Managing finances as a University Student

When it comes to money, students have a lot on their minds. They might be worried about paying for tuition and books, finding job opportunities after graduation, or getting accepted into graduate school. These concerns can make it hard for students to focus on managing their finances effectively.

​Here is our best advice for students who want to take control of their finances so they can have a successful university experience. 

Learn Our Tips!

​Now that you've taken the first step in deciding you want to go to university, you're now ready for the next step: managing your money. There's no clear right or wrong answer as to how you should manage your finances while in school, but it does help to be aware of your options.

Here are some tips to help you find success with managing finances while at university:

• Before you depart to school, talk openly about money with those you trust. It's important to get an opinion from someone who you know will give you honest advice.
• Review your current finances so you know what you can afford.
• Set a budget that makes sense for your situation.
  • Don't forget to leave money aside for socializing and fun activities you want to try. 
• Save for large purchases ahead of time.
  • Think through what types of purchases you might need to make shortly after starting university that have a large price tag like computers or noise cancelling headphones.
• Track what you earn, save, and spend.
  • This is a good habit to start before you leave for school, and a good one to continue as you move through your university years. We recommend setting up a spreadsheet where you can easy divide your income and expenses into categories so you have an idea of how much money is being used. If you don't want to set up a spreadsheet, research apps that can keep track of this for you.
• Set up an emergency fund.
  • An emergency fund is crucial because it can help cover unexpected expenses like car repairs or medical bills while you're in school. This should be an account separate from any other savings account that isn't used for anything else besides emergencies. Keep this account open but unused until an emergency arises, at which point you'll be glad that it's there!
• Learn about your bank options.
  • Especially if you're studying abroad, you might need a credit card without international fees, or a debit card that takes a low percentage from every purchase. Do your research and stop into your local bank to learn what they recommend.
• Set up automatic transfers and bill payments.
  • If you have monthly or reoccurring payments due, make sure you use automate them so that you don't miss one!

Overall, creating a budget and being reasonable about your expenses will make life easier while in university. With these tips, you'll be off on the right foot when it comes time to pack your bags! 

Pro Tip: Book mark this page so that you can refer back to it throughout your university experience. 

Want to learn more about how you should prepare for university?

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