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Monday, August 10, 2020

Executive Education

5 Ways You Can Cut Down Your Expenses On Business School Student Housing

Getting into a top business school is tough, but managing college life and its expenses could be tougher. The entire plan of action for college life is more about dealing with added expenditure than anything else. Why? Because business school education is not easy to get and you often end up shelling out a lot of money for a good number of years.

One area where you end up spending a lot—sometimes, more than you should—is housing, and this is one area that requires your attention, especially if you wish to curtail your expenses.

Student housing, its availability, and cost factor depend on a lot of things such as the country, local tenancy laws, and whatnot. However, there are some tips which may apply generally and can help you cut down your expenses on accommodation. I have 5 such tips for your consideration.

  1. Compare first
    First thing first, before you do anything, do thorough research. In the market, you will find numerous housing options to choose from. Each of these options will offer you different plans. For example, there will be accommodation facilities which are coupled with meal plans, and some are not. The location also counts a great deal. It is advised that you interact with anyone from the campus who might offer you a more definite direction as to how to handle housing matters. If you are okay with spending a little extra, then you can avail apartments; but if there is no room for the same, then you may want to switch to a dorm. Also, many business schools providing housing facilities and offer concessionary prices under certain circumstances. Hence, research!
  2. Find roommates
    If you decide to live off-campus, then you might want to find a roommate willing to split bills with you. Separate housing means you will have to take care of a lot of things which otherwise would have been handled had you taken college housing. The burden could, at times, be very difficult to handle and a partner would ease the process. However, finding a good roommate is not easy. We are talking not just about splitting bills but also gaining a friendly and accommodating companion. Therefore, make sure you do your evaluation thoroughly before you decide to let anyone in. You may want to use your business school’s forums to establish contact with students looking for accommodation, or sign up to any of the many websites that help in finding roommates.
  3. Rent or purchase second-hand commodities
    In case you (and your roommate, if you get one) move into an unfurnished or semi-furnished accommodation, then you will have to find yourselves good deals on furniture, utensils and other things. Straight up going to a retail store is a very bad idea because it will cost you crazily. This is the 21st century, making it easier for us to access cheap deals online. Many websites allow people to sell or put on rent their furniture and other goods and are very friendly to bargains. It is always advisable to purchase second-hand commodities or rent them. You will be saving tons!
  4. A Part-time job
    A part-time job can greatly reduce your financial burdens and help you allocate your resources better. Of course, this should not mean that you are allowed slack in studies; but then again, if you manage to give some time to a side job, then you might get some breather. However, before you take up any side job, make sure to check with your college’s rulebook. You might know about this that there are colleges that either prohibit part-time jobs or allow them under exceptional circumstances. Also, there are business schools that have provisions about getting their students part-time jobs. So, inform yourself about these things before you decide anything.
  5. Cook Your Food
    One of the areas where students end up spending more than they should is food. I get it that you are in no mood to cook before your leave for or after you come back from business school. However, you would not realize this early but when you do it might hurt: you have spent more on food than you should have. Students often end up ordering food or hiring a tiffin service. Either way, you are paying extra to eat something you could have made at home. You should invest on utensils and groceries and cook for yourself. Initially, it might feel like a hassle but you will reap its benefits in the long run.

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Ayushi Kushwaha
Ayushi Kushwaha, Staff Writer for the CEOWORLD magazine. She’s spent more than a decade working for various magazines, newspapers, and digital publications and is now a Staff Writer at The CEOWORLD magazine. She writes news stories and executive profiles for the magazine’s print and online editions. Obsessed with unlocking high-impact choices to accelerate meaningful progress, she helps individuals and organizations stand out and get noticed. She can be reached on email ayushi-kushwaha@ceoworld.biz.