Money Management: Tips and Tricks for University Students

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Being a university student is a unique experience.

You get to study for a degree, meet new friends and live independently. Essentially, it’s the dream.

However, as any university student (past or present) will tell you, managing money is the hardest part.

Even when you’re working part-time, or your family is supporting you financially, you still need to stay in control of your finances. If not, you’ll risk making your debt worse, which can lead to all sorts of other problems further down the line after you graduate.

So, if you’re a student looking to manage your money in a smart way, use the following tips and tricks.

Use a budgeting app

You know that smartphone sitting in your hand or pocket? Yep, you can use that to download a budgeting app, which will make your life a lot easier.

There’s currently an app that allows students and everyday people to keep track of their spending and pay bills in installments, which is particularly helpful if you’re going through a financially tough period. If you’re interested, you can Get started now.

Also, don’t forget to download your bank’s mobile app to your smartphone, too. This way, when you make credit or debit card purchases, you’ll instantly get notified and will be able to keep track of how much money is in your account. If you don’t have a mobile banking app installed, then this will make you more likely to let your guard down and make purchases without thinking about them!

Next, rent books – don’t buy them

As a university student, you will have to read and reference hundreds of books during your studying years.

Naturally, if you were to buy every single book you needed, you would rack up a scary bill. This is why you should make every effort to rent books instead. After all, your campus library exists for a reason!

If your campus library doesn’t have the book or books that you need, don’t worry -there are probably more local libraries in your city that you’ve not checked out before. It might mean you have to travel, but small travel costs are much better than hefty paperback price tags!

In some circumstances, your fellow friends and students might also have the book you need. If so, you should politely ask to borrow it for a short period of time.

Use student discount

Student discount is a genuine lifesaver.

From food to tech devices, student discounts can save you money in just about every possible way. All you will need to do is have your student card with you, and you’ll be good to go.

Even if it’s only small discounts (such as 10% off), it will allow you to manage your money in a more controlled way.

Work Part-Time

As mentioned in the introduction, a lot of students like to work part-time. The reason for this is that it enables them greater financial freedom.

Because you’re a student, you have a lot of options available to you, from office work to working behind the counter at a coffee shop. Even working 1 day a week will help you a ton.

 

 

 

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