Financial Advice for University Students

Written by Muskan Behune

The name is Muskan, so probably was destined to spread smiles wherever I go. Writing is something which has grown on me with each passing day. Follow your passion in saying is a cliché but in doing is serious fun. So here I am to engage with my passion and maybe spread some smiles along the way.

Last updated Jan 27, 2021

There is a lot to think about when studying for a degree abroad. A student budget can help if you plan to take a course at a University far from your home. Here are some money tips to make the most of your money and seek a financial adviser’s help if needed. Financial advisers consider the most critical things when setting up a student’s budget. Most university students who rented a loft during their studies used these guys for financial advice

On top of study expenses, consider daily living expenses since there can be a possibility of moving to a place near your school and you can not work full time. The costs to consider are:

  1. Course Fees
  2. Academic books
  3. Tools or School supplies 
  4. Apartment rent
  5. Transportation allowance
  6. Food
  7. Computer and Internet expenses

Start with a Budget

Making a budget will help manage your money. Make a list and breakdown your projected expenses every month so that you know whether you need to take a part-time job for additional income. You can also apply for scholarship grants if you do not have an extra resource for finances. While financial advisers also suggest student loans. 

Use Online Apps or Softwares

Once you have a budget, then it will be easier to take control of your expenses. You can choose an accounting software or budgeting app to keep track of your transactions. As a student, you would not want to remember and spend your time just budgeting. Using software or application to avoid overdue payments and penalties. Aside from apps, you can also use online banking to do your financial transactions.

Avail of Student Discounts

As a student, pay attention or look for ways to get the best offers that can help you save money. There are privileges that a student can benefit from. Some establishments offer a student discount or give great deals for students. 

Lessen Student Debt

Borrowing money is not a suggested solution, but it can be a temporary aid to start a student budget. From here, avoid increased debts. Find ways to minimize your debts by:

Spending on your needs. Do not be tempted to use borrowed money to go to parties. Know what your needs are, and do not spend too much on your wants. Spend student loans for your study needs such as equipment, tools, and books.

Borrow money that you only need. If your college fund is not sufficient, you can apply for a student loan but borrow only the amount that you can pay. You would not want to be struggling with earning extra income to save to pay student debts. 

Look for Scholarships

You are not only limited to the scholarship program offered by some government agencies, but you can also apply to those offered by the University, private civic groups, or non-profit organizations. You can connect with a financial aid officer of the establishment offering a scholarship and check if you pass their criteria for a grant. 

If you are overwhelmed with handling money, seek advice from financial experts. They can refer to some part-time job options, apprenticeships, student assistance resources, and even get you away from possible scams. No person can make perfect financial decisions; it just makes good financial literacy to avoid making undesired financial mistakes. Even if you decide to study abroad, you can still seek financial advice and come up with the best student budget you can maintain throughout your course of study.

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