While it may not seem important right now, these budgeting secrets for students will help you manage your money, reduce stress and prepare for a successful future.
Let’s look at six money tips specifically tailored for students, which will help you navigate through your financial journey with confidence and ease.
To understand how much money you'll need, it's worth breaking down your costs into monthly and semester periods to better manage your finances. This will give you a clear understanding of your financial obligations and enable you to create a realistic budget.
Start by listing your fixed expenses, such as tuition fees, textbooks and rent. Then, factor in variable costs like groceries, transportation and entertainment. If you own a vehicle, remember to include expenses like petrol, insurance and maintenance.
By clearly understanding your financial commitments, you can make informed decisions about your spending and saving habits. This breakdown will also help you anticipate significant upcoming expenses, such as semester fees or project-related costs, so that you can plan accordingly.
To keep your finances organised and under control, it's important to separate your money and set spending limits by creating different budgets (or buckets) for various categories. You can create a separate account for rent, utilities and groceries. This separation helps you track your spending and use your funds wisely.
It’s also worth creating a budget for social activities and entertainment to balance your enjoyment of student life with responsible spending. By setting limits and being aware of your expenses, you can prioritise your financial goals without feeling like you're missing out.
Top tip: This is where RentPay, a simple-to-use digital wallet that allows you to pay rent your way, can be handy. With RentPay, you can conveniently automate your rent payments, allowing you to focus on your studies without worrying about missed payments.
It's important to choose a payment method that can maximise value and contribute towards your goals—or you may choose a payment option which is most convenient for you.
With the RentPay app, you also get to pay rent your way. There are a wide range of payment methods offered, including direct debit, PayID, PayPal, BPay, debit and credit cards.
For international students and residents living and studying in Australia, RentPay offers safe and secure international payments options (an Australian first!) which gives you the ability to pay your rent using Alipay, WeChat Pay and UnionPay.
Top tip: If travelling and holidays are your thing, you'll want to put everything on your credit card to hack frequent flyer points.
There will always be times where you're a bit stuck for cash. You might not be getting enough hours at work, you've cracked a tooth and need dental work or you forgot about a birthday for which you'll now need to buy a last-minute gift. We've all experienced these temporary moments of panic!
To avoid asking your parents for money or borrowing from friends, it's important that you have a savings buffer or money in an emergency fund in place for these rainy days.
RentPay includes a feature where you can build a buffer. By automating your payments (and savings) through the app, you can gradually accumulate funds for unexpected expenses or future financial goals. RentPay ensures that your savings are kept separate from your everyday spending, helping you to establish a solid financial safety net.
While taking care of your finances is important, your personal wellbeing is equally essential. Everyone has different financial situations, so don't compare yourself to others. Instead, be kind to yourself and focus on what's best for you and your specific circumstances.
Avoid unnecessary spending or lifestyle choices just because others are doing so. Make financial decisions that align with your goals and values to ensure a sustainable and healthy financial future.
However, trying to live on an extremely tight budget or cutting out everything that you enjoy in life also isn't healthy. Ensure you strike a balance between being financially responsible and treating yourself occasionally.
Practising self-compassion, maintaining a positive mindset and applying self-discipline when needed will help you handle financial challenges and make sound decisions.
Top tip: Your wellbeing doesn’t have to come with a big price tag. There are ways to invest in yourself without spending a cent!
As a student, starting a solid financial foundation early on can give you a handy head start. By starting early and developing good financial habits, you can take advantage of the power of compound interest and set yourself up for long-term financial success.
Seek opportunities to help you grow your money and make it work for you. One way to do this is by opening a savings account and setting aside a portion of your income or allowances regularly. You could also put money into a term deposit or high-interest account to set and forget while accruing interest on your savings.
You might consider taking on a casual job or side hustle to boost your savings. Some people are very entrepreneurial and turn their hobbies and passions into money-making ventures. There are many opportunities you could explore if you're motivated enough!
In any case, financial literacy is an important life skill to have, so make sure you keep learning and upskilling on being savvier with money and investing whenever you can.
Top tip: Why not check out our go-to list of personal finance books to boost your financial literacy?
As a student, learning how to manage your finances is important. This skill will benefit you beyond your academic years. Remember that it's a journey (not a sprint!), and mistakes are inevitable, but you can learn from them and adjust along the way.
By following these money tips and using helpful renter-friendly tools like RentPay, you can establish a solid foundation for your future.
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> Six finance tips every renter needs to know
> Cross-border payments now in a few quick clicks
> How to ace your RentPay game
