Docstoc

How to Survive College on a Student Budget

Document Sample
How to Survive College on a Student Budget Powered By Docstoc
					            How to Survive College on a Student Budget


                                                          Being a student takes away a lot of
                                                          your ability to earn an income, but
                                                          education will pay off once you
                                                          start your career. For now, stick to
                                                          a student budget and learn to
                                                          survive college with what you
                                                          have. Living on a budget doesn’t
                                                          mean giving up your social life,
                                                          but a change in perception will
                                                          help to balance your finances.


                                            It is important to use your
resources efficiently and be weary of your cash flow. First, figure out your
current situation and list your expenses and sources of income. Then you can
find alternative methods in saving money through reduced expenses and
additional income.



Expenses: Spending habits and lifestyle
The big burden on a student’s bank account would be tuition fees, especially
for International students who don’t get subsidized by the government. The
next thing on a student’s mind would be housing, books, and transportation
costs. However, there are plenty of other expenses --- and every little bit
counts, including those daily coffee runs! In order to have an accurate budget,
you need to scrutinize where you are wasting money.


List what you spend. All students in particular have tuition fees and textbook
purchases but others would have housing and food bills to take into account.
Commuting plays a big role, especially if you have car expenses to pay.
Personalize your expenses and follow these guidelines:


      Be honest. This is your personal finance so knowing the truth can help in
       allocating your money.




Address: Centennial College, P.O. Box 631, Station A, Toronto M1K 5E9, Ontario, Canada
Tel: 416-289-5300, Email: success@centennialcollege.ca                                   Page 1
      Act like an accountant. List everything down to the decimal, if possible.
       You may underestimate some of your spending which significantly
       affects your budget.

      Put your items in other categories other than miscellaneous. You can
       analyze better where to cut back and justify your spending.


Sources of Income:
The main source of income usually comes from jobs but income can mean any
financial relief. When listing your source of income, include paychecks,
bursaries, grants, scholarships, and monetary gifts. Find other sources of
income:


      Volunteering may be the opposite of working for profit but it does pay
       off, literally. Job referrals, powerful connections, and tokens of
       appreciation are some priceless gifts volunteers receive. As an example,
       Centennial College rewards their Student Bloggers with a bookstore gift
       card which can be used to purchase textbooks and school supplies at
       Centennial’s bookstore.

      Write an essay, ask for a letter of recommendation, and obtain an official
       transcript --- all of these are examples of minimum requirements
       necessary when applying to scholarships. There are scholarships
       available for specific groups of people, including new students and
       international students.

      Join competitions. They test the skills and abilities of students in
       exchange for certificates and medals. However, some offers subsidies on
       education. For example, the CGA Ontario Case Competition has been
       offering scholarships for CGA programs since its first competition held at
       Centennial College. Another example is the Student Conference & Case
       Study Competition involving a cash prize to student winners, a bursary
       for the school, and a priceless networking opportunity. These
       competitions serve as temporary financial relief, so remember that the
       knowledge and experience gained is more valuable to your career
       development.




Address: Centennial College, P.O. Box 631, Station A, Toronto M1K 5E9, Ontario, Canada
Tel: 416-289-5300, Email: success@centennialcollege.ca                                   Page 2
Living within your means: Survival techniques
Once you know the state of your cash flow, find ways to lessen your expenses
and increase your earnings. Learn where to save and how to save. Applying for
grants, bursaries and tuition can reduce tuition costs; buying used books and
selling your used books can help you save and earn money; eliminating use of
transportation (walking, biking and the like) can have big long-term savings.
Always monitor your spending because priorities change, life events happen
and unanticipated costs can damage your bank account.


Consider other possibilities and view things in different perspectives. You
don’t necessarily have to change your attitude or stop your social life but
having some limits and discipline can help ensure you have a balanced budget:


      Borrow. Books can be rented. Computer and Wi-Fi access is allowed on
       campus. Perhaps, there are hand-me-down clothes for you. Before
       purchasing anything, think if you can borrow it from someone else or use
       it free of charge.

      Cut back. Do you need to have that expensive cellphone plan? While
       cellphone is becoming a necessity and having a social life is healthy for
       you, limit your spending and learn to control your desires. Your school
       may host discounted or free events so lean towards those first before
       looking elsewhere.

      Find an alternative. Stay healthy the student way. Exercise at home or
       with nature. If you don’t like exercising with laundry detergent as your
       dumbbell, go to your school gym since it is likely available for free with
       fees           deducted            from            your            tuition.


If you would like further assistance with your budget and financial needs,
speak with family, friends, and professional advisors at financial institutions
and your school. Provinces across Canada will have their own programs but
students living in Ontario can seek financial help from OSAP. Living on a
student-budget is beneficial to your spending efficiency, so you may want to
keep this up even after you graduate.




View Source: Centennial College News


Address: Centennial College, P.O. Box 631, Station A, Toronto M1K 5E9, Ontario, Canada
Tel: 416-289-5300, Email: success@centennialcollege.ca                                   Page 3

				
DOCUMENT INFO
Description: Being a student takes away a lot of your ability to earn an income, but education will pay off once you start your career. For now, stick to a student budget and learn to survive college with what you have.