Many university students are managing their own money for the first time in their lives, and it can feel overwhelming. It’s easy to overspend when you’ve just gotten paid and it’s burning a hole in your pocket, and it’s also easy to cheap out when you are facing bills at the end of the month. From emergency funds to essay writing services, here are four ways that university students can be smarter with their money.
1. Establish an Emergency Fund
With most banks being online these days, it’s super easy to set up a special savings account that you designate as an emergency fund. Try to put at least a full month’s living expenses in that fund (the standard recommendation is three to six months’ worth of expenses, and that should be your goal in the future, but for young adults who are just starting out, one month is a great start!).
If you want to take it to the next level of money management, here’s a real pro tip. If you have to dip into your emergency fund, pay yourself back with an interest rate of 15%, just as you would if you had to use a credit card to cover an emergency. This way, you feel the pain of whatever money management decisions necessitated the use of the emergency fund, but you’re the one who benefits in the end!
2. Buy in Bulk When You Can
When something you use regularly is on sale, stock up. It might feel extravagant to buy 10 kilos of chicken breasts or an entire case of bathroom tissue, and you may in fact have to rearrange some of your weekly budgeting to accommodate this, but it makes sense to buy in bulk when the prices are low. Another bonus of keeping a well-stocked pantry is that you’ll end up making fewer trips to the store, which means fewer impulse purchases and therefore less money spent.
3. Spend When it Makes Sense
You might be surprised to read the advice to spend money instead of saving it, but that’s what money is for. No one is advocating reckless spending, extravagant indulgences, or frivolous spending to keep up with your friends, but the point of saving money when you can is to have it available to spend it when you need it.
One example of smart spending is, as stated above, stocking up on staples when they are inexpensive. Another one would be to spend smartly on things that improve your quality of life and your education, such as a decent computer to do schoolwork or essay writing services such as Homework Help Global if you’re falling behind on your assignments. Make your money work for you!
4. Go Generic
A lot of store-brand or generic items are manufactured on the exact same production lines as the name brands. They’re the same stuff with a boring label and a much smaller advertising budget, which means that they’re much less expensive. No one cares about the name on your laundry detergent or bottle of ibuprofen in the medicine cabinet, so this is a great way to save some money by shopping for store brands.
