Managing your finances as a student can be a tricky task, especially if you’re studying abroad and adjusting to your life in a new environment too. Learning how to manage your finances early on will help you later in life as well. Let’s look at some ways you can manage your finances as a student.
Open a bank account
The obvious. If you don't have one, you are going to have a tough time managing your finances. Start off with a checking and savings account.
Make a plan
Setting a budget for each week or month will help immensely when you’re managing your finances. Make a list of all your known expenses - rent, utilities, public transport and groceries - as well as your income or savings. This will help you allocate money for the most important expenses first.
Use online services
Instead of using spreadsheets for your financial management, use an online service. It will make management that much easier as you can upload bank account and expense information and manage multiple accounts all in one place. Applications like Mint and Pocketguard can be used for this.
Pay yourself first
Making money - and spending it - can feel very rewarding. However, saving can help you reach many of your financial goals. Always make sure that you allocate a part of your earnings towards an interest earning savings account.
You can save money on a wide range of things by looking for second-hand options - everything from textbooks and electronics to cars and furniture. One of the easiest ways of doing this is using a site like eBay.
More part-time work?
Balancing your studies and work is extremely important as a student. Still, doing at least one part-time is basically a necessity. If one part-time job leaves you with some free time, consider working a bit more, preferably in an industry you’re thinking of joining in the future. This will give you much-needed experience and a bit of extra cash which is always a plus.