The new academic year has started again. That means going back to school after a well-earned vacation or earning a few weeks. Your student time is the best time of your life, you should enjoy it.
Unfortunately, that enjoyment often costs money and that is exactly what the average student is short of. That’s why this week five financial tips for students. To get through this year without financial cracks.
For me my student days were the school for the wise use of money. As a non-resident student, I had to pay close attention to my expenses in order to have enough money left over at the end of the month for a meal or beer with friends. Keep track of how much is coming in, how much is going out and what you really need.
Try occasionally to set aside some money for unexpected expenses. As a student, it is of course difficult to save. Especially if you live in rooms. But try it anyway, every decade is a bonus.
Take a part-time job
Cliche, but true. Everyone, apart from a few, has to work for his money. CBS calculated that 83% of the students have a part-time job. With this they earn an average of € 440 per month.
A nice amount that gives you a little more financial room. Who knows, you might also find a job that matches your studies. Good for your bank account and resume.
Watch out with red
Standing in red is very tempting. But watch out, because standing in red is unnecessarily expensive. It is really just a loan but at a very high interest rate. You usually pay between 11% and 14% interest.
Waste of your money! In addition, students in a red position experience more financial problems. Ubod’s 2015 student survey shows that 17% of all students have financial problems. But among students who are red, it is 54%. So don’t start!
Beware with credit card debts
You can request a student credit card through some banks. Handy for online purchases, but it also has a downside. After all, it will be very easy to buy something while you don’t have the money right now.
As long as you pay off your credit card debt on time, there is no problem. But if you are late, you pay interest rates of up to 14%, just like in the red. So don’t be tempted and avoid a credit card debt.