Advice News

How To Deal With Money Management

By Grace Crowley

For the majority of students, university is a first-time dive into managing your own finances.
Dealing well with money is a valuable lesson to learn, and what better time than now? With
food to buy, bills to pay, and fun to have; there really is no better time to improve your
financial skills. As daunting as it seems, a few tips here and there will make managing your
money that little bit easier – I hope this article is a useful guide whatever your situation is.
The most common financial worry for new and old students is budgeting – the food shop,
bills and every-day costs can make budgeting confusing, but it’s not as difficult as it seems.

The best way to start is by weighing up how much money you have to spend in a
week/month, and what you need to prioritise spending your money on. Planning your
outgoing transactions at the beginning of every month takes the stress away and then
there’s no need to worry until next month. Plus, you always have the added bonus of
potential money left over, which can be spent on whatever you wish for. There are ways to
food shop with little expenditure, such as making your own lunches and buying in bulk and
freezing what’s left over. It’s not a big adjustment to make, and the money you save is free
to do with whatever makes you happy.

If you’re thinking ahead and wondering how to manage your money on a bigger scale than
just university life, there are many ways you can save money for your future. There are
many different bank accounts out there with high interest relative to the general interest
rate, with good options for the future too. One way of saving is to use a ‘Help to Buy ISA’.
Thinking about buying a house can seem like an extreme step for students but it has the
added benefit of a place to store money with high interest, and an incentive for continually
saving.

Depending on what your money situation is, different options will always suit different
people. Although it is easier said than done it is important to not let money become an
unbearable stress in your life. Sticking to your budget and being mindful of your spending
will relieve this stress. Don’t forget to treat yourself – within your budget of course – now and
again.

Add Comment

Click here to post a comment

Your email address will not be published. Required fields are marked *

css.php