pro finance blog
Menu
  • About Me
  • Hire Me
  • Contact Me
  • Submit a Guest Post
    • Privacy Policy
    • Disclaimer
Menu
Manage Your Own Money Again After a Divorce

How To Manage Your Money While Studying

Posted on May 31, 2016November 25, 2020 by Tina Roth

As one enters college life or is enrolled in a post-graduate degree, managing one’s finances is one of the core responsibilities which need to be looked after. You need to pre-plan for the changes and the twists and turns that are going to take place in your life and be prepared for everything that life throws at you. Your decisions will be strengthened by a sound financial plan and you will be able to pursue and further both your academic and career goals. Walking on a clear career path is also a highly likely way of raising up money to fund your academic goals.

#1 Be proactive with your budgeting and monitor your spending

Manage Your Own Money Again After a Divorce

Managing your finances is in your own hands and you should get into the habit of keeping a regular check on your cash inflows and outflows in your bank. If you make it a weekly habit from the start of the semester, it will be easier for you to deal with it in small manageable portions rather than debt piling up, which might become unavoidable then. Some practical steps which you could take include:

  • Lead your finances and don’t be overwhelmed by them by chalking out a weekly budget and reviewing it regularly. The course fees is not the only one-time major expenditure, other expenses follow as you proceed through the semester, so you need to keep all of them in consideration.
  • Only purchase things that you actually need and refrain from impulsive and emotional buying.
  • Your credit score can help make or break your credibility in the market, so make sure you read about credit scores and understand how they work.

#2 Get the most value for your money

Budgeting your money is not about just quantitatively managing it, but also using it wisely and in the right places. Getting the most value out of the money you own means taking benefit of all the possible sources of income and understanding money. Look for options that will give you value for money, be it food, book or stationary shopping, accommodation, transport or any of your daily expenses. Do not follow the herd and do what everyone is doing, just because it seems the most palpable and attractive option. See your situation and act as per your convenience.

  • Student discounts are abundant to facilitate them with the growing financial burden of gaining quality education.
  • Avail economical mobile packages for networking.
  • Shop second hand for books and essential things.
  • Divide costs within your room-mates and colleagues and make things easy for each other.
  • Family insurance can cover for your essential belongings.
  • Public transport can be replaced with a walk or cycling to college.

#3 Work part-time so you know the value of money

The rising inflation and the prevailing economic conditions do not allow students of recent times to spend frivolously on luxury shopping, late night partying or takeaways. The rising cost of living has pushed students to the verge of having to pay for their own expenses by working part-time or full-time if their will power and situation allows them to. Around two-thirds of students had to take the support of part-time job to fund their studies by a survey conducted by Endsleigh (2012) and one in seven students work full time while they are pursuing their academic goals.

Additional income is now spent on everyday necessities like housing options, food and utility bills earned by more than half of the students who work part-time. While being employed and juggling between your studies, your life also takes an interesting turn.

  • Your hard-earned money means the world to you and you wouldn’t spend it uneconomically, trust me. In a nutshell students would prefer saving up for the important items like text books and rent.
  • You wouldn’t indulge in impulsive shopping and spend just for the sake of entertaining yourself because you will have less idle time while managing both studies and work.
  • Valuing your money along with developing the necessary skill set and forming stable professional relationships will help you in the long run. You will be more proficient as a student as you will have hand-on job experience.

#4 Looking for extra sources of income

Sometimes the cash inflow from your full-time or part-time job may not suffice to cover up all the expenses that seem to be lingering on your head. For this purpose you may need to find an alternative to cater to your ever-increasing expenses by working out a source of extra money or having a backup plan that will help you save up for a rainy day. Unavoidable costs that get incurred,unexpected weeks without work and when bad luck befalls you can be some of the reasons you should consider working extra during your semester breaks, keep a balance between work and study plans. You could even consider freelancing or looking for viable options to work from home.

Everybody needs to be financially responsible and manage their expenses before your financial situation deteriorates to a level where it becomes hard to pull yourself out from. Shouldering your academic responsibilities and managing your expenses at the same time is a commendable feat. Train and condition your mind to work from a saving perspective and you will see for yourself how effortlessly everything is looked after for.

Category: Personal Finance

2 thoughts on “How To Manage Your Money While Studying”

  1. Jordan says:
    May 31, 2016 at 2:33 pm

    Some excellent tips here. It can often be pretty exhausting to, on top of everything else going on in college, to be on top of your money. But it’s more crucial now than ever before to pay attention!

    Log in to Reply
  2. Maricor Bunal says:
    June 16, 2016 at 2:32 am

    This blog is very informative in that way the students can plan a head for future purposes.

    Log in to Reply

Leave a Reply Cancel reply

You must be logged in to post a comment.

About Me

finance blogger

The idea of starting a blog has been hitting me for long; I took it seriously after falling into a spiral of debt and recovering from it.

I have been anxious all through the financial difficulties. I see that same anxiety in the eyes of people, whose ill fate has put them at odd with financial repose.

It makes me compassionate. Out of this compassion and goodwill, I started this blog. I wanted to help all those, who are facing financial distress..




  • Stock Market
    Understanding the Gov Tech MarketFebruary 16, 2023
  • Phuket Real Estate
    Why You Should Invest in Phuket Real EstateJanuary 24, 2023
  • Corporate Governance
    Corporate Governance: What Are the 3 Core Principles of Good Corporate Governance?December 17, 2022
  • Successful Retirement
    How To Plan For Successful Retirement At 50: 5 Steps To Get Started OnNovember 4, 2022
  • Online Money Transfer
    Do You Still Transfer Money Internationally With Your Bank? There Are Better Online Solutions For ThatOctober 14, 2022
  • finance
    Important Roles of the Minister of FinanceSeptember 16, 2022
  • Avoid for New Businesses
    5 Forecasting Faux Pas to Avoid for New BusinessesSeptember 16, 2022
  • Affecting Pensions
    How Inflation Is Affecting PensionsSeptember 2, 2022

    ProFinance Blog is dedicated to help people who are struggling with their personal finances. We have learned the lessons first hand and know how real the struggle is. Being compassionate about the personal finances and blogging about is our way to help people know more about different situations and how effectively they can handle it. So take control of your finances now and take actions towards gaining financial freedom and security. Join us in the mission to self-educate, learn and help others by sharing valuable information on finances. Here you will find information, tools and techniques on various aspects of finances and learn how you can use the information and implement it to make your financial life better than ever.Join us in our mission to financial freedom.

    • Stock Market
      Understanding the Gov Tech Market
    • Phuket Real Estate
      Why You Should Invest in Phuket Real Estate
    • Corporate Governance
      Corporate Governance: What Are the 3 Core Principles of Good Corporate Governance?
    © 2023 ProFinance Blog | Powered by Minimalist Blog WordPress Theme