundry facilities, and
  parking all on site, youll have few additional
  expenses.