Most times, it is not that the money we are given is not
enough but lack of financial management poses the
greatest challenge, here is an outline of 5 major ways
to manage your finance as a PAAU student.
1. Have a Monthly
Budget
This is very important in
managing your finances. If
you set yourself an
allocated amount to spend
each month, then you will
be able to track how much
you are spending per year.
This will help you to plan
how much money you need
to live and will enable you
to find out if you can keep
to this monthly budget. The
best part is that if you
under spend per month than your fixed budget allows
you to, then you will be saving money for you to use
elsewhere!
2. Keep Emergency money
Having Emergency money is a highly rated tip which
we recommend. It’s always good to have emergency
cash which is not part of your budget. This way, if you
ever have any issues or emergency situations, then
you have that allocated amount to help you through
your situation. On the other hand, you would be
saving this allocated amount if you don’t spend it!
3. Have a Student Bank Account
Student bank accounts are a great way of managing
your student finances. Your overdraft is there to help
you manage how much extra money you may need in
an emergency situation. The actual account is great to
see how much you are spending as you can go into
your bank to get a statement of how much you have
spent. From this statement, you can see if you are
spending too much money.
4. Write Down Your Costs
Writing down your costs is a great way of tracking your
finances. Simply writing down how much you have
spent will enable you to work out if you are spending
too much money.
5. Review Your Bank Statements
Reviewing your bank statements every week will
enable you to work out how much you are spending
per month. This then allows you to decide on whether
you want to increase your spending or whether you
want to decrease your spending. Either way, this will
help you manage your finances properly.
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