How Can I Manage My Finances As A Student

Discussion in Personal Finance started by Kiama • Oct 11, 2017.

  1. Kiama

    KiamaMember

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    Being a student has its many downs one of which is that we always find ourselves broke most of the time. Personally my money diminishes even before I have done something useful with it. I have tried saving but something just comes up and I spend it. I spend a lot when I have money and start thinking of saving when I have little or no money.

    Do you know some of the ways that a student can save her money or how did you manage your finances in college?
     
  2. Jamille

    JamilleActive Member

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    College students nowadays are fortunate because the internet gives them a lot of opportunities to augment their allowance and even earn more to save money at the comfort of their homes or dorms. We didn't have these options in my time and I needed to budget whatever allowance was handed to me by my parents. Budgeting was not that difficult because I was focused on my studies and never had to spend unnecessarily for stuff like watching movies or going out with friends. I also took advantage of student discounts on fare and meals. I eat heartily at home so I wouldn't have to spend extra for snacks or meals at school. I would wrap a sandwich for myself and bring it to school to save on snacks.
     
  3. Krissttina Isobe

    Krissttina IsobeWell-Known Member

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    Find Student discounts on and off campus. One helpful place to see where you have discounts is the campus bulletin board and newspapers. From free to Student discount news is posted all the time on campus bulletin boards. Research online in your Student computer lab where with your Student ID you can use free to find in your part of town Student Discounts and take full advantage of it. Look for scholarships in your free time so you'll have your schooling too...your financial counselor on campus has the latest on scholarship sites and even discount for student information. Good luck. If you're really in a low income situation you can check out about getting FoodStamps now called SNAP at benefits.gov. for you got to eat. You can get cold sandwiches at per se Safeway that they got in their fridges and salads too! Breads at Safeway are my favorites and fills you up cheaply. As far as SNAP is check this site first about getting SNAP:

    Please Log In to view this link!

     
  4. TheOtherSide

    TheOtherSideActive Member

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    I have a handful of friends back in college that I get along to so well. We eat together and even stay at the same boarding house together. When we do eat, we eat in groups and we even share what we have from foods to school supplies and even rental fees. That way I save a lot rather than having to solve my finances alone.
     
  5. NicholasMukuha

    NicholasMukuhaActive Member

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    As simple as it may look, it's one of the most effective methods, anyone can use. This is because I tried it against all the others, and its results were outstanding. I am talking about the good, old piggy bank. This is because, unlike keeping the money in a bank, where you can access it through a credit card, you leave the piggy bank at home and therefore you have no chance of spending. However, I must insist that one should be very disciplined when using a piggy bank, because I must confess that I broke mine severally when the craving was too much. If you are afraid that you might break it, then you can give it to your most trusted friend to keep it for you, with strict orders that they are not to give it to you unless after an agreed period of time,and then you will be saving in it.

    One of the best ways to save in a piggy bank, is to ensure that you save before you spend. My teacher once told me that your expenses should not be more than half your finances. Another way is that any time you have change, put it in there. I did this when I was in college and was surprised at the results.
     
  6. mildredtabitha

    mildredtabithaActive Member

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    @Kiama@Kiama I have had the same problem for the last 3 years until this year when I learned it was possible to earn online. I really could not save back then no matter how hard I tried. With the extra income from working online, I can save. I also buy things I need and I have learned to avoid buying things I don't need. I have also started going shopping with friends because I have problems with spending and having them around will help me shop wisely.

    I advice you to pay attention to your weakest points when it comes to spending money. Use a shopping list. You can start by saving $1 a week or as little as you can and avoid counting your savings as part of your cash in hand. You can also talk to a close friend and you will soon be able to save more and focus on important things.
     
    #6Oct 12, 2017
    Last edited by a moderator: Oct 12, 2017
  7. Alexandoy

    AlexandoyWell-Known Member

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    I understand that a student may not have enough allowance unless the parents would give him an increase. During my college days, I experienced the same fate that I was always hungry in the afternoon because I had no money for snacks. What I did was to do odd jobs during weekends and that partially solved my financial shortage. And now, maybe you can conduct a garage sale for the old things you are not using.
     
  8. NinetyEighty1

    NinetyEighty1Active Member

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    As a current student I know how stressful finances can be. I would suggest using online and offline sources to aid you in finding a job either close around your campus of even do some online jobs that could at least help you earn some pocket money. Every little cent count. Talk with an advisor or find out if there are any jobs on campus that pay.
     
  9. overcast

    overcastActive Member

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    There is one application that works on both desktop and mobile. "You Need A Budget". This app is going to help you to stay on top of the expenses and the savings. And you get the idea on how to save money. And how to protect your finances properly. You can see that some of the time managing such takes time. But it can be done. You just have to focus on saving from the start.
     
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