Money Management Tips: Money is one of the highest concerns in a student’s life given the important expenditures in the forms of college fees, hostel or rental fees, food expenses, clothing etc. Amid such an expensive lifestyle, even a penny counts a lot for the students who try and manage these expenses to lessen them as more as possible. All these expenses lead to a student stay stressed and not enjoying the precious once-in-a-lifetime experience.
But above all these problems, one of the biggest problems that arise is the mismanagement of money which further exaggerates the scenarios for the students. The question which appears in our minds is, is there anything we can do to manage the money in our pocket? Yes, management is one ‘ignored’ yet vital aspect, students are never taught about either by the teachers or by the parents.
Here are some Money Management Tips a student must follow if they want to manage the money in their hand they want to save and enjoy their ‘pupil life’.
Go for part-time jobs or freelance opportunities
If as a beginner you want to understand the vitality of money in one’s life, then you must go for a part-time job which is rather a trend now. Especially for students, part-time or freelance jobs are a must and there are multiple reasons for it. First, you learn time management and skill improvement, second, you earn on your own which means you put less burden on your family, last but not least you open future opportunities for growth, among many other reasons.
A student can find jobs based on their fields, respective interests, or availability. My mother always told me that no job is defined as good or bad until or unless they provide you salary worth your invested time. When I was in university, one of my classmates was completely invested in gym training and for his part-time job, he served as a gym trainer at a local gym. So turn your hobbies into your part-time jobs and invest your leisure time into useful things.
These actions help a student add value to their Curriculum Vitae as well. A company likes and prefers someone who has experience as a student. Therefore, add money to your pocket to reduce your family’s pressure over your education and add value to your CV.
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Begin an emergency savings fund
I admit it myself, being a recently graduated student myself, I can feel how difficult it is for a student to save up from their pockets but here’s the thing, this is what would help you in the near future. Emergencies and unexpected money requirements are regular facets of students and they must be prepared for that.
As a kid, my parents kept a piggy bank for me in which I used to store all the extra money I’d receive from my granny, parents or siblings. I was only permitted to open this piggy bank when in either emergency or when it was filled till its neck. For a student as well, an emergency savings fund is important in any form whether a savings bank account, a piggy bank or any other savings form.
This money can be used in emergencies like when you are short of money for your semester fee, exam fee, rental fee or groceries-buying.
Create a budget for efficient Money Management Tips
Slowly and steadily, costs become a regularity of students’ survival and with time, one is aware of which part of the money is spent where. Therefore, students, it’s high time; to start maintaining the budget of the ‘cash in hand’, this simply means drafting a plan on how much money is spent on different things. This will also help you save some money for your emergency savings fund (in connection with the point mentioned above).
This is a good habit to practice from the initial stages of life and my father taught me this as it helps one to be more aware of where they are exactly spending their money and how they can save it. Also, with a budget plan, try our dedicate the money to the required areas only.
Keep track of your expenses
This is one of the biggest flaws of a student who does not know at the end of the day where they spend most of their savings. Students need to make sure that they practice this regularly. Keep a tight track of your expenses and try to understand where you could save your money and use it more meaningfully.
Keep track of your expenses so that your parents also don’t have to think twice before giving you the money. During this tender age, parents mostly have trust issues with their children because they somehow know that their kids might waste money on unnecessary things. But, simultaneously, if you keep tracking your expenses then, you can take your parents in confidence.
Don’t get influenced by peer-pressure
Most of the money is spent due to peer pressure which is quite normal in student age but if a child wins over it then there is nothing stopping you to succeed. Understand that your peer group will not pay your bills or your fee, you yourself have to do it, therefore, don’t get influenced by your fellow mates. This will lead you to no ever yet money-less.
Having some basic money management skills is quite crucial, especially for students who have numerous unavoidable expenses lined up. These tips might assist you to make the best out of the money you have in hand. A student, whether in school or university, must ensure that they must follow these money management tips in order to plan a stress-free, money-managed and enjoyable education life without any shortage of costs.