Money management is a key element of surviving university. Unfortunately, it is one of the things most students learn when it is far too late. To avoid crippling debt and a stress free life at university, be mindful of your greens from day one.
While everyone’s budget looks different, here are some general tips that will make money management easy for you:
Set a budget
How much do you earn and where do you spend it. This is critical when living independently. “Students should view a budget not as a restrictive measure, but as a spending plan designed to help achieve what one wants to do and have in life,” said Tanya Peterson, vice president of brand for Freedom Financial Network. Nowadays apps have made keeping tracks a piece of cake. They not only track but also notify you when you go overboard with shopping.
Part time jobs
These are the best way to earn some extra bucks. Most workplaces are flexible with their timings for students and it’s a great way to gain experience, especially if you opt for a job relevant to your degree.
Spending smart
Differentiate your wants from your needs. Its ok to treat yourself now and then, what is not ok is opting for a Starbucks every day when you can make your own coffee/tea. opt for local stores, make the most of student discounts and vouchers. Study material can be expensive. Try to get your hands on 2nd hand resources or eBooks which are less costly. Use public transport or walk whenever possible. These may seem like nominal costs, but at the end of the month, these do maximum damage to the wallet. Avoid credit cards as much as possible and pay cash to be aware of how much you are spending. Avoid big names when buying basic necessities.
Spend below your means
Entering college is an exciting milestone, and if this is your first time away from home, it can also be nerve-wracking. Get started on the right foot financially by setting up a sturdy budget when you step foot onto the campus. Save money where you can, share expenses with a roommate or friend, and, most importantly, be mindful of your spending.
Reuse, repurpose, and recycle
Make the most of whatever you have. Clothes, food, linen etc. when it comes to clothing, and furniture there’s a lot of DIY projects that will help you repurpose unused or old stuff. A few hours of effort can save a lot of money. As for food always go for local and seasonal produce to ensure a healthy diet at low cost. Plan your meals ahead of time, have a weekly menu that is interchangeable and avoid shopping for groceries when hungry.
No impulse buying
Peer pressure is all around you, and parents aren’t around to say no. It can be tempting to spend your money on a shirt or a pair of shoes—or on recreational activities. No need to restrict yourself either. Just put an allowance on your indulgence.
Entering university is an exciting milestone. Start with the right attitude and save yourself a lot of regret by financially by setting up a sturdy budget when you step foot onto the campus. Save money where you can, share expenses with a roommate or friend, and, most importantly, be mindful of your spending.
