MONEY TRUTHS YOU SHOULD KNOW AS A STUDENT

I know you’re thinking, “This is just another one of those financial talks”, but money advice is never too much, is it?

If you run out without actually reading, you’ll miss a chance to revisit and internalise all the money advice you’ve ever received.

And who knows? That might be just what you need to survive the next sapa wave.

There are students who are sponsored by their parents/scholarships and those who work to finance themselves. However you get your money, you still need to be prudent with how you spend it.

So before you bambam and chill with the big boys/girls, you might want to go through these money truths and decide if you have extra cash to spend on your soft life goals.

1. You’re responsible for your financial success
People love to blame others for their issues. But you can’t really blame your parents, friends or the economy for your financial position.

Sooner or later, you will realise that you’re all alone— responsible for your careless spendings, zero savings and inexistent investment plans.

Once you realise this, you’ll be able to focus on what habits hurt or help your finances and you’ll exploit the circumstances to your advantage.

2. Always keep a shopping list and/or budget
Write out a list of things you need before going out to shop so you can have some structure on what is necessary and what is not.

This will help you cut down expenses and reduce over-spending when those other things start calling your name from the shopping aisles.

Besides, you can’t reach financial freedom if you keep spending mindlessly. True freedom is devoid of the need to show off to others or buy the latest and greatest gadgets.

3. Stick to a saving plan
Whether you plan to save a set amount of money daily, weekly or monthly is totally up to you, but it is important you have a saving goal and follow it through.

Apart from developing self-discipline, you will also be able to have a substantial amount to fall back on when the rainy days come.

Your savings shouldn’t just be for unexpected negative circumstances, you can even take out some money to splurge on the good things of life from time to time.

4. Grab those (student) discounts
Yup, get it all. No matter how small a discount may seem, you should not be too generous to let them go. After all, it’s just about making sure your purse/pocket remains heavy with cash.

5. Engage in money-free activities
You don’t have to go to the movies or plan social activities that require spending money when you can invite your friends to watch movies and play games at home. If they are students like you, they will surely embrace the idea.

6. Enjoy home-made meals
As appealing as eating out appears, you need to accept that it can be far more expensive than eating at home, especially when it’s become a consistent habit. Enjoy your delicious meals and keep your bank account smiling.

7. Buy second hand clothes
This is something that can help you if you really want to cut down your expenses and you still want to rock that piece of clothing that you like.
It helps you to spend within your means and ensure that you cut your coat according to your cloth.

Accepting and applying these truths will surely put you on top of your financial game and soon you will learn to stay broke-free and financially confident while still living your best life.

And that’s not all. There’s still that ‘increasing your earnings’ discussion we’ll have soon. Till then, enjoy!