As you may already know, it isn’t easy to be a student, work part time, pay all your bills, and still save money at the end of the month. Today, I’d like to show some alternative ways to thrive as a student while working part time and receiving minimum wage. How do I know that’s possible? Because I do it. I must say that it won’t be easy, but it is doable if you hang tight on your budget and get away from your comfort zone.
First, let’s assume that you have saved enough to pay for your tuition. So, now you have to worry about day-to-day life.
My first tip is to reduce your major bills, such as your rent and groceries. Instead of renting a full apartment, try to rent a room in a building that’s not in one of the more competitive neighbourhoods to rent in. Also, make sure to choose a place with good access to public transportation, so you avoid having to take a cab.
The second tip is in regard to your groceries. Usually I go to three different places to get the best deal for all the items I need. It might take longer, but you’ll see the difference at the end of the month. Another place I save money is on my phone bill: I decided to not have a plan that has data on it simply because those plans are more expensive.
However, we all deserve to have some fun and entertainment sometimes, so we need to be able to afford to go out with friends. But that’s where our money can vanish without us realizing. So, my tip is this: instead of just avoiding going out, figure out how much you can spend that month, taking into consideration all your fixed expenses. Try to choose places to go that will fit within your budget. I know that seems a lot of trouble, but if you want to be financially independent, you need to consider these tips.
Here’s how I organize my expenses on a daily basis: 50 percent is for my rent, 15 percent is for utilities, five to 10 percent is for going out, and the rest I save for future plans, clothes, or other unexpected expenses. The key is to make a budget and organize yourself.