• MyAssignmentHelpAu
  • 11 Jun 2020

Managing everyday expenses is not an easy task for a fresher, especially with hefty tuition and accommodation charges. Along with the main costs, textbooks also add hundreds of dollars to the basic necessities, and further, there is no denying the fact that healthy and nutritious eating comes with a price.

Then there is the cost of societies, clubs, and social nights in the fresher’s week which leads to an imbalance in the set budget. At the primary look, these might not seem as bothersome but as they start adding up, your savings might diminish rapidly than expected.

It can be a little challenging to juggle a new life and not having enough money to support it adequately. This guide can be your bible if this is your first time living away from home. Continue to read ahead and find out some pro tips to regulate your expenses without holding back on the fun.

Tip 1: Plan a budget and swear by it

You might be thinking that there is nothing new in this concept. But what might surprise you is the number of students moving away from home with little to no idea of their income and expenditure. In order to bid adieu to this issue, you can take help from the different budgeting applications available at your convenience.

These applications have direct access to your bank accounts hence help you to compare the necessary and unplanned expenditures. Be it a regular spreadsheet or high-tech applications your budget plan should be able to answer some of the essential aspects such as : 

  • Per month income
  • Non-negotiable expenditures
  • Regulatable expenses
  • Planned monthly outgoings
  • Actual monthly spending

Determining an answer to the above-mentioned details at the very initial stage will assist you in managing your expenses efficiently. You’ll be able to analyze what you should ideally be spending and what you’re actually spending on a monthly basis. This process will help you to figure out what to cut on in order to stay in budget. 

Tip 2: All the stuff comes with a price

Living away from home will make you realize how the little stuff adds up to the expenses. You might have calculated the major outlays like rent, tuition fees, food, and even the social expenditure but the neglected here and there expenses are what hamper the entire planned calculations.

Here are a few things that freshers often forget to include in their budget planning and relevant tips to cut down some cost on it,

Social outings:

It is important to include a social night out in your budget. Even if you think you won't be interested in parties or gatherings, we assure you that a great amount of your time would be spent on meals, drinks, and entry at multiple venues. especially in the initial weeks of a fresher’s life.

In the end we don't want you to be shocked by evaluating the amount you’ve spent on drinks while looking at your bank statement. It's important to be realistic. Keeping aside a set amount of budget for night outs might appear weird at first but will surely prevent you from going broke in the primary years of your college. 

Transportation:

Being a student you will need to have numerous trips to and from your accommodation and classes on a regular basis. Unless you are living on the campus, the cost of these journeys makes a remarkable dent in your planned budget.

Depending upon your location the bus fare, train journey cost, or the air ticket prices will matter when you’re moving around the city. 

Here are some valuable tips to reduce transportation costs 

  • If you tend to travel a lot by train, you can invest in a student railcard. These passes can be made on an annual basis and they offer a discount on every train journey. It can be a lot beneficial in the long run.
  • Again, if you prefer to travel by bus it is suggested to get a weekly or monthly pass which will help you to make some substantial savings.
  • For longer distances, it is advised to plan your travel well in advance, equate the fare charges online, and make bookings as early as possible. What’s the point of paying five times the price on a closer date if you can buy your tickets at a much cheaper price simply by reserving on an earlier date.

Course Material:

The university or institute library cannot act as a substitute for owning the chief textbooks related to your course module. Who would like to spend four to five hours before a presentation anxiously checking the racks of the library to see if one of the copies of your module textbook has been returned so that you can build a presentation?

It is pretty evident that you cannot avoid buying textbooks or any other course material. In order to save some money, you can try buying second-hand books from certain E-commerce websites. However, in any case, it is important to include course material as a significant expense in your budget.

Utilities:

If you are staying in a dorm room, water, electricity, or even internet is most likely to be covered for you but if you are staying in a private rented accommodation you might need to pay for all these necessities.

The charges for water bills, gas bills, electricity bills, and other household utilities can be challenging to estimate. You can divide an equal share among your housemates ensuring that everyone has to pay an equal amount to minimize the burden of these expenses.

Groceries:

It is important to give some thought to your weekly grocery shopping and the amount it is going to cost you. Check out some discounted shops to ensure that you are not left short on everyday essentials like soap, eggs, milk, toothpaste, toilet paper, etc. Buying from the neighborhood can often be expensive as compared to planned shopping.

You can also set up a grocery fund with your housemates for shared items this way you can prevent overbuying and stale food items.

Even if you’re in the dorm room, you might crave snacks from the supermarket so it is important to set a monthly budget for the same and adhere to it.

Tip 3: Resolving the dilemma of opting for a part-time job

While planning education abroad, several students think they don't have a choice whether to opt for a part-time job or not. Let’s face it, the incurred student loan won't leave you with a huge chunk of money in the bank at the end of the month. Also, the absence of grants from the house can also make you feel that the loan does not help you to lead the level of the lifestyle you are willing to put up with. 

In such cases, students plan to get a job along with their studies and try to manage their work as well as education commitments effectively with time. It is important to be careful and keep in mind the demand of your education program as well as the kind of job you are applying to. You can consider the following factors if you plan to go for a part-time job with your program.

What are the working hours? 

It is important for you to negotiate the working hours or shifts so that they do not clash with your class schedule and allow you enough time to avoid over-exhaustion.

It is advised to quickly say no to the ‘zero hours’ the policy which means that you can get called in for unpredictable or irregular shifts. The variation in the shift can also cause you to earn variable earning each month that can impact your overall budget planning.

The value of work beyond the help with extra cash

Students keep this as a last resort while looking for a part-time job but you might want to consider whether you can include this as an experience in your CV and extra cash at the same time. It is an opportunity to start your professional career steadily.

You can also opt for a job with the student union which requires you to assist and guide the fellow scholars and it does look good on your resume as well. You can build a bond with your mentor or supervisor while at the same time working for less hours for the same amount of cash.

The amount you will be bringing with you

Do not just grab the first job that comes your way. Explore your options even though they might be limited as a student. Remember that your program is your main commitment, therefore, focus on the amount of money you will be earning each month and the number of hours you will be expected to dedicate in order to do so.

It is important for you to review whether the job you are planning to join will help you in the accomplishment of your goals or not. you can take the help of My Assignment Help Au.

Feasible hours are a must

Many students think that bartending can be an attractive option to go for while planning to get a part-time job. What they fail to realize is that bartending might lead to late-night hours which can further lead to difficulty in staying awake in the lectures. Admin work might be less thrilling but it definitely could offer you a better sleep schedule. 

Smile your way through this tough Semester!

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