Many college students concur that money management is not as easy as it first appears. Even with all the advice that comes from college tutors parents and friends, you will still find they you are misspending in one area or the other. Well, there are no new rules when it comes to saving; you can only claim to be saving if the sum total of your expenses is lower than your income.
Here are 5 top tips on money management for college goers;
Always operate on a budget
Interestingly enough, this is one thing everyone has already heard about. It’s what we grow up hearing. Sadly though, it is the only way to restrict your spending. One advice when drafting a budget is to include literally everything that you will be spending money on. If it’s the Christmas season and you are planning to buy a card for a loved one then that too has to be within the budget. Take advantage of online tools like the Online Budgeting Tool which is which is available for students living and studying in England.
Open a savings account
The fact that higher education loan and grant payments are made on a termly basis has left most students quite exposed. These students operate on weekly or monthly bills yet their income (grants and loans) come once at the beginning of every term. If you don’t have a plan in place to manage the weekly or monthly spending, it is easy to clear your account before the end of the term.
A good idea is to open a savings account which makes equal deposits into your account at the end of every month for the whole term. This way you always have something to look to at the end of every month. It also helps you to be more prudent with your spending.
Start thinking of ways to increase tour income
There are plenty of income-adding avenues for both full-time and part-time students within the UK. To start with, all universities and major colleges within the UK run hardship funds which you could apply for. One could also consider the numerous trusts and charities that offer educational grants to students. Apart from those, one can also opt for a part-time job to generate some extra money.
Consider cutting on your spending
One of the surest ways of making a saving is to reduce your overall spending. Start by cutting on what you buy when you go shopping. Check your shopping list and remove what you may not need yet. Other avenues that could also save you a few coins include;
· – Ensure that you are getting your health benefits as required.
· – Are you claiming your student travel discounts?
· – Also check on your council and income tax obligations as a student.
Finally, go for advice whenever necessary
There are numerous bodies and agencies which are in place just to advice students like you on college life and money management. One such body is the National Association of Student Money Advisers (NASMA) and the other is Money Advise Service which is a project of the government.
Saving is important to all students. Having a continuous flow of money to support your day to day needs gives you the moral and mental strength throughout the term. This makes it much easier to concentrate on your class work. A NUS Extra Card even entitles you to a few discounted mobile and broadband services. Check if they can subsidize your student passport renewal too.