As we all know, student life is the seed of one’s life. At that age, everything that happens is a test. One such matter of discussion is the need for money for a college or school going, student.
When one goes for higher studies and moves out of parents’ house for higher studies, they have to save money precisely as the circumstances demand.
You might say that saving money is possible during education life. Well, it can be a tricky question to answer but not impossible.
Many educational seekers tend to work part-time to manage their expenses in the USA. These individuals are those who live away from their families.
Asking money again and again from their parents may not be practical. If you are earning something and saving from it, you can feel self-dependent during the course tenure.
When you lose the job, you have the loan option too. For example, Emergency loans bad credit unemployed. These suit students ideally because they borrow small and affordable amounts.
At the same time, there are some negative points too as discussed by some financial experts from time to time. They say that saving money may be a massive task for those who are on making their careers.
Savings money while pursuing education may have some pros and cons. In this blog, we will discuss all of them. You can go through them and make your decision.
Saving money is a good habit: Pros
As a student living away from your family, you have dual responsibilities on your shoulders. First, you have to manage your studies and, second, the necessary expenses.
- You become responsible for money
Everyone should know the importance of money in life. Being financially responsible implies one should manage money productively.
Having long-term plans to spend money where needed and save as means as one can.
In this process, we should have control over our desires.
The habit of saving teaches us self-dependency. It further broadens the mind and sense of maturity.
- Not only Study, but you can also manage your lifestyle
When we have money saved with us, we should use it wisely. College students might pay this money for transportation, food, clothing, coaching fees, mobile recharges, and many more.
As by Benjamin Franklin, “Beware of little expenses; a small leak will sink a great ship.”
Therefore, one must not spend money when not needed. Moreover, wasting money is like a sin especially on the activities like gambling and other prevalent games.
- You do not need to depend too much on parents
Depending on parents is a part of childhood. However, here at this age, we have to begin an independent life when one turns to maturity.
Being strong independently is what life demands.
This also makes our parents feel comfortable for us.
- You can save for future emergency expenses
We don’t know what happens next moment. In college days, some students, who live in the hostel, have to prepare themselves for the future.
Saving is very beneficial in uncertainties too.
‘When you save money, money too saves you.’
One can also use it in further studies if there are some family issues. You can keep them not only for future expenses but also for recent ones.
If you do not have enough savings, you can chase bad credit personal loan lenders who can arrange emergency funding for you.
Hence, these are the advantages of savings during student life. However, there is another side of the coin, which we discuss in the following part of our blog.
Saving may not be a good habit: Cons
All things have some disadvantages too. It becomes more critical for the students because they have good analysis skills.
Saving money is always a good option, but it is sometimes too much to ask for. Given below are some disadvantages of saving money at such a young age.
Actually, these are not the disadvantages, but some reasons why saving money is not a good idea for the students.
- You may not be mature enough to save money
It is very difficult to manage expenses for a student between the ages of 18-25. Being in discipline is not easy as it needs the sacrifice of our desires.
You are still at a young age. Sacrificing for your desires may not be a good idea because it makes you compulsive against the prevailing situation.
Suppose you want a bike to commute daily to your educational institution. It may be a need or your passion. You want it at any cost and purchase it subsequently.
Later, you struggle to manage your study expenses. The money you spent in purchasing a bike could be used now.
All saving money needs are self-control. Students may not be that mature at this stage to have such responsibilities.
- You have to sacrifice your desires earlier
Saving money costs students’ childhood. Parents always complete our needs and desires. But when we are not with them, we cannot desire anything.
There are several desires in student lives such as travelling somewhere with friends, requirements of gadgets etc. When you think too much about savings, it is natural that you have to sacrifice your personal desires.
You are young, and sacrificing with desires can bring disappointment later. Therefore, if possible, manage the study costs from parents’ help and fulfil your desire with part-time income.
- You may have to look for the job early than expected
Saving might be a good option, but it forces you to look for employment somewhere. It is evident that to save something. You have to earn something.
It is indeed a massive task for study enthusiasts. They have to bring some time from their already busy schedule to earn a significant amount.
Not always your parents would able to help you. At the same time, you are running out of money. The part-time income may help you to some extent, but it reduces your time for studying.
- Your mind may divert from study
With the continuation of the above point, saving during the study time may divert your concentration away. It will be shifted to money rather than to academics.
At some point in time, you feel confused about whether to give more time to study or continue the part-time income.
The situation will become tough to manage. Some students are able to manage, while some fail to do so. If you fail too, you may lose your grip on your studies.
In the Nutshell
Therefore, you can see here saving money during student life has both pros and cons. Actually, it depends upon your skills, needs and desires.
If you can show your skills in managing both study and earning, it would be more than reasonable for you. At the same time, you have to bring something valuable to handle your financial needs.
At last, when you have the skills to manage your needs, you can easily decide which desire requires a better treatment or which one can wait for some time.
You are a student and may not be mature enough to think about what is good or bad. Ask your parents or your family’s financial advisor. Mend their experience with your skills and live a learnable and earnable student life.