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Money management at university

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Going to university is often a very big wake up call for people. For most it is the first time that they are living away from home and standing on their own two feet financially. There is probably still some support from mom and dad but the days of handouts and free rides are gone and there is definitely an expectation that as a student you must start to make your own way in the world and work to earn some money. You are also old enough to want to drive and drink and go on dates and start seeing the world. So how do you live smartly in order to earn money and save money, while at the same time still studying

Spend wisely

The habits that you learn at university are he habits that will most probably stick with you for the rest of your life. So be wise and think smartly. Budget your money and spend it wisely, always seeking to get the most out of it. The key here is applying thought and spending intentionally rather than whimsically. For example you could save a lot of money if you decided to rent university books rather than buying them outright. It’s a clever play because you probably won’t use them again once you pass the year, so why spend huge amounts on new books when rental is an option.

Preloading can be fun

A huge part of student culture is drinking, that’s a fact that simply cannot be denied. But another undeniable fact is that drinking can be very expensive. It’s not just about keeping up with your mates it’s about buying them rounds and having fun. But one way to lower the cost massively is to pre-load on cheap booze before you head out. Have some box wine or cheap spirits at home, ideally with a friend or two, so that when you arrive you are ticking already, that way you can keep the beers coming at a slower rate as you maintain the cheap start you got before you had even arrived.

Push yourself

Study, work, sport and socializing and the four pillars of university life. They are all important although you are only going to graduate with a degree in one of them. But they are all vital elements of the post-school experience and you need to push hard to make sure that you get value from all of them. There will be times when you are tired or exhausted and the tendency will be for the studies or the work to take a back seat, but push through. It will all be worth it in the end – if you have a job stick with it.

The ten percent rule

Always save a minimum of ten percent of what you earn. As much as you have a hedonistic lifestyle of hand-to-mouth existence it is very important to save. Not only is it a good habit to get into but it also means that you have funds for bigger things like travel or car repairs or a sudden emergency that might befall you. Take the money as soon as you get it and squirrel it away – not to be touched unless really needed.

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