How to gain Financial Freedom as a Student: Pro Tips
Gaining Financial Freedom as a student is one of the biggest Flex any undergraduate can think of Not necessarily having in excess or being wealthy but then being able to best your everyday financial requirements voiding stress and debts.
Going to college is the dream of every teenager or adult, but the financial requirements there most times are Unpredictable. A vivid example is Me. Almost every week in my college, money is required by the school's authority. Asides that every student has basic needs of feeding, accommodation, self care materials as well as educational materials. All these require money and unfortunately some people might not have sponsors or financiers to beat all these, some are struggling on their own, engaging in part time jobs which in turn affects their studies.
Some people have stable sponsors and financiers but mismanagement of these available resources by extravagant spending could lead to debt and then you know how it does down there………. In this article, I will be highlighting some pro tips for students who tend to access Financial Freedom in college.
It's not Magic but it can be Magic depending on how you apply it. Firstly we Have that for one to reach financial freedom he or she must have savings, investments, expenditures and I would love to add emergency Funds to the list.
Savings is very vital for everyone who requires financial freedom no matter how tiny it may be
It is that part of your Money that you put aside for the nearest financial obligation. It is usually short termed tho. As a student your savings might be for your next Tuition fee or overall school fees and since these fees come in a particular period of time(3-6 months) savings can be initiated for Purposes like This.
Now these savings could be done using the saving box, bank accounts, thrift contributions, etc but as a student I would recommend an Automated Saving Plan. This helps you to lock up your finances and keep your sticky fingers away from it.
Investments- Investments are not only for Businessmen. Investment can also be achieved by a student. No matter how little it might look, because these investments in return come with Interest. Investments are long term but placing your Money on a good investment platform earns you passive income and done future cash.
Expenditures- set out an amount from what you get or earn just to cover your basic needs. Your expenses sense when the stipulated amount of Money finishes, because your savings are locked as well as your Investments.
Emergency funds are those little funds set aside for emergency cases, like your health and urgent basic needs. When you have an emergency find you wouldn't need to break your savings back to get Money.
Let's Rearrange our Management Tips in order Of Priority.
Identify your Needs- I used the Word needs because needs are basic for survival. They are just necessary things you can't do without e.g are food, water, shelter, clothes, and books(as a student), transportation, etc. When you identify these relevant needs, you would be able to Create a Budget.
Create a Budget-
Creating a budget is like writing a market list with a specific price attached to it. These budget helps you not to buy out of context but guard you from extravagant spending. With Good Budgeting you are able to keep track of all the Income coming in and how they are going out. Creating a budget and working on it helps you to spend less, manage finances and avoid Debts.
Avoid Debts and Borrowing-
Debt is just one way of crippling your finances. The reasons are because when income comes in, you won't be able to budget and make plans for it but pay back your debts.
Besides that , debts are short term, especially for students but then your whole mind, body, and spirit wouldn't be at ease until the debt is settled. So you avoid debts by Sticking to your Budgetings.
Create or indulge in multiple streams of income:
as a student you don't need a 8-7 hour job. It's easier now with the recent existence of Web3 and other digital skills. These soft skills enable you to be creative, work at your comfort and time and still have good bucks in your Pockets.
With multiple streams of income, engage in passive income too, where less or none of your effort is required but your money is available.
There's a lot of peer pressure that students encounter in tertiary institutions. These peer influences drive students to do anything just to get the money, spend extravagantly, and feel among themselves. It is quite different if you are able to afford some things comfortably and live well but when you can't, don't try to feel included.
With these Few tips, financial Freedom is definitely accessible, and Financial problems are resolved.
Are you a student?
Try this and Thank me later……
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