Being a student is supposed to be a great life experience for everyone. You get to meet new people and learn both academic and life lessons. Unfortunately for most people, this is rarely the case because they are short on funds.
To help students cope with short finances, the tips below have been drawn up to help them have a more convenient and less financially stressful academic experience.
1. Get a job
The surest way to expand your income as a student is to get a job. The added income is bound to enable you live the student life you want. But be careful not to pick a job that’ll interfere too much with your academics.
A job that’s in line with what you’re studying will be most suitable because it’ll look good on your résumé.
2. Pay rent and bills on time every month
Bills are an unshakeable reality of life. Regardless if you are a student, employer, or employee, there will always be bills to pay. But one efficient way to manage your finances is to ensure all your bills as well as your rent are paid on time.
The reason for this is, ignoring bills won’t make them go away. Instead, they’ll just build up over time and leave you with a larger and more daunting debt to settle.
3. Make a budget
Instead of spending your savings, be it little or large, on a whim, make a budget that details out all your expenses and income for a week or month and live by it. With a well-drawn budget, you are able plan what you’ll spend in a month in line with how much you actually have. This stops you from overspending, and helps you spend on only what you actually need.
4. Choose your bank account wisely
Opening the right bank account with the right bank is vital. This is because certain banks actually help you grow money saved with them, while other banks, depending on sort of account, charge you on transactions, thus shortening your finances.
Also, the right bank can offer loans to help ease a student’s financial struggles. But if considering this option, be sure to first use a loan calculator to determine what sort of loan will best suit your needs. Blindly applying for an excessive loan might prove detrimental in the long run.
5. Set some money aside
No matter how much you have, it’s always a smart move to put some aside for a rainy day. Putting aside as little as £10 a month can prove to be a lifesaver in the long run.
Being at university is both an exciting and challenging time. It’s the environment in which you will learn skills that will take you through the rest of your life, and if you get into the right habits with your spending here, you will find that you will be more careful with your spending after you graduate and get a proper full-time job.