A new semester is like a fresh start for students, a chance to put their best foot forward — not just academically or socially, but financially as well. There’s an opportunity to build a clear financial picture, so you can avoid any surprises and ensure you’re able to enjoy your time at school. Succeeding in your classes should be your primary focus, not worrying about how you’re going to pay for a meal plan or textbooks.
With the right mindset and the appropriate resources, you can efficiently manage your finances and ace your winter semester.
Building a Budget
This may seem straightforward but as a student, your expenses are likely to grow at a faster rate — especially if you have to purchase different textbooks every semester or manage student loans. Having a strong budget will set the tone for the rest of the school year. To calculate your weekly budget lay out your total income for the entire term, take out confirmed expenses, and divide the remaining number by the weeks left in the winter term. You’ll be left with the amount you’re able to spend on non-essentials.
Score Student Pricing
If you can take advantage of the student rates available throughout campus, you’ll be surprised how much money you can save every month. Public transit, local grocery stores, and even tech companies will offer reduced rates with proof of a student ID — so you can still access your necessary resources while saving easy money in the process.
Look for Financial Counseling
Perhaps your textbook costs for the winter semester are higher than anticipated or you have an emergency expense that can’t be put off. It’s okay to look at your options for short-term relief. While traditional lending options may feel like your only option, they’re often time-consuming and require you to provide extensive personal information.
GoDay payday loans, on the other hand, are a faster, more convenient alternative for students looking for temporary financial relief. As you begin to research your options, ensure the lenders you’re reaching out to can help you avoid the bureaucratic red tape that comes with traditional lenders — they should be able to help with simple banking and employment information.
Handle School Loans Wisely
When it comes to tuition fees or housing costs, avoid putting these charges on your credit card. The notoriously high-interest rates will likely add more stress to your current budget. If you’re unable to make minimum payments, you’ll end up paying more in the long-run.
Make Eating In Fun
Just because you don’t have the budget to splurge on restaurant outings or expensive treats, doesn’t mean you can make delicious and simple meals in your apartment or dorm. On top of saving money, maintaining a balanced meal plan is important for your energy and will ultimately help you focus on your coursework. If you want to add a social element, have your roommates or friends cook up something and enjoy a potluck. You’ll still be able to create those memories without breaking the bank.
Enjoy Campus Activities
Every campus has a wide variety of free activities and social opportunities, no matter the semester. Instead of spending your money on pricey nights-out, attend that movie night or free museum tour. School is all about making memories — so why not enjoy yourself and save money at the same time?