How to Save Money and Minimalize Expenses in College_Part 1

By Arys Handono / 1st year student

Frequently, being in college means that students have to learn being independent, living on their own in order to prepare themselves in adulthood, specifically when they finally settle in a job. While those who live in their own domains may have no problem with this, as most of them may still dependent on their parents, other students who may have come from further regions need to find a way to adapt with their new, unfamiliar environment and especially managing their needs well. Financial management is one of the common issues experienced by young adults and adults. According to respondents, many people find that saving money is somewhat problematic, especially for foreigner college students. It is crucial to save money as a college student. One possible method to ensure living funds is by working. However, in addition of getting part time jobs, there are also several other methods for college students to manage their finance during their studying period.

First, students need to differentiate and separate their wish from their needs. Everyone has both wish and needs. Occasionally, what they want or wish, surpass their need. This is usually driven by hobbies and play more on emotions instead of logic. According to Hoyt (2014), people may become overwhelmed by their wants that they trick themselves into feeling what they want is actually what they need. During college period, this drive should be avoided in order to save money. Students need to ask themselves whether the items they want to purchase are really necessary before rushing in.

Next, it is a wise decision for students to create budget and expense list. It is necessary to keep track of the students’ financial accounts, as a reminder of how much money do they have and plan for unexpected expenses. This can also be used as some sort of warranty or goal, to ensure that at the end of month, students can promise themselves that they still have certain amount of money. Research at NS&I (National Savings and Investments) shown that people who save for specific goals save £40 per month. It is suggested for the students to create such list at the early of the month, or whenever they receive their monthly funds.

Looking for scholarships is a good way for all kinds of students to receive money for college. Not only it will drive students to study harder, certain universities may even go as far as providing students living costs, although it exclude certain students’ needs. It is still helpful to save some amount of money in college. Also, while in college period, be sure to graduate on time without having the need to take extra semesters. Having extra semesters due to failed in certain courses means additional charges for tuition fee and wasting students’ valuable time

End of part 1