Student Struggling Finances? 4 Tips For Making Ends Meet
Wednesday, May 3, 2017, 6:00 AM | Leave Comment
College can be one of the most financially stressful times in a person’s life.
However, it can also be one of the most rewarding as individuals have new experiences, make new friends and learn new skills.
Because many of the newest jobs require at least a bachelor’s degree if not a master’s or doctorate, individuals graduating from high school and even older adults who have never attended college are being encouraged to seek degrees.
Sadly, financial concerns are a real part of college life as many college students commonly feel significant amount of stress over finances.
In a survey done by Ohio State University, 60% of students said that they were stressed about paying for school.
While it can be quite expensive for students to attend college, there are several ways that individuals can make ends meet while they seek their degrees.
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Get One Or More Side Jobs
Part-time jobs are vital for getting through college with as few loans as possible.
While full-time jobs can be difficult to hold down with a full credit load, part-time jobs can be worked into a few hours here and there.
Consider overnight work, which can pay a shift differential, or jobs that pay in additional tips or commissions.
Those who have little time can consider non-traditional jobs, such as signing up for survey sites or becoming home sales consultants.
Those who have regular jobs can pay for unexpected expenses by getting extra financial help such as these payday loans in El Paso, TX.
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Rent With Roommates
Board can be a huge expense for college students on par with the cost for tuition in some cases.
Students who are allowed to live off campus can rent small apartments that do not come with any frills.
An apartment with at least two or three bedrooms can be split with other renters, cutting down rent and utility costs significantly.
College students who have purchased a home can offset their mortgage payments by renting out rooms to other students and can sometimes even make money off this arrangement.
Be sure to set out clear instructions as to what each roommate is responsible for, such as cleaning, cooking, maintenance and purchasing household supplies.
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Apply For Scholarships Or Financial Aid
Most college students graduate with tens of thousands of dollars in student loans.
Instead, students are encouraged to search for scholarships and other forms of financial aid that pay a set sum each year and never have to be repaid.
The best scholarships are those that renew every year. Students can look for the best scholarships online with the help of a school counselor.
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Live By A Budget
Without a budget, no one can know exactly how much money is coming in or how much is going out each month.
A budget will help students see where they are spending the most money and will give them a good place to start when they need to cut costs.
Plus, it will help them to know when they have to say “no” to discretionary spending in order to afford tuition or books.
It may not be fun to live on a budget now, but those who learn to manage their finances well and stay out of debt while in college are set up for future financial success later in life.
They will not be saddled with astronomical student loans and will find that they can use the money that they earn with their new degrees to enjoy what life has to offer.
Decreasing financial stress now can help college students focus on their studies rather than on their bank accounts.
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