How Students Can Manage Their Money While Studying In College
One of the most difficult things about college life is not only the hours put into studying for a degree, but also the burden of financial management of their funds. The majorities of students are not rich and often have to be extremely careful with their money otherwise itâs back to the bank of Mum and Dad. The temptation to spend on nights out and takeaways can be too much especially if you have been working hard all day and need to relax.
So what are the main reasons why students donât have any money?
- Partying: This is one of the reasons that can affect your budget for the whole month.
Drinking and having a good time costs money. Peer pressure can make you spend vast amounts of money on nights out that you canât really afford. Budget for nights out and try alternatives to heavy partying with your fellow students.
- No Job: Ok, so itâs easier said than done, but most students find work outside of their study hours to help make ends meet. The jobs arenât going to be glamorous, but they will help out with your monthly expenses and take the burden of worry about finances of your shoulders.
- Absence of Savings: If you have a job and have the ability to save for a rainy day, then do so. You never know when the funds will be needed.
Why Should You Manage Your Money?
Money management is a skill that will not only help you out in your student days, but also throughout life. Lack of money worries will help you concentrate on what is important, your studies. Itâs important to learn this skill and develop your frugality in order to better organize your life and be more agile to change.
Money management is always useful, as it turns the unorganized resources into an organized one and helps you to achieve your goals.
How To Manage Your Money?
Money management may not be an easy task for you, but by following some of the suggestions mentioned below, you can manage your money in an effective way.
- Budget: This is the major and foremost step, which will help you to manage your money easily. You need to sum up your total expenses and plan your expenditure accordingly. Follow your budge, stick to it and you canât go wrong.
- Piggy bank/ Savings: You should always be in a habit of saving the money as it is of great help. If in a particular month you are left with some money then do not spend it. Put your money into a bank or ISA and leave it for a rainy day.
- Coupons: The eating and movie coupons that are easily available on the websites can be of great help to you. These websites mostly offer some discounts on the products that you eat or buy for entertainment. Besides the restaurants and movie theaters, bookstores, clothing shops and travel agencies also offer discounts to local students. Always look for a deal and take advantage of your student status.
- Division of Expenditure: Paying for otherâs expenses is going to be heavy on you, especially if itâs an everyday activity. If you are not working full time, and solely depend on your own money or part time income, then it is best that each of your friends pay their own bills.
- Paying Bills: Pay all your bills before the due date and donât postpone the payment to the last date, as it sometimes becomes costly and you have to make late payment charges.
- Credit Cards: Although, credit cards are considered to be a lifesaver to most people, it comes at a high cost. Credit card debt can accumulate quickly. Hence, it is prudent to avoid credit cards as much as you can.
The management of money is always helpful, as you become economically independent. No doubt, following the schedule will be a problem in the beginning, but once you begin to follow it meticulously, it would give you the best results in the future.
Wayne Watson writes useful articles that help people save money and manage their finances more efficiently. He also writes on SaveMyBacon Loans where people are looking to find ways for saving money.