Becoming a student is undoubtedly an exciting and rewarding experience for most, but it does come without its trials and tribulations either. Perhaps one of the most difficult aspects of life for students to handle (at first) is finance, as many have never had to do any serious financial management until they moved away from home. Luckily, there is now plenty of technology which can help students to take control of their monthly expenditure and finances in general, so here are some suggestions.
One of the key areas of financial management which many students overlook until it’s too late is budgeting. Creating a budget not only helps students to create a spending limit (usually weekly or monthly), but also teaches them to monitor their expenditure at all times.
Budgeting apps, like Mint, help to make the process of budgeting much easier/smoother. Mint, for instance, links to the user’s bank account, and sends them updates on their expenditure as well as allowing them to make as many budgets as they like for different categories. As such, it could save an incredibly significant amount of money in the long run, and help students avoid financial trouble.
Whilst it may seem a strange example, Google (or any other search engine for that matter) is certainly a student’s best friend when it comes to saving money. Just a quick search can help them to find anything from the cheapest shops in the area, to the most student-friendly loan providers.
As such, it is well worth using Google to plan ahead for the likes of shopping trips and nights out, as it could really help students to avoid paying more than they should for any given item or service.
There are no two ways about it; online banking has made banking far more accessible and simpler than ever before. Students can log on to their account from either a computer or smartphone and check their balance and recent transactions. This makes it much easier to track expenditure.
They may also be able use online banking to set spending limits on their credit/debit cards, which will also help to prevent overspending.
Technology has advanced rapidly in recent years, and has made financial management much easier. Students would do well to use any technology they can to help them avoid financial disaster and help them to spend only what they need to.