5 Student Lifestyle Hacks for Effective Personal Finance Management

Financials are the root cause to every problem that triggers other unhealthy events in a student’s life. Being a student, you need to turn yourself into a penny-pincher in order to survive through your academic career. That simply doesn’t mean you need to go on a no-spending-spree; learning an effective management of financial outflows is vital for a university-going student. It’s of mere importance that you keep a track of your books, food, bills, rent and other costs associated to your academics. After all, you may have a birthday party to bash during your vacations or a trip to host. For those little moments of chunks, you need to manage your financials accordingly so that you don’t run yourself into student debt, as is the case with many other university students, research suggests.

How to create an effective personal finance management as a student

This handy article lists out 5 of the most effective student life hacks for managing financial outflows. A wiser spending today would save you from a thousand regrets tomorrow. Keep on reading so as to see which life hack you can apply during your academics:

Effective personal finance management for students

#1: Make Use of Loyalty Program Cards

Loyalty card used as a key component for personal finance management for students

Ever heard of loyalty programs? These are an additional perk to regular customers. Your nearby restaurants, cafes, retailers, and saloons may be offering these. Look out for them. Synchronizing your budget with all those reward systems into one loyalty card holding your credits and membership details is one easy thing you can do. Make sure to run a fine glimpse over at your stored-value cards to determine if you can use them at retail stores. In that case, we recommend using Wallaby’s. This app would come in handy by telling you which of your credit cards would fetch you the highest reward points.

#2: Consider Using Rewards Card

Rewards cards as used for student personal finance management

College going students or university students who are frugal-minded would definitely think twice before spending even a single buck. Together with keeping a stricter eye on what you’re spending on, also consider the payment method you’re using. Paying through a credit card could help you generate sufficient reward points to utilize for transitions and other types of spending. You may also be able to take full advantage cash-back offers if you get yourself a reward card.

Also See: 10 Personal Finance Lessons Mandatory for School Curriculum

#3: Know Your Rights – You May Be Eligible for Discounts

Personal finance management for students

Using student ID cards during travelling or shopping at the retail stores is the smartest idea you can take advantage of. You’d be shocked to see how many retail stores and outlets give discounts upon furnishing student ID cards. Nearby theatres, cafes, and gaming zones may have some discounts for you. So, you can’t really miss out on this. You need to be aware of your student rights. You may be entitled for a heap of discounts. Now whenever you go out, don’t forget to keep your student ID card along!

Personal Finance management for students

#4: Rent Your Textbooks Instead of Purchasing Them

Personal finance management for students
Textbook Rental on Amazon

If you’re not really into keeping your textbooks for a longer period of time (let’s say a year), consider taking them on rent. This way, you’d be paying very less. Amazon’s textbook rental is the finest option available in this concern. You’d be glad to know that a number of printing/publishing companies also offer free shipping upon returning the rented books!

#5: Install Budgeting Apps to your SmartPhone

Personal Finance Management for studentsWhen there are budgeting apps readily available to you, then why bother doing it on your own on a piece of paper? In that view, the FREE MINT App would come in pretty handy when you’re having tough times managing your daily or weekly budget. We also recommend using ATM locating apps to fetch the points where you are charged a very small fee or NO FEE at all.

So, fellow readers, what recommendations do you have in mind? Please consider sharing with us!

You can also read: How to have a smarter spending plan

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Author: John Mulindi

John is very passionate about Digital marketing. He blogs on topics ranging from Social Media marketing, Search Engine optimization, Internet Marketing, Email Marketing, to Personal Development. In free time he likes watching Football, Reading, Listening to music and taking Nature walks.

9 thoughts on “5 Student Lifestyle Hacks for Effective Personal Finance Management”

  1. The biggest decision college students have to make that determines their debt load is the school. Unless you or your parents can afford the tuition ouf-of-pocket, skip the private college (unless they offer a generous scholarship). While there are a few private colleges whose reputations are worth money after graduation, most aren’t. They may give you nicer dorms, a religious atmospher or smaller classes but when job hunting time comes that degree from most private colleges isn’t worth more than the one from State U, and it costs a whole lot more.

  2. Student discounts can be pretty awesome – from little local discounts to bigger things like Apple product sales, it can make a big difference!

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