One subject you will learn all about in college is freedom — picking your own path, choosing your classes, decorating your apartment, nights out with friends. But freedom can add up in the expense column, and no one enjoys scraping together dollars to get through the year. So where do you start when it comes to financial freedom? Here are five tips to help pay for your college freedom.
1. Budget. It’s fun!
Okay, it’s not really fun. But it’s important, takes time and often leaves you in shock at how much you’re spending. But college is the perfect time to learn how to budget properly before you undertake post-college responsibilities.
Before you start college, take time to create a spending log. Track the small items you are spending cash on every day. After a two months review the items — it’ll give you a good indication of your spending habits in the future and is a base line for estimating your non-college expenses. Monitoring your day-to-day habits will help prevent overspending and let you know where you can easily cut costs.
Next, make a list of comparing monthly income and expenses. Would a part-time job help? If you don’t have an income for the upcoming year, the AC Employment Centre is a good start to your search. The Student Association operates a job board and there are opportunities on campus, or you may want to look into student loan options. Your expenses could include groceries, rent, clothing, laundry, travel, and entertainment. Continue reading