Home » Headline, Personal Finance

WHY STUDENTS CAN TEACH US ALL A VALUABLE MONEY LESSON

19 October 2015 No Comment

canstockphoto8601079-0Before I finally decided to start and write my essay, I was computing my finances for the previous week when this idea hit me. In a modern setting, the life of a student inside the university comes with different costs not only metaphorically but also monetary as well. Inside the university, a student has a responsibility to pay his or her tuition fees and other miscellaneous objects. In spite of this, a student also has to balance his social life together with academics. In this regard, students are more likely to learn the needed financial skills on his/her own.  

What are the factors that students have to think about with their budget?

With necessity comes transformation, and inside the university environment, there are many circumstances wherein you have to choose your priority and base it from there before going and spending money on other things. The main thing that a student needs to pay is his/her sustainability within the university. This may include housing rent, and food. Other things that have priority would be the educational and academic resources that one has to have in order to gain knowledge inside classes. This category would include books, school supplies, and fees in order to access labs and other resource centers.

One other major factor is a student’s social life. With social life comes social gathering. Whether you meet and eat out with your group mates from your science class, or pay your dues to the organizations you’ve joined, to a night at the bar with your buddies, you have to spend money. However, living on limited loan and/or grant payments, a student is forced to balance his budget on booze and books, and learn the proper ways of partitioning his or her money for the things that he or she desires. It is almost always a matter of needs first before wants.

How do students strategize their budget?

After looking at the financial challenges of life in the university, what exactly do students from where we can learn from? Well, first of all, university students do not live a university life alone. There is a big chance that a student lives with his roommates or dorm mates. This relationship with other students has taught them that in order to have a successful budget; they need to split bills, food money, booze money, and pot money for educational resources. Another advantage for students is that they are technologically “in”.  Being that, they are aware of the technology in the form of apps and software that are capable of helping them with their respective budgets. Unlike the elder people from the higher class boundary, research says that students are more likely to utilize such technology for their budgets. Maybe these older people are not aware of the existence of such mobile applications, or it can also be a possibility that these people have enough experience to know where they should put their money.

Learning money lessons from a student

What exactly can we learn from these students? Well, in general, we learn how these modern young people prioritize in this modern setting. We also learn or remember that in order to financially survive in a university setting or any other setting; you may want to split the cost with other people with the same necessities and trips. Also, with their generation, we learn to become adaptive with the technological availability and we can learn to utilize them also. Students are very resourceful, and whether consciously or unconsciously, they know by heart that “If there’s a will, there’s a way!”

Comments are closed.