Source:https://www.irishnews.com/life/
Starting university often overwhelms teenagers who are accustomed to parental support for meals, laundry, and finances. To ease the transition to living independently in university halls, it’s crucial to teach them essential life skills before they leave. Providing budgeting tips can help them manage their new responsibilities and adapt more smoothly to their new environment.
1. Plan a monthly budget: Before leaving for university, assist students in creating a monthly budget. This should include estimating their income from sources like student loans, part-time jobs, and parental support, as well as their expected expenses for food, rent, and course materials. This preparation helps students understand their spending limits and manage their finances effectively.
2. Set spending limits for nights out: For managing student nightlife expenses, Nick Drewe suggests using apps like Monzo to set spending limits or withdrawing a fixed amount of cash to avoid overspending. Tom Church recommends saving money by looking for free freshman events and student discounts at bars and clubs.
3. Be savvy when it comes to assigned reading: To save on the cost of textbooks, advise students to compare prices and consider buying pre-owned books from platforms like Amazon, Facebook, or student forums. They should also use free online resources such as Google Scholar and Google Books for digital versions of required literature.
4. Shop at cheaper stores: Nick Drewe suggests that students shop at stores like Aldi or Lidl for affordable fruit, vegetables, and meat, as well as discounted items. For other essentials such as cupboard staples and cleaning supplies, Poundland, Home Bargains, and B&M offer budget-friendly options.
5. Cook budget-friendly meals: Ensure students know how to cook simple, budget-friendly meals before starting university. This skill will help them avoid the temptation to frequently order takeout and manage their finances better, especially during tight periods.
6. Be smart about washing: To save on laundry costs, students should use a clothes airer instead of choosing the more expensive ‘wash and dry’ machine setting. This will help reduce expenses and prevent their clothes from shrinking.
7. Plan cheap activities: Students should explore low-cost activities on campus, such as joining university societies or organizing picnics and park strolls with flatmates, to enjoy themselves without spending much.
Image Source:https://www.irishnews.com/life/