6 Tips for Surviving as a Broke College Kid

Nowadays, the world is experiencing financial and economic turmoil and by the looks of it, there isn’t any improvement bound to happen soon. Unemployed individuals are staggering, prices of products and services are inflating to overwhelming extents, debts and loans being pulled out by the thousands per day, reports of bankruptcy filing shocking. This has been the common scenario for various countries and communities around the globe. Even education has become limited to those with financial capabilities rather than a freedom or necessity. Students today have found it hard to complete their educational requirements due to financial hardships. Some barely make it out of college while others go straight to work after high school. If you are one of the luckier ones who are still taking college but is barely surviving due to financial inhibitions, here are 6 tips on how you can survive and finally get that graduation cap you’ve dreamed of all these years.

Tip number one – cut expenses. Cutting back on your daily expenses is the most helpful among all the other options you can try. However, one should make it a point to cut expenses in little amounts from multiple categories rather than sacrifice one whole expense which you may need. This will not only result in huge amounts of savings but will also enable you to obtain your daily needs without even noticing that you are cutting back on it. In terms of food, be practical. Refrain from eating outdoors like cafes and restaurants. Even those low-cost restaurants can turn out to be costly if you are eating there for your three meals a day. Instead, stack your room with microwavable food if you are currently renting at a dormitory or if your house is nearby; just go home to eat when it’s lunchtime. For entertainment expenses, refrain from going to bars to drink alcohol with friends. Bars and other entertainment facilities will not only cost you money but the ambiance within these areas lowers your resistance in spending cash. For clothing, opt for those that can be bought at thrift stores. These clothes can cost you less than a dollar for a wearable garment.

Tip number two – leave the credit card. It is important that you have a credit card, especially if you are miles away from home and have no other immediate source of finances when the time comes that you need it. However, it is also vital that you control your use of it. Make sure that you only use it for emergency purposes and nothing else.

Tip number three – keep yourself busy. Read books, watch TV, do your homework or engage in extracurricular activities that your school offers. This will fill up your time everyday thus reducing any expenses from popping out.

Tip number four – find a part time job. If you have lots of time to spare after school, you can get a part time job either from your college or within the area. This is a great money saver as your time is filled plus you earn extra money.

Tip number five – sell your old textbooks. After each semester or subject is completed from your curriculum, chances are you won’t need your books. Sell them to incoming students who will be taking the subjects you’ve recently finished.

Tip number six – open a savings account. Having a savings account will allow you to deposit your extra cash. It is a fact that most people are tempted of buying something or spending their money when they find that they still have some left inside their wallet.

Emily is a financial blogger and understands all too well what it is like to be a broke college kid. She is now a contributing writer for payday loans uk and continues to find new and creative ways to save money at every chance she can.