Being a student can be an expensive time in life, with the cost of tuition, textbooks, and living expenses all adding up. It’s important for students to have a good understanding of how to manage their finances, so they can make ends meet and prepare for the future. Maintaining your financial needs as a student can be a challenge, but with the right strategies, it’s possible to stay on top of your finances and achieve your financial goals. Whether you’re just starting college or are in the middle of your studies, there are steps you can take to maintain your financial needs as a student.
1. Use Student Discounts and Perks: As a student, you have access to a variety of discounts and perks that can help you save money. For example, many retailers offer student discounts on clothing, electronics, and other items, while many museums and cultural attractions offer free or reduced-price admission to students. You can also take advantage of student-specific services, such as tutoring, career counselling, counselling services and financial literacy classes which are often provided free of charge.
2. Create a Budget: The first step in maintaining your financial needs as a student is to create a budget. A budget is a plan that outlines your income and expenses, so you can see where your money is going and make adjustments as needed. When creating a budget, start by listing all of your regular expenses, such as rent, food, transportation, and entertainment. Then, subtract these expenses from your monthly income, whether it’s from part-time work, student loans, or other sources. This will give you an idea of how much money you have available to save or use for other purposes.
3. Reduce Expenses: Once you have a budget in place, you can look for ways to reduce your expenses. For example, you might be able to save money on food by cooking meals at home instead of eating out, or by using coupons or discounts when shopping. You might also be able to reduce your transportation costs by using public transportation instead of driving, or by sharing rides with classmates. By reducing your expenses, you can free up more money to put towards your financial goals.
4. Build a Credit History: Building a credit history is another important aspect of providing financial literacy for kids. A credit history is a record of your borrowing and payment history, and is used by lenders to assess your creditworthiness. To build a credit history, consider getting a credit card and using it responsibly. Make sure to pay your bills on time, and keep your credit card balance low. Over time, this will help you establish a positive credit history, which will be useful when you need to borrow money for a car, home, or other major expenses.
Financial literacy is an essential skill for students, as it helps them manage their finances, understand the economy, and plan for their future. The Upsurge offers a range of financial literacy courses specifically designed for students to help them understand the complexities of personal finance and become financially responsible adults.
