Student life and personal finances
Starting your studies, especially in a foreign city, is a real maturity test for you, people who have just passed their high school diploma. For most students, moving to another city is a leap into the deep end – they change not only their place of residence but also friends, are far from their family, and thus have to manage their finances, which in the case of most students usually they are not among the highest.
There is no doubt that a significant number of students do not know how to keep a home budget and how to start controlling expenses. This problem affects not only students but also the whole society – we spend more than we currently have, instead of accumulating funds for a certain future, we prefer to spend all our salary. For students, the likelihood of spending extra cash is even higher. Meetings with friends, concerts or parties – all these elements of student life cost money.
Your personal finances, student finances – what is worth remembering?
There is no doubt that a student’s monthly expenses will largely depend on the city in which his university is located, as well as the university itself. Nevertheless, some of the elements influencing the management of a student’s budget remain unchanged regardless of where we study. Knowing them will be the first step to efficiently managing your wallet during your studies.
One of the elements is where you live. People starting their studies in a foreign city usually have a choice of a dormitory, renting a room or flat. Each of these options has both advantages and disadvantages – your room or flat, unlike a dormitory, guarantees privacy, but they are much more expensive.
The next element is the basic necessities, such as food, clothes, and cleaning products. These are products that should be included in the student’s budget, and which often generate high costs. We should not forget about teaching aids – textbooks, workbooks or even continuous photocopying of multi-page materials for classes should also be taken into account when planning our sample student budget.
How to start planning expenses as a student?
While the above information may seem overwhelming to some prospective students, having extra cash while studying is possible, and there are several ways to do so. One of them is the opportunity to take up part-time work. However, it is worth remembering that in the case of full-time studies, additional work can be a big challenge and, for example, interfere with the schedule and be very exhausting.
It is good to start controlling your student wallet during your studies by carefully organizing your expenses. Thanks to this, you will quickly see what, apart from the necessary fees, you spend the most money during the month and what you can give up or limit. Sometimes it can be quite minor things, like a casual cup of coffee before class that you buy every day can cost you a lot that might as well end up in your wallet.
Personal finances of a student with Fin4Family
There are many ways to manage a student’s budget, but not all of them are equally effective. Writing down your expenses on a piece of paper or a spreadsheet can become tiring in the long run, so it is worth considering choosing a product that not only works in an intuitive and personalized way but that you will always have at hand – for example on your smartphone or laptop.
Our Fin4Family app is such a product. It provides a convenient way to record your daily expenses – all you need to do is take a photo of your receipt with your phone. What is also important – the application is immediately ready to use after installation, although of course, as you use it, you can add new categories that will help manage your budget.
Using our Fin4Family app is not only simple, free, but also fun. Thanks to detailed and understandable reports, you can quickly see what you spent the most money on in a given month. The uncomplicated and easy-to-use interface will surely please students who have never used money-saving applications before.
It’s hard to discipline yourself to do this extra work. However, consider that by giving you the tool in the form of our application, you will find additional funds to meet the needs that you could not afford before. A few seconds, a quick preview and you already know what you can do.