The period between matriculation and convocation is a foundational phase in the life of most youths. It’s easier to make decisions that build you for good in this phase. That’s why we’ve come to throw highlight on the best financial allocations to make, while still a student. They are as follows;
No one plans for cases of emergency, but it shows up. As a student, you should create an account specifically for this purpose. It could be between 2% to 7% of your allowance. You never can tell what comes up the next moment and you could be in dire need of the resource to “get off the hook”. We make our plans, but our plans sometimes do not work accordingly, so we should get ready for emergencies.
2. Life After School
Life after school, for most people, is like another world. Most people don’t seem to get the gist at first until they begin to “dance to the music”. But, then, the experience usually differs depending on the individual’s background and opportunities.
Some persons, upon graduation from college, are left to take care of themselves while some others still have sponsors. Whatever the case may be, it is wise to prepare ahead for life after school. Have a budget for this and be disciplined enough not to use it for any other project aside from its defined purpose. You would be glad you did.
3. Online Courses
There is a limit to which you can’t educate yourself in today’s world. With the availability of online courses in different fields, one can have access to a wealth of knowledge without the limitation of distance. The world has gone digital, and everyone should join the moving train. Have a budget for signing courses in fields you want to master.
It’s a good vibe to learn how to drive even while in college. If you got the opportunity to do that, then utilize it. If you don’t, you can save towards that and get on the go once the opportunity turns up.
A popular adage has it that, “all works and no play makes Jack a dull boy”. Once in a while, one should visit tourist centers and places of excitement. This helps you to meet new people, learn new cultures, and increases your exposure.
Research is one of the most important things a student should save towards. Although depending on your course of study, most courses demand research work at the end of the course load and some of these researches are quite expensive. Even if you work towards getting scholarships for your research work, you can as well save towards it. A proverb says,” you don’t put all your eggs in one basket”.
What’s that device or gadget you have always wanted to own? Maybe a digital camera, because you are a lover of photography. Or a particular smartphone or laptop. Well, you have to be passionate enough to save for it and remind yourself that you will certainly get it someday.
8. Side Business
Running a side business while schooling isn’t a bad idea. Depending on personality traits, some students can contain both their course load and a little side business. You should understand that everyone is unique and so, understand yourself to know if it’s what you can handle while schooling. You could as well save towards starting up one upon graduation or during long vacations.
9. Skill Acquisition
Most things taught in school are not practical in the real world. That doesn’t imply that your schooling is a total waste of time, but it is wise to widen your horizon and think of skills you can acquire and use after school. You could save towards acquiring a skill in line with your passion.
This is important as a student. You should form the habit of saving a part of your allowance. This doesn’t just help you as a student but even afterward.
It is not wise for one to spend all of one’s allowance no matter how little it may be. Learn to save a bit of it as this is a good financial habit.