There is a popular idea concerning students that does the rounds but is not necessarily true. And that is the faulty belief that a student does not have to concern herself with matters of money. The only job of a student is to study, get straight A’s in examinations and crack her way into a reputed job. And this is the point where we would like to tell you that the idea is baseless and a dangerous one to believe in. Of course, as a student, the main responsibility is to work hard and participate in extra-curricular activities. But that is not enough learning. Managing money is a tricky affair, and the habit of managing finances must be fostered in a student right from the beginning of academics.
Think of it in this way; a child gets pocket money from her parents. But if the child is not taught how to put that money into good use, she will only end up misusing the amount. And what good will that bring? Similarly, a student who gets a specific amount as her monthly allowance must learn to budget better; otherwise, she will only end up spending money relentlessly and be left with nothing at the end of the month. And this habit can be difficult to break in the future too. The student might just carry this habit into her career and end up becoming loan defaulters and bankrupt. Therefore, besides the dense college courses, a student must also be able to grasp the concept of effective money management. And if you are a student yourself, who is struggling to manage your finances, read this article for some excellent tips.
Start by Saving Ten Per Cent of Your Monthly Allowance at the Beginning of the Month:
You will thank us later for this particular tip and for good enough reasons. The minute you get your monthly allowance, keep ten per cent of it separately in a savings account. Having a separate account is important because you will be able to reap the interest that comes along with and will also not have direct access to the money from your main account. You will be surprised to see the amount of money that you will have saved by the end of the year. Some of you might have pricey education loans to pay, and that is why, it is always better to start saving right from the beginning to ease your burden of repayment.
Cut Down On Your Expenses and Find Alternatives to the Costlier Options:
Now it is understandable that you want to go on a trip with your friends to Vegas and enjoy some time off. But remember what lies ahead and after that. Loans, debts and a messy financial situation shall lie in wait for you. Maybe, instead of taking that trip with your friends to Vegas, hang out with them in your dorm room for a weekend party and use your caesars casino bonus code on online casinos to experience something similar. And also, while you are at it, remember to put tabs on how much you are spending on online games. Similarly, instead of ordering a pizza every weekend, try to cook something on your own or with friends, if your dorm allows it. Or you could also cut down the number of times you go out and order pizzas in a month. You shall be saving a lot this way.
Take Up Jobs Where You Can Work and Earn Part-Time:
There is a lot of grace and dignity in earning your own pocket money and being able to support the little expenses with your money. As a student, you shall have multiple part-time job opportunities, and the money that you can earn from these jobs is quite good. Take these jobs up without being too smug about what you have to do. The money that you earn can add on to your bank balance and keep your finances healthy. Plus, inculcating the habit of earning money from an early age can make you incredibly empowered and financially independent. This is a wholesome habit that will help you better your financial standing and make you responsible further down your career.
A Final Word:
There is more than just one way to save more money and manage your finances and monthly allowance while you are still a student. All you need to do is be passionate about and love your money, enough to understand its value. The minute you gain this intelligence and realisation, you will have automatically saved up a lot and improved your approach to finances.
