College students, whether they attend an architecture university in Manila or a state university in another province, are sure to have problems managing their money. They’re not the only ones having trouble, but also their parents, especially with the rising tuition prices, cost of living in dormitories or flats near the school, or even the ridiculously low wage after graduation.
It’s better for students to have a sense of responsibility so that they can work on their budgets and figure out their spending habits to see where they can cut their spending and save money. This can lead to them adopting all of these money management habits well into their adulthood.
Here are some things teachers can do to help students to manage their money well.
Spending diary
It might sound too much like primary school, but this is how students can figure out how much they’re spending on what each month. Here, they will see how much money they put into the things they need and the things they want. Knowing how much you spend on these two is important in managing money.
To do this, students should list down what they spend on everyday, and see how much they spend in a month. The things that include in this (if applicable to their monthly allowance) is the rent and utilities of the dorm or place they’re renting, groceries, and entertainment. Next is that they need to divide their expenditures into two, necessity and luxury. Necessities are like paying their rent or the water bill, and luxuries are going out to watch a movie once a week and eating out. Students can save money by renting an old movie they haven’t seen yet and buying groceries instead of eating out.
Budget
Creating a budget can help students stay within their spending range. It’s would be a great activity for students for find the best prices for the things they spend on, such as their groceries, or rent. If students rent a place within campus and there are better rates outside of campus, it’s better to move there and share the rent with others. This way, they can split the rent and they have more money to set aside for something else. If they want a little extra income, they can ask the school for anything they can do, or look around the neighborhood and see if there are any companies hiring any part timers. Or, they can also tutor anyone who needs it and it depends on them on how they charger their tutors, with money or with groceries. Either way, they get extra money to spend, or they can save money on groceries!
Look for those offers
If students see anything that has a discount for students, take it. Take it all! A student is always broke, so taking advantage of all those student offers is nothing to be ashamed of. Doesn’t matter if it’s food, a movie, or events.
This might be a small step, but it’s going to help students manage their money better as adults, and if ever they have children of their own, they can teach their children as early as they want the concept of money and how to manage it.
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