A Guide to Handling College Finances

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A Guide to Handling College Finances

Michael Pruchanskiy

Michael Pruchanskiy

Michael Pruchanskiy

Owen Megura, Staff Writer

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One of the most prominent obstacles that college students endure during their college experiences is maintaining enough money to tackle college necessities. Whether it be to pay for new or used college textbooks, money to buy food other than Top Ramen, or a little spare change for fun activities, money is always something that college students will need to keep in mind.

   According to Bizfluent, undergraduate students who work during college receive an annual income of between 7,500 dollars to 42,000 dollars a year. However, students who have such a high annual income in college face 30 hours or more of work per week, sometimes working jobs that only require a high school diploma. Students, particularly upper division students, may take jobs or internships that satisfy their field of study (bizfluent.com).

   If finding a job doesn’t satisfy a student’s interests, perhaps becoming a paid tutor is a more interesting alternative. According to College Avenue Student Loans, students can become tutors by consulting with their universities, reaching out to local schools, or by signing up to various websites that pertain to a student’s particular interests. Websites can offer jobs that are especially compliant to the students’ needs and schedules, as multiple websites give students the option to set up terms that comply with the students’ college schedule (collegeavestudentloans.com).

  If a student prefers a less active career, there are some jobs available at school that give students the opportunity to make money on the campus. These opportunities include being a teacher’s aid or research assistant, but may require a student to obtain an undergraduate degree or be a graduate student. These positions require a student to grade papers, collect data, and teach classes (collegeavestudentloans.com).

  Senior Ian Beresford is attending the University of California, Santa Barbara [UCSB] in the upcoming fall, and is already brainstorming multiple methods for making money before and during college. “I am planning on working a full time minimum wage job this summer,” Beresford stated. “[I also want to work at a] chemistry or pharmacological entry level paid internship in between school years,” Beresford added. He wants to pursue a job with limited hours in order to ensure that he can remain focused on his education while still paying for everything that he needs.

    Another opportunity that Beresford is considering will not only give him money to provide for his daily and monthly expenses, but will also grant him educational benefits. “I like the idea of working in the library on campus,” Beresford said. “Working at the library comes with some awesome benefits such as close proximity to the dorms and discounts on school supplies. Beresford also has strategies in mind that will help him save money during college. These include spending less money buying food at fast-food restaurants and placing 70 to 80 percent of his earnings in his college savings account. “Budgeting for those things on a weekly and monthly basis is always a good idea,” Beresford explained. “[However,] budgets often get thrown out the window in a hurry. When that happens, I’ll try to spend on needs and not wants,” Beresford concluded.

   Students, while working to pay for expenses, can also adopt various methods that will save money. According to College Avenue Student Loans, students can save money in a multitude of ways. One example includes buying food in bulk and limiting outside trips to restaurants and cafes (collegeavestudentloans.com).

   Students can also save money by using campus resources. Why pay for outside activities when there are many things to do on campus? There are a lot of activities students can partake in on campus, including fitness programs and movie nights (collegeavestudentloans.com).

   When it comes to the wide variety of needs that are presented in an endless list to college students, managing finances is one of the key requirements that every student has to face. Students can commit to jobs that are on or off the school campus, which provides many benefits to the student’s skill-set and satisfies the student’s field of study. Students can also save money in a plethora of ways, which in turn will benefit the student’s financial status for the better, and prepare him or her for the many obstacles of adulthood.

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