problems faced by students in managing their finances effectively while pursuing higher education

In order to learn to handle money at the university, students can start by making an estimate of monthly spending and dividing limits on spending, for example, how much they can afford to support their siblings or parents. Scholarships and bursaries also help a great deal in mitigating expenses. Poor budgeting often leads to high spending on irrelevant expenses like eating out or subscription services.

This is because students may not clearly differentiate between needs and wants. A good plan is to follow the 50/30/20 guideline—50% of income for necessities, 30% for discretionary spending, and 20% for savings—and track spending regularly, either online or in a notebook. Another challenge is family expectations; some students feel they need to support their families financially, which crimps their budgets. One must set boundaries and make family support a budgeted item, negotiating limits frankly with parents or siblings. Finally, having less time and earnings can make budgeting even more difficult. Having one part-time job might not be enough, especially with coursework. Students should look into freelance or part-time flexible work and apply for financial assistance to supplement earnings.

In sum, by budgeting wisely, setting boundaries, and multiplying sources of income, students are able to establish financial stability for a more secure future