The 4 Essential Financial Skills That Every Student Learns

Posted on May 8 2017 - 8:36am by Editorial Staff

The student lifestyle is a world of freedom – finally living without the parents and being allowed to eat whatever you want whenever you feel like it – and grownup themes that prepare you for the adult life. Indeed, as a student, you are facing numerous themes that will be a full part of your future life, from your professional interests to maintaining your independent lifestyle. However, there is a special kind of skills that you acquire during your student years, and that will be useful for the rest of life afterward: you develop a keen understanding of financial matters. Never before going to university did it matter how much your breakfast cereals cost or how often you choose to take the bus in a month. But when you embrace the almost independent lifestyle of a student, you also begin to understand the monetary value of everything around you. Below are four of the key financial skills developed by students.

#1. You Don’t Need To Break The Bank To Chill Out

For a start, students rapidly understand the importance of chilling out and relaxing – who doesn’t need to take a break during an exam time? – at a low cost. Whether you choose to go out with friends or to visit the region, students rapidly develop ways of having fun without breaking the bank. From planning a movie night at home with your favourite DVDs – and a fair amount of homemade popcorn – to joining the local pub for a quiz night, entertainment doesn’t have to make a hole into your budget.

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#2. Managing Your Budget Is Key

However, before considering a fun night out or in, it’s about setting the budget that is available for your fun day. Indeed, the life of a student is paved with expenses, from food to books, that you might not have considered beforehand. Therefore, the best way to stay ahead of your budget is to dress a list of your necessary expenses. Indeed, 40% of first-year students admit that managing money is a tricky experience at first, and while it is natural to find it difficult at the beginning – after all, you’ve never done that before – it is an essential skill to develop. 15% of students are struggling financially before they can’t budget their expenses properly. Even more adults struggle with budgeting. But it’s an important skill for the rest of your life.

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#3. You Discover Loans Management

It is natural that, as a student, you will need to take your first loan, whether it is to pay for your vehicle, for your studies or simply for your everyday life. It is not uncommon that, your first year of studies, you find yourself with several loans, each for a different element in your life. Consequently, it’s natural to ask yourself the following question: should i consolidate my student loans to manage them better? The answer is not as straightforward as it seems, as it will depend on your financial situation. It’s a solution that is suitable to multiple borrowers who are struggling to repay.

#4. Saving Is Your Favourite Sport

Finally, students have an eye for discounts and offers. Saving is the national sport for all student,. You can save a lot of money by skipping the uni accommodation for a rental option for example. Remember, students don’t pay the council tax, so that’s a huge saving at the end of the year! Keep your eyes open for discounts in later life.

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Editorial Staff at I2Mag is a team of subject experts.