Money, money, money!
Managing your money while you are a student is essential if you do not want to leave university with a degree and a pile of debts or worse still, having to leave college before graduating, or getting sick because of a poor diet. Every parent wants to give their child the best they can afford. Unfortunately, students over spend cash sent by their parents or sponsors. If you spend it all too fast, they may not have extra money to give you. Along with the freedom of living alone come many responsibilities. It is up to you to make sure your money lasts the time it is supposed to.
You will have to make choices about the kind of lifestyle you want as a student and make sure you have the enough cash to pay for it.
Some tips on managing your finances:
1) First of all, make sure you are getting all the money you are entitled to.
2) Try to avoid fancy and expensive mobile phones. The main job of a mobile is to contact others and be contactable and if that can be done with a less expensive one; why waste money. Also go for pre-paid services, as you know exactly how much you are spending before hand.
3) The biggest danger for overspending is in the first year when you are just out of the school and you have lots of freedom with no parents and teachers to hover around you. Don't be tempted to buy designer clothes, CDs or loads of beer when you just receive the first instalment of your scholarship. Everybody is in the same boat, they all know how tight the money is, so no need to try to impress!
4) During the first year, there is a huge temptation to visit discos, pubs and parties. So, it is advisable for freshers to be selective and keep a check on their purse. You can end up visiting every night where you will find the same crowd, same music and in a way it will become monotonous, boring and at the end of the day a hole in the pocket. Not only your pocket but also your studies will suffer.
5) If you do get into financial difficulties seek help sooner rather than later. If you are finding it really difficult to manage with the money you have, explore the possibility of applying for scholarships to various institutes and NGOs.
6) If you are staying as a tenant, learn how to cook. Eating out is a major expenditure that can easily be avoided.
7) Be wary of taking on any long-term money commitments as a student. Buying a bike or a state-of-the-art computer can prove to be a very big drain on your resources.
8) Get a part-time job. Believe it or not, you are not too busy to work 15-20 hours a week! Studies have found that working students acquire time-management skills that help them do better in their studies compare to non-working peers. You will also get lots of experience for future jobs and extra cash.
9) Buy second hand books. Contrary to popular believe, the old ones are just as good and often cost half as much.
10) Managing your cash doesn't mean you should compromise your spending on meals. It is very important to eat well in order to keep your energy levels up and make sure you are able to study well. Make sure you have healthy meals. As they say, health is wealth!
