Financial Management Tips For Students On Campus
Entering college is an exciting and often daunting experience for many young adults— often it is the first time that many leave the comfort and security of the home of their parents, and have to live and support themselves. One particular area that creates difficulty for kids is budget learning.
If you’re not careful to be a campus student, what you’re thinking could happen to you right now. In the higher institution, students are always on a low key, which implies that they are broken and cashless. One might wonder what money university students usually use for.
A student who does not live with his parents or guidance while at school is not at all easy, especially if you are a spendthrift, i.e. you spend a lot of money. I bet you’re going to have N500,000 in your account minus and you’re going to have a lot of debts on you.
We’ll be sharing with you today in our exclusive article, Financial Management Tips For Students On Campus . Below is a look at how students at the college can handle their money more efficiently when pursuing their studies:
Have A Budget
Most of us don’t realize just how much we spend each week or month. We add up the big purchases and discount the smaller amounts we spend to the full. If you had been faithfully tracking your expenses for a month, you would be shocked at how much the ‘smaller’ purchases can add up to.
It can happen the same thing in college. If you don’t keep track of your earnings and expenses you might be in for a harsh awakening. Do not wait to see this happen. Instead, build a budget right from the beginning. It will also give you a great insight into your spending patterns, in addition to helping you stay out of debt.
First, make a list of all your revenue sources in your budget, including savings, parental allowance, and income if you work. Then compile a list of your estimated monthly expenses. This list should include essential items such as school supplies, personal care items, food, travel and laundry and non-essential items such as going to the movies, late-night snacks, socializing and eating out.
There are several online tools for managing personal finances. Use one of these to help track your spending and stay within your budget. At any time your expenses should be no more than your income. A surefire way to fall into debt is to spend more than you earn.
Find success in your budget if you can build one that lets you save a portion of your income each month!!!
Learn How to Cook
You need to learn how to cook, as a teen. There’s no way right from when you were a kid that you wouldn’t have been supporting your mum in the kitchen.
Now you’re a campus student, you can’t run away; you need to learn how to cook because you don’t want to waste your money buying food in restaurants that are typically costly but well packed.
Check Your Spending Habits
Are you a shopper on impulse? When you do, you’ll need to change your spending habits and learn to be restrained. Start by learning to differentiate between needs and wishes. That expensive software you didn’t have in your budget may be necessary for the program you’re enrolled in, but you really need to buy the most expensive running pair of shoes. Think of what they’re going to do to your spending. Does it worth the effort?
Even if the purchase probably won’t upset your budget, don’t buy it if you don’t need it. Alternatively, putting the money back into repaying your loan sooner might be a better option.
When there are two ‘needs’ to choose from, decide what you spend on and later purchase the second object. Try not to borrow money as much as possible, unless absolutely necessary.
Have A Bank Account
Many banks provide free checking and saving account facilities for students, which help students save on fees for withdrawal or transfer of funds. Find out which banks are providing this facility to college students and ideally set up a checking account with a bank that locates convenient ATMs close to the college campus to save on out-of-network fees.
GET SKILLFUL FRIENDS
Talented is everybody in this world. Don’t leave your friends out. By helping them out you will learn from them and they will help you out too. Travel with mates who are excellent at hair cutting, braiding skills and others. Complement them, and you’ll get them to do stuff at a lower rate for you or it might be optional.
Have A Meal Plan
A meal plan is a prepaid program which covers your meals on campus every semester by a fixed amount of money. Assuming that the educational institution provides the option (in certain schools, a meal plan may save substantial sums, particularly if it has a variety of rates or arrangements (no point in paying for three meals a day if it has a variety of arrangements).
While there is some debate about whether meal plans work out to be cheaper than home-prepared fare, they are certainly more economical than eating all the time in restaurants— and certainly more convenient. You can pick up a lunch or a snack whenever you like and you don’t have to take the time to feed yourself or have a grocery store.
Purchase Second-Hand Clothes (AKUBE)
If you look at it from a different angle, you should consider purchasing goods from second hand. Since they’re cheaper, and original much of the time. It’s frugal and the campus students find them to be trendy.
Consider Having A Side Job
Earning some extra cash is a great way to keep your money in order. Consider this option only if you are able to find a job opportunity that will not hinder your studies. Even a part-time job or working just a few hours a week is a great way to add to your earnings and early pay off the interest on your student loan.
Managing your college money may seem overwhelming at first but if you lay the groundwork right at the outset for smart budgeting and spending habits, it will be easier for you. More importantly, after graduating, you’ll learn how to handle money more responsibly, a skill that will stand you in good stead years.
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