University is hard. And it’s also expensive. If this were a kinder world all food would be fairly priced, cinema tickets wouldn’t cost a week’s worth of food and clubs wouldn’t charge you to get in. But until a utopia devoid of all that exists, you got to learn how to handle your finances as adults. Here are the best financial tips for college students.
It’s hard to spend money you don’t have. Getting a savings account means you can store the money in an (relatively) untouchable place. A place not impacted by spontaneous online Amazon shopping sprees or takeaway deliveries.
When you get your loan instead of letting those thousands of pounds sit there in your account, deluding you into thinking you can afford a Mac laptop, calculate your rent. Calculate your bills until your next loan comes in and take all that money and put it in your brand new shiny savings account. At least this way there’s a certainty you will at least have a roof over your head.
Do The Math
Of of the great financial tips for college students is doing the math. Another pitfall is when students, overwhelmed with the feeling of having money for once start spending like crazy. You buy things you want but don’t need like make up palettes that already contain shades you own, or clothes when your closet is currently bursting.
Sitting down and calculating how much money you have left for food and going out will be a big help. Maybe you only have enough money to go out once a week. Don’t brush it off. Stick to that. You can’t claim ignorance when the numbers are there in black and white.
It’s fun to make plans. It’s fun to go out with your friends. These are undeniable facts of life. But, to stick to a budget you have to say no. No, you can’t go watch a film at the cinema and go for a meal because if you do that’s eating into your food shopping. There’s no shame in drawing a line. Everyone’s broke at university. Don’t be rude but be honest and while chilling at home with Netflix while your friends go out may not be the most fun activity, it will be the most smart one.
If you want to treat yourself, and you will. Do it the right way. Watch out for sales. Save vouchers. Be thrifty. Most of the time you can find great stuff and sometimes for 75% off.
If you have a part time job during uni, you may feel like you have more reason to splurge. But part time jobs aren’t fountains of money. You need to be smart especially as you never know how long that job will be for. So, before you go crazy remember to put away 25% of your money. Every month put 25% in your saving’s account. This is rainy day money. Money for deposits in case you realise your flat mates are satan’s spawn and want to live somewhere else. Money to go surprise your parents one weekend. Money to buy a new laptop if yours suddenly breaks.
It’s a comforting thing to know you’re okay. Embrace the comfort of financial stability instead of saying silent prayers every time you put your pin in at the tills.
It’s an easier life. You can count on that.
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