Budget Like a Student

Published on
January 5, 2024

Budgeting and saving. Do these words make you want to stop reading and go outside? We don’t blame you but we promise, these are tips you’ll find easy to do!

But why should you create a budget for yourself? Answer these questions and it’ll be pretty self-explanatory:

Do you have no idea how you’re always broke?

Do you spend lavishly at the start of the month and the rest of the month looking for change around the house?

You don’t have enough for emergencies?

If you answered yes to most of them, then let’s learn how to be financial wizards!

Basics First

A great place to start is to identify your needs and wants.
Needs – Things you can’t live without: rent, food, internet access, or any other essential bill.
Wants – You won’t die without these (really): Spotify/Netflix subscriptions, the latest phone, and most things on TikTok Shop.

Once you have this sorted out, you’ll be able to see where your money is going. It’s going to be different for each of us. If you have too many wants, consider cutting down on them so you can allocate more money to your needs or savings.

Make Saving Fun

Here are some ideas on how to make finances fun!

RM10* a month challenge: Start by saving RM1 in week one, RM2 in week two, RM3 in week three, and RM4 in week four. That’s an easy RM120 at the end of the year.

Pro tip – Keep the money in a separate account that pays you interest.

*Keep in mind that you can alter the amount based on your monthly allowance or comfort level. The important thing is to get into the habit of saving—it’s something you can carry into your working life.

Go digital: Check out budgeting apps like Money Lover, Monny, or Mint. These apps make it fun with things like points and progress bars so you can visualise where you are in your finances.

Use the “spend pot” system: Create a spreadsheet with 3 tables labelled Needs, Wants, and Savings. After allocating the amounts, you can use multiple bank accounts or eWallets as spending pots.

Make it Social

Frugal Fridays: Brainstorm budget-friendly activities together. Stream a movie at home, play board games, enjoy a potluck and each other’s company.

Budget Influencers: Look up social media accounts dedicated to student budgeting or financial literacy. You’ll be able to pick up some cool ideas!

Some of our favourites include Ringgit Oh Ringgit (@surayaror on X), The Simple Sum, and Millennial Finance (@themillennialf_ on X).

Split the bill easily with your friends: Check out an app called Splitwise. Spend more time with each other instead of your calculators.

We’ll have more money tips for students coming up, so follow us or come back again soon!