Secrets to save once you're at university
It is important to follow a strict monthly budget and keep track of your finances.
Keep in mind that the key to financial success is being aware of how you're spending your money
Studying abroad is not exactly pocket-friendly. It is important, that as a student you learn to save from day one. Here are some tips that will help you save in the long run.
Make a budget and try and stick to it
Whether you have applied for a student loan, have a part-time job or your parents are able to finance your education, learning how to budget properly is something that will help you in the long run. Just follow these simple steps:
Step 1: Know how much money you will be receiving, whatever the frequency may be, calculate how much it would be on a monthly basis.
Step 2: Always keep a portion aside as savings - this is your 'emergency cushion' or 'rainy day fund'. Make sure you keep this amount aside on a regular basis, you will thank me later.
Step 3: Take into account every type of expense, no matter how insignificant the amount may seem. Once you calculate the total, you will realise how much you are actually spending during the month.
Step 4: Once you subtract your total expenses from your income, divide it by the number of weeks you're at university so that you know the maximum amount you can spend each month. Make sure you review your monthly spending regularly.
This way you will know where exactly your money is going and can decide whether or not it is worth spending on. Remember, these wise words by Charles A. Jaffe, "It's not your salary that makes you rich, it's your spending habits."
Register now to meet with various University representatives and guidance counsellors at the KT UniExpo Dubai. You can do that via the link: https://www.ktuniexpo.com/Visit/register_now