Life can be difficult when you are a full time student, particularly if you are living away from home. When it comes to finances, many students really struggle but they also find it difficult to make cutbacks in order to relieve some of the financial stress. With student debts, accommodation costs, food, social life, and travel to fund, many students find themselves broke on a regular basis because of their spending habits and financial situation.
Fortunately, there are ways in which you can reduce the amount of money you spend, which will make it easier for you to make ends meet and have some money in your pocket. From student loan refinancing through to reassessing your living arrangements, there are many different steps you can take to improve your financial situation as a student.
Some of the steps you can consider if you want to cut back on your spending
If you are currently renting accommodation while you are studying, you need to look at how much you are paying each month for your accommodation and bills. You can then go online to see whether you can get something cheaper in the same area so you are still near to college or university but you are not paying as much. Even if you are renting a room in a shared house, you may still be paying over the odds. Making the effort to find cheaper accommodation can make a big difference to your finances and could put you in a far better financial situation.
Another thing to look at is how much you are going out each month or week. Many students have busy social lives and are always being persuaded to go out for drinks and meals by friends. However, the cost of going out can really add up over the course of the month and you will be amazed at how much you can end up spending on social activities. It can take up a huge chunk of your income, as it is not cheap these days. Try and curb your spending when you go out or better still try and curb going out. You can always have friends round if you want to socialize and you can all put together for pizza and movies, which is far cheaper than going out to eat.
Many students tend to spend money in the canteen or at various fast food joints during the day when they are at college. This means that every day you are spending extra money on buying lunch and snacks when you could actually be bringing food in from home. Making yourself a packed lunch from home can help to reduce the amount you spend each week quite significantly and it means that you can eat more healthily as well. In addition, you won’t have to head out every lunchtime in a bid to find somewhere you can purchase food from, as you will have everything you need with you.