Some students spend their summer between the beach and the mountains, enjoying whatever Lebanon has to offer during the hottest period of the year before they go back to the stress of university. Others jump from internship to internship, take summer classes, or join volunteer programs. However, what all students have in common is the bittersweet feeling of going back to school after a long period off.
As any university student knows, university life is not easy. Besides the fact that students have to keep up with their studies and maintain a social life, they also have a lot of expenses to worry about. From books, to stationery, to food, university students know the struggle of saving money very well. As everything around them keeps getting more expensive, they have to adapt their spending habits in order to have a few extra Liras at the end of the month. So, this is a list of tips for students on how to spend and save money efficiently:
1. Calculate your monthly income and set up a budget.
At this point in your life, your monthly income mostly comes from your parents. And often times, your income may not be enough to meet all your expenses, which is why you need to set up a budget based on how much you get. At the beginning of every month, set up a budget plan based on your monthly income, and allocate different sums of money for specific items you will need.
2. Know when to use credit cards or cash.
As mentioned above, keeping tabs on your income and expenses is key. This is more easily done with a debit card which will allow you to track your spending and will give you an added layer of security and practicality, as opposed to cash payments. On the other hand, a credit card offers more flexibility than a debit card (it is like getting a mini-loan). It also provides a better protection against fraud. However, you need to keep a clear track when spending with your credit card.
3. Take a student loan, if needed.
Many students go for student loans to help take a load off their parents. Taking students loans enables you to pay your tuition later after you’ve graduated and entered the workforce. It is a very practical method of paying off your tuition. Click here
to benefit from BSL BANK’s student loans.
4.Open a saving account.
There are many benefits to opening a saving account. It allows you to keep track of your savings, so you will always know when you should cut down on spending. You will also earn interests which will help you make more money on your savings. The account will help you spend your money economically and keep up with the money you have kept aside. Click here
to benefit from BSL BANK’s time saving account.
5. Apply for scholarships.
A lot of students who have shown academic excellence tend to apply for scholarship programs to cover their university tuitions. If you don’t know where to start, just go online and search for the different scholarships provided at your university and apply before the deadline. Scholarships offer great opportunities for students to be either partially or completely exempted from paying tuition fees. This is a real money saver.
6. Find a part-time job.
It is no secret that university students have little time to spare. Between classes and studying, students often use the little free time they have to just take a breath. However, if you manage your time well, you can be able to take on a part-time job and earn your own money. This relieves your parents of the many expenses related to your education and can help you save money for future academic and career endeavors.
Let’s start now!