Charles RichardFirst, let's talk about money.
I understand how fascinating it is to be born with a silver spoon in one's mouth and how disappointing it is to live in adversity. The truth is that money is deceptive. It makes you a liar.
We all say, 'Ye Sab Moh Maya Hai' (It's a mendacious power), but we dance to its tune like puppets. The best course of action is to have a solid and disciplined understanding of how money works and circulates. It is also critical to understand how the market works and the best ways to cut corners in order to get products cheaper, as it is common knowledge that the longer the supply chain, the higher the price of the product or goods.
I Hope, we cope with this power and make a balanced life.
I divided these pieces of advice into sections to make it easier to find your point of interest and read through it quickly.
I went to UC Berkeley for my BS (class of ’20 - Go Bears!) During this time I saw others spending less and more than I did.
Besides in-state tuition, I paid ~$1400 total per month in food, rent, and entertainment while living off-campus sharing a 2B 1Ba place with 4 others in Berkeley. It's an expensive area, we were pretty cramped but overall had a good time because the people and location were awesome (walking distance from campus, friends, and local spots).
Here's my list of things to consider:
Food
- Cook meals consistently
- Use university subsidized produce
Clothing and style
Travel
- Maximizing campus transport usage
- Renting cars
Fun and entertainment
- Limiting spending on drinks and/or drugs
- Dating is expensive
- cost-friendly hangouts
- Use family plans
- Don't buy at the bar
Rent
- Roommates
- Cooperatives
- Off-campus living
- Rent-controlled buildings
- Cleaning services
- Talk to the landlord early
- Biking
- Sublet the apartment
Loans
Income
- Work and study program
- Become a TA
- Off-campus job
Food
- Cook meals consistently
Cook consistent meals. It's preferable if you and your roommates cook together. Meal preparation entails a trip to the grocery store and back ($10), as well as purchasing supplies for yourself for up to a month ($150). If you're coordinating meals with roommates, act like a family, go to Costco, and multiply the cost ($400 a month for four people — $100 a month). The important thing is to complete the cooking, shopping, and managing the fridge for supplies. It usually goes out the window during the midterm season or when people go out and party for several nights in a row. Food, on the other hand, is usually around $10 per meal. I ate two meals per day on average, which came to $20 per day, not including snacks. So the savings can be tremendous if this is done right. Plus cooking and kitchen management are important life skills.
- Use university subsidized produce
Using university-subsidized produce is another way to save money on food. CAL had a Food Assistance Program that allowed those who qualified to receive a variety of discounted food items. I did not apply for this, but it may be beneficial to someone who qualifies. Similarly, applying for government food assistance can assist in obtaining groceries.
Clothing and style
Not food, but clothing and style are also important aspects of college life. Staying away from expensive branded apparel and high-priced tech items can improve your college experience. Is that MacBook Pro with M1X ($2200) really necessary, or would a 2015 model retina MBP ($500) suffice, or how about a two-year-old high-spec Windows computer (THE HORROR) for $400? The same goes for iPhones, Starbucks/boba twice a day, Nike, and so on.
Travel
my budget was about $100 a month for travel
- Maximizing campus transport usage
Increasing the use of campus transportation. UCB provided free AC transit access to everyone. We could also use the on-campus shuttles. Walk up early and take the bus instead of driving to that doctor's appointment or gym session. If you want to go out with friends to the city, take Bart ($5) instead of Uber ($15-20 per person one way, or around $30 round trip on average). Public transportation has risks, but it can save money.
- Renting cars
Car rental If you need a car for a day, such as going between places, using a service like Gig can save you money on the day ($30) compared to Uber ($100 for multiple trips).
Fun and entertainment
- Limiting spending on drinks and/or drugs
Spending less on alcohol and/or drugs is definitely on the list. In the last two years, I probably spent about $50 per month on alcohol. If you don't spend it, it's all just money saved (or just spend a fraction).
- Dating is expensive
Dating is expansive. Spending money on dinners and gifts is not required instead, focus on cheap and natural bonding activities. However, this depends heavily on your partner. Stay strong, simple boys and girls out there.
- Cost-friendly hangouts
Friend hangouts and trips to faraway places and escape rooms, for example, are enjoyable and should not be avoided, but there are many times when you can do cost-effective hangouts such as basketball at a nearby park, park potluck picnics, or apartment kickbacks.
