Here are a few quick tips to help make the most of your monthly income!
One of the biggest, but most necessary expense while away at University or College are textbooks. We can’t really get around not buying them but we can definitely try to minimize our costs. Like buying used textbooks whenever possible! This could save you up to 50% off the original price. If you buy your books at the school’s bookstore, you are sure to find only slightly used books. Meaning, minimal highlight and pen marks found inside. Making buying used books a no brainer!
If the used textbook prices still aren’t working for you, try searching around for more options. Places like Amazon and E bay sell a wide variety of academic books, usually at a cheaper rate than your school’s bookstore! Just be sure to have the proper information before making your purchase.
Another tip is to search on Facebook for “Buy & Sell” Textbook groups. All you have to do is post what books you're looking for and hopefully someone will message you with a discounted price and location for pickup! You can also use this later to sell some of your old textbooks, you will definitely get more money this way than selling it back to the bookstore.
2. Don’t let food eat your money!
Trust me, eating out seems like the easiest thing to do when it's feeding time as a student. While your stomach may be full, you may be leaving your wallet empty. We understand this is the time to be going out, but if it is not feasible for your monthly allowance, we recommend you skip the restaurants and eat in instead. Check out our local grocery store post for a detailed list of options.
If you don’t got it, don’t spend it! Adding onto a mountain of credit is a dangerous game to get into so early. We are not saying credit cards are all bad news, just please be sure to only put money on your card what you can comfortably pay off at the end of the month. You want to avoid being buried in those dreadful interest charges!
4.Plan your own budget!
Take the time to sit down and create a customized budget that fits your financial needs. Everyone has different income sources and unique monthly payments, so you’ll have to sit down one night and create a plan that will have you feeling confident and less-stressed. We know that financial troubles can take a toll on your academic performance, so please make these budget plans before the start of each semester. If you need advice along the way on how to get one started, we are here to help! We suggest you take the following into account:
Monthly income (including allowances, loans and paychecks)
Rez Rates ($800-$1,200)
Cell Phone Bill
Other payments (car, gas, insurance)
Savings (what you want to save from each month. We recommend this is the rest of your money after all bills are paid)
What you spend on entertainment will be vastly dependent on your monthly income. Make sure it is a feasible, but a realistic amount. You’re probably going to go out to eat a few times a month, and maybe even the movies! Always overestimate your payments to provide a security blanket of extra savings!