University years are some of the best for students, as they get to have fun and prepare for the future in a somewhat balanced manner. While attending parties and making friends is the highlight of a student’s life, many challenges are encountered during this period. 

Many young people struggle to transition to university life, so they feel homesick. That’s because there’s so much more responsibility regarding their time management, studying efficiency, and budgeting. The latter is especially difficult as students have limited finances to rely on and can sometimes blur the lines between needing and wanting something.

Can students find a balance between these two aspects and educate themselves on the value of money? Let’s address some handy tips on surviving student years. 

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Adopt the 50/30/20 rule 

Managing a tight budget can be challenging, but allocating resources adequately can help a lot. The 50/30/20 rule implies splitting the income into these categories as follows:

• 50% goes to needs, such as groceries, utilities, and books;
• 30% goes to wants, like movie tickets, gadgets, or eating out;
• 20% goes to savings like an emergency fund or a savings account;

Many students tend to spend too much on wants or needs and forget about savings. Therefore, finding stability within your means will help you have a stable financial future while also fulfilling your wants. For example, if you’re a fan of anime and want the latest merch on the Funko brands A-Z collection, put aside 30% of your income, regardless of how little it is, and you’ll be able to get it without ignoring utilities or savings. 

Track your expenses 

While the 50/30/20 rule is the ideal technique for saving up and being financially responsible, expenses vary from month to month. Moreover, it’s not always easy to reach this goal, so your debit card might slip a bit when you truly want something and are able to compromise on needs or savings. 

That’s why tracking your expenses every month is the best way to learn more about your spending habits. If you tend to spend more at parties or take money out of your savings account, it might be time for a change. However, there are also instances in which you might have to change the rule from the abode and adjust the income to the wants and savings according to possibilities. Another helpful tip is to automate some of the needs, such as utilities and savings, for easier spending tracking. 

Use technology to your advantage

The best thing about social media is that it targets students for various discounts and free stuff. Many companies offer special product prices for students, from food to books, so you only have to work along their algorithm and allow these marketing posts to find you. 

Some companies create competitions for students to draw brand-related art or create similar content, offering rewards like special coupons or free products. There are also student events where participation provides access to various school supplies, snacks, or even clothing products. These social affairs also offer network benefits and allow students to leave their comfort zone. So, make yourself known and seek out opportunities online. 

Manage spending impulses 

Unfortunately, modern days have brought about the age of consumerism, in which we feel the need to buy and consume as much as possible. Impulse buying is a thing now, and everyone, not only students, is affected by this phenomenon.

Buying something, whether it’s comfort food or another clothing piece, is usually tied to emotions. When we feel sad, we might want to munch on a specific meal, or when we have a small accomplishment, we want to celebrate it with something new. However, these emotions are temporary, so we find ourselves with yet another uncontrollable purchase. Understanding how these emotions affect budgeting is essential to manage them better. It’s ideal for sticking to a shopping list in regard to needs and limiting wants when external factors trigger them. 

How well do you manage your money as a student? 

Being a student can be tough from many perspectives, but being on your own financially is surely a challenge. As your parents expect you to manage your own money and scholarships are tight, you’ll need to try several strategies to control your needs and wants and put something aside in savings. Moreover, it would be a good idea to seek out part-time jobs and continually improve your skills.