Student Guide To Living On a Shoe String

Attending university can be very expensive. Students often wonder how they will be able to afford to do anything interesting along with paying for college. There are ways to have fun and pay for college even when you have a very small wallet.

Everyone knows how difficult it is to be a college student. Not only do you have to study all of the time and often attend classes at ridiculously early hours of the day, but you are also poor. Between paying for school, paying for books, eating, and housing there is very little money left to do anything fun. Sometimes not even enough to fund the important things, but there are ways around the empty bank account.

How to socialise

You can not simply hang out in your home and watch the paint peel, especially not when there are so many interesting people around. University life is simply full of opportunities to have fun and meet new friends and even those who would be more then friends. Even when you have low funds you can still get out and have fun.

Do something physical

• Your university probably has a gym that you can use for free.
• Go for a walk, it is a great way to energize your stressed out mind.
• Surf, if you already have equipment all you have to do is get to the beach and enjoy the waves for free.
• Check with your local yacht club to see if you can crew a boat. You get to go sailing for free.
• Go running. This is one of the best ways to get fit and all you need is a pair of shoes.
• Join a sporting team. Uni sports are usually free to students because they are included in your fees. Great exercise and a fabulous way to meet new people.

Getting together with friends

• The uni web site probably has a guide with all sorts of free entertainment. You may have to spend a little extra at the bar though if the entry fee is waived.
• Again, your student fees pay your entry into many on campus events. They are there specifically to give students a social outlet, do not let them pass you by.
• Eat dinner at home. Gong to restaurants is nice but very expensive. You can even invite friends over prior to a night out and have everyone bring something to share. It can be a great way to get the party started early and save money.
• Most museums and galleries host free events on a regular basis. All you have to do is get on their mailing list and they will notify you whenever they have special happenings.
• Invite friends over to your place for a staying in night. Find a movie store that has good prices and does not charge late fees. You may even start looking through the old movie collection for films that no one has scene before.
• Go to other people’s parties. It is a lot cheaper then hosting your own.
• Have a picnic. Especially if you hike out or take a ferry to a nearby location. You will feel like a traveller even though you have not gone far from home.
• Go to art galleries on opening night. There are usually free drinks and snacks that you can munch on. It is easy to do an online search of the artist so you look like you know what you are talking about while you are there.

Saving on school costs

• Get used books. There is nothing wrong with most second hand bookstores and they can save loads of cash. You may even be lucky enough to find some that have explanatory notes written in the margins.
• Check with your course advisers before purchasing any books. Make sure that the books that are listed are actually going to be used, often these lists are incorrect. Talk to students who already took the class to see if they will sell you their old books.
• Watch for signs on campus. A lot of students choose to sell their own books by posting signs on uni bulletin boards.

Other ways to cutback

• Go to students in training for haircuts. It is a lot cheaper then going to a professional. You should not have to worry too much about having a horrible haircut because the students are supervised while they are working on you.
• Look for sales. When you need new clothes try online auctions or outlet stores instead of pricey shoppes.
• Travel cheaply by getting a Youth Hostel membership. They are only about $37 per year and can help you stay for low rates at fabulous locations.
• Ask for a student discount. You might be surprised at how many places will give you a percentage off of your purchase. It never hurts to ask, all they can do is say no.
• Do not go to the grocery store when you are hungry. You will be tempted to buy more then you need or junk food you would not normally purchase.
• Avoid extra bank fees. Those ATM fees charged by other banks can add up quickly. Figure out where your banks ATM’s are located and use only them.
• Get a prepaid cell phone. They can help you avoid a surprise bill and can even be a better deal then a contract phone.
• Save money on petrol by using public transport. With a student card you will get a good discount, so use it.

Home on a shoe string

Everyone needs a place to live. But do you know how much you can afford to spend on your own place while you are at university? Most students do not think about all of the added costs of housing, they simply choose a place and hope for the best.

