As a uni student, your finances may be another thing you have to manage on top of everything else in your life. Understanding the best ways to manage your finances can save you money, help you reach your goals and stops you worrying. Here are a few tips to help you manage your money:
1. Shop around for the best value
There are so many different products on the market, it can be difficult to find the right one. However, with a bit of research, shopping around can save you a lot of money. There is almost always a better deal out there on car insurance, phone plans, utility providers and so much more. Brand loyalty is a thing of the past, and if you can save a decent amount of money in the year for switching, you are the real winner!
2. Take a shopping list and buy in bulk
Organise what you are buying and how much before you go out. We’ve all heard that you should never go shopping on an empty stomach, but impulse buying can also damage your wallet. Getting what you need and nothing else will save you some coin. Buying in bulk will also save you some money, especially items like toiletries and non-perishables. All of this will help you stay on budget.
3. Track your spending and draw up a budget
It is important to understand how and where you spend your money. Tracking your spending is a great way to see where your money is going and where you can save money.
Spending money and shopping can take many forms, we may be obtaining items we need or desire, an emotional outlet or coping strategy or a form of entertainment or social activity. Knowing what you spend your money on is an important step in planning your future spending.
When planning a budget, be realistic. Sometimes you need to spend money on things, and if you are saving a lot of money but not being able to buy enough of the essentials, then maybe your budget isn’t working for you and you need to revisit it.
Finally, stick to your budget and try to put a little away each week in case of emergencies.
4. Try to save money each pay check
Every pay check, try to put a little away as savings. If you put away $20 every week of your earnings, at the end of the year, that’s more than $1000. You’ll have an emergency fund in case something unforeseen pops up or it’s there to spend on something really nice at the end of the year or a little nest egg to build on in the future.
5. Learn to cook
Eating out too often can get expensive. Just getting a burger can be over $10. Learning to cook can open up many saving opportunities, but can also provide a wonderful skill for you to build on. There are so many different things you can cook that are delicious, and cheaper than going out.