Hello everyone 🤗 Trust we're all doing well. You know, when I saw this week's topic, I was really interested in it, because I know managing money as a student is something that has helped me all through my days in school, I may not have enough but I rarely not have at all in school.
Being a student is very exciting no doubt, but one of the challenges that come with it is managing money and resources, especially for those that come from a not so rich or wealthy homes, those that have limited or no source of income and multiple needs, infact every student have multiple needs that ranges from food, clothing, mobile data ( Ahhh.... This one is very challenging).
But learning how to manage your finances on time as a student is very pivotal. And this is what has helped me all through my days in school, from high school up till this point. It has also helped me to build a very strong financial habit for the future, yeah... My mom knows about this and that makes her trust me so well with her finances anytime I visit home.
I noticed that alot of students find it very difficult and challenging to manage their finances, so whenever I come in contact with such persons I try very hard to share my hacks on how I'm able to manage the little I get.
First I create a budget I believe that this is the foundation of managing money. I make sure to list out my income sources, whether it's coming from my parents(allowances), savings or my little income, I'd write it down. After this I'd also write down my expenses, fees, textbooks, dues and even transportation and lots more. When I compare the two I can actually know how to allocate my resources wisely and to avoid overspending it on irrelevant things.
Also differentiating my needs from my wants been of a very good help to me. Needs are those essentials like rent, food or study materials, then wants are they extra, like designers cloth, fast food and the rest of it. I just try as much as I can to focus on what's necessary and essential.
I save regular Truth be told,I know a number of times my savings has saved me. At those moments I can only ask myself "what if I hadn't saved this money"? I've heard alot of students complain that they don't save because they don't have enough. My dear, you don't have to have enough to save. Even the small amounts, saving consistently makes a very big difference. I've saved towards specific goals alot of times, I remember vividly I paid for my last excursion in highschool with the money I had saved up then. Just I say this has really become part of me.
I try as much as possible to look for affordable alternatives. Most persons think being a student means they'd be extravagant. No!!! Instead of always eating out, I prepare homemade meals, and that reduces cost. I buy used textbooks from my senior colleagues, share materials with friends, and even choose affordable transport options saves money alot of times.
Earning extra income as a student is one thing I highly recommend. Get part-time jobs, offer skills. All these can provide you as a student with extra funds. But do ensure you balance academics while earning money, this is very important so you don't get carried away whilst you're looking for extra money.
The greatest of it all to me is that I practice discipline and self control. I feel like without these two I wouldn't achieve all these. Discipline and self-control have helped me stick to my budget, saying no to unnecessary expenses. And also surrounding myself with friends that respect my financial goals also helps me to stay disciplined.
These have not only helped me manage my finances while in school, it has helped me build a lifelong financial habits that has prepared me to face greater responsibilities in the outside world.
