Plenty of students have come to the conclusion that funding their own expenses is not cheap. Managing money is hard, especially when students have grocery shopping, fast food, toiletries, quarters for laundry and wardrobe to worry about. So, how can students manage money with a tight budget?
I would advise students who have Federal Work Study to find a job that they can enjoy. If a student returns to their job from previous years on campus, the pay rate goes up a quarter. A quarter may not seem like a lot, but it adds a little bit more cash to the student’s check. For students that do not have federal work study, they could try to find a job on-campus that offers Eastern Campus Employment (ECE). Eastern Campus Employment provides jobs on-campus, and the salary is paid through the department’s budget. It is important to note that a student can have FWS and ECE because one is allowed two jobs that pay separately. Also, if a student is eligible for FWS, they should apply for it, as being on the waiting list is better than nothing.
Every student should have a bank account; evenmoreso if they can find an account that doesn’t charge interest. If a bank charges an interest rate, students have to make sure they have enough money in their account for the interest rate. If students do not have enough money for the interest rate, their account will get charged. A bank account will help students manage their money, because they can deposit paychecks, have bank statements either e-mailed or mailed and get quarters for laundry. If students need to save to buy a certain item or concert tickets, they can make a separate account. Then if students have bills to pay, they can set up an account where the money gets re-drawn from the account monthly. Oftentimes, students buy what they want and not what they need. Therefore, when students purchase items, they should think about what they need to buy with that paycheck and what can wait for the next paycheck.
Managing money is not easy, yet it can be accomplished with controlling one’s spending, having a bank account and setting priorities.