Your application for a college scholarship has been approved, and it comes with free tuition, a stipend, and book allowance. Great! But now you’re worried about managing day-to-day expenses. How can you ensure you’d be able to afford all your needs as a college student?
Being a college student involves managing finances. Unlike elementary and high school, when you were simply given a daily allowance… now you have to think about transportation costs, school projects, meals, and living in a dorm or apartment (if the school is far from home).
Money Management 101 for College Scholars
Here are some tried and tested tips for college scholars who are still “learning the ropes” of money management:
1. Create a Budget
Wise spending starts with a well-planned budget. With a notebook in hand, list your financial sources (e.g. stipend, allowance, etc.), along with your projected expenses. For the first month, track all your expenditures — food, transportation, books, and so on. This would give you a clearer idea of exactly how much you need, and how you can spend wisely.
2. Look for Affordable Housing
If your school is far from home, consider staying in a dorm, apartment, or boarding house. Most universities have dormitories with shared rooms, study areas, and other amenities. Outside the school, there are boarding houses with shared and private rooms, as well. If you’re going to college with friends, you can also look into renting an apartment together.
To save costs, look for a boarding house or apartment that’s within walking distance from school, or situated near a public transport route.
3. Minimize Transport Costs
Speaking of transportation, one good thing about being a student is that you get a “student discount” when riding tricycles, jeepneys, and buses. Don’t forget to bring your student ID in case the driver or conductor asks to check it.
If your school is nearby, that’s even better. You can simply walk to class, or ride a bike if you’re in a hurry!
4. Manage Utility Costs
When renting, be sure to include the costs of water, electricity, and Internet in your budget. Some dormitories may charge a fixed amount that already includes utility costs. For boarding houses or apartments, you will likely be sharing the costs with your roommates.
5. Prepare Your Own Food
If you live in a boarding house or apartment, you can prepare your own food and share the cost with your housemates. Eating at home or bringing a packed lunch enables you to save more on food costs.
6. Eat at Student Canteens
Most universities have school canteens where they serve meals and snacks at student-friendly prices. Outside the campus, you are bound to find carinderias or local eateries, where you can buy home-cooked meals.
7. Save Money on Learning Materials
Notebooks, pad paper, pens, calculator — these are some of the essential things that every student should have. From time to time, you will also need to spend money on printing or photocopying materials, so be sure to include these in your budget. Meanwhile, to save on books, consider buying a secondhand book, using an e-book (if available), or borrowing materials from the school library.
8. Work Part Time
If you need more money, and you have time to spare, consider getting a part-time job. You can start by asking the school if they have openings for “student assistants,” who are usually tasked to do administrative work. If you’re good in Math or Science, you could offer tutoring services to those who need help. If you’re skilled in writing or graphic design, becoming a freelancer is also a good idea to earn extra money.
9. Build an Emergency Fund
In cases of emergency, it’s always wise to have some money set aside. It doesn’t have to be big, but having an emergency fund can help you face health concerns, financial setbacks, and other unforeseen situations.
10. Have a “Leisure” Fund
Being a college student is hard work, especially if you’re a scholar and there’s a grade requirement you have to meet. However, everyone needs to rest and relax occasionally. Seeing a movie, going to a concert with friends… take time to have fun once in a while! Budget wise, you can set aside a small “leisure” fund, which you can dip into every month.
Going to college entails a lot of expenses, but if you know how to manage your budget, you’ll be alright. Also, think of it as preparation for the future… when you’ll be facing more financial responsibilities as an adult!
Speaking of scholarships, if you’re a seafarer, did you know that the Overseas Workers Welfare Administration (OWWA) offers a training program for you? Check out this article to know more about the Seafarers’ Upgrading Program (SUP).