Finances for Students | 8 Ways to Manage Your Money

Finances for Students | 8 Ways to Manage Your Money

 


College can be one of the most expensive (yet fun) times in your life. From tuition fees to accommodation and meals, textbooks, and everything in between, it’s important to ensure you manage your student finances wisely.

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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“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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College students often struggle to make ends meet, and finding ways to generate additional income and save money is a major challenge. Fortunately, there are many part-time job opportunities available for you that can help you make the most of your college experience.

 

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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Credit scores and reports play a large role when it comes to your financial health as a student. Frequently monitoring your credit score and staying on top of any changes will help you keep your finances in check. Make sure that all of your accounts are up-to-date and if there are any discrepancies, address them immediately.


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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If you’ve ever wondered, “How do I go about managing my finances and expenses without going crazy?” look no further than setting automatic payments.


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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