How to live on a budget: Essential tips for students in the US

Managing a budget is a major concern for students studying in the US. With basic expenses including tuition costs, meal plans, text books and health insurance taking up most of their funds, there is very little money left to cover their personal expenses on things like clothes and entertainment. Read on for some basic tips to know how to keep your spending costs under control:

You can boost your personal funds by minimizing expenses on your textbooks. You can rent textbooks from public libraries or use electronic textbooks; it is a good idea to check out some websites that offer good deals for renting books. When shopping for clothes, make a list of all the things you will need and shop wisely; you can save money by shopping for clothing and accessories from discount stores or garage sales. Another way of reducing your expenses would be to cut down on your social activities, where a chunk of your budget is spent on dining, entertainment and transportation. Make use of student discounts whenever possible; your student ID will get you discounts on food, movies and even salons.

Learn to cook, because it is great on your wallet and it is great for your health too. Most dorms have a communal kitchen and you can stock your freezer with fruits and frozen vegetables; you can even stock up on items like soup, cereal etc, so that you don’t have to go out for every single meal. You can try and get a work study job where you get to work on your own campus and get to earn some money too. Create a budget and stick to it; it is good to write down your daily spending habits to know what your weekly and monthly expenditure is. The left over money at the end of each day can be a handy way of adding to your personal expense account.

Copyright 2014