Managing your finances as a student
Are you finally done with matric and looking forward to moving to tertiary education? Here are tips to help you take better care of your finances.
Leaving home to attend a tertiary institution comes with some sort of freedom, even financially.
You will be expected to survive on whatever monthly allowance you get. Most students blow their money because of not knowing how to handle their finances.
Let’s look at ways you can better handle your finances.
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Budget
Write down a list of your expenses. Your budget will guide you on how you can allocate the finances so that you don’t assign it to the wrong things and go without essentials.
Budgeting will help you keep your expenses as low as you can.
Save for rainy days
Even if you don’t have much to save, just save the little that you can. This money will come in handy when you need to urgently buy something.
Avoid unnecessary expenses
One of the things that can see you waste a lot of money is buying things out of pressure or trying to fit in with your peers.
Always remember that you come from different backgrounds and don’t compare yourself with others. Be content with what you can afford.
Get a part-time job
One of the best ways to increase your income is to get a part-time job. However, you must be careful that it doesn't interfere with your studies.
The best way might be to take a job you can do over the weekend.
Stay away from accounts
One of the mistakes students make is to open accounts. This will only cost you more in the end because you will have to pay interest. Buy what you can afford.
Image courtesy of iStock/ @nicoletaionescu