Learn How to Manage Your Money As a Post-Secondary Student
Have you just started university?
First of all, congratulations – it’s a great achievement to get into university and you have an exciting time ahead of you.
However, as part of these next few years, you’re going to want to find the best ways to juggle all of your priorities.
Not only will you need to find the balance between your education and life, but you’ll have to manage your finances.
A large part of being at university, you’ll have numerous expenses that you’ll have to cover.
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These will not only include your student accommodation (if you’re living on campus) but will also include any books/equipment that you’ll have to buy, your food, drink, etc.
Costs that might not initially come into mind (you might have thought at first solely about how much you’ll have to repay on your student loan), it’s essential that you discover how to ease the stress of them.
To guide you in the right direction, here are some tips that you can use to help create an effective budget that you can use:
Write Down All of Your Monthly Expenses
By listing all of your monthly expenses, you’ll be able to budget and spread your costs more evenly – this is particularly helpful as you’ll have irregular income from your student loans.
Helping you to stay on track and adjust if need be, you’ll feel far more in control of your finances – and less likely to fall into the debt.
The last thing you want to do while studying is to be in your overdraft.
So by keeping track of all of your outgoings, you’ll know how much you can spend on certain things.
Don’t Agree to Long-Term Contracts
An effective way to budget is to never commit to long-term contracts while you’re at university.
A way of ensuring that you’re not tied down, you can finish university knowing that there is nothing that you need to continue paying for.
Step Away From The Credit Cards
Although it might be tempting to put everything on your credit card, if you find that you can’t afford the repayments, you’ll quickly find yourself in financial trouble as the interest starts to rack up.
To avoid this happening, it’s a good idea to assess your ‘needs’ and your ‘wants’ and to only stick to what you can realistically afford.
Cut Down on The Unnecessary Items
Now, this doesn’t mean that you have to restrict yourself entirely.
But by making small changes, you’ll have more money to spend in the future.
If there are any unnecessary outgoings (i.e. you go to the coffee shop 5 times a day) try and see if you can live without it for a while – the change it will make to your finances will be more than worth it – trust us.
Find a Part-Time Job
If your student loan isn’t covering all of your living expenses and you’re looking for a simple yet effective way of acquiring more income, then a part-time job might do the trick.
With so many part-time jobs available both on-campus and off-campus, you can easily find one that suits you, while fitting in with your classes and university commitments.
Live At Home?
If you don’t have the finances to live on campus or you simply want to save some money, you could consider living at home.
While you won’t get the same level of freedom or have as many chances to socialize, it will help you to save money that you could put towards your future goals.
Ask for Guidance
If you’re looking for financial guidance on campus, there are a wealth of resources available to you.
Helping you to budget more effectively, they have the expertise to guide you.
For example, you could discuss your financial worries with your universities’ financial aid department, with your academic advisors or with your school counsellor.
What You Should Remember
In order for the above to be successful, you need to try and be realistic about your current situation.
Although you might want to live the high life as a student, you need to keep in mind that you won’t have all of the money in the world throughout your university career; but if you’re sensible and manage your money effectively, then soon you’ll have more financial freedom.
By prioritizing your financial goals, along with your personal and academic ones, you’ll be able to create a realistic plan that makes your university experience that bit more enjoyable.
And when combined with spending time with students that want to succeed, you’ll also be on the path to success.
Contact Bankruptcy Canada Today
If you’re looking for more money management tips or debt relief services, don’t hesitate to get in contact with one of our licensed trustees today on (877) 879-4770 or by emailing us through our website.
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