A common problem with university students is that they often find themselves low on cash. In fact, by the time many receive their next allowance, they live hand-to-mouth. Why is this? The answer is pretty straightforward – poor planning.
When you go off to university, you take your first independent step away from your family. It is up to every student to keep in mind that their parents are working with a budget. Proper planning will save many students the discomfort of being broke in a new city with no family or relatives around.
So, how can students be more thoughtful about their finances? Here are a few tips to help along the way:
- Open A Student Bank Account: Many banks today have student accounts available and offer transportation, books, food, and a few other necessities. Always ask which options are best for a student, and avoid accounts with high charges on transactions and maintenance fees.
- Buy Used Books: Buying used books is always a cheaper option, especially when you consider some books are only helpful for a year or a semester. You can find used book on Amazon or at thrift shops.
- Start A Small Business: Monetize one of your skills, and you’ll have some extra money and be able to afford the lifestyle you want. Be mindful of your time so that you don’t “make money” to the detriment of your studies.
- Buy Generic Products: Yes, brand names look nice, but they don’t serve any purpose beyond making you “look good”. Generic products usually have the same benefits and are more affordable.
- Buy in Bulk: If you can afford to, buy all the groceries and supplies, you will need for a few weeks at once from a wholesale store. You can also team up with your friends or flatmates and do this. It’s cheaper than buying at retail stores and will save you the cost of a trip to the store every time you need something.
Want more tips on managing finances in the university? Purchase a copy of The Journey Begins today. The Journey Begins is a compass written to guide young students as they embark on the journey of university life. It contains quick tips and impactful advice on some of the situations they will encounter, intending to make their journey through the university easy and productive.
You can also get one by sending a message to 0701 576 1267 via text or WhatsApp.