The years you spend gaining a higher education are often riddled with financial struggle. Students face a regular struggle just to make ends meet. Just because you’re hitting the books, however, it doesn’t mean that putting away some money is entirely impossible. Here are four things to know that can help you teach your students about their finances.
1. You Can Live Plenty While Buying Little
Image via Flickr by krasi
As a student, you have resources available to you that make it possible for you to leave some items off your shopping list. Schools often host events that include free food. Take advantage of them. Before you buy your books at the college bookstore, see what other options are available to you.
Can you get some books from upperclassmen who no longer need them? Are there deals online? For that matter, is the book available for free in the public domain?
Keep your eyes open for freebies of any sort. Potential steals can come from a number of sources. You might get a gift from relatives, find a great item for free online, or score something great at an event at your school. You might be surprised at just how little you really need to spend money on.
2. Other People Are Willing to Help
Society idealizes education. Other people who know you’re a student will often go beyond just encouraging you in your pursuit of higher education. They will also help you with your finances — many businesses, for example, offer discounters to students. And your guidance counselor at school will be happy to tell you about scholarships and other programs designed to help you cope with the cost of education.
Don’t underestimate the help that comes from relatives. You won’t need to beg for cash or complain constantly about how you cannot afford anything. At the same time, inform your family members of your needs. If you do that in a tactful and dignified manner, when your family exchanges gifts on special occasions, your relatives will have a good idea of what they can give you that will be really useful to you.
3. You Can Save for Your Future Even Now
You might feel like it’s impossible for you to think about saving for your future when you are barely surviving now. Don’t disregard the power of putting away a little money when you can.
All of the little amounts add up over time, even if you are just putting your spare change into a coffee can. If you’re looking for help, do your research and check out resources like the CrunchBase profile on Fisher investments, for example, to get some valuable guidance.
4. Living on a Budget is a Skill You Can Develop
Remember that class in high school that taught you how to make a budget? Well, if you have not already put that skill to use, now is the time. Set a goal for saving. Of course, while you are in school, your primary goal is to do well in your studies, so do not sweat it if the amount you can set aside every month is meager. The habits of living by a budget and saving money are ones that will serve you well for the rest of your life.
Taking charge of your finances does not mean living an austere, boring life. It means making wise decisions about spending and saving, decisions that will impact your future. Teach these lessons to your students early on and they will be able to make better financial decisions later in life.