Education is a massive commitment by both students and parents alike. Studying abroad in particular will test a student’s mettle, to not only balance their education but it will also train them to plan their finances properly. While this may not be the same across the board for everyone there is a common element of responsibility and today we will be tackling a few common tips students can use to be financially prudent.
Growing up we have all been taught by our parents and guardians, that we should “save”. This lesson is not to taken with a grain of salt as financial management is a skill that you will carry with you well into adulthood. Your parents are there to financially support you, that is true but that doesn’t mean you can’t do your part to ease their burden. Try helping them out by doing odd jobs and paying off a few of their bills. This will be a great sign of maturity and will ease your parents mind and set you on your path to adulthood.
Budgets are something you have probably heard, time and time again and whilst it is a commonly used word the application of this word is anything but easy. Students are all different in terms of their financial standings as some may be self-funding and others may be taking loans. However, there is an underlying similarity between both and that is responsibility. If you do not follow your budget through to the end then it is no better than not having one at all.
Creating a budget is not always an easy process it can be quite mentally taxing. By committing to this budget, you are signing a contract with yourself to control your expenses. Students may wish top would prove a point by overcommitting or over promising to themselves and this in itself is not a route you would want to take. Seeking external help such as from the bank, would be a great way to ensure that you get the best solution to your finances.
Part-Time Employment is a great way for students to get financial stability alongside their studies. This may vary based on the number of financial commitments a student has but at its core earning a supplemental income on the side is a great way for students to gain financial independence and exposure.
Expenses are fixed costs in everyone’s lives, but did you know that while they are always there you can control how much you spend on them in small subtle ways. Books for instance are a necessary item at uni but you don’t always have to get a fresh new one you can always buy an older on that’s been put on sale by the alumni.
As a student we may want to experience everything that life has to offer now that we are free and out of the house but while it may be tempting to treat yourself be mindful of the impact this will have on your wallet. You won’t be proving anything by spending lavishly on yourself and others, the only takeaway will be that you clearly have no value for money and that you will stumbling blocks when it comes to limitations.
Conclusively no student is the same but practicing budgeting across the board is a great lesson and eye opener to everyone from all walks of life.
Written by Nishant Thomas Philip