Money management as a student can be rough. There is usually a noticeable lack of money to manage, since your either in a part time job or spending all of your time studying. In the long run, your degree will give you a large chance of bagging that larger salary, which is ruddy fantastic. Yet, when you’re struggling to pay for all of your daily costs however, it might not feel like a smart life decision.
Luckily I’ve got some great tips to help you with money management. Great money management, even as a poor student, is more than achievable! Listen up and scroll down for the easy peasy tips to give you money management as a student.
Get The Right Bank Account | Student accounts are profitable for banks. It’s likely that you’ll need an overdraft at some point, and the potential interest banks can gain off of this is very tempting for them. It can also foster lifelong loyal banking customers, giving them an incentive to treat you well at this point. It’s important to find a bank which can help you stay responsibly within your overdraft limit, one which has a relatively low-interest rate on your spending balances.
It’s also important to find one which doesn’t cost you any monthly fees, as that’s an unnecessary expense. It’s also important to find a bank that can help you open a savings account in parallel to your main account, letting you shut away important money allowance for when you need them the most. If possible, finding the best student credit cards can function as a way to build your credit and help you cover expensive as you wait for the next loan instalment to begin. Use your best judgement, count the pennies, and we’re sure you’ll find a solid bank account.
Opportunity | As a student, you have a high status and well-respected position in society for a period of years. If you make the most of this, you may be able to progress in areas you haven’t even dreamed of. However, this doesn’t mean you should become overly confident in the permanence of this status.
Earning money is earning money, even if you’re studying to become the best accountant in the world. If any jobs are offered to you on a part-time basis, consider picking them up in lieu of your social life. The truth is that parties aren’t as important as being comfortable in your finances. Take on the small opportunities when you can, and you’re sure to make your general life more tenable from a financial perspective. You never know, these small opportunities could develop into large and helpful boosts to your income in the future, perfect when attempting to find a graduate job.
Count The Smallest Pennies | Buying home brand supermarket goods? Wise. Buying quality clothes less frequently instead of terrible clothes constantly? Wise. Overly spending on things you don’t need? Fatal. Being a student is being disciplined, and developing yourself well means keeping a solid eye on your finances. You must prioritise them. Health & living, studies and social life should progress in that order. Ideally you should spend around 50% of your funding on the first, 40% on the second, and 10% on the latter. This will keep your pennies in check, which will mean your pounds are safely taken care of.