Financial Considerations to Understand as a Student

 

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 For many young people, starting college or university is not just the start of their higher education but also the start of their financial one. This is a time when many younger people have to start fending for themselves financially. With this in mind there are a number of financial considerations to think about as a student.

 

Avoid the hard sell on credit cards

There is nothing wrong with having a credit card as a student providing you use and repay it sensibly. However, one thing you should avoid is signing up to a credit card following the hard sell from a provider that targets vulnerable groups. These cards often come with freebies to entice students but can often end up being far more costly than many other cards on the market. Therefore, if you do plan to get a credit card, make sure you do your own research and make your own decision about which one is best for you. 

 

Raising extra cash

Student loans and grants don’t always stretch as far as we would like them to. Many students find themselves in need of extra cash and some end up taking the dangerous route such as costly bank loans or even loan sharks. You should avoid the latter at all costs and even bank loans should be a last resort. Instead, think outside the box and look at options such as getting a part time or Saturday job, selling items you no longer want or need, or finding out about top up grants and loans.

Don’t waste money on brand new books

Buying textbooks for your courses can be costly. Of course, you need to get the textbooks required for your course but there are other options apart from buying them brand new. You can look at borrowing them from the library, getting online and finding a second hand copy, or even sharing with friends who have already purchased them for their course.

 

Avoid the temptation to overspend on eating out

Many students find themselves eating out more often than not, but this can have an adverse effect on your health and your budget. Instead, buy yourself a student cookbook, which focuses on cheap yet nutritious meals, and learn how to rustle up some quick and tasty dishes at home.

Don’t become a party animal

Some students get carried away with parties, clubs, and nightlife when they begin their life at college. However, while this can be a novelty at first it can become a very costly habit in next to no time. Make sure you are careful about the amount you blow on going out and don’t spend more than you have budgeted each month one entertainment.

Being mindful about your spending and financial habits as a student will not only offer immediate benefits but can teach you valuable lessons for the future as well.

 Financial planning helps you determine your short and long-term financial goals and create a balanced plan to meet those goals. Tax planning, prudent spending and careful budgeting will help you keep more of your hard earned cash. Capital: An increase in cash flow, can lead to an increase in capital.