How To Use Your Money Wisely As A Student

Most students don’t care much about their spending habits because they think they are too young to start worrying about wealth, responsibilities and retirement. However, learning how to use money wisely is something that an individual should learn as early as possible.
Developing good spending habits and saving culture will go a long way towards ensuring that you don’t run into debts while you are still a student.
To help you meet all your essentials and still be able to save for future and business, I have explained for you some simple but wise ways in which you can spend your money as you pursue your educational career.

Create A Budget

Creating a budget is an essential part of spending wisely. As a student, you should establish the total amount of cash that flows your way and know how much of it you are spending.
Like many students, you are probably getting money from sources such as your parents, student loans, scholarships and financial aids, and relatives.
After knowing the total amount of money you get, take your time to estimate all your expenses. Your typical expenses should include entertainment, toiletries, bills, travel, food, and books. If you want, you can put all the numbers and categories onto a spreadsheet.
Try to ensure that your expenses do not exceed your income. The idea is to ensure that you are spending less than you are earning and having some cash to save and put in emergency cash fund.

When you start saving while you are still a student, you will build a saving culture and you will find it easier to pay for what you want and need after completing your education. It is never too early to start saving. In fact, the earlier you start saving, the better.
After creating a budget, commit and stick to it. Otherwise, it will be of no use. A budget, however good it is, has no meaning or value if you don’t stick to it.
Your financial blueprint only matters if you keep it up and running. Straying from it defeats its intention and purpose, and may push you even more into debt.

Avoid Unnecessary Spending 

Sometimes, you may feel like you really want to spend your money impulsively just like many other people do. Knowing how to spend wisely involves being able to fight the urge to buy things that you do not really need.
It’s about being able to avoid impulse buying and impulse spending. Your budget should be your master and guide when it comes to spending.
There are some things in life that we really want to own, such as the latest gadgets, new shoes, and luxurious jewellery. But when you see something that you desire and is very expensive, think to yourself “Do I have to buy it now? Will I have enough money for my basic needs after I buy it?”
Evaluating the ups and downs of expensive shopping is one of the best ways to maintain your self-control. If you have a budget, shamelessly spending on luxuries will do nothing to benefit your budget or your life.

Find Easier Ways To Save Money

Textbooks for school and university are priced very high in most places but many students purchase them anyway as the textbooks will help them with their studies.
But what they don’t know is that there are websites that have online textbooks, meaning instead of wasting your money on manual textbooks, you can simply read and study from the ones online.
These are free of charge so you’d be saving a lot. This means that you can gradually build a massive savings account, for any future holidays or homes.
Another way to save money is get vouchers or coupons from any of your regular supermarkets or local stores. However little or large you save, this will slowly lead to a big and beneficial impact on your wealth.

Use Your Credit Card Wisely

If you are using a credit card, you should always keep in mind that a credit card is not actually free to use but a loan. Therefore if you run up any balance, it has to be repaid.
Always pay your bills on time and in full. Otherwise, you will be accumulating late fees and interest charges besides the principal. If you are not careful, you could end up dealing with the collection agencies.
So, whenever you are paying bills or using a credit card, be sure to be sharp because the costs can actually increase very quickly.


As someone who was once a student and has plenty of experience when it comes to financial matters, I would advise you to follow these suggestions. Try to spend less as much as possible, be organised, set a budget and maintain it, avoid debts, and put some cash into your savings account, now and in future.
Wealth is very important in our lives but not the only thing that we should be working for. Personal happiness is vital so as long as you are happy with how much you spend and are appreciative of what you have, you need not worry about anything. 


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