Cash, moolah, the big bucks – money goes by a lot of names. But when you’re in university, the main problem with money is that there isn’t enough of it around.
We’ve been there. So, we got our resident financial experts from the Faculty of Business and Management to share some pointers on how students like you can manage money better. Here’s what they told us:
Determine your Current Financial Situation
Before you start making changes, you need to know where you are. Sit down and evaluate your current financial condition based on your income, savings, living expenses and debts.
Here’s the thing: checking your finances is something almost everyone wants to avoid. It can be scary to look at the raw numbers. But it will give you a better understanding of your current situation, and it will set a foundation for your financial plans.
Identify your Financial Goals
Once you’ve established where you are, develop short-term, intermediate and long term goals. How much do you want to save? What do you need to buy or spend? This will help you differentiate your needs from your wants.
But before you put your plan into action, give yourself some love! Not many people take the time to create a financial plan so congratulations, you’re already ahead of the curve!
Okay, back to the tips.
Learn to Cook (It’s Not That Hard)
Learning to cook has never been easier. The internet is full of amazingly delicious and easy recipes that can be made by even the most clueless beginner.
Cooking at home will slash your food expenditure and trim your waistline as well, because it’s healthier.
And when you do eat out, look for meals that give you great value for money. A great example is QIU’s very own Lunch box project, offering nutritious meals for super-affordable prices!
Shop Smart
Firstly, buy in bulk. You spend less because you don’t have to keep making trips to the shops. Compare prices between different outlets and you’ll be surprised how much savings you can make.
Obviously, avoid buying branded goods. Generic items will save you a lot, and most of the time, they taste just as good.
Leftovers are Life
Once you’ve figured out how to cook, it actually helps if you make a large meal that you can spread out for the whole week. Monday’s roasted chicken can be Tuesday’s chicken sandwich or chicken salad.
If you do eat out, don’t feel bad about taking home your leftovers. If your friends judge you for being financially responsible, get new friends (we’re joking).
Cut out Unhealthy Habits
News flash: In addition to being bad for you, smoking and drinking are also bad for your bank account. Just cut them out.
You can also reduce those late-night fast food/nasi kandar cravings by snacking on fruits and nuts throughout the day – a much healthier and cheaper option.
Go Out While Spending Less
We get it – going out is a part of university life. But there are cheaper ways to do that as well. Take advantage of campus activities instead of expensive outings. QIU’s clubs and societies (as well as the Student Affairs Department) always have something going on.
Before the MCO, we had movie nights, student trips, cultural events, competitions….the list goes on and on. And even during the MCO, STAD organised a virtual international concert and launched weekly online coffee chats.
Also, check social media and the local papers for free or cheap events that are going on in your city. The Ipoh Echo is a great place to start!
Random Tips
We’ll be honest, we just didn’t know where to categorise these tips, but we included them because they were too good to leave out.
Use budgeting apps. Here’s a good list of mostly free apps.
On your birthday/other special days, ask for practical gifts that you can use. Who needs cologne if you could get a rice cooker? (again, joking but you get the point)
Drink water. It’s cheap and good for you. Also, bring an environmentally-friendly water bottle. Buying two RM 1 plastic mineral water bottles a day adds up to RM 730 per year.
Don’t fail classes. Not much explanation needed here.
