How a student can manage their personal finances during college

One of the problems that students often face is the lack of money and the inability to manage it. It would seem that the way out of the situation is simple: find a part-time job, and life will become easier. But everything is more complicated than that. In most cases, the reason why young people have difficulty managing money is the lack of basic financial knowledge.A company that provideswrite essays for meThe service has prepared an article on how a student can manage their finances to have enough for everything.

plan first

To manage your money properly, keep it on paper. It is not difficult, check it yourself:

  1. Start by counting all your income. This includes stable sources of money: pocket money from parents, part-time jobs, scholarships.
  2. Write down your expenses. They should be divided into mandatory and non-mandatory. The first are things you can’t do without: transportation, rent, food. Secondary: entertainment, buying small things, paying subscriptions, etc. Do not forget about the cost of self-development – buying books, courses, additional education. This is an investment in yourself, which in the future will help increase your earnings.
  3. Make an ideal budget. At this stage, you need to calculate the difference between income and expenses. For example, you receive $500 per month, your expenses are $420. They do not exceed the income, so everything is correct. The remaining money can be set aside or invested.

The 3 best ways to save and increase the income of students

1. Sales and promotions

Now there are many apps where you can find any store and search for discounted products. Also, do not forget that buying clothes and shoes is more profitable once the season is over. Speaking of saving, you can save some money asking for cheap college jobs writing service. You can be sure that the quality of the papers will not be affected by paying less.

2. Scholarship

Active student life is key to enhance it. Organizing events and helping the university gives you extra points, which will later help you get a raise.

3. Bank cards with cashback

A small portion of your purchase will be returned to your account (usually 2-5%). For affiliated brands, the percentage may be slightly higher (up to 15%). Such offers are available at almost any bank.

7 financial management rules for students

1. Spend less than you earn

The main objective is to increase the difference between income and expenses. Take advantage of every opportunity to increase your income and save money. Manage your finances, control your income and expenses. Make a starting point: Write down how much money you have now and track how your savings go down or up once a month. Your main goal is to keep your savings growing.

2. Take advantage of banking products

Switch to a better offer with your card. Now there are excellent income cards (with accumulated interest on the balance), cashback cards (with reimbursement of purchases) and other interesting banking offers. At the same time, there are cards that allow you to withdraw money from any ATM.

3. Look for additional sources of income

One of the disadvantages and at the same time advantages of being a student is the irregular work schedule. It is often quite possible to combine study and work. However, don’t stop at a part-time job. Look for additional part-time jobs and businesses. Is writing essays easy for you? Consider writing custom papers for students. You can analyze the best essay writing service reddit users recommend and try to get a job at one of these companies.

Make sure that after you graduate, you’ll need substantial funds (for rent, travel, and other things). Do not reject your parents’ help until you are firmly on your feet.

By the way, now is a great time to get useful connections that will be useful to you in life and in business. Join business incubators at different universities, attend their events as well as various case championships and just be open to new people. You do not even have to be aggressive and try to get acquainted with someone – everything will happen by itself.

4. Master universal skills

Surely now you have free time, which you spend on various unnecessary things like games and parties. Allocate at least 0.5-1 hour a day to learn a foreign language, quickly print, office programs, Photoshop, etc. All these things will bring you an extra ruble sooner or later.

5. Look for ways to save extra money

Now there are many easy ways to save on purchases: online stores, cashback sites, promo codes, discount cards and sales. Plus, buy and sell used items: phones, tablets, clothes, and more.

Find out about all the benefits you get from the university: social scholarships, free medical care, compensation for travel and accommodation. To do this, go to the union, the student council and other similar student communities, and talk to the union leader and classmates about this.

6. Don’t spend all your money on recreation and hobbies, look for free entertainment

Find out what kind of fun the university and your student card or ISIC can offer you. For example, some universities offer free admission:

  • Go to the sports sections
  • Get cheap theater tickets
  • You can also go to the health center or on other excursions

And this is not a complete list. Having an ISIC student has enormous benefits: use your legal benefits to save money on your vacations (discounts at the museum, exhibitions and other cultural places).

7. Get your diploma

Your main goal is to get your diploma because it is your lifetime asset. If you find that you don’t like your major, change departments or colleges. If you don’t like your college, get a bachelor’s degree and change your major drastically. If you were an engineer, become an economist or a geologist. You can even go to Europe, provided you pass your entrance exams.

Add Comment