Financial Management as a Student

5 months ago

Managing money as a student is an important skill that every student should learn, because as a student you will always have things that make you spend. As a student I faced many financial pressures such as tuition fees, although I was not the one paying my tuition fees, accommodation, I was not also the one handling this, but for feeding, transportation, textbooks, and personal expenses I needed to plan well to manage the available funds. Without proper planning, it becomes easy to overspend, fall into debt, or struggle with meeting basic needs. Developing good financial habits as a student not only makes life less stressful but also prepares one for financial independence in the future.

A few tips that I used in managing money back then in school include,

🖊️ I created a budget, I listed all sources of income such as allowances, stipends, part time job earnings, or scholarships, then I categorized expenses into essentials such as rent, food, transportation, and academic materials, and non essentials such as entertainment, outings, and fashion. Sticking to this budget helped me avoid unnecessary spending and ensured that money was directed toward priorities.

🖊️ I tracked my spending and checked those things that I spent more on and considered if they were worth spending on, if they were not then I curtailed the spending.

🖊️ Feeding is one thing that consumes money a lot, I only ate outside when necessary or when I had long lectures in school, outside that I cooked at home.

🖊️ I tried as much as possible to save, no matter how little, I ensured I saved for rainy days.

🖊️ I also tried to ensure that I did not do anything that would indebt me.

Above all, I disciplined myself, I knew my wants and needs, because as a student discipline is the key to successful financial management. Financial literacy is not just about surviving student life, it is about building habits that will last a lifetime.