The 10 most important Financial Tips for Students

student in sweden

One of the essential factors in getting a degree is financial stability. Students must be able and understand how to manage their finances so as not to get into debts. Sometimes students also have to rack their brains in terms of money management.

Before knowing some financial tips for students, there is a saying from Benjamin Franklin, “Beware of little expenses. A small leak will sink great ship.” That’s the same as managing finances. Often, someone ignores small expenses that should still be taken care of.

The following financial tips that you can apply as a student:

1. Measurable Student Loan Planning

student finance tips

Starting from the academic year 2020/2021, students studying at colleges and universities in England that have registered with the new regulator for Higher Education — Office for Students, is annually charged around £ 9,250. Also, students living in England starting full-time undergraduate accelerated degree courses in England in the 2020/2021 academic year can be charged up to £ 11,100 in tuition fees. If you live in Scotland, Northern Ireland, and Wales, different maximum annual fee limits may apply.

So to help finance their education, many students apply for a tuition fee loan to cover the full cost to get their degree. But the thing that needs to be considered before applying for a tuition fee loan is planning. It would be best if you had a clear plan regarding the management of these loans, and the most important thing is how you will repay your student loan.

2. Identify the Difference Between Needs and Wants

many counting money

The obstacle most often experienced by students in managing finances is the lack of being able to distinguish between needs and wants. Sometimes many are easily tempted by prioritizing momentary desires rather than using them for their primary needs.

Well, this must be avoided. Try to prioritize spending on the essential basic needs. When you may be confused about whether a certain things are needs or wants, think again about whether you really need it or just a temporary desire. Here are some simple ones;

ClothesFancy suit
Shelter5 bedroom house
ShoesLeather shoes
MedicineSwimming pool
FoodTakaway meal
EducationPHD degree
A bedFriends
A blanketA 50″ LCD TV

3. Make a Weekly Budget Plan

This third tip can be done if you already know your needs, the price range of goods and your lifestyle when studying. Budgets can be weekly or monthly (depending on the individual). You can do this after living your daily life at university after you really know your needs and their intensity.

For reference, budget planning can include the cost of housing, food and drink, transportation and contingency budget. Don’t forget to record any expenses and income regularly for monthly evaluation data. So you know how the weekly expense rhythm is.

4. Money Saving

financial tips for students

Successful individuals are people who are able to appreciate what they have, including money. For a student, this can be applied by setting aside a portion of the daily or weekly allowance. There is a well-known saying, “Many a little makes a mickle.” Little by little fills the purse.

These savings can be used as an emergency fund that may be needed at any time. Because as a student, you are obliged to prepare unexpected funds, sudden needs, run out of costs and minimize the possibility of troubling others or even increasing debt.

5. Don’t Get Carried Away With a Luxurious Lifestyle

Most students are people who are still vulnerable to being swept away in their surroundings and socializing friends. We’ve all heard the saying “champagne lifestyle on a lemonade budget” So it is possible that they will follow whatever their friends do to maintain prestige. It is undeniable that this could potentially happen to everyone.

One advice: don’t try to follow what they’re doing. Because the abilities, especially financial of each individual, are different. Be yourself with what you have. There is no need to imitate other people or try to look the same.

6. Plan A Special Budget for Travel, Don’t Use Daily / Weekly Budget

Travelling is one of the student lifestyles today. If you are one of them, then immediately calm down, think clearly and peek inside your wallet.

Postpone the travel plan. Especially if you don’t have special savings for vacations, don’t try to torture your finances with a temporary desire that (maybe) doesn’t really matter. If you want to travel, try to save first, so you don’t interfere with your basic needs budget during your studies.

However, students definitely need vacations as well as relaxations. Therefore, it is necessary to have a clear financial plan. Create a special budget plan for vacations and other entertainment.

7. Be A Chef!

For students who like to cook, saving money on food is certainly not difficult. Shopping for kitchen needs is certainly not as expensive as buying fast food at a restaurant. Moreover, this is more fun because you can eat food as you wish in the portion you want.

Now, for students who cannot process their own food a.k.a cook, it seems like learning to cook can be a solution. No need to be a Gordon Ramsay, you can learn to cook simple foods that you like. Learning can be with anyone, friends or ask parents at home. Try not to relying on ready meals and takeaways.

8. Part-time Work, But Don’t Overdo it

Being busy with studies does not mean that students cannot have income sources. The point is that students at least seek additional income by working part-time. This can be an ideal way to get money.

There are many part-time or freelance jobs you can do without interrupting your studies. Being a part-time freelancer is also the right choice.

But be wise in part-time work. Don’t overdo it. Try not to work more than 15 hours per week so you can stay focused on your studies.

9. Don’t Over-Spend

Discounts at shopping centres are your main enemy in financial management. You might think buying discounted items will reduce your expenses. Yes, it is, but instead of wanting to save money, you can get caught up in the lure of massive discounts.

Buying something is fine, but what must be considered is how much you need the items are.

Shop by making a shopping list of items that you really need. If you find an item that is not on the list, don’t put it in the basket.

When studying, you need a lot of books. To save money, buy second-hand books. This, of course, will be very easy to find in universities, as well as bookstores.

10. Strong and Earnest Commitment

The last tip is cultivating discipline in financial planning goals. Without commitment, all the tips above will be nothing.

Spending money is like water sinking into the sand; it is very easy to disappear if there is no wise strategy.

Managing money properly is a great thing. Especially for students, financial stability is a must.

Do not let a plan that has been arranged in such a way that it is simply destroyed because of only weak commitments.


Those just 10 financial tips for students. Finances that are appropriately managed will have a significant impact on financial sustainability. Be wise in managing finances. There is a good saying from Dave Ramsey, “Financial planning tells where the money will be used, not where the money has been used.”

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