Money Management Tips for students. It is definitely not easy to save and manage your finances in college while having to focus on your studies. The ability to navigate the financial complexities of college life is a crucial skill, often underemphasized in preparatory discussions.

We all want to learn money management and try to save money, even if it’s just a tad bit during college. Interested to know 5 best money management tips you students can do in college? Read along!

Also read: 8 Part-Time Job Ideas for College Students.

5 Money Management and Budgeting Tips for College Students You Must Know

1. Budgeting: The Keystone of Money Management

The first and most important money management tip in college is to create and adhere to a budget. Budgeting empowers students to prioritize their expenses, differentiate between wants and needs, and avoid the pitfalls of impulsive spending.

For example, if your college allowance is 3 million Rupiah per month, consider how much money you need for your daily needs, emergency funds, and how much to put into your savings account. To make it easier, write down your needs and the money needed.

2. Always Have Saving and Emergency Funds

College is an unpredictable journey, and financial emergencies can arise without warning. Make savings a habit in your money management journey; even if you can’t save a lot, small amounts matter, too. 

This habit not only eases immediate financial stress but also instills lifelong financial discipline. You can make two accounts: one for spending and the other for saving to avoid over-spending money.

3. Take Advantage of Student Discounts

Being a student comes with plenty of perks, one of which is– student discounts! Almost every sector, whether beauty, subscriptions like Spotify, bookstores, gyms, restaurants, or cafes, offers special discounts for students.

To save yourself plenty of money, search for businesses that can offer you discounts. Are you looking for a hangout spot with your friends to study? Look for restaurants that offer student discounts.

Also, make it a habit to bring your student ID everywhere or take a picture of it in case you need to buy something and a student discount is available! Most businesses will verify your student status by asking for your student ID.

4. Learn About Financial Literacy

College is the perfect time to invest in financial literacy. Understanding the basics of investing, money management tips, the importance of credit scores, and the nuances of taxes prepares students for the financial realities of post-college life.

You can learn from your seniors or even online! There are plenty of resources available to you on how to save, manage money, and learn to invest. Remember that investing doesn’t always mean investing in cryptocurrency or stocks, but also investing in yourself!

5. Take a Freelance Job Opportunity

This last but not less important money management tip is taking a freelance job opportunity. If you notice that you have some spare time after or in between your studies, try taking a freelance job opportunity. 

I understand that college can be tiring and busy, but as an ex-college student myself, the early and latest college days are the times when you have some extra free time to spare!

In addition, there are plenty of freelance remote opportunities online that you can find these days. So, you can work anywhere you are with flexible time. For example, if you are a Journalism major, you can look for remote content writing opportunities on job searching applications like Linkedin. 

The money you earn from freelancing can be an extra income to your savings, and at the same time, you can build your portfolio!

Also read: What are Freelance and Freelancing?

Conclusion

There you go! Those are the 5 money management tips you can try out in your college life. In conclusion, managing finances during college is a multifaceted challenge that requires some time to master. To be successful at money management, students must be disciplined, educated, and actively trying to save money.

If you can master the skill of money management while in college, I can assure you a more leisurely life as an adult, as money management is an essential adult skill everyone needs.

By Levina Chrestella Theodora

English translation by Levina Chrestella Theodora

Kuliah di Jakarta untuk jurusan program studi Informatika| Sistem Informasi | Teknik Komputer | Teknik Elektro | Teknik Fisika | Akuntansi | Manajemen| Komunikasi Strategis | Jurnalistik | Desain Komunikasi Visual | Film dan Animasi | Arsitektur | D3 Perhotelan , di Universitas Multimedia Nusantara. www.umn.ac.id