Students sometimes find managing their budget to be a challenge. Students can enjoy their university life and pay for it, as long as they work to a budget and plan how to best spend their money for optimal results.
Students need to be particularly careful during the first few weeks of the semester, until they get used to the costs of student life.
Seven wise tips to help you manage your money:
- It is imperative that you work on a budget, as it is only when you know how much you've got coming in, can you know how much you can spend.
- Avoid impulse purchases and peer group pressures to buy items or do things that you do not really need/want.
- If you get a credit card make sure it’s one with a 0% interest rate and make sure you pay off the bills in full when they are due. Avoid using credit cards to obtain cash as the cost of doing so is particularly high, even on a 0% card.
- Do not use your mobile phone to excess. We advise students to use a pay-as-you-go contract and to keep the non-essential calls to a minimum.
- Maximise use of discounts and special offers for students.
- Get a part-time job if it is necessary, but make sure that you find work that exactly fits in with your studies.
- If you do have debts that you feel are getting out of control, you should make a list of them based on importance. Any debt that affects the roof over your head (rent or mortgage, secured loan) should be paid as an absolute priority.
|