How to survive first year at university without going broke. It’s your first year at the University, you have navigated all the entry examinations and secured a spot in your dream university. Congratulations! You have just unlocked an exciting new chapter of your life, filled with Lectures, new friends, freedom, and new cravings. Let’s be honest, alongside the thrill of independence comes new challenges. Surviving your first year at the University without going broke.
Worry less, whether you have little or no experience in financial management, this expert guide with unique realities of school life will help and equip you with the knowledge to thrive without checking your account balance now and then.
In my over five years of research on students’ campus lifestyle and the challenges they face in managing their finances, especially university freshers who have just begun to experience independence. I have discovered that if students apply these ideas in their everyday campus life, they will survive their first year at the University without going broke.
1. Eat Smart – Refuel without breaking the Bank
One thing that drains freshers’ wallets is the cost of food, especially in a school environment where food is expensive. I see many students eating as if they are still in their parents’ kitchen. Eating smart doesn’t mean you eat low-nutrient food; while the cost of feeding may be high on campus, there are good foods you can eat without having to break the bank.
- Cook yourself: If you live in an apartment off-campus or you live in a hostel where students are allowed to cook, normalize cooking by yourself; this will help you save costs. Go to the local market near you and buy some fresh vegetables and protein; they are not very expensive, and you are not just protecting your wallet, but eating right.
- Know the cheap spot: Know the cheapest restaurant around the campus premises, and normalize buying from there. Even though there are also luxury restaurants on the campus, these are meant for the staff and some rich kids, not for you. Pay attention to the health of your wallet before deciding where to buy.
2. Master the Art of Negotiation
Understand the value of money and negotiate as if your life depends on it. Many freshers always feel shy to negotiate the prices of commodities before purchasing, especially when they are among their peers. They often pay whatever price the seller calls. If you find yourself here, make adjustments, normalize going to the market alone; this will give you the freedom to buy according to the weight of your wallet.
3. Spend Smart on Paper Works/Academic
Paperwork on campus is one of the many things that easily drains students’ wallets if not done right. Understanding urgency and necessity will help you adjust your expenses on paperwork. Whether you are printing assignments or academic documents for clearance purposes, it is important to ask questions to have an in-depth idea about what you are doing so that you don’t overprint or photocopy documents you will end up not using. This is a perfect strategy on how to survive first year at University.
Have a good communication relationship with your class rep or lecturers, ask questions where you lack understanding, such as group assignments or documents that are not required urgently. This will enable you to create a budget and work only on the necessary documents and skip the less relevant ones.
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4. Transport Wise
Get familiar with shortcuts that lead to campus and use this short distance when necessary. Consider these cost-effective options:
- Walk when you can: If you live within a reasonable distance from your campus, strolling to classes is the cheapest and healthiest option.
- Use public transport smartly: Public buses or taxis are often the cheapest method of transportation, but if you are not smart enough, you may get overcharged for transport fare. Know the best bus stops to board a taxi or bus to your location and avoid crowds during rush hours, as most public transports charge more during these hours.
- If Available, consider the Students Transport Scheme: Some Universities or Student unions may have shuttle services or discounted transport options, inquire about the available scheme and benefit accordingly.
5. Limit Outing/Clubbing
While it’s tempting to hang out with friends, it can also be a major budget drainer. Instead of attending wild parties, explore these affordable entertainment options on campus.
- Sport Centers: Instead of an expensive outing, attend sports gatherings with friends and share the bills equally. Some sports centers don’t even require any payment, so you can get yourself entertained without spending much.
- Go for an Evening Walk: Taking a walk around the school environment or estate where you live with friends is the cheapest and healthiest outing strategy. Explore the natural green fields on the campus or take a walk around your neighborhood.
6. Apply for Student Loan and Upkeep Allowance
Explore government or non-government student loans and upkeep allowance schemes, and register as a beneficiary. These schemes are open once in the academic session; make proper research on the commencement date, and keep the required documents ready for early application. Schemes like NELFUND and Scholarstica Scholarship Platform offer scholarships and upkeep for students.
7. Visit Home on Long Public Holidays
Don’t enjoy campus freedom and forget home when it’s necessary, sometimes during long public holidays, instead of staying on campus, it’s advisable to go home and enjoy with your family and eat homemade food without touching your upkeep money.
8. Have an Expenditure Budget
Have an expenditure plan and stick to it accordingly. Write down your needs and prioritize them first. You prepare a jotter and write down things you have spent on or what you need to buy. If possible, set a daily or weekly transaction limit. There are Apps with transaction limit features; leverage this technology and manage your finances meticulously.
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9. Resist Peer Pressure and Learn to Say No.
University is where social comparison can be fierce. Don’t feel pressured to keep up with friends or trends, spend money you don’t have to impress others. Stay focused and make your studies a top priority. Do not go beyond your limits to make friends happy. Friends who care will stay without emptying your wallet.
Conclusion
How to survive first year at University without going broke is a specially curated article for fresh students. Surviving the first year at University is achievable; it requires planning and resourcefulness. So far, we have outlined and discussed key strategies on how to survive the first year at University without going broke. By implementing this guide and staying conscious of your spending habits, you can scale through your first year at the University without going broke.
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