Being a college student can be stressful when you’re worrying about finances all the time. It can become a major distraction to your studies and might negatively impact your grades, resulting in extending the semesters. Fortunately, there are ways to resolve personal finance anxiety as a student. Here are 5 money management tips for students.
Student holding a piggy bank as part of money management
1. Create a Realistic Budget
To spend or not to spend your money? Generally, students would go to either extreme: spending or saving excessively. Start with a budget plan this month and adjust accordingly in the following month, keeping in mind your recurring expenses. With a budget plan that’s doable, financial planning for college students would soon become second nature.
2. Take Advantage of Student Discounts
Student financial management doesn’t have to be hard. In fact, one of the perks of being a college student is the student discounts offered by the government in public transportation and certain places of interests, as well as attractive student deals and promotions by eateries, entertainment outlets, and more. Be sure to apply for student concession cards and bring your university matric card wherever you go to enjoy these perks.
3. Buy Secondhand Items
Visit preloved shops and campus recycling centres that sell secondhand items! Sometimes, old items such as fashion articles, furniture, and electronic appliances are given away when students are moving out of hostels or wanting to declutter for more room space. If possible, meet with the owner for details of the item and check its condition thoroughly. The money you save from buying something secondhand is a good cost-saving method in your personal financial planning.
4. Set Aside An Emergency Fund
Effective student financial planning is not complete without setting aside some money for rainy days. Life is full of surprises, and that includes unforeseen circumstances which might require extra expenses. Ideally, it is recommended to have personal medical insurance but not every student can afford it or shouldered by parents. If you don’t have a medical insurance plan, the best you can do with easing student finances is to allocate a certain sum in every month as an emergency fund.
5. Apply for Scholarships or Financial Aid
Students are highly encouraged to apply for scholarships offered by their universities. This is where you have to be proactive in knowing the application criteria, the documents needed, and the application deadline. If university scholarships are not offered, another way to ease personal finance for students is to seek government financial loans like Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN) loan and state government scholarships.
These financial tips for students will no doubt set a good foundation of achieving financial security even after graduation. As part of INTI’s mission to provide access to world-class education to students, we offer a range of scholarships and awards to deserving applicants. For more information on our scholarship offers and other avenues of financial aid such as the PTPTN loan, study loans and more, click here.