Being broke in school is like navigating a maze in the dark.
The euphoria any university student gets from a credit alert is unmatched.
It’s that moment of joy and relief when you see your bank balance has increased, and you can’t help but smile.
However, when “brokeness” decides to make its dreaded appearance, the story takes a sharp turn.
Suddenly, you find yourself struggling to make ends meet, calling the kindest family member for assistance, and trying to make it through the month with limited resources.
The euphoria of that credit alert becomes a distant memory, and you can’t help but wonder how quickly life’s financial tides can change in school.
But hey, it’s all part of the learning experience, and it teaches you the value of money and budgeting in the most practical way possible!
As a student, these are the simple things you can do to always have a healthy bank account;
1. Cutting down on unnecessary expenses
One of the principles of budgeting involves differentiating between needs and wants. While it’s natural to crave things, in a world driven by consumerism, being mindful of your spending habits can have a significant impact on your financial well-being.
By reducing expenses on non-essential items you can redirect those funds towards more meaningful goals such as saving for the future or investing.
2. Resisting social pressure
As a student, there is often pressure to conform to activities that involve spending money on outings or parties, and having fun every weekend.
However, it’s crucial to prioritise your stability. Learning to say no or exploring cost alternatives for socialising can help prevent strain on your finances.
Striking a balance, between your life and academic responsibilities can also lead to improved time management and increased productivity.
3. Tracking daily expenses
Documenting your daily spending is an effective way to stay on top of your budget. This allows you to identify areas where you might be overspending and make necessary adjustments.
You could use a simple notebook, a budgeting app, or even spreadsheets to record your expenses. Regularly reviewing this information empowers you to make informed decisions about your spending habits.
4. Living by the rule of “If you can’t buy it twice, you can’t afford it”
This saying emphasises the importance of financial prudence and avoiding unnecessary debt.
If you’re considering a significant purchase, especially something non-essential, being able to afford it twice demonstrates that you’re financially prepared for unexpected expenses.
This rule encourages you to think twice before making impulsive purchases and ensures that you’re not stretching your finances too thin.
