Lifestyle
It's at some point at university that you'll feel like an adult. Maybe your parents will finally trust you won't set the house on fire or that you can be in charge of your own bank account for the first time. We know very well how that last one can feel - liberating. But just because you now have spending power doesn't mean you should go crazy!
Don't get us wrong, we don't want or expect you to separate yourself from your wallet, but we want you to know how to manage your finances early on.
Here are our tips to do just that:
Track your spending
As a student, you may be earning an allowance each month or a wage from a part-time job. Either way, you should track how much money is coming in and how much is going out. After all, you may think you spent one amount when, in fact, you’ve broken the bank!
Pay yourself first
We ask that you build your budget around your short and long-term savings goals to maximise your dollar dollar bill over time. One way to do this is by increasing how much money you allocate to savings every month. Another way is to open a savings account through our mobile banking app.
Understanding why you want to save will make you more likely to maintain this financial habit even when times are tough. That said, don't prioritise saving for your goals over covering basic needs like food, transportation costs, and telephone bills.
Take advantage of discounts
Not to blow our own horn, but when you shop with any of our cards, you're guaranteed discounts at a variety of retail stores, restaurants, and coffee shops - just to name a few. Check which merchants offer discounts here to start saving some big bucks.
Eat out less
We know that student life can be so hectic that you don't have time to prepare meals. But we beg you, for your own financial and physical health, resist dining out or getting takeaway regularly. It'll cost you a lot over the long haul. Instead of spending 6 or 7 JOD on a burger and fries, you could spend that amount on the ingredients to make more than a few dishes at home.
Don't buy textbooks
It's the start of the semester, and you've just received a reading list valuing more than your kidneys (well, not quite, but it can feel like it). We'd understand if you're on the brink of dropping out (we're joking, please don't). But, if you are, we have a secret to share. You can buy copies of brand new textbooks from many book shops at a reduced cost or borrow used ones from students who have already taken a class you're about to take.
Use public transportation
Maybe getting to lectures by taking a taxi is convenient - especially when you've woken up 20 minutes before class starts - but it happens to be expensive. So, why not use public transportation or the transportation services provided by your university instead? You'll save a lot over time and be treating the environment better when sharing rides.
Take on a side hustle
One way to save more money is to earn more money. An excellent way to do this is by working part-time in retail or catering. But if you feel like such jobs may be too demanding with your academic schedule, why not tutor others instead? You could choose when suits you best and how often to do this.
Don't compare yourself to people online
We know that this last piece of advice may seem out of place, but we meant to include it because it's true - comparison is the thief of joy.
You should stop looking to people online to see if you're behind because the bitter truth is that you probably are - and that's normal. Don't aspire to lead an Instagram lifestyle. You'll never achieve financial freedom that way because you'll get trapped trying to prove your financial worth to strangers and waste a lot of money. Instead, save your money for a goal, a rainy day, or better yet, to build your wealth because it's never too early.
