It took several months of staying at home and pleading with ASUU. However, now, we can look back at those times and feel proud of how far we’ve come along. Now that all that is over, you still need to deal with the challenges that come with school, such as going broke as an undergrad.
From your handouts to your textbooks and assignments, there are a lot of things that consume your money. Even if you’re taking online classes, you still need to be wary of data costs, among other things. The worst thing you can do to yourself is to set yourself on the path to going broke as an undergrad by indulging in multiple unnecessary activities. So, how can you avoid going broke as an undergrad? Let’s find out.
Get a job
It can be hard to juggle school with a job. But, depending on how badly you need to avoid going broke as an undergrad, you need to get one. The best part is that the internet is chock full of job opportunities. As long as you have a valuable skill, you can even get a remote job, which is significantly easier to maintain than a physical one.
Keep to your budget
You already know that you should have a weekly or monthly budget. So, we wouldn’t be telling you that here. However, what we will tell you is that you must keep strictly to the budget you’ve created for yourself. If you don’t, believe us when we say that you’ll probably go broke in no time.
If you weren’t expecting that part, we’re smiling right now at you. If you’ve never been in a relationship before, we can confidently tell you that it comes with a number of expenses. You’re not obligated to do it, but at different points in time, you’ll feel the need to do something nice for your lady friend. This could be anything from getting her random gifts to taking her out on dates, among other things. If you want to avoid going broke as an undergrad, you should definitely cut out dating for now, even if you have a job.
Invest some cash
The best time to start investing was before you got into college. The second best time is now. If you want, you can take off the interest on the investment at the end of each cycle. This will be a good source of passive income. On the other hand, you can allow it to compound for your four years in the university and then use it to hit the ground running. Regardless, it’s a great way to keep yourself from going broke. However, in your search for viable investment opportunities, you must ensure that you do not fall prey to ponzi schemes disguised as investments.
Do not borrow
Can you see that we didn’t use a contraction there? That’s how important it is. You cannot afford to continue borrowing every chance you get. It will increase the amount of money you have to spend when you do have money. So, if you want to stop being broke, you need to stop borrowing money from people.
As a student, the chances are that you’re not completely independent yet. However, this doesn’t meant that you’re not responsible for yourself and your finances. So, you should take these five tips very seriously if you want to keep your head above water.