Budgeting is the key to not getting broke by the end of the month. As a student in a completely different country where you are all alone, managing expenses can be difficult. You can’t be spendthrift anyone. Budget wisely and spend wisely as well. You need a rock-solid plan before going to the university.
Here are four tips that will help you budget your semesters at the university:
Calculate your rough income and break up the expenses
Ask your seniors at the university how much they earn from part-time work every month and what their expenses are. According to that budget your month. Some expenses that you have to undertake every month are rent, water and electricity, and garbage. Cut down on your food bill and transportation.
Track your spending
The first couple months are always the costliest, so don’t panic. But you have to start spending. Search for cheapest grocery stores in your area and buy food from there. Get an apartment closer to the university so you can walk up to your university building.
Amend the budget every three months
Make changes in your budget every three months. If you’ve found a new chit in your budget using which you can save a little more money, do that. If you find it earlier, make the changes soon. Also, consider the different festivals or expenses like Diwali or winter clothes coming in the next quarter and keep some money for that.
Keep money for something special
You definitely want to spoil yourself on your birthday or buy gifts for your family or partner. Start saving money in every month for that. You won’t then need to feel broke when the day comes. Take something as little as $50 every month from your salary. As you get settled more, start saving more.