Being careful with your money

Whether you’re living at home, in halls or in a flat / house off campus, an important note to consider is budgeting. From the moment you arrive, you will no doubt be inundated with freshman parties, events, memberships, dinners etc. that will most certainly tickle your bank accounts. Then there’s the added addition of rent, food and general living expenses to contend with. If budgeting is not considered you might find yourself in a sticky situation- it’s hard enough to support yourself as a student without the added trip-up of over indulgence and carefree spending. Therefore, placing stock in the budgeting approach could end up saving your bacon, quite literally!

Much like a marathon runner’s approach there’s a long journey ahead- don’t be swayed by the runners who peak too early, blowing all their money in the first few weeks or months; instead, the approach is to keep a disciplined mindset that will overall benefit the longevity of the year.

By creating such a disciplined landscape- and adhering to your own personal confines- you are carving out an environment of stability that allows for greater choices. By doing this you are more likely to reach your potentiality; allowing for more scope to feel free, inspired and creatively rich. If you burn all your money prematurely, heedless of budgeting, then you’ll most likely find yourself in real trouble.

Budgeting your student loan

If you are receiving student loans in lump sums the temptation to be wreckless and hedonistic will invariably emerge, leaving you out of pocket and in need of support. If you’re privileged enough to have support from parents or family in a crisis like this, then the crises can be averted- however, doesn’t this negate the whole point of University? And will only hinder your ability to self-support in the future? The sooner you learn to support yourself with disciplined budgeting, the sooner this quality is inherently conditioned in you.

So what is budgeting? Well, one main approach entails calculating how much money you are to receive over the course of a year and dividing the monies into a weekly allowance, e.g. calculate how much money you can access over a year and divide that into a monthly amount. Then, subtract your rent (if you are paying for accommodation), and figure out how much money you have left. You must then calculate how much money you are setting aside for food, living and travel (bare essentials). The money that remains (if any) can then be spent on leisurely endeavors or alternatively set aside for savings.

It’s rather straightforward when you think about- why wouldn’t you be prudent when it comes to survival? This being said, I assure you, if you stick to a strict budget for the first few months and compare it those who haven’t done so, you’ll most likely find yourself in a stronger financial position. Not that you ought jeer at the people who have failed to adequately budget, but instead: show them the way.

To finish, budgeting should seldom be overlooked. It’s another crucial life lesson that puts constraints on your freedom as a means to perpetuate your freedom. A necessary evil in many ways, but the pragmatic approach nonetheless.