How to Manage Money Effectively as a Student

So you’ve went a bit overboard with your student loan now looking how to manage money effectively. It’s very common for us students, we all suck at managing our money. Learning to manage money is so important. It’s also a skill you’ll carry with you throughout the rest of your life.

But how do you do it, just how to manage money effectively? What’s the best way to spend it and how can you save it better? If you’re an international student, there are extra costs to think about when studying abroad too. But don’t worry about it, we’ve created this amazing guide to help you stop worrying about it so much.

Keep reading to learn how you can become better with money and enjoy student life as much as possible.

1. Enjoy Frequent Takeaways

Student life is a stressful one sometimes and who can be bothered to cook? Cooking takes ages and a takeaway is always more delicious. It’ll save you money in the long run to get takeaways whenever you want.

Healthy eating isn’t cheap and pizzas are much tastier. Don’t worry about getting a weekly shop and wasting money on lots of food. Surely it’s much easier and cheaper to grab a takeaway instead? It’s a great way to treat yourself and it’ll help you save money: it’s a win-win situation!

2. Book a Holiday

Speaking of stress, we all need to take a break every now and then. When that student loan hits, it’s like all our Christmases have come at once, so buy yourself a present!

Use that money to book yourself a nice indulgent holiday. A fantastic measure on how to manage money effectively. Sunny Spain maybe? Greek island hopping? All inclusive trip to Cancun? Now that you’ve got the cash, why shouldn’t you do it?

All inclusive means you don’t have to pay for food or drinks, so you’re actually saving money by going on holiday. How great is that? Relax by the beach and enjoy the high life knowing that you’re doing great with managing money.

3. Lend Money to Friends

We all fall on hard times at some point in our lives and when others are struggling with money, don’t be afraid to help them out. Lending money to friends is never a bad idea, so make sure to help them out when you can.

They’ve told you that they’ll pay you back when they can, and why shouldn’t you believe them? They’re your friend after all, right?

When you know for sure you’ll be getting it back from them, it’s not like you’re spending any money at all.

4. Forget About a Savings Plan

Savings plans are for people with mortgages and parents, not for fun young students like you! Spending time to make a savings plan is a waste of time, you’re in debt anyways, right?

Also, the value of money fluctuates all the time. What could be a good savings plan one day could be totally worthless the next day. So don’t worry about creating a savings plan, just live in the moment and try to remember what you’re spending as you go.

Anyways, the next student loan instalment will come around eventually. So what’s the point in trying to manage money anyways?

5. Use Your Credit Card

People say to only use your credit card in an emergency and they’re right, but if it’s there you might as well use it whenever you need to.

After all, you need to build up a credit rating somehow. Credit cards are great when the student loan dwindles and you really need that new pair of trainers. Worry about paying it off later, these babies will practically pay for themselves!

Who actually cares about credit ratings anyways? It’s not like it’s going to stop you buying a car or house in the future, so live in the moment and use that plastic!

These Are the Best Ways to Manage Money Effectively as a Student

When people talk about student life, they often talk about how worried they are about money. They talk about how they want to save as much money as possible. These are very valid concerns, but you don’t need to worry about them too much. Unless you’re reckless about your spending habits, you should be fine so long as you follow this guide. Before long, you’ll know how to manage money as a student and wonder why everyone made such a fuss about it.

Disclaimer: We’re obviously kidding here. Doing any of this will result in a very low bank account, angry parents and possibly high blood pressure. If you want to effectively save money, head on over to our actual guide.

2 Comments

What To Expect Your First Year At University | StudyFlats

[…] might need to make a student budget or pick up a part-time job to help boost your income – and that’s fine! Most students do […]
29th May 2021 at 1:11 PM
Challenges Of Being An International Student | StudyFlats

[…] up with a budget plan and try to put some money into a savings account and give yourself a weekly allowance so you […]
29th May 2021 at 1:10 PM

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So you’ve went a bit overboard with your student loan now looking how to manage money effectively. It’s very common for us students, we all suck at managing our money. Learning to manage money is so important. It’s also a skill you’ll carry with you throughout the rest of your life.

1. Enjoy Frequent Takeaways

2. Book a Holiday

3. Lend Money to Friends

4. Forget About a Savings Plan

5. Use Your Credit Card

These Are the Best Ways to Manage Money Effectively as a Student

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