Engineering school is ridiculously expensive with laboratory and miscellaneous fees to pay above the tuition. But apart from that, there is also the money spent on a daily basis as an engineering student.
Managing finances is one of the most difficult aspects in being a young adult. Regardless if the money allowance is given by parents or earned from a job, it is important to live within a budget as financial resources are always limited. Unless you are a spoiled brat or a bank account hacker who always gets away with it.
For this, engineering students are bound to find ways in becoming a smart spender. The key is to live within your means rather than beyond, so not to get into a cycle of debt later on.
Follow these tips:
Make a weekly budget. It does not have to be detailed, as long as you have an idea about the essential stuff you spend on. Include food, transportation, course materials, and utilities. Be realistic about it and keep the lavishness to the minimum.
Separate needs from wants. Whenever you are going to spend for something, like while in a grocery store, ask yourself, “Do I really need this?” If the answer is yes, as if the matter you are going to pay for is of life and death, then go ahead. You can afford it. Otherwise, it’s best to stay away from the temptation.
Cut expensive habits. Like smoking. The money you are going to buy for packs of cigarettes in month can be converted to savings or for other important school stuff. Plus, it will make you healthier than ever.
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Be wise about spending. If there is a book required by a class, check whether it can be borrowed in the library or be bought cheaply as secondhand. In school supplies too, when laptops are allowed in class, you don’t have to spend on notebooks. Also, at time where you have to buy stuff, go for generic items and avoid the brand ones.
Take advantage of student discounts. There are lots of stores and services accepting student discounts, you only need to show your school ID. When accumulated, it could make you save a lot of money, too.
Monitor your expenses. No need to itemize them to the very centavo, but you need to do this to know where your money goes to check if you have committed within your budget. Keep bills and receipts all the time.
Adjust accordingly if there are unnecessary expenses. Don’t be so hard on yourself about the small transgressions, as it is impossible to follow a budget a hundred percent of the time. You only need to get right back on track soon and not make the same mistake again.