As a first year student, you will have a lot of new experiences to look forward to but you will also have to get used to a new way of life where you have to do a lot more for yourself, particularly if you are moving away from home and into student accommodation.
One of the things you may have to get used to is managing your money for the first time. This could mean managing the grant or loan you receive for your studies as well as any other income, such as money from part-time work you to take on to help fund your studies and lifestyle.
Tips to make money management easier for students
Your first year as a student is likely to be a very busy one, where you not only have to buckle down to your studies but also get used to new people, a new environment, and perhaps even a new temporary home.
It is therefore essential to try and make financial management as simple as possible rather than allowing it to become a major issue when you have some many other things to deal with. Some valuable tips to make financial management easier as a first year student include the following.
- Go online: Setting up a bank account online means that you won’t have to worry about making phone calls or visiting the bank every time you want to make a transaction or check something. You can manage your bank account and finances far more easily and conveniently online, as you will have access at any time and from anywhere as long as you have an Internet connection.
- Budget: It can be really easy to lose control of your spending, particularly if you are managing your money for the first time. Make sure you draw up a budget of your monthly essential outgoings such as rent and bill payments. Also, allocate a set amount for general spending each month and make sure you stick to it!
- Set up a separate savings account: It is well worth setting up a separate savings account, so that you can keep money for your education in there. This way you will be able to separate the money you spend on day-to-day living and essentials from money that you need for your ongoing educational costs. This is something that you can do with the same bank you have your current account with.
- Streamline your spending and maximise your income: When it comes to finances, life can be difficult for the average student. It is therefore important to streamline your spending by cutting out unnecessary costs. For example, while you were living at home with your parents you may have had the spare cash to subscribe to various magazines and memberships. However, now that you are going it alone you may need to reconsider and cut out ones that are not really necessary. Also, look at maximising your income by getting a part-time or Saturday job to bring in a little extra cash.
While money management for first time students can be a daunting prospect, there are ways to make this far easier and make managing your money more convenient and simple.