You have far more control over where and how you spend your money if you are a university student. But more freedom also means greater responsibility. It can be challenging to balance social activities, basic needs, and academic fees on a limited budget. So, here is a survival guide to help you handle your money as a student.
- Create a Budget
Set a budget to track your spending and decide what you can or cannot afford. This should help you pay for your regular costs first, like rent, bills, utilities, and food. Create a spreadsheet with all categories and numbers, then estimate the cost. Make a plan to spend a certain amount of money on each thing and stick to it. This will help you stick to your budget. Do not let your spending go over what you earn. Ensure everything is fair, and save some money in case of an emergency. There are lots of tools online that can help you make a budget.
- Start Saving
Saving is a great financial habit. Have extra cash on hand in case something comes up. Emergencies can happen at any time. So, you should start saving money instantly by cutting back on unnecessary spending, even if it’s a small amount. Once you start saving, you can easily buy something you desire, such as a new laptop or a trip with your friends. It will also help you create a secure financial future.
- Create a Student Bank Account
A student bank account can be very helpful. You can use debit cards, go to an ATM, make deposits, cash checks, and also open a savings account. This will teach you to be more responsible about your money. Most banks also offer apps that feature online banking systems. You can also use it to check account activity and pay bills at any time and place, which is ideal for busy students.
- Keep Track of Expenses
Watch your spending and avoid purchasing impulsively. Regularly review your expenses to eliminate unnecessary costs. Track your expenses and reduce the big expenses as much as possible. The little things you buy every day can also affect your finances. So, keeping it under control is very important. Prioritize your necessities first, then minimize costs for what you want but don’t need.
- Scholarships and Student Discounts
You can save money on various things by using student discounts, like transportation, food, and subscriptions. This will help you get things and services for much less. Look for scholarship opportunities when exploring your financial support options. This can help make paying for academic fees easier on the wallet. Apply for scholarships as soon as possible if you find any that fit your needs.
- Minimize Spending
Spend as little as possible. You can save a lot of money by buying used or secondhand things. There is no need to buy new books when used ones are so much cheaper. You can also use e-books and PDFs instead of textbooks. Instead of going out to eat, cook at home. Try to buy things during sales or at thrift stores. Instead of riding alone, share a ride with friends.
- Consider Jobs
Consider working part-time jobs, internships, or freelancing if possible. This will give you a steady income and help you get work experience for later on.
As a student, you can master your finances by making smart choices and forming positive habits. Over time, you will have greater control over your finances if you start now.
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Writer,
Sarah Mahdia
Intern, Content Writing Department
YSSE