Student life expenses and how to be prepared

Tips to be one step ahead of the obligations of student life
Student life is one of the most exciting yet often most challenging periods in life. It represents the first taste of independence and responsibility in adolescence.  

For parents, the sense of satisfaction felt during this period, comes with new financial obligations, while, for students, this chapter in life calls for responsible management of monthly responsibilities, allowance, and any other form of income.   

As is the case with all matters, appropriate organisation and preparation concerning the calculation of student life expenses helps control cost levels. And we are here to offer assistance.

Student accommodation

If the University or educational Institute is away from home, you’ll obviously need to rent a house. This is a considerable addition to the family budget and must be met on a monthly basis. Calculate your financial capabilities, start looking early, and allow as much time as possible for your market search. Expect rent levels to increase the closer the accommodation is to the educational institution. 

Accordingly, it would be wise to find out about public transport and routes and to also consider areas farther away from the school. Finally, you must also decide, early on in the process, if the student accommodation you intend to look for will be shared or not. Opting to share student accommodation can sometimes lead to considerable rent savings and also enable you to find a bigger or better place compared to living alone. 

 

Student life costs and how to be prepared

Furniture

Begin with the basics – a sofa, bed, stove, desk – and add whatever else you need over time. Lots of stores, from retail chains to e-shops, offer budget solutions for college student living. Making the most of discounts, usually surfacing in August, prior to the start of the academic year, is also advised. 

Moving costs

Moving costs need to be factored into the budget, unless very little gear is to be moved to the student home and can be handled by private vehicle. Make sure you arrange for delivery of any new bulky purchases to the student address.

Monthly budget

Parents must examine and decide on the monthly student allowance the family budget can afford. Parents also need to discuss with their children whether a monthly sum, to be received at the beginning of each month, or a fortnightly allowance is preferable. Sensible management of student-life costs is a life lesson for the future.

Daily costs in a college student’s life: 

Bills 

College students, for the first time in their lives, must deal with managing a home themselves. Monthly expenses, including water, telephone, electricity, and internet bills, need to be calculated and budgeted. 

Transportation   

All transportation costs need to be taken into account, be they car or motorbike fuel costs or public transport tickets. Student IDs enable discount public transport fares. Using a bicycle, if suitable in the area where you are studying, can also offer financial - as well as health - benefits.  

Eating at home 

Get into the habit of being stocked up on super market supplies for home cooking, even if your recipes are simple. Besides having control over the freshness and quality of ingredients, this routine will also save you a lot of money, compared to food deliveries.  

Entertainment  

Entertainment options catering to students are always offered in abundance at university areas. Look for the places that best suit your entertainment preferences and budget.  

Personal loans 

Personal loans for college students, including NBG’s loans for students, offer comprehensive solutions covering student-life needs concerning tuition fees, equipment, insurance and daily transactions.  

Student life is a time for knowledge, creativity and fun as well as responsibility and obligations, a combination that can offer unforgettable moments and important life lessons.    

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