Learning to manage your money effectively is an important life skill.
When you’re at uni and your budget is tight, this is more the case than ever.
You want to make sure you can pay for all the essentials like rent, food, and utility bills whilst having enough left over to really enjoy student life.
But these aren’t the only benefits of managing your money effectively. Keep reading to find out what else it can do for you and your future.
If you’re in debt or struggling with your money, you’re likely to struggle with stress, anxiety and other mental health issues.
According to the mental health charity, Mind, “Certain situations might trigger feelings of anxiety and panic, like opening envelopes…. Worrying about money can lead to sleep problems.”
You could find yourself lying awake at night, worrying about how to cut your costs, distracted from your studies and struggling to afford the basics that help keep you healthy. If you can’t afford to spend much, you could also feel lonely and isolated when your uni friends go and have fun and you can’t.
Develop your money management skills and you won’t need to deal with this stress whilst being able to accept those exciting social invitations!
When you know where your money is coming from and how much you have, it’s much easier to make plans for the future from big nights out with your mates to holidays, well-deserved treats or even buying the house of your dreams one day.
You can also get your money to work for you, instead of the other way round and start to build a solid financial future that could last a lifetime.
With inflation at a 40-year high of 9.1%, we don’t know what the future will bring. Savvy financial planning will make it easier to ride out the storm and stay financially stable.
Creating a budget requires organisation and focus. You need to gather together information on your income, and then balance it against exactly how much you’re spending and what you’re spending it on.
Meanwhile, you’re likely to take steps to reduce your spending by doing things like food prep, making the most of your student discounts and getting organised when it comes to your utility bills.
These are highly transferable skills that you can apply in all areas of your life, including your career, your home and even your hobbies. Not bad, if you ask us!
Managing your money means you’re not spending frivolously and have more money to spend on what makes you more comfortable and happier. This is especially important during these times of global economic instability.
This means you’ll find it easier to afford those soaring utility bills, eat better quality food, have the best student broadband and live in that apartment that you’ve got your eye on and even treat yourself to a better mobile phone and have nicer clothes.
When you see the power of money management in your own life, this will inspire you to keep on going and start to grow your savings. You’ll stay careful when it comes to your spending, understand how much you need to earn to pay for everything you want and start to build a solid financial future.
As you’ve just seen, managing your money effectively can help you afford to pay for those basics and treats, reduce your stress, help you become a more organised person and start laying the foundations for a healthier financial future.
With the current economic crisis in the UK and the soaring cost of living, this is more important than ever before.