On getting admission into higher institution, many students begin struggling to balance their finances. Most students get really broke exhausting all their income and resources before month end or before being able to get extra income. This is mostly due to financial mismanagement on the part of the students, having bad spending habits and poor financial planning. As such, we have written this guide to inform you on how to manage your money while on campus.
Money management is effective when it’s formed as a habit but the thing about habits is that they aren’t formed overnight and they require a lot of discipline. Therefore, If you are reading this guide as a university aspirant or as a fresher we advise you start practicing this money management techniques as soon as possible. It wouldn’t be easy at first, as I mentioned earlier it would take lots of discipline but with time it would gradually grow into habits and you would manage your money with little effort. Below is our guide on how to manage your money while on campus.
Create a budget
For you to successfully manage your money on campus, you will need to have a solid and detailed financial plan or budget. It’s just like the old saying “if you fail to plan, then you plan to fail.” If you don’t want to end up broke before you can get more money, you’d will need to plan for it. Your budget should contain everything that you really need such as food and other utilities. In your budget plan how you can cover your expense in the cheapest possible way considering the amount of money you have.
Stay on budget
Creating a budget you aren’t going to is meaningless. Creating the budget is the easy part, it’s just the first step into financial management while on campus. Many students have a plan for spending and create budgets but only a few are able to abide by it. Staying on budget has proven to be a difficult task for many who lack the discipline and self control to follow through with their plans, such people still end up broke halfway through or a dew days before the end of their set deadline. However if you want to successfully manage your finance and not end up broke like most people, it is important that you stay on budget and avoid unnecessary spending.
Be creative and have fun for free
Life on campus is really be devastating without fun. There’s no rule that says you can’t have fun with much spending either. I’ll personally advice you put your fun expenses into budget but you have to be very creative when it comes to this. Fun must not necessarily be going on an expensive date, game halls or to the cinema. You can settle for less expensive and creative ways to flex and spend quality time either by yourself or with friends.
Know the difference between “Needs” and “Wants”
To effectively manage your finances on campus, you have to discern the difference between needs and wants. Needs are those things you can’t do without and are very necessary for your stay on campus. While, wants are stuff you can totally ignore and live without. Many students on campus spend a lot of money on wants and get broke early. When this happens, they won’t have any money to meet their needs at the end of the day. This isn’t a pleasant experience.
Don’t go out with more than required
Have you noticed that when you go out with lots of cash, you tend to spend more? This is because you would feel like you have more money than you actually do. We therefore advice that you leave your hostel with only the budgeted amount to spend. This would help you cut down on expenses alot. You can go along with your ATM card in case of financial emergencies.
Cook at home
Feeding is the most important need every student has while on campus. Buying fast food, food from restaurant or eating out is not economical but rather expensive and most times less nutritional than foods cooked by yourself – that’s if you know how to cook of course. If you can’t cook, I advise you learn a few cooking tips before you get admitted or while on campus. You can buy foodstuff at cheap prices in the market and make a good sumptuous meal with little cost.
Earn more money
Saving up the money you have is good, but doing something extra to earn more money is a far better idea. You can earn alot of money while while studying on campus without affecting your academic performance. Many students have taken to several financial earning opportunities on campus. You can also see our guide on 5 WAYS TO EARN MONEY WHILE STUDYING ON CAMPUS
We hope that you utilize the information from the tips shared above to better your finances on campus. You can share your questions, thoughts and contributions at the comment section below.