Money Handling Strategies For Students
A college student’s life is known for being stressful. Not only does she have to worry about getting good grades, the financial problems can also kick through anytime. The budgeting of allowance versus what he or she needs is can also cause the student additional burden. Think about the tuition fee, the miscellaneous expenses, the textbooks, research materials, the food, the dormitory, aside from dealing with a grumpy professor, or a seatmate who won’t lend notes, or being accepted in the club– everything is a student’s burden. While the financial aspect is more of for the parents, the student can also be stressed when there is a need to buy supplies and his or her parents cannot provide anymore. Hence, the need for more financial aid. But to lessen the burden and all that thinking, here are some money handling strategies for students:
Get Organized!
While being organize cannot really help pay off the bills, it is actually a valuable tool that can help you, the student to set your goals and save up for them. Put up an “Inspiration Wall” in your dormitory to remind you to save for something more special than just another drink at the pub. Being organized also helps clear your head, allowing you to think more efficiently where to spend your money.
Create Spending And Savings Patterns
While donating for a charitable institution from your allowance can sound more like another burden, it can actually help create a spending and savings pattern in the long run. Compute how much money you have, set aside 10% for emergency and another 5% for charitable work. Not only will you feel good about it, you will also be trained to be more decisive in your financial decisions.
Get Started On A Path To Build Credit
Set up a checking or savings account on your own– and by this I mean with your own savings, not the one set aside for you by your parents. Make regular deposits, and keep your account in good standing. A credit card can also help you in emergency situations– remember that a credit card can also help when used responsibly.
Look For A Part-Time Job
While studying should be your utmost priority, it is also good if you can spend extra time earning money instead of spending it. If you can shed your afternoons for work, then go look for one! Many employers like working students because they are dedicated and inspired.
Buy Pre-Loved Supplies
You do not always need a brand new ruler for your engineering class, or your friend has an extra calculator for your Mathematics. This can be very useful especially when trying to save money for your other needs. A pre-loved book is also a good option as there are already some notes in it which you can also use. It is not pitiful for one to buy stuff that other people have already used, as long as it’s for the good. In fact, it is a symbiotic relationship– both of you benefit from it!
About Author
Lucy is a finance graduate who is working as an intern with an accountancy firm in Toronto. In her free time she loves to blog and write resource full articles on how to survive college with minimum budget, how to buy textbooks or exchange them.
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Category: Family Finances
