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Personal Finance For Students: A Key Guide

You don't have to be rich to have money in your pocket. Learn how to manage your personal finances wisely.

Posted: 29th March 2022 by Finance Monthly
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One of the problems students often face is a lack of money and the inability to manage it. It would seem that the way out of the situation is simple - find a part-time job and life will become easier. But everything is more complicated than that. In most cases, the reason young people have difficulty handling money is the lack of basic financial literacy skills.A company that provides ‘write essays for me’ service has prepared an article on how a student can manage finances to have enough for everything. 

Plan first

To manage your money properly, keep track of it on paper. It's not hard, see for yourself:

  1. Start by counting all of your income. This includes stable sources of money: pocket money from parents, part-time jobs, scholarships. 
  2. Write down your expenses. They should be divided into mandatory and non-mandatory. The first are things you cannot do without: transportation, rent, food. Secondary - entertainment, buying small things, paying for subscriptions, and so on. Do not forget about the cost of self-development: buying books, courses, additional education. This is an investment in yourself, which in the future will help to increase your earnings. 
  3. Make an ideal budget. At this stage, you need to calculate the difference between income and expenses. For example, you receive $500 per month, your expenses are $420. They don't exceed the income, so everything is correct. The remaining money can be set aside or invested.

Top 3 ways to save and increase student income

1. Sales and promotions

Now there are many apps where you can find any store and look for products at a discount. Also, don't forget that buying clothes and shoes is more profitable after the season is over. Speaking of saving, you can save some money by ordering college papers at a cheap writing service. You can be sure that the quality of the papers will not suffer by paying less.

2. Scholarship

Active student life is a key to boosting it. Organising events and helping the university gives you extra points, which will then help you get a raise. 

3. Bank cards with cashback

A small portion of your purchase will be returned to your account (usually 2-5%). For affiliate brands, the percentage may be slightly higher (up to 15%). Such offers are available at almost any bank.

7 Financial Management Rules For Students

1. Spend less than you earn

The main goal is to increase the difference between income and expenses. Take every opportunity to increase your income and save money. Manage your finances, track your income and expenses. Mark a starting point - write down how much money you have now and track the decrease or increase in your savings once a month. Your main goal is to keep your savings growing.

2. Take advantage of banking products

Switch to a better deal with your card. Now there are great income cards (with interest accrued on the balance), cashback cards (with refunds for purchases), and other interesting banking offers. At the same time, there are cards that allow you to withdraw money from any ATM.

3. Look for sources of additional earnings 

One of the disadvantages and at the same time advantages of being a student is the irregular working hours. It is often quite possible to combine study and work. However, don't stop at a part-time job. Look for additional part-time jobs and businesses. Is essay writing easy for you? Consider writing custom student papers. You can analyse the best essay writing service Reddit users recommend and try to get a job with one of these companies. 

Be sure that after graduation, you will need substantial funds (for rent, travel, and other things). Don't turn down help from your parents until you're firmly on your feet. 

By the way, now is a great time to get useful connections that will be useful to you in life and business. Join business incubators at different universities, attend their events, as well as various case championships and just be open to new people. You don't even have to be pushy and try to get acquainted with someone - everything will happen by itself.

4. Master universal skills 

Surely you have free time now, which you spend on various unnecessary things like games and parties. Allocate at least 0.5-1 hour a day to learn a foreign language, speed printing, office programs, Photoshop, etc. All of these things will bring you an extra ruble sooner or later.

5. Look for ways to save extra money

Now there are many easy ways to save on purchases: online stores, cashback sites, promo codes, discount cards, and sales. Also, buy and sell used items: phones, tablets, clothes, and more.

Find out about all the benefits you get from the university - social scholarships, free medical care, compensation for travel, and accommodation. To do this, go to the trade union, the student council, and other similar student communities, and talk to the trade union leader and classmates about this topic.

6. Don't spend all your money on recreation and hobbies, look for free entertainment

Find out what kind of fun the university and your student ID or ISIC can offer you. For example, some universities offer free admission:

  • Go to sports sections
  • Get inexpensive theatre tickets
  • You can also go to the health centre or on other excursions

And this is not a complete list. There are huge benefits to having a student ISIC - use your legal benefits to save money on your vacation (discounts to the museum, too, exhibitions, and other cultural venues).

7. Get your diploma

Your main goal is to get your diploma because it's your asset for life. If you realise you don't like your major, change your department or faculty. If you don't like your university, get a bachelor's degree and change your major drastically. If you were an engineer, become an economist or a geologist. You can even go to Europe, as long as you pass your entrance exams.

About Finance Monthly

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Finance Monthly is a comprehensive website tailored for individuals seeking insights into the world of consumer finance and money management. It offers news, commentary, and in-depth analysis on topics crucial to personal financial management and decision-making. Whether you're interested in budgeting, investing, or understanding market trends, Finance Monthly provides valuable information to help you navigate the financial aspects of everyday life.
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