Between hefty student loans, pricey urban housing and fairly modest paychecks, it has become more essential than ever to take control of one’s finances. Get organized with these 5 easy tips Her Campus Helsinki has gathered to help you manage your finances while still studying.
1. Budget is the key
It's as easy as riding a bike: try tracking all of your expenses for one short month. By saving receipts you’ll get a clearer image of your spending, but instead of saving all those wrinkly paper receipts in your bottom drawer, try taking a snap photo of them with your smart phone! This way you can cut off any unnecessary expense by comparing purchases when the calendar turns. Alternatively, download one of the many free money-saving apps, such as 'Budget Saved' 'Daily Budget', 'Wallet' and 'Spending Tracker'.
2. Honesty is the best virtue
It’s better in the long run to be honest about your budget. It’s your money so there's no use lying to yourself about how expensive that price tag was on those new pair of shoes. Remember: you’re making the budget for your own personal benefit to ease your rainy days. A shiny coin saved now is a blessing tomorrow!
3. Get your credit card under control
Let’s face it: our plastic cards tend to get us in a lot of financial trouble. Credit card debts can easily pile up after any night of partying or a day spent at the sales. It’s easy to forget the flow of money when you don’t need to handle hard cash. Try withdrawing cash once in a while to actually make mental notes about your spending habits.
4. Consider living at home
If you still have that empty and spacious room at your relatives near your school, why abandon it at all? We all know living alone or in a shared apartment can be a thrilling part of university life, but it also offers many challenges which are often forgotten while talking about finances. Saving money is a piece of cake if you don’t need to pay steep urban rents or surprise housing bills. After checking out the price of urban housing in the Greater Helsinki today, living at home offers a financial flexibility while studying or paying back student loans.
5. Plan for the future
Your big future needs lots of planning and – of course – savings while you’re still at school. Buying a place of one’s own or travelling around the globe with your friends and loved ones are wonderful, yet pricey dreams for a Collegiette. Therefore try articulating your big goals on a piece of paper to fully realize all the baby steps you need to take. But remember: managing one’s finances can seem like a serious full-time-job that takes up all your time and patience, so sometimes it’s better to simply enjoy life a little. We’ve all been there – every now and then the difference between a ghastly day and a perfect evening can be those rocking pumps on the store shelf, so a little splurge during otherwise good moderation goes a long way when it comes to saving money.