8 Ways To Manage Money As a Student

Tip for student to manage money and resources

Students are always worried about how they got their money squandered after they might have budgeted the money for something different.

Student who can cut budget and reduce expenses will manage money.

Money management is one of the most common student fears. While other who do not have the means to make money find legit ways to make money as a student.

Expenses in school are inevitable and should not be surprised that what you budget for is always different from that you have in mind.

This you can not run away from because you will continue to spend as a student, it now depends on how you choose to spend wisely.

Spending wisely does not mean you should starve yourself that you then end up spending twice of the money in the hospital as a result of ulcer.

Not eating at the right time leaves the organisms in your stomach no choice than to feed on your digestive organs.

Money management  has a student pose a great challenge to those who find it hard to get support and a greater challenge to students who sponsored  themselves into school.

People who have little or no support from parents and relatives have difficulties and more responsibilities on their shoulders when it comes to money.

Finding means to make money as a student is one struggle, managing that which you have is another because one way or the other, expenses will keep coming.

How to Manage Money As A Student

Students who want to manage money should know how to save money by reducing budget, Identify your needs, Ignore your wants, Have a to-do list, Reduce your expenditure, Be organized, Learn to save money, Know how to negotiate, Know how to bargain.

1. Identify your needs: It is always tempting when it comes to spending. You have to be very specific, smart and principled about what you really need. Don’t spend your money one something you really don’t need now even if you might need it later. Only do so if you have nothing important to use the money for, you can get buy and keep for future use.

2. Ignore your wants: As I have said earlier, you need to identify your needs from your wants. There are things you can hope to have that aren’t necessary, like thinking of buying a phone for luxury sake, for hype and show off rather than saving that money to get a smaller phone and add some other money to buy a laptop for your project.

3. Have a to do list: Trying to manage money without a to-do list will simply make you lavish your money on other things you did not plan for that isn’t necessary. Having a to-do list makes you feel serious and certain of what you need. A to-do list is just like a constant reminder of how to manage money.

4. Reduce your expenditure: If you don’t know how to reduce expenses then you will spend above your income. Another tip for students to manage money is to make sure you know how much is coming to your pocket and how much is coming out of your pocket at the end of every week. If you find out that you are spending more than what you receive, then cut down what you need.

5. Be well organized: If you do not have a plan you can not manage money. One of the secrets to money management is to be well organized in planning. If you aren’t an organized person you will fail managing what you have, even your life.

6. Learn to save money: The simple trick to managing money is saving some of the money you want to manage, or simply save some of the money you can not manage. That’s just it, if you feel you will lavish the money, save it for another time when you will need it.

7. Know how to negotiate: Among other tricks and tips in managing money as a student. Knowing how to negotiate will save your ass from overspending the little you have.

Many students can’t negotiate, especially when they are in a new environment. Little do they know that the locals are on the alert to make you spend more because you are a novice, they call high prices for you knowing that you are anxious. They see your weakness, they use them against you. 

To save yourself more money is to learn to negotiate on what you want to get.

8. Know how to bargain: Aside from knowing how to negotiate, it is important for students who want to manage their money to know how to bargain. It’s just like the old good days of ‘trade by batter’ where you use what you have to get what you want. Like giving out what you need no more to get what you need at the moment. 

Let me help you out with an example to save up some money. There are some shoes and clothes that are still perfectly great on you but don’t size you anymore, perhaps you may have a senior who has a textbook you need that they might not be using, be sure to reach them and bargain in exchange for the books, it really works. Try it or any other thing you think you can use as a bargain. 

If any of these tips for students to manage money works for you, feel free to share this article with friends and or comment below if you have any other thing to discuss.

Students who want to manage money should know how to save money by reducing budget, Identify your needs, Ignore your wants, Have a to-do list, Reduce your expenditure, Be organized, Learn to save money, Know how to negotiate, Know how to bargain.

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