10 ways youth can effectively manage money at varsity

Being a student, and clueless about money is one life set back anyone grows to regret. This takes me back to my varsity years; I remember how the idea of having an allowance got me excited. The excitement drawn from reality that I will not have to ask for money from my mum or my aunt, however party and have the nicest clothes money can buy. Forget about books! Those were not even a close concern. Fortunately though I recall another chat with my wise father who sensibly guided me to open an account and start to save immediately when my first credit comes in.

I felt like he was joking, like he does not understand. In my mind I had it all planned out, but trust me parents know best. Yes some may be as clueless to even have a word with but in most cases, however way we try varsity life can be a little more overwhelming to even try manage our finances. I can testify that students are not poor or deprived; we just tend to waste money! I don’t particularly mind that people spend it like there’s a hole in their pockets, but what does drive me mad is the persistence that we students have in exhibiting their inability to handle finances throughout everyday conversations. Thus I was motivated to write this piece; instead of whining about being broke and how our government is not doing enough, rather let us find ways to effectively manage and save money.

Here is how.

Start your own business.

Can you install a hard drive? Can you strip a computer of spyware?  Can you compile reports? Can you perform minor car repairs? Do you have a pickup truck you could use to haul furniture? Are you a passable guitar player? Hair-dressing? Take pictures? Charge cheap rates and exceed expectations. Word will spread in and out of campus. When you’ve built up a customer base, you can raise your rates a little outside school time and make money.

Allow a cool-off period

Impulse purchases are something everyone suffers from. If you are susceptible then you need to work on some tactics to cut down on these spending blasts.

One simple tactic is simply to sleep on it. Once your allowance comes in, sleep on it, literally!! Take some time out (a day or two) before making any big purchases on things like electronics, clothes and holidays, in order to decide if you really want it. If you leave it a couple of days and still find your life lacking, chances are it will be a good purchase.

Draw up a student budget

It may sound a little boring and long winded and the majority of students dread analysing where their money is really spent. But drawing up a student budget is the best start you can make to saving money. Make smart choices. You can do anything you want, but you can’t do everything you want. Decide what’s important to you, and pursue that. And remember to leave time for yourself.

Save a hundred a month (at least)

The idea seems unreal but it is. However laborious it may be to open an account different from your present one, with low interest rates. That trip to the bank should be as good as your assignment. The rewards are worth it right after the three four long years of varsity.

Eat in! (Not out)

Eating out is the ultimate luxury. Someone else cooks for you. Someone else does the dishes. You are waited on hand and foot. You can almost forget that you are, in fact, being charged for it all… almost. Satisfy your dining urges by organizing a potluck with your friends. Potlucks are a cheap, easy and fun way to bring everyone together! Eating out is out if you want to spend less. And you don’t have to go to the grocery store every day to cook dinner, either. Buy a bunch of chicken breasts and some vegetables, add some soy sauce, and you can make stir-fries in under 15 minutes any day you want.

Find student discounts

One of the best benefits of student life is undoubtedly the student discounts. Being a student can get you money off almost anything, from a new clothing purchase to a trip to the movies. Whenever you make a purchase you need to check if there are any student discounts on offer. Even if you don’t see anything advertised there’s no harm in being a little cheeky and asking. But do keep in mind that just because something has a student discount, this doesn’t mean it’s always the cheapest option!

Take a packed lunch to university

University cafes and canteens may be cheaper than most, but it’s still usually cheaper to prepare your own food. Make the effort to get up early each day before university to make a tasty packed lunch. It may not seem like much but the savings over the entirety of the year will speak for themselves.

Get swapping

If you’re on the hunt for textbooks, a bike, a new sofa or any other item for that matter, then why not look into swapping? It’s a new-ish craze which means parting with something you no longer want and getting something in return. Works for both parties involved! Start between friends and family.

Track your spending

Saving your receipts is as important. Staple them and put them in a shoebox under your bed if you must, but hold onto them. You’ll need to be able to compare them with statements at the end of the month. And some you’ll need to keep for several years.

Be money aware

Ok, this is a very general point but it’s definitely worth mentioning. Money saving is about having that state of mind and thinking about all the purchases you are making. Always think about where you can cut back and try to be as creative as possible.

Buy used textbooks. You’re just going to sell them back at the end of the term. (Or end up wishing you had done so five years from now.) You don’t need new textbooks.

• Live without a car. Cars are expensive: gas, maintenance, insurance, registration. Stick close to campus. Learn to use mass transit. Find a friend who has a car.
• Don’t hang out with big spenders. Some kids have parents with deep pockets. Other kids are well down the road to financial trouble. Hanging out with them can lead you to spend more than you can afford.

And pay your bills on time. Basic advice, but it’s surprising how many people lose track of things. If you pay your bills as they arrive, you won’t have to worry about forgetting them

Now stop fretting over money. Get out there and have some fun.