Budgeting tips for students

By Drum Digital
09 October 2014

Moving from being fully reliant on your parents to being a student living alone can definitely cause some anxiety and stress.

You suddenly have to create your own budgets and make smart money decisions.

Here are five budgeting essentials every student needs to know:

The importance of sticking to a budget

Having some basic budgeting skills is important for any college student, so be sure to have a basic budget spreadsheet or use a smartphone app that makes money management easier.

Learning how to recognize needs and wants.  Prioritise spending to help keep your budget on track.

Budgeting for food

With no house rules forcing you to have home-cooked meals, it's very easy to turn to fast-food restaurants and nightly pizza runs for a convenient supper. Learn how to prepare low-cost meals, you'll be grateful for this later. You and your health and figure. Consider your campus monthly food plan as well as this is both convenient and a great money saver.

Savings essentials

SAVE, no matter how modest an amount you may start with. R100 every month leaves you with R1 200 at the end of each year.

Being student loan savvy

Most college students leave school in debt and need to be prepared to start paying off their student loans shortly after graduation. Try to start saving towards this soon and make the last year of your studies less stressful!

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