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The Student's Guide to Managing Monthly Expenses Smartly

Posted November 19, 2018 by EasyFinance.com to Financial Advice 1 0

That being a student and being financially well-off do not go hand in hand is a tale as old as time. It begins in your teens when you are constantly trying to get more pocket allowance. The situation becomes worse in college, when you are expected to start looking after your own expenses, especially if you are moving out of the house. However, the problem can be effectively dealt with.

If you are a student and can relate to this, here are 10 easy ways to manage your money wisely!

Make a Monthly Budget

It is extremely tragic that financial tension is one of the leading causes of stress amongst undergraduates in the United States. The situation worldwide is no better. The first step, then, is to make a realistic budget at the start of every month, factoring in miscellaneous expenses as well as financial emergencies. Following a budget not only prevents you from spending your money recklessly, but it also helps you comprehend your monetary situation better.

Cut Down on Unnecessary Expenditures

Paying your rent and having enough money to make it till the end of the month should be your priority, not shopping and partying. Detecting domains that cost you a lot, determining their importance, and accordingly, cutting them out of your lifestyle completely or reducing their hold over you is an important aspect of financial management. It is the first step to developing a saving habit.

Part-time Jobs

It is no mean feat to be able to juggle academics, a job and leading a stress-free, well-rounded social life. However, part-time jobs are some of the easiest ways to make guaranteed money as a student. If you feel your course work is too hectic, find a job that doesn’t ask much, like being a library assistant. The work experience will enhance the quality of your CV as well.

Online surveys

Freelance jobs, such as online surveys, are a wonderful way to earn good money from the comfort of your home. You can either subscribe to these sites as a survey-taker or a surveyor, depending on your qualifications. You will be assigned surveys depending on your mentioned skill sets and areas of knowledge. However, make sure that the site is a credible one that clears its dues on time. Some survey websites reward you via Amazon vouchers; try them out. 

Using Hand-me-downs

Buying new study material can be an expensive affair. Instead, try asking your older siblings or friendly seniors if they can lend you their books or if they are willing to sell them at a reduced price. It makes no sense to burn a hole in your pocket buying books that you are probably never going to read again, and the savings will definitely get you hooked onto this practice.

Open a Separate Account

The wisest step you can take as a fiscally wise student is to open a separate checking or savings account. This is because most banks offer special banking facilities to students, such as a subsidized interest rate and relaxed payment deadlines. This comes in very handy when it’s time to take out a student loan. Ideally, a few years of prior banking experience helps build credibility and your loan gets sanctioned easily.

Research Your Options

It is no secret that higher education is an expensive affair and education loan debt often provoke students to drop out of their courses. This is why there is no such thing as too much research when it comes to finding a suitable education loan for you. List your options and conduct in-depth research by talking to bank managers as well as university student cells about possible monetary aid options.

Distribute Expenses Within the Group

Do not feel like you have to take on the financial burden on your own entirely. At the college level, most campuses have groups of students who share an apartment, pool to and from places, and divide the monthly bills accordingly. This will help ease the financial load on you by a considerable degree while also helping you socialize and make new friends and acquaintances.

Avoiding Credit Cards is Advisable

The credit card is your worst enemy! The advice is to avoid them entirely and discontinue any existing cards that you might have. Without parental supervision, there will be nobody to monitor your expenses and the temptation of the credit card will land you in serious debt. If it is absolutely necessary to possess one, you need to exercise copious amounts of self-control in order to ensure that the card stays limited for emergencies.

Attend Flea Markets and Thrift Shops

This might be where you draw the line, but thrift shopping can prove to be an amazing experience if you are willing to try it out once. All you need is time on your hands to go through all the listed items to find one that is stylish, comfortable and does not have any defects. Similarly, selling your old belongings at yard sales is an underrated but great way to earn a few bucks.

Concluding Remarks

A certain level of fiscal maturity is expected of you after a certain age. Learning to pay attention to the little things like turning off the lights when you leave your apartment can lead to big savings Most importantly, you will have to compare the money coming in with the expenditure and find a balance between the two.

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