3 ways students can easily manage their money
Managing your finances can be difficult as a student. You’re trying to balance your work/study/social life in this exciting period but this means money can be, at times, in shorter supply.
But this doesn’t have to get in the way of managing your money – simply follow these three vital tips for managing your finances, saving for trips, paying back your loan providers or whatever you want that money for!
- Be budget-friendly
Budgeting always seems like a far off concern when we’re teens. But as we enter university and take on part-time jobs, budgeting certainly comes to the party. So what does budgeting involve? Well, simple things like prioritising your spending and cutting out unnecessary costs.
For example, you shouldn’t go buying clothes or records when you need to prioritise groceries, and if there is something you find yourself routinely buying – expensive goods, a product you already have too much of – it might be a good idea to cut that out of your budget.
You can, thankfully, easily keep track of what’s coming in and what’s going out of your bank account. Your banking app should be able to provide you with an accurate evaluation of how much you are making each month against how much you are spending. Furthermore, it should be able to categorise what you are spending your money on: entertainment, groceries, takeaway etc. and this is a great way to know if you need to cut down on a particular type of expenditure.
Another great app for personal finance is Pocketbook – it provides a simple and streamline platform for managing your finances.
- Buy, swap, sell &… upcycle!
Want to save money while reducing your carbon footprint? This is one of the best ways to do so! Through buying older goods from op-shops, swapping goods you don’t need anymore for something else you want, selling old goods and picking up old goods and turning them into something new, you will be creating an awesome savings opportunity that will add up over time!
Great places to pick up awesome secondhand goods include the aforementioned local op-shop, Savers superstores, Gumtree, the classic eBay, Facebook Marketplace/”swap-sell” pages and more.
- Hold back on the first car
Yes, owning a car is exciting and a big part of “adulting”, but when you’re living close to uni and not raking in the benefits of your studies yet, it might not be such a good idea buying your first car.
When you consider the upfront cost of even a quality secondhand car, the registration, roadworthy, insurance, maintenance and ongoing costs like petrol and parking – you will quickly see why it’s not the best idea as a student.
Better yet, why not use public transport for getting around town? Australian cities are renowned for their high standard of public transport networks, and they are much cheaper (and greener!) than driving around the corner just to pick up some snacks for a Netflix night.
Get yourself a concession card and ride the rail – you’ll be surprised at how cheap public transport is for a student. When you do find you need a car, there are plenty of options for renting and sharing for the weekend: Car Next Door, Flexicar, GoGet, Budget and much, much more!
It’s just part of the game
Managing your money is an important part of studying. Let’s be honest, there are times when you might not be making too much of it (we’ve all been there!), and so it’s a good idea to do what you can to ensure you’re not spending too much – the above tips will help you along the way.