Money Tips for College Students in the UK

Life teaches you a lot, including how best you can manage your money right from a student’s age. A college student tends to spend money on those things maximums that his parents hadn’t allowed him to spend before.

The question is not why you spend, but how judiciously and smartly you spend!

To start with, you can join a credit union or maybe conduct some research on online banks. There is a huge amount of calls one gets on credit card schemes; don’t get a credit card unless you really need one.

If at all you get one, make it a regular practice to pay your bills on time, and spend only that much that you think you would be easily pay off every month, else the interests alone will bog you down, forget about the savings.

Use a notebook or maintain an excel sheet on a daily, weekly or monthly basis, on the expenses you have incurred and savings made, if any.
This habit will also keep you on track on your spending patterns.

You can also think of allocating an exact budget for the week or month ahead and spend wisely. Any over-expenditure should be adjusted the following month in terms of more savings.

If you are keen on buying something, first ask yourself if it is really the necessity today? Think with your mind, not your heart. Your mind will question, reason out and understand the needs of the hour.
Gradually, you will develop a smart behavioral pattern for making a choice of spending for the rest of your life.

There is another lucrative way that you can add to your savings, that is, by working part time, such as on those things you are good at, for instance, fixing a computer, performing minor car repairs, playing a guitar, etc.

Building on your money can also help you in making sound investment decisions in the future.

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