Studying, whether that is through school or higher education or taking on more learning options as an adult learner, our finances can play a huge role in how we live. Studying is just part of your educational journey. You still need to live, to survive and to be able to thrive in your surroundings. However, many students can’t really class themselves as being financially savvy. With funding being offered in the form of student loans and jobs that can be done in your spare time, money can pass through your bank account as quick as it arrives thanks to the latest fashion trends and student nights out.
Of course, there is nothing wrong with enjoying your student life. Socialising and experiencing new things is all part and parcel of the educational journey. Not to mention some of the memories you get to make and the life skills you learn. However, as a student, now is the ideal time to become really aware of your finances and your financial future. It can help to give you the grounding in order to develop further, save and thrive in adult life. Especially when some of the biggest things become your norm like paying for a mortgage or having a family. I wanted to share with you some of the ways you can learn to become financially savvy while studying. I hope it offers you some tips and tricks to help you thrive during your student life and educational journey.
Learn to budget on what you have
As a student, you may only have a certain amount of income coming into your bank account each month. You can only spare a certain amount of time to working, as you also want to prioritise your studies, and let’s face it, a student loan and funding can only go so far wit rents and bills to pay for as well as student supplies. Now would be a good time to work out what you have left, and learn to budget with that accordingly. There are some great websites online that can help you do this and can spell out your outgoings versus what you have coming in very simply. It can be hard to stick to a budget at first, but knowing where you stand can be a great way to ensure that you don’t overspend. You might also want to consider downloading your banks smartphone or tablet application to help you stay on track with your current and available balance whilst on the go.
Increasing your disposable income
We could all do with a bit more money couldn’t we? You may be working as much as you can but there are other ways you can increase your disposable income in your spare time. First of all, platforms like eBay are a great way for you to declutter and to make some extra money in the process. Clothes and even old study materials can sell very well online, and the extra money can come in handy. You can also do things online like filling out surveys and taking on mystery shopping. Again there are some great ideas online on how you can make some extra cash while sat on your laptop. Instead of getting lost in an Instagram vortex, why not use that time online and put it to good use?
Be aware of what your credit rating is and how your history can affect it
Not all of us are completely aware that once we hit a certain age we start to develop a credit history and have a rating. This is what is used when applying for things like credit cards and loans. As a student, you get offered an array of great deals with low interest charges, etc. These can be super useful and offer other benefits like discounts. However, some people can find themselves getting into a bit of trouble with credit. However you can look into ways to help improve your credit rating easily, and once you get back into a regular way of repaying, your history can be improved in no time at all.