This is a contributor’s blogpost …
Most students will learn quickly that their student loans won’t last long. The odds are that a large chunk of the loan will be spent before it even arrives, so it’s important to be wise when it comes to spending the rest. It’s a loan that’s meant to last throughout the year and aid you in your studies. However, if the money isn’t budgeted, it can be gone long before its meant to be. So, what should you do to ensure you have enough money for everything you need?
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New students have a habit of buying nice, new shiny textbooks for all of their classes. The problem is, unless it’s on an essential reading list, it’s quite likely you’ll never use it. A lot of the textbooks mentioned on course study plans are optional, so you don’t have to buy the whole book store to get a good grade at school. If you do want to read everything on the reading list, there are cheaper ways to do it. Some of the reading lists will stay the same as the previous year, so it’s worth asking around on campus to see if anyone is selling your textbooks for a cheaper price . You may be lucky enough to find someone who’s willing to give them to you for free.
It’s so tempting to use your student loan to buy a car, but do you really need one? If you’re living on campus and the supermarket is only a bus ride away, you won’t really have much need for a car. Your parents or friends can pick you up when you want to come home for holidays and take you back at the start of a new term. Having a car is an added expense that most students don’t need so be tempted to have just for the sake of it.
Avoid Paying Full Price
Wherever you go, it’s likely you’ll find places with student discounts. From movie theatres to restaurants and clothing stores, you’ll usually get at least 10% off the full price of the products you’re buying when you present a student card. To be sure you can stretch your Capital Alliance loan out for longer, make sure you sign up for a student card as soon as you start studying and make sure you take full advantage of it. The average student can save up to $2000 a year using student discounts.
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Don’t Be Spontaneous
While it’s all well and good spending your money on outrageous things when you’re earning it, the last thing you need to spend your student loan on is a tattoo. Other things students have splashed out on include cosmetic surgery and pets. While you may feel you need a puppy to keep you company in your dorm room, it’s hardly a necessity. Don’t be tempted to do foolish things with your money just because you can. You may look back in a few months’ time and regret it. Show you can manage your money well and you’re likely to be trusted with more of it in the future.