Ways to Spend Less of Your Scholarship Money
Everybody knows that studying in college costs a lot of money. Learners have to undergo expenses on tuition, accommodation, transportation, board, textbooks, and more. Such costs may lead to students going into debt or working during nights after studies.
Fortunately, there are a number of financial awards that are intended to support learners financially through their educational process. One can refer grants, bursaries, and scholarship money to these awards. Scholarships, particularly, are the best way to pay for your college and other things.
However, when a student gets a scholarship, the temptation to spend money in a few days can appear. It can be challenging for learners to save and spend on scholarships wisely. Luckily, we can offer helpful tips and recommendations on how to spend less of your scholarship.
How Do You Spend Less as a Student?
Scholarships are designated for learners so they do not face financial problems during their studies. Such an award can be given for a lot of various reasons. Also, you may wonder “How much scholarship money do most students get?” Everything depends on the type of organization that is providing the scholarships. Still, according to data, the average scholarship is $7,400.
This becomes understandable why many learners get lost since they do not know how to manage their money properly. Some students even do not have an answer to the “what can scholarship money be used for” question. That’s why such learners start to spend scholarships on different things that are not even connected with learning.
If you are among such students, you should consider the expenses of your scholarships. Otherwise, you can waste all your money fast and nothing will be left on important things such as tuition, a new laptop for studies, rent, and utilities.
If you wonder “can you keep extra scholarship money”, the answer will make you happy. Students can learn to spend less of their scholarships. For this, you should familiarize yourself with our list of useful pieces of advice on how to save money in college.
1. Be Smart While Shopping Online
Shopping is always fun and students like to spend time with their friends in shopping centers and buy new things. Nowadays, online shopping is gaining popularity, particularly because of the global pandemic that led to many shopping centers having to close their doors for buyers. However, online shopping is still interesting and more convenient in comparison to offline shopping.
It is understandable that learners can not resist buying something on their scholarships. Still, there is a need to be careful so students do not spend all their money instantly. That’s why learners should be smarter during online shopping.
Let’s imagine your web browser is Mozilla and you want to save as much money on online shopping as possible. One of the best ways to spend less on online shopping is to install a free Firefox VPN, you will surely win from this choice. As a rule, the prices of goods will depend on your location. This is where the VPN addon Firefox will be handy for you.
It will change your location and you will be surprised how the price of your chosen product might be changed. Also, with free high speed VPN, websites of online shops will run without interruption. Moreover, after the free VPN unblocked the websites of certain shops, you can make purchases in any store that offers good prices. Thus, installing a VPN addon is always a good idea for learners.
Aside from utilizing a useful VPN, there are other methods to lower the price of desirable goods. For example, many online shops offer discounts on their goods. With promo codes, students have the great opportunity to purchase products at pleasant prices and as a result, save scholarships.
2. Create a Budget
Preparation for college may be troublesome. However, you should consider creating a budget before your educational year starts. Of course, it is not easy to calculate how much things will cost and define your spending habits. Nevertheless, you should make an effort and create as realistic a budget as possible. After the first month of studies, you can revise your budget if necessary.
For creating your budget, you can make use of budgeting apps, templates, and Excel spreadsheets. The main rule is to include in your budget important information. First, it is your monthly income. Aside from scholarship money, you can have earnings from contributions from parents or a part-time job.
Also, your budget should involve information about required expenses. This spending includes purchases of things needed for your studies. As a rule, rent, cell phone service, prescriptions, board, laundry, etc. are your required spending.
Aside from required expenses, there are also optional expenses. Usually, this is the amount of money necessary for things that are connected with your free time from studying. These expenses include watching movies, visiting concerts, traveling, gifts, eating in cafes, gaming, etc.
3. The More Scholarships The Better
Scholarships are one of the best ways for learners to obtain financial aid. The best part is that students are not limited to how many scholarships they can win. Having a lot of scholarships, there will be no need in answering the “what can scholarship money be used for” question. The money will be pretty enough to pay for everything students want and even to graduate debt free.
For this, learners should make efforts to do the work and apply for as many scholarships as possible. Also, there is a necessity to be aware of how to search out all the scholarships students qualify for. For this, special applications can be handy. With apps’ assistance, they will match learners with scholarships on the basis of their interests and accomplishments.
4. Apply for a Job with the Tuition Reimbursement Program
Working a job after studies is a good way to have extra income and respond to the “can you keep extra scholarship money” issue. The best decision will be to apply for a not ordinary job but rather a vacancy that has a tuition reimbursement program.
There is no necessity to worry if you do not know what this program means. Everything is simple, a tuition reimbursement program is a benefit for a worker proposed by organizations that desire to support their workers who get an education. By using this benefit for workers, students have the possibility to obtain reimbursement of part of their education expenses by hirers.
Thus, if you plan to work while studying, you can ask a chosen company whether it offers a tuition reimbursement program for students. Also, before applying for job interviews, you can search for organizations that guarantee such a program on the Internet
5. Purchase Textbooks Reasonably
It is not a secret that textbooks cost a lot of money. However, they are so required for studies. The greatest mistake will be to purchase completely new textbooks at the campus bookstore. The reason is that such textbooks are more expensive than in ordinary bookshops.
But do you know that you should not obligatorily purchase your new textbooks directly from the bookshop of your campus? You will save a lot of money buying the necessary textbooks online. Also, it is advisable to purchase used textbooks since they will cost less.
Another way is to visit local bookstores and search for textbooks at pleasant prices there. In case of emergency, if you do not have money for textbooks at all, you can borrow them from your peers.
6. Have One Credit Card
If students do not want to spend all scholarship money at once, there is a need to make smart use of credit cards. First, it is recommended to have one credit card. This card should contain money necessary for purchases that will fit your monthly budget.
Also, you should make sure that your card is with the lowest interest rate and does not charge annual fees. Moreover, your card should have a credit limit that will be enough in an emergency.
Every student will tell you without hesitation that college life is expensive. Fortunately, there are many working methods to reduce unnecessary costs and spend less money of their scholarships. For example, you can familiarize yourself with our tips on how to save and set aside money for important expenses.
These ways will help effectively if students will supplement them with VPN, check reviews before using it.
For example, with a VPN you will be able to change your location and buy goods at lower prices or unblock online shops’ websites to find out where textbooks cost the least. Also, you will have the possibility to make online purchases via your single credit card safely.
Avoiding financial stress is possible for students. For this, there is a need to learn to manage your finances and scholarship money in college. Recommendations and tips above-discussed will be a good starting point for this.
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