Tips on How to Manage Your Student Finances
15 Sep 2017
Managing finances as a student is one of the hardest things around. This is because limited funds are pitted against diverse and pressing needs. There are books to be bought, accommodation to be paid for, and project materials to be acquired. There are food, clothing, and entertainment expenses as well.
Manage Your Student Finances
Students, therefore, have to manage their limited resources properly to ensure that they are comfortable throughout the entire school term. Failure to do so has seen many students get into a lot of debt even before they are done with their studies. To prevent this from happening, here are a few tips on how to manage your student finances.
1. Avoid Credit
Considering that your revenue streams are limited, you should strive to avoid taking loans during your stay in campus. With your student loan awaiting repayment the minute you graduate, taking any loans when in campus time puts you in greater debt and this makes avoiding credit very important. Another factor that makes avoiding credit as a student very important is the fact that most loans awarded to students carry high interest rates. This is because students have very little assets on them and this leads to higher interest rates for loans. With proper planning and management, your bursary and funds from your guardians should comfortably take you through the entire school term. If you find that you are constantly running out of funds and getting into debt before the school term ends, you should seek debt advice from the relevant departments in campus or from professional debt management firms.
2. Plan Appropriately
Plan on how you will use your finances on campus. This means that you have to come up with a budget on how you intend to use your funds for your various needs. Identify the most pressing needs and prioritize them as you allocate the funds. Coming up with a budget is one thing, sticking to it is another. You should, therefore, strive to adhere to your budget plan as much as possible. If something comes up that you had not planned for, try to find the cheapest way to meet that need. Search around for the best places to acquire that item at the best price. Doing so will help you stay within your budget as much as possible.
3. Avoid Luxuries
With your limited funds, you should avoid luxuries as much as possible. This includes private accommodation and hotel dinners. Take up accommodation in your campus quarters and take your meals from the campus mess. This will help you save on your limited resources and avoid getting into debt.
4. Cut Your Phone Bills
You probably have to call your friends and family members at home to catch up with them. However, instead of using private networks to reach them, trying calling them using Skype. All you need is your phone and a stable internet connection and your campus Wi-Fi provides you with free internet. You will cut your phone bill and this will help your cut expenses as a student.
Image by Pixabay