- Use family plans
Using family plans to save money per month per service. Spotify family plan is great, for example.
- Don't buy at the bar
Don't buy anything at the bar!! It's a mistake I keep making, but it's much easier to buy a quick handle or fifth at a local grocery store (Safeway was more expensive, so keep that in mind, Costco was best) and have the group pre-game before going out. This can save you anywhere from $10 to $200 per night, depending on the story...
Rent
Rent...I paid about $1100 a month in rent, dorms were only allowed for freshman year and cost about $1600 a month but included a large amount of food cost and the utility/cleaning bills. Some of the below might not apply now that the world has gone largely remote or hybrid, but these are my takeaways from the pre-covid era :
- Roommates
Roommates! Two per room (or even three per room — trust me, I've done it for longer than most) is feasible and enjoyable! Roommates can be a great time and a source of lifelong friends, or a difficult time and a constant source of misery, depending on the personnel. Choose wisely and save half or two-thirds on your rent.
- Cooperatives
This is similar to roommates++ spending even less money by living in a shared complex. People use co-op shared rent to provide meals and maintenance.
- Off-campus living
Off-campus location reigns supreme, especially in highly competitive areas such as Berkeley. Finding a low-cost spot in a prime location on the South Side is like striking gold. Begin searching early. Most people begin looking for places the semester before (January/February is a good time to begin). In February, the first apartments appear on Craigslist and other sites. The price and location are usually more important than the quality of the place, but this varies by group. If you prioritize quality, be prepared to spend more on travel (further away, where landlords have less power over tenants) or more on rent (bougie apartments). It is very rare to find a nice place for less than $800 per person.
- Rent-controlled buildings
That being said, the above is not impossible; I have friends who live in rent-controlled apartments for $700 per month per person. They reported that the apartments were of good quality.
- Cleaning services
Clean the place yourselves and organize a cleaning chore chart. Enjoy the extra $30 per person from the cleaner per month. This comes at the risk of stress on roommate relations and general hygiene if the group doesn't commit all the way. Discuss with your landlord if professional cleaning is necessary before you hand the apartment off.
- Talk to the landlord early
The bigger pro tip is to know seniors who live in nice places and are willing to talk to their landlord to get you on the lease once they leave. This saves the landlord time and money while also ensuring a good tenant. As a result, you may be eligible for a significant discount.
- Biking
Biking ($500 fixed cost over 3-4 years, $4 per month upkeep) can save money and help make up for the extra travel time that comes with living further away.
- Sublet the apartment
Sublet the apartment... if you leave for the summer, the apartment will most likely still be in your name. There are numerous ways to accomplish this, but the most important is to keep an eye out for large groups of subletters arriving during the summer. Subletters can be obtained from students that are studying abroad, as well as from nearby families or workers employed for summer training or postings. Berkeley was a diverse hotspot, so the only question was how to advertise, who to choose, and how much to accept. Subletting is only permitted in certain areas and comes with its own set of risks, so choose wisely. As a result of subletting, we were able to recoup 2 - 3 of our monthly rent.
Loans
This topic requires someone with professional knowledge who can provide better advice. Please contact us using the form below for free advice and solutions.
- Work and study program
Work study programs can increase your income while providing you with flexible working hours. Students typically earned minimum wage or slightly more while working in simpler jobs such as managing help desks or assisting in student centers.
- Become a Teaching assistant
Depending on how many hours you put in, the university will usually reduce your tuition or even pay you for assisting professors with routine coursework and announcements, grading course assignments, leading office hours, and assisting professors with routine coursework and announcements. This can be an excellent way to introduce yourself to new professors, become more involved in classwork, and save 25-100 percent on tuition. However, it is a lot of work, and not everyone will meet the academic requirements. It is also necessary to establish rapport with the professor and students.
- Off-campus job
Off-campus employment. Summer internships or apprenticeships are available. Choose a major or a hobby/minor that will allow you to be employable during your college years. For example, you could work as a technical writer, grad shoot photographer, chef, bartender, and so on.
That was a long list. As I went along, I realized I had left out a few crucial details and filled them in. That probably means I've missed a few other important ones as well. Having said that, these are all strategies I've used or witnessed others use to help guide decisions about whether to spend or save.
I wish you all the best as you follow them or you can save money by investing in our savings plan.
