Heading away to university or college for the first time can be quite stressful and challenging. Students will experience a lot of firsts, such as exploring a new city, meeting new people, acquiring new ways of thinking, and feeling finally independent. But with independence come responsibility and the need to manage your own finances.

American citizens owe more than $1.4 trillion in student loan debt and only 1 in 3 students usually feel confident realizing the financial terms of their student loans. So, consider the following budgeting tips to survive university and reduce stress.

1.      Have a Serious Talk about Numbers

Before a student goes away into a new university life, a great idea is to discuss a financial plan for the first year with the grown-ups. According to the national survey of the Ohio State University’s Center for the Study of Student Life, seven out of ten students feel stressed about their finances. Nearly 50% are worried about paying their monthly expenses, while 60% said they are concerned about having enough cash to pay for their study.

Annie Kvick, a certified financial planner, advises parents to sit down and help their students to set up a budget before they start university. This will allow the students to understand how much their study costs, how much parents have saved up, and how much they are expected to contribute using a student loan. Having an open and frank conversation about finances is the key to the financial success of the students in the future.

2.      Get Financial Help

Another great option is to have a part-time job while studying. This will let the student cover the main expenses and have something to save. Those who are struggling to stay on top of their student loan or don’t have enough funds to make ends meet can get financial help.

There are student financial advisors in nearly every university or college, so you can talk to them about your financial issues. You can also ask for advice from a personal finance company to consider the best option. Thus, using the financial services wisely, you can build your credit score during the study which can be very beneficial over time.

3.      Learn to Cook

You will be surprised at how much you can actually save if you don’t eat out every day. Many students are guilty of doing so but it only ruins your budget and doesn’t allow you to save anything.

It’s completely fine to buy an occasional snack in the canteen or the nearest café. You don’t have to cook three-course meals but if you cook your own meals more and prepare lunch in advance, you will soon have more spare money and a healthy body.

4.      Travel Smarter

If you want to manage your budget, try to live as close to your campus as possible. This way you will save money on transport costs even if the rent price is a bit higher. In case this option isn’t feasible for you, consider sharing petrol costs for the car and split parking if driving is the most suitable option. Moreover, you may search for student offers and deals on public transport, such as student railway cards.

Planning and managing your student expenses will make it easier to tackle any financial issues that might arise during your study at college or university and minimize the stress.