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As cliché as
it may sound, properly managing your money is an act of financial self-care. It may not sound (or feel) like it at first, but you’ll thank yourself later on. If you’re
worrying about how to handle your finances in uni or would like to discover
more tips, I’ve got you covered.
I’ve been
there and understand the importance of managing your money well, so here are
eight tips that can help you make the most out of your student budget!
1. Make and Stick to a Budget
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| Image by Karolina Grabowska on Pexels |
“Students” and
“managing money” don’t sound like they belong in the same sentence, especially
if you’re unfamiliar with money management for students (or have witnessed
fellow students blow money — no
shade). This is why having a solid budget in place is essential.
Create and
follow a basic budget that’ll estimate how much you’ll
need each month for tuition, rent, books, food, and other living expenses. Then
set a spending limit for each of these categories.
Make sure to
track your spending to ensure that you stay within your allowance. That way,
you can save money and possibly avoid going into debt.
You won’t
always stick to your budget, so don’t beat yourself up if you don’t. But it
helps to aim for consistency in sticking to your budget for the long term.
2.
Track Your Spending
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Keeping track of your expenses is an important
part of managing your personal finances. With the help of online tools and
apps, it's now easier than ever to stay on top of your finances. These apps and
tools can help you track your spending, set budgets, monitor income and
expenses, and get reminders when bills are due. Some even help you track your
net worth. Pretty cool, huh?
Budgeting
apps, in particular, can be a great way for students to manage money while
ensuring enough is left over for fun activities. There are many free
money-tracking apps available that offer features such as organising your
expenses into different categories, setting up budget goals, and tracking your
progress toward those goals.
By using these
apps to keep track of your spending habits, you can make sure you're learning
how to manage money while still having enough left over for the things you
enjoy most.
3.
Create an Emergency Fund
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One of the
most important tips for managing your finances is to create an emergency fund. This is vital because you may
find yourself in a situation that you didn’t prepare for, such as unexpected
medical bills and car repairs.
Setting up an
emergency fund can help you cover these costs without having to worry about
taking out additional loans or using credit cards that may have high-interest
rates. Experts typically recommend having three to six months of your expenses
saved in an easily accessible account.
4.
Find Ways to Make Extra Money
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From online freelancing gigs to on-campus
jobs, there are plenty of options for you to make extra money while also balancing your
studies. With careful time management, budgeting, and smart spending, you can
use these job opportunities to not only supplement your income but also save
money for your future.
5. Take Advantage of Financial Resources for Students
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There are many resources available specifically for students trying to manage their finances. Look into student loans and bursaries, as well as scholarships, work-study programs, and other financial aid options.
If you’re in
need of student funding, you can speak to your college’s financial aid office
to find out what your options are.
Some
universities even host budgeting and money management programs from financial
institutions and organisations to help you make the most of your student
budget. Why not take some time to find out what’s available where you study so
that you don’t miss out on any potential savings or support?
6.
Use Student Discounts & Offers
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Student discounts and offers are a great way for you to save money when shopping or travelling. Whether you’re planning a trip with friends or family (a trip to the mall counts), student discounts can help you get the most out of your budget.
It’s easy for you to find ways to save
money while still having an amazing experience, thanks to student deals on
shopping, flights, and hotels, as well as discounts on attractions,
entertainment, and more.
7. Regularly Monitor Your Credit Score & Report
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| Image by Mikhail Nilov on Pexels |
You can obtain
a free copy of your credit report each year from the three major credit
bureaus: Experian, TransUnion, and Equifax. Having a good credit score can help
minimise the cost of borrowing to purchase a vehicle or home later on.
Did you know? Your credit-utilisation
ratio is estimated to
count up to 30% (yes, 30%) of your credit score.
8. Automate Payments and Set Reminders for Bills
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| Image by Anete Lusina on Pexels |
One of the
best ways to remain on top of your finances as a student is to automate
payments for bills. Doing this can help ensure that you never miss a payment,
thus avoiding any late fees and penalties. Additionally, be sure to also set
reminders for all due dates so that you can pay bills in a timely manner.
P.S.: Remember to cancel those subscriptions before your free trial ends.
You could use
Google Calendar or write reminders in your notes app or actual diary. This way,
you'll always know exactly when each bill needs to be paid.
Final
Thoughts on Managing Your Student Finances
Managing money well is essential for
anyone's financial success, especially yours as a student. While it can be a
daunting task, with the right tools and strategies, you can learn to manage
your money and still enjoy yourself at college.
In addition, there are a plethora of
resources available to help you budget, save money, and make smart financial
decisions. This can be in the form of reading professional finance websites or
attending personal finance workshops. But ultimately, speaking to a financial
advisor is best.
Now that you have an idea of the importance
of managing student finances, why not read up on the difference between what's important and urgent financially?
FAQS ON HOW TO MANAGE MONEY AS A STUDENT
Why Is It Important for a Student to Learn How to Manage Finances?
Learning how to manage your finances as a student can help you avoid debt and plan for future expenses, learn budgeting skills and financial responsibility, prioritise spending and saving, and prepare you for financial independence and stability in adulthood.
How Can I, as a Student, Properly Manage My Personal Finances?
You can follow the tips in this blog post
and speak to a registered financial advisor about managing finances properly.
What Does It Mean to Manage One’s Finances?
Managing your finances essentially means taking control of your income and expenses to achieve financial stability and reach your long-term financial goals.
Disclaimer
This blog post is for informational
purposes only and does not constitute financial advice.
The information presented herein is not a
substitute for and should never be relied upon for professional financial
advice.
Always talk to your financial advisor about
the risks and benefits of any financial information shared. If you are looking
for financial advice, kindly speak to somebody who is certified and registered
with the Financial Sector Conduct Authority (FSCA).
eishstudentbudget™ and its owner(s) are not liable for any loss, harm, or damage you may incur as a result of your using the information presented here.
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