Entering college or university is an important step in everyone’s life; also it is a big stress, as you have to completely change your lifestyle and get used to doing things you haven’t ever thought about.

One of which is your money management, or in other words you are expected to take control of your income and expenses. Only in that case any student will be able to save enough money for future and prevent financial problems. So what are these 10 points that can help control your financial life.


1. Watch what you spend. The first thing you should do is to discipline your expenses. Try to keep receipts and note somewhere how much and on what things you spend money, after that you can watch the full list of your purchases. Only when you discipline all this information you can see and analyze what expenses you should cut, for example, eating out and unexpected shopping.

2. Think and then buy. This point has something in common with the previous one, but the main idea if it is the following: before buying anything think whether you really need it now or in near future, and look for some better alternatives. Maybe it is just a one-minute whim and there is no sense of buying it now.

3. Save some part of your income. It may seem quite unreal to put some percent of your salary or any other income in your “adult and long-term” budget, but nevertheless such periodical savings are some guarantee for your stable financial life after graduation. It should become a rule to lay aside a prescribed amount of money.

4. Dream and articulate your goals. The reason why many people fail in their money management and can’t reach success in their significant plans is that they don’t know what they want to achieve. They can’t see clearly the aim of their money saving. Do you dream about your own business? What do you think of traveling abroad? Any great goals require long-term savings, so don’t desperate and move step by step to your goal.

5. Start here and now. You haven’t wait for a “right” moment or some “extra” money, because you can never feel that the proper moment has come. Start with some little money and maybe soon you will be able to raise it. You also can save money at times when some extra income is got.


6. Have an emergency fund. We cannot predict our future in every detail, and different unexpected things may happen, and it’s important for students to be prepared and have some cash, for example, in case that your computer is out of order or you need to pay extra fee during your classes. No doubts you will face some accidental moments during your student life, and it’s quite smart to have some money in the pocket for a rainy day.

7. Being the student is a big benefit. You are the student and there are a lot of opportunities available for you. Starting with discounts in shops, museums, theatres and so on, you also can apply for student scholarships. All you are required to do is to look for it, e.g. search for them through the Internet or ask in university.

8. Prefer debit to credit. Using a credit card is as simple as anything and it very easy to get used to it. Don’t forget about the fact that your credit bills are easy to grow and hard to decrease. Another point you have to remember about is student loans, in most cases it will take even several years after graduation to pay it off.

9. Buy educational materials from other students. Prefer buying used books and find students who sometimes give them for free. In that way you will save quite good money.

10. Use all possible resources of your bank. It includes using online banking and ATMs of your bank to avoid extra fees, besides you should control your bank statements and ask help from bank staff if you don’t understand something.