With brand new student loans deposited into your account, students have an urge to spend it right away and it’s easy to do so. “Budgeting isn’t something that is taught in school but is just as important if not more” said James Cunningham who spends his time traveling to school to speak with students about managing finances.
Learning how to budget accordingly with the money you have is an important skill. Students way too often are starving themselves because they ran out of money before school has ended.
Three of the biggest expenses while going to school are rent, books, and food. Living at home could save average $6,000 a year, but if that’s not possible then books and food would be the top two expenses that can be controlled.
Buying books is something that you can’t escape, but you can avoid paying full price. Buy used or rent out books to save.
Food is another big expense. Darren Chapman, economics teacher at Fanshawe says “home prepared meals instead of fast food purchases will save big time.”
Chapman says students should invest time into knowing how to manage their finances because it’s one of the most important skills to learn as an adult.