Living On A Budget Tips – For some students, especially those from wealthy families, the word “budget” does not come up often in their conversations. However, most students, especially those who need to work part-time to supplement their income, have a budget that dictates what they can and cannot buy. Does this mean that a student cannot live a luxurious lifestyle? Of course not. Currently, students live in luxurious apartments with high-class facilities, eat in elegant restaurants and cafes.
Even if you don’t have rich parents to support your glamorous lifestyle, there are clever ways to live an enjoyable life without giving up luxury. With the following tips, a luxurious lifestyle doesn’t have to be out of reach for a student.
Living On A Budget Tips
A luxury lifestyle is not about buying all the things you see. This leads to a mess and you may find that you have spent a lot of money buying products you don’t need. Remember, you can make a statement with high-quality items that are eye-catching and durable. This will also prevent you from having to replace items purchased every few years.
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Find ways to relieve or manage stress It’s impossible to go through school life and not deal with stress. Some common stressors are homesickness, pressure to achieve certain grades, upcoming exams, excessive workload and poor work-life balance. A great example of how students get more free time, relax in school, meet deadlines and reduce stress is when deciding to buy an essay online. Other clever ways to deal with stress are: taking care of yourself or pampering yourself. For example, create a home spa treatment or spa water with herbs that will make you feel luxurious. Plus, controlling the ingredients that go into your treatment makes the experience more enjoyable.
If you’re not into the idea of staying in a hostel or dorm, round up some friends and swap your student room for a luxury off-campus apartment. Staying close to campus is both convenient and time-saving. Also, collaborating with friends means that all expenses are shared equally and you can enjoy a luxurious lifestyle.
Do you ever flick through magazines or photos on social media and wish you could live in one of these homes? It may seem impossible, but you can turn your room, bathroom or other space into a dream space. For example, when a student wants to rent an apartment, they look at the amenities offered, price, room size, and proximity to the school. With this same concept in mind, you can see the exact photos of your dream home. Then buy similar pieces to add to your space. It can be a lamp, a carpet or a work of art. The trick is to choose items that scream class and make your home look more expensive.
Don’t wait until your birthday to buy something important. Aim to buy two to three items a year that contribute to your overall look. It could be as simple as designer lipstick, accessories, a fluffy bathrobe, or something more expensive but within your budget, like enjoying a Starbucks venti latte.
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Also, as you tick off your to-do list, you remind yourself that you have the discipline to achieve your goals and commit to the habits that allow you to live the life you want.
Did you know that most people associate travel with luxury? The belief that going on vacation is too time-consuming or expensive for a student is misleading. You can plan your trip so that it falls during a long holiday break or even on a weekend.
Look for off-season discounts as they can significantly reduce costs, or companies that will help you travel for free or pay for it. You can also choose wonderful short trips that are less demanding and don’t cost you much. To make your vacation more affordable, try organizing your next trip as a group with friends.
For the student on a budget, living in luxury requires a discount mindset. It’s also about knowing what you want and using the money you have to create experiences that will make you enjoy life to the fullest. A student budget is real, and the stress of managing your income and expenses is a common experience. Fortunately, the Stanford campus is full of resources, from job opportunities to on-campus organizations and tips for classmates to give students the support they need to navigate the murky waters of the student budget.
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When it comes to earning money, many Stanford students take advantage of on-campus job opportunities, like Kyle Enriquez ’20 who works at Stanford’s student store and campus lab during the summer.
Institutional resources are also available, one of which is the First-Generation Low-Income Partnership (FLIP), an on-campus student organization that provides financial aid and resources to Stanford students. Alex Fuentes ’20, a core member of FLIP, explained that FLIP’s mission is twofold: to provide direct resources and to foster conversation about socioeconomic issues.
“FLIP actively advocates for the needs of first-generation/low-income students while raising awareness of classroom issues on campus,” Fuentes said. “Every year, we help coordinate financial education events like tax workshops and help deliver meals to students on campus during school breaks for events like FLIP’s Thanksgiving dinner.”
FLIP also provides funding available to all Stanford students. According to FLIP co-president Ellen Mendoza ’18, each year FLIP publishes a “Working at Stanford” guide that includes a comprehensive list of job opportunities both on and off campus, and is working on developing an app that allows students will allow for learning. Events where there is free food on campus.
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When it comes to smart ways to manage your own expenses, Fuentes offered some personal tips, suggesting ride-sharing with fellow students to share gas costs, using a free printer on campus and making money on student discount sites. He also suggested participating in on-campus lab research where students could earn $20 in cash per hour.
“Carrying cash makes me less likely to spend money, so my “lab money” fund is what I usually go out with or buy snacks,” Fuentes said.
As for textbooks, Mendoza said the price of books can go up, so she prefers to borrow books from the library or buy old editions of texts, which are cheaper. Fuentes suggests that students look for e-books or PDF versions of their textbooks, or ask to borrow or purchase books from other students who have taken the course before.
According to Mendoza, students can also order a takeaway lunch from almost any dining room. For students on a meal plan, she suggests choosing a takeaway lunch when they’re on the run, instead of paying for lunch on the go.
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Enriquez also gave some tips on how to track your expenses. He keeps receipts of all his purchases to help him keep track of how much he spends.
“I keep all my bills in my desk drawer,” Enriquez said. “I throw every receipt I get into a drawer every day or every few days so I have it when I need it.”
While student life can be stressful, managing finances doesn’t have to be. From tips and tricks to financial aid, Stanford offers plenty of resources to provide helpful guidelines for students’ budgeting experience. The word frugality is often interpreted negatively. However, while a frugal lifestyle may seem like a sacrifice of quality, it doesn’t have to be. Instead, you can be frugal in ways that add value to your life.
Let’s take a look at what frugality means. Also, check out our frugal living tips to get started!
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Living frugally is an act of very deliberate spending. If you do it right, you will be able to prioritize the things that are most important to you.
It will prioritize spending money on important things and cutting back on other areas. Fortunately, frugality can mean very different things to different people.
Savings doesn’t mean replacing your favorite Lucky Charms cereal with a store brand. That doesn’t mean living life without napkins. And that doesn’t mean an adventure holiday should be abandoned in favor of an overnight stay.
The best part about saving money is that you can create your own approach. You decide where you will live lightly and where you will live most of the time.
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Absolutely not! Savings should not be confused with cheapness. Cheap means going to the store for the cheapest item without paying attention to the quality.
Saving means evaluating your wants and choosing to spend less money on things that don’t really matter to you. For example, you may decide to spend less on clothes to fund your next vacation.
Yes! If you are tired of letting money control your life, then