Money Management Tips for Students

Being a student doesn’t have to be connected with financial difficulties. Many young people think that they need more money to live as they would like to live, but often it’s not the case. What people really need is to establish money management rules to control expenses and create savings, so that they can afford even some more expensive desires!

Here are 5+1 tips for better money management:
1. Budget for everything
Create a list of expenses at the beginning of each month to be aware of how much money do you need. Include everything from flat charges to cost of coffee in Starbucks. Awareness is such a crucial thing to resist spending money on caprices. An app tracking your expenses can be really helpful. Our absolute favorite is Monefy:
2. Start a savings account
Many banks provide an opportunity to create free savings account and adjust it by yourself. If you are able to give away some amount of money from your salary to a savings account - you are able to collect an extra budget in a few months. Read more about profit savings account on Bank Millenium website:
3. Cook at home
It doesn’t mean you can’t go to a restaurant sometimes. But if eating out becomes a habit try to cut it off and observe how much money you are able to save. Also, cooking at home can provide a lot of fun and develop new skills! If you’re looking for cooking advices, don’t hesitate to check some cooking portal, for example Cooking Light:
4. Pay in cash
Try to avoid paying by card, it is simple – sometimes even too simple! By paying in cash, you actually see money that you spend and it is possible to constantly control how much is left in the wallet.
5. Be creative and have fun for free
It’s nice to go out to a cinema, bowling club or swimming pool, but sometimes it is even better to save some money and have fun without paying for anything. Instead of going to a cinema you can invite some friends and watch a movie in TV. Instead of bowling, try to play boules! Instead of going to swimming pool, let’s try some jogging! Check some running blogs to feel inspired! This one is very interesting:
+1 Earn some extra money
At the beginning we said it’s not about earning, but about managing – yes, but why don’t take an opportunity if we have one? Try to earn something besides concentrating only on your studies. As a student you can earn by giving extra lessons for kids. If you don’t feel like a good tutor it’s always an excellent idea to sell some old clothes or things you don’t use anymore. Here is a great webpage to sell old clothes:
All in all, it’s all about right choices and priorities. For example: If you dream about exotic vacation – save on not going to restaurants and patiently collect money; If you want to eat in expensive restaurants – don’t buy expensive clothes and sell the old ones; If you want to look fancy and create your own image – start a savings account where you will put some money on that.
Manage money and be aware of your revenue to plan everything earlier. If you stick to these tips, it will be much easier to survive!