As we all know that after school life, we all try to seek a better career. I am Allen. I am also at the same age where I now had to start taking some of my decisions myself.
One of the main and most important topics is how I can regulate my finances when I am not living with my parents. In the hostel, I had to manage my issues own. Everything was mine, but everything was my responsibility too.
Sometimes, the time was in favour of me, while sometimes, it had given me stiff challenges. Therefore, I walked here and there to have some suggestions. Some people suggested me some options, but some suggested different things.
At one point, I got puzzled about what should I do.
Financial Management for a Student
Everyone has a financial life that has to be in a balanced way. You should have to make some efforts where managing finance will not be a problem for you.
I also struggled in my initial days. I found myself in a dilemma where I got confused about whether I should focus on my study or my expenses.
At the same time, I was fortunate enough to have the right guidance at the right moment. One of my friends found the solution for me. He suggested me to approach the online lending marketplace of the UK. Perhaps, I could get some solutions from there. So I did the same and applied for 15 minute loans from direct lenders.
The decision proved right for me, and somehow, I saved my finances. I am purposefully writing this blog to help others. Most of my friends from the same age are also having the same issue.
Apply these 6 tricks to Manage Finances as a Student
I am suggesting you here some vital tips, which have come from my own experience. You can follow them according to your skills and capacity.
- Accordingly set your mind:
I know there are many tricks, but this one should be at the top. It is so because firstly we have to set our mind. Then, we should know the importance or say the value of money in the coming time.
We have to use the money for our beneficial needs and desires. Therefore, it should not be wasted in negative ways.
- Plan a Budget:
This is the next method in which you can list out your main expenses and set a budget accordingly. Through this, you will firstly pay attention to the monthly or daily requirements.
Your life becomes easier when your plans work. You can use small paper slips or reminder on your phones to refer to it to help guide your spending decisions.
This will limit you to spend money on special needs such as books, stationeries, gadgets etc.
The next and important step in this process is about savings. We should have a saving account in which we can set aside our left money.
This balance can help us out in emergency as no one knows what can happen next moment.
Also, we can use this in future by setting long time goals such as buying a home etc. Finally, saving money can help us in building good financial habits.
- Part-time jobs:
In this stage of life, we are surrounded by many easy and free time jobs. This includes freelancing, giving tuition classes etc. These jobs do not require many skills or hard work. What they want is only 2 to 3 hours and a proper state of mind.
This results in a good income which is sufficient for our needs. Also, it increases our knowledge in a very useful and positive way.
By spending time on these activities, you can become more confident and learn to manage your time wisely.
Part-time help you to have a very beneficial work experience.
- Avoid debts:
We all know that debts are like children. As the famous quote says, “The smaller they are, the more noise they make.”
This should be regarded as the most important to pay attention to.
This is so because once you fell into the ocean of debts, nothing can save you.
It does not mean that they cannot be paid, but we are affected enough until we complete our debts.
So above is my opinion about the same on seeing the same in my family.
- Apply for Scholarships:
Student life gives us many ways to gain knowledge. The wealthiest way of getting knowledge is through scholarship tests.
It is an unproblematic way to obtain money for your study expenses. These tests include the syllabus you have done till now.
Many coaching centres launch provides these tests for needy students. So, do remember to submit your application for these interesting tests.
I hope now you can easily manage your finances without fully depending on your parents. Through all this, you can help your family in several ways.
We should manage our finances in such a way that it should not affect us mentally, or I can say, emotionally. There may be more methods that you can implement, but the above ones are the most important among them.