Magoosh GRE

Manage your Finances at University

| October 17, 2011 | 1 Comment

Course fees, reading material, accommodation, food – all of these are expenses that you must consider when heading off to university. Unfortunately, the cost of all of these things is increasing all the time. Planning for and managing these costs and expenses can seem overwhelming at times.

There are many things you will spend your money on during your time at university, but remember you will be receiving money too. To manage it all, begin by accounting for all of the income that you will receive so that you understand how much money you have to spend during your studies. Consider income earned from a job, any savings you may have, and any financial contributions from your family, as well as any money that you are receiving from loans or scholarships. Come up with a grand total to give yourself a place to start your accounting.

Next, make a tally of your expenses. Total the costs of tuition, room and board, books, and other items such as entertainment. Compare your total expenses to the total amount of money that you have coming in, to find out whether you will have a deficit.

Managing your finances extends beyond an overall analysis. Create monthly budgets to keep yourself on track. Decide what you can afford to spend each month and be strict about going over that budget.  Beware of using credit cards if you find yourself short of money. Collecting credit card debt can have far-reaching consequences, and cards should only be used when absolutely necessary. If you need more money, consider other options first. See if you can increase your hours at work, or think about getting a second job or asking your family for a little extra.

If you manage your money carefully and plan for expenses in advance, you should find it possible to get through university without running up huge levels of debt.

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Category: International Student Guide

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  1. Leatrice says:

    That’s really thiinkng of the highest order

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