There are a lot of firsts that come with being a student. For a lot of people, this will be the first time they live on their own. It will also be the first time they wash their own clothes, cook their own meals, and manage their own money. The latter can be a challenge for a lot of students, but it doesn’t need to be. Read on for some great finance tips for students.
Consider getting a part-time job
Depending on your study schedule, you may be able to fit in a part-time job. This is a great way to earn some extra cash while also boosting your CV.
Use your student bank account responsibly
With a student bank account, you will gain access to an interest-free overdraft in most cases. This does not mean that you should treat this money as your own, though. If you do not pay the money back by a certain amount of time, you will be charged interest on your overdraft, and this is how debt often begins. So, make sure you are fully aware of the terms of your student bank account, and if you do dip into your interest-free overdraft, you need to make a plan to pay it back.
Save money by being savvy
There are numerous ways you can manage your cash more effectively and save money while you are at university. This includes the following:
- Buying your textbooks second hand. You will often find that there are second-year students that want to sell their textbooks, as they no longer need them.
- Learn to cook. You will be able to reduce the amount of money you spend on food considerably by doing so.
- Take advantage of supermarket value ranges.
- Keep a money jar. You will soon find that all of your change adds up, and you won’t even feel like you are saving.
- Make use of the student discounts you are entitled to. Most organisations and stores offer student discounts, so make the most of these.
- Make sure you have insurance in place. Contents insurance is essential to protect all of your belongings.
- Shop at the same place all of the time. You will be able to make the most of loyalty cards and discounts.
Seek help if you find yourself in financial trouble
If you feel that your finances have gotten out of control, it is important to seek help before the situation gets any worse. There are debt settlement companies that can help you to regain control of your finances and get on your way to a debt-free existence.
If you follow the tips that have been mentioned above, you will find it a lot easier to manage your money while you are at college or university. If you make a mistake along the way, don’t fret about it. Learn from it and move on. However, if your finances start to spiral out of control, seeking help is imperative.