Four legit ways to manage cash when you're bad with money

July 13, 2016
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Life’s hard enough as a uni student without the added stress of wondering whether or not you’ll being able to afford a round of stubbies at the pub. We all need a little help here and there when it comes to managing our money, some more than others.

So from one spender to another, here are four tips that’ll guarantee you save some cash and actually feel good about it.

Take advantage of sales and freebies

If you have urges to swipe your credit card and hand over that colourful cash, there’s no point in suggesting a ‘break’ and having the additional worries that come with having to deal with those dreaded withdrawal feels.

Becoming more aware of sales and freebies will ensure you don’t go bankrupt and wish you’d never seen a PayPass symbol in your life. With the end of the financial year, there are sales and discounts left, right and centre.

So, instead of buying that ridiculously gorgeous jacket at full price, go grab it at half the price. #Winning.

Set a budget and stick to it

Us uni students (well, at least the vast majority) don’t have large sums of money hanging about. As much as we’d love to live like a Kardashian, that lifestyle isn’t going to happen with our $50 pay cheque.

Try setting some simple ground rules – they’ll go a long way in ensuring your cash doesn’t just disappear. If you make a habit of setting aside a small sum of money per week, not only do you start to save but you also become resourceful and responsible with your money. It’s especially important on those nights out to think about how much money you want to spend and not go over your predetermined limit. You’re not money bags, remember?

Sometimes even withdrawing cash, instead of taking your credit card, allows you to keep tabs on your spending – a good habit to start now, rather than later. For now, we may just have to live vicariously through Kylie Jenner’s snapchat stories with her Lamborghinis and $60 lip kits.

Create a secret cash stash

If you’re a spender, which you probably are if you’re reading this, then you need to hide it away. From yourself, that is! By “hide”, I more or less mean create a place where you can put a little money away each week, fortnight or month that you don’t touch. If you see money, you’ll be tempted to spend it. This will help you resist the temptation.

Opt for an add-on savings account where a small transfer of money each week automatically gets taken out of your main spending account. A little money each week can go a long way, especially when the bank rewards you with bonus interest each month for not touching your cash. Plus this way you’ll always have backup in case of emergency. Here’s to #adulting like a pro. You can do it.

Be a student perksaholic

While being a student is hard, there are definitely perks. It’s your job to take advantage of them all! Take your student card everywhere you go and ask if there are student discounts - you’ll be surprised by the outcome.

Things like your regular outing to the movies and online shopping adventures will become your haven. Download apps like ASOS, PokitPal and UNiDAYS among others and sign-up for their student discounts. And it’s not just clothes were talking about, my friends.

Yes, money is a very serious subject, but remember the main thing: enjoy your spending and be responsible (I know, it sucks sometimes). If you learn how to manage it now, you’ll be cheering later.

Hannah Stretton

Hannah is studying a Bachelor of Communication degree at the University of Newcastle whilst being a #writer, #feminist, & #happyperson.