Hot Tips:
How to Make your Money go Further as a Student

� 2007 By Anna Forsyth
All Rights Reserved. Printed with Permission

Everyone knows that being a student can be stressful, especially financially. The cost of living is enough to drive anyone to despair, your computer is on the blink again and then you receive your mobile bill. At times it might be tempting to pack it all in, move back home and get a job, or sell your organs for research.

Before you lose a kidney, take some time to look at your options. Balancing your financial life as a student doesn�t have to be a nightmare. There are a few simple steps you can take to reduce your financial stress, freeing you up to enjoy this unique time in your life and hopefully come out with a degree and your social life still intact.

1. Take Stock

If you are finding that you are constantly in debt or unable to meet your living costs, it might be time for a stock take. Do you really know how much your daily latte costs you per month? How much do you actually spend on make-up or gym sessions? Go back and have a look over your bank statements and you might be surprised at what each item actually adds up to over a month.

Try keeping a spending diary for a period of time. Keep all your receipts and take note of what the item was, where you bought it from, and how much it cost.

When was the last time you looked at the charges on your mobile bill or other bills? You might have hidden costs that you were not aware of. Open your eyes and tune in to the actual cost of what you are paying for things. Now that you know where you need to cut back, you are in a position to make some changes that will free up money for other things and make your life a lot easier. Visit a budget advisor or talk to a friend and work out what you want to spend for each item. Find a buddy to hold you accountable for your spending and remind you about your budget.

2. Cut down

Look at your records from the stock take and identify areas that are draining you financially, for example, do you really need to buy 3 coffees a day?

Now that you know what your actual costs are, it is time to start trimming the excess. For example, you could research cheaper mobile plans, or set a limit on your usage, so you know exactly how much it will cost you each billing period.

Try setting a limit on outings or set a budgeted amount each pay for spending. This will stop you from going overboard and then not being able to meet important deadlines elsewhere.

Do you really need to buy that expensive text book yourself, or would it be cheaper to share with a roommate or photocopy the relevant readings each week? Do the math and see how you can cut down in any way possible. If your casual gym sessions are mounting up, would a membership save you money?

Designer labels may give you good street cred, but are they really worth the exorbitant price tags? It is up to you to decide what really matters to you and then tailor your financial plan to suit your lifestyle. Strike a compromise, for example, you could buy that designer top, but then buy the jeans from a chain store or bargain shop.

3. Milk It

Being a student can really have its perks. Now is the time to take advantage of student discounts as much as you possibly can. Collect up loyalty cards as if you life depends on it, and cut those coupons, join the mailing lists and keep your eye on websites for specials. Carry a calculator with you at the supermarket and set a limit on how much you will spend there.

If you have parents that are willing to help you financially, why not make the most of their generosity (within reason)? Well�they did offer. These offers may not last forever.

If you join up to the raft of student associations and clubs around, often you can reap the financial rewards. Most schools also have avenues for students facing hardships to seek assistance, including scholarships, prizes and hardship grants. Make the enquiries. You could be pleasantly surprised. Don�t let your pride get in the way. Most of these services will keep your identity private, and won�t look down on you for taking a step to get help.

4. Up Your Income

Now that you have your outgoings sorted, it�s time to increase the money coming in. Make sure you balance your priorities, as you will lose out big time if you fail your degree, because you did too many shifts at Bob�s Burgers.

If you�re not working at all, could you spare a few hours to put aside for earning? If you are creatively inclined, why not create something that people want and then sell it to them. You never know, you could start a trend or create a hit product.

Make friends with psychology students. They often need hapless subjects for research into the student psyche. Sign up to research companies and have your say on the value of buying nut bars. You might even get free products with these too, saving you even more money. Don�t let your pride get in the way of financial freedom. Some of these companies pay quite well.

5. Try Something Unconventional

If all else fails, there�s always:

• Busking. You never know, this could be your big break. Many a famous musician has been discovered in a train station.
• Bake sales. Everyone loves a good piece of home baking now and then.
• Elderly relatives. Great for birthdays, Christmas and other significant events
• Wealthy roommates. You gotta hit �em up!
• Moonlighting as a performance poet/comedian/film set extra. Every movie needs a stand-in. Join a talent agency. No experience required.
• Hand modeling. Need I say more?

Make the most of your time as a student. The key is balance. You�re not going to have any fun if you live as a recluse and eat tinned beans. Get out there and make it work for yourself. Find what your strengths are, whether it�s networking and organizing paid gigs or writing a good sob story to get the help you need. Don�t be afraid to try alternative avenues for assistance. Above all, keep in the back of your mind that graduation is not as far away as it seems, and all that hard work is going to pay off!!

*****

Anna-Kaye Forsyth is a freelance writer for education, and a content developer for interactive whiteboard company Smart Board in New Zealand. She holds a Batchelor of Music Education from the University of Auckland. Anna is the author of 3 compilations of thinking hats lesson plans for teachers, which are due for release soon through Curriculum Concepts. Currently, Anna is working freelance to support herself as she pursues a career as a singer/songwriter.

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