Why Students Must Get Into the Habit of Saving Money

Wad of Cash
photo by Refracted Moments

This guest post is by Adrienne Carlson who regularly writes on the topic of accelerated online degree.

Being a university student is not all fun and games as portrayed on television and in the movies Ė yes, you do get to enjoy the occasional party, but studying takes up most of your time (if you have really gone to college hoping to get good grades and secure a career based on your degree, that is). And if youíre not born with a silver spoon in your mouth, youíre going to be leading a hand to mouth existence, what with the loan you may have taken out to cover your tuition fees or the money and effort your parents have put into getting you to uni. Money is often hard to come by, and this is probably why most students work at a part-time job and get involved in other initiatives that help them save a few pounds here and there, but there are reasons to get into the habit of saving money beyond having enough to spend when youíre in uni, and they are:

  • It becomes a habit for life: When you learn how to save money and be thrifty when in university, you learn how to do so for life. Even when youíre well settled and have a job that pays well, youíre not likely to go overboard. You know the value of putting aside some money for a rainy day because of your experiences in uni. And when the going becomes tough in case of an unexpected crisis or if youíre suddenly out of a job, you know you can manage because youíve been wise enough to put aside some money for a rainy day.

  • You learn how to manage money better: More than just saving money, you learn how to manage your money more wisely. Any extra money you make or anything that remains after your expenses have been taken care of, you know you must invest it wisely so that your money makes more money for you instead of just idly sitting in your bank balance. Youíre also mature enough to stay away from high risk investments and stick to those that offer reasonable, but stable, returns.
  • You become good at reducing unnecessary expenses: Youíve learned how to stay away from your credit cards in uni and to use them just for emergencies and other necessary expenses. You tend to follow this conservative thought process throughout your life, especially when youíve seen the mess that people can get themselves into by using their credit cards unwisely. You also learn how to live within your means, never borrowing to buy something you donít really need in the first place.
  •  You know you need to repay your student loan: If youíve gone through university on a student loan, you know you must pay the amount back. This makes you naturally prudent with your money and you tend to budget your salary and allocate expenses accordingly. Itís hard enough leaving uni without a job lined up, and when you have a loan that will eat into your pay packet, you become cautious and careful with money.

This guest article was written by Adrienne Carlson, who regularly writes on the topic of accelerated online degree . Adrienne welcomes your comments and questions at her email address: adrienne.carlson83@yahoo.com

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