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Building Financial Relationships as a Student

Managing personal finances and maintaining a healthy relationship with money can be a daunting task for students, especially as they enter a new era of adulthood. With the immense amount of expenses that come with this new stage of life, such as accommodation, books, and everyday expenses, it can be hard to keep control of your finances and develop a budget that works for you, but there are several steps that can be taken to change that.




The common trend among most university students is spending money easily, as they just started their independent financial experience. Overspending can have roots in impulsive, emotional spending, lack of financial education, and poor financial management. Additionally, some people treat shopping as a coping mechanism to deal with negative emotions such as stress, loneliness, anxiety, and overwhelm, which are all common feelings during life as a student. To avoid these issues and develop a positive relationship with money, students should set clear financial goals by understanding their financial situation, and assessing and understanding spending habits, which will help to see areas where changes can be made. Furthermore, they should also create a budget and stick to it, track their spending, and save for the future. By doing so, they can learn to manage their finances responsibly and make informed decisions about their money.


Full freedom can tempt you to spend money without critical thinking and consideration of consequences, which can lead to financial instability and debt. With limited resources available, students often find themselves with near to zero savings at the end of each month.

This can lead to an increase in financial stress, anxiety, and even depression, which can have a detrimental effect on mental health, which is a hugely important issue for all students.

To prevent these negative and destructive emotions regarding money, it is essential to develop healthy financial habits. Additionally, positive daily habits can be implemented to manage any emotion. Examples of such activities include meditation, physical exercise, spending time in nature, and socializing with friends. These activities can help to reduce stress and anxiety and improve overall mental well-being. However, it is important to seek help if the above issues emerged, such as the support of a friend, family, financial advisor or university staff.


On the other hand, developing and maintaining a positive relationship with money can have a huge impact on good mental health and well-being. Taking control of your budget can help to boost your feeling of confidence and being in control, which also improves self-esteem and reduces anxiety. It is essential to develop a good mindset and stay consistent with your financial goals.


How do you save money?


A lot can be done to keep positive money relationships and save money as a student. First, it is essential to understand financial management and create an effective budget that will help you manage your money, stay on track and build a positive relationship with it. Remember to include all essential and additional expenses in your budget. There are many resources available to help you learn how to budget and manage your finances, such as online courses, books, and even financial advisors. With the right tools and knowledge, you can learn how to manage your money and create an efficient budget. Second, you should be aware of the resources available to you, such as scholarships, grants, and other forms of financial aid.


You can also create a saving account and set up an automatic transfer of 5-10% (this number is only an example) of your income each month. This will help you to develop a saving habit and provide a financial cushion in case of any unexpected expenses. Additionally, it can help to reduce your stress levels, as you will have the peace of mind that you have a savings account to fall back on.


Moreover, it is recommended to find cost-effective alternatives for various purchases. If you can, try buying products with lower cost, this does not always mean lower quality, so don't worry. You can also look for discounts and coupons to get the best deals on products. Shopping around and comparing prices can also help you find the best deals. Buying ingredients and making your meal instead of going out is also a great way to save money. Finally, try to limit impulse purchases and stick to your budget. You can use different available mobile phone apps that will help you with that, such as ‘Fortune City – Expense Tracker’, which is easy and fun to use as you build a new building with tracking your expenses.


In conclusion, it is possible to save money when you are a student with a little more work and the appropriate strategies. Over time, it will become easier to navigate finances and be more aware of spending. Any student will be better prepared for a financially successful future if they practice being careful of their spending habits during their university years.

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