Home

In order to conserve your money the cheapest place to live is probably at home. It may not sound particularly glamorous but living at your parents house can save you loads and loads of money. You may even get some added perks like home cooked meals and laundry service. Even if your parents charge a bit of rent it is probably far less then you would spend if you lived elsewhere. Of course, living at home is not always an option because not everyone lives near a university.

On campus

There are a lot of great things about living on campus. The first is that you are always relatively close to your classes, libraries, and campus events. You usually have access to a cafeteria so you will not have to spend time preparing meals or cleaning up after them. The university housing experience is a social hotspot. You will probably meet friends that you will know for the rest of your life. Additionally, the cost can often be paid in increments along with your other fees so you can budget accordingly.

Sharehousing

Living with flat mates can be great. You can save a lot of cash by splitting the expenses. You might even be able to live in an area you could not have afforded on your own. The share housing experience can be lots of fun. That said, it can also be difficult. Sometimes you and the others in the house may not have the same idea of clean. One of your house mates might not pay their portion of the bills on time. You should take all of these things into consideration when you are looking into sharehousing. Talk to your possible flat mates. Try to come to some sort of agreement about housekeeping and sharing food before you decide to live together.

Working

Most college students work at least part time to help offset their expenses. it can be quite difficult to hold down a job while still making time for classes, studying, and a social life. You will have to find a way to strike a balance from working enough to support yourself and leaving enough time and energy to do what is really important, studying.

• Your university probably has an employment office. They will be able to help you weed through the lists of job openings for students. There are likely jobs in any number of industries from retail to hospitality to customer service to building to labouring.
• If you look into jobs in your area of study you may be able to find work that will actually help your education. That job can also help you make connections that will help you land a job after you have graduated.
• Most university advisers believe students should work no more then 15 hours per week.

HECS

If you do not already know about HECS-HELP then you should. This is the government run program intended to help you finance your education. This money is a loan that you have to pay back once your education is complete. However, it is tax free and only goes up with inflation. The debt can be repaid while you are at school or after graduation once you make a certain amount of money per year. All Australian citizens who meet the requirements are eligible for HECS-HELP

• If you can pay your loan up front, while you are in school you will get a 10% discount
• If you can not afford to pay the whole amount up front you can still save some money. If you make a payment of $500 or more you will get a 10% bonus on those payments. The more you pay the more you will be able to save.
• You can defer the whole thing until after you have graduated. Once you make at least $41,594 per year your salary will be deducted 4% to repay your debt. As you earn more that rate will also increase to a maximum rate of 8% once your salary reaches $77,248 per year. Even then you can make extra payments of at least $500 and get the 10% bonus.

Dealing with credit

As a student you are probably getting your first taste of credit card ownership. It can feel good to know that those credit card companies trust you enough to give you that little piece of plastic. It is extremely important that you understand how the choices you make now can effect you in the long term. Credit is not something to be taken lightly. If you do not pay your bills on time you will wind up with a credit file that is negative. This will effect your ability to get loans and good interest rates in the future. It is also important that you learn to live on a budget. Keep in mind that just because you have a spending limit of a thousand dollars does not mean that you can afford to spend that much. You should only spend what you can reasonably afford to repay. If you do not pay off your credit card bill each month you will pay interest on your transactions. That interest can quickly add up because credit card interest compounds. That means that you first pay interest on the amount you owe, then the next month you pay on that amount plus the interest from the previous month. It continues to add up like that until you are paying more in interest then you may have on the original transaction.

When you are a poor university student remember that the best defense is a good offense. Understand your budget and your needs and accommodate them first. Look for ways to entertain yourself that are free or inexpensive. Find a job that allows you time to study and a little bit of spending cash. University is one of the best experiences of your life, do not waste it being burdened by debt and costly outings. Instead savor the friends that you are making and all of the new experiences that are yours for the taking. Especially the ones that are free.

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