Managing their budgets

AS the new semester opens in universities in the country, almost all students would be busy with preparations.

Students must cautiously manage all the money which they have; either in the form of scholarships, loans or others.

Spending smartly will ensure they have enough money to use throughout their studies and also will indirectly train them to be more disciplined in dealing with money. This discipline on managing their money from young is useful when they complete their studies. There have been reports over the number of young people having huge debts due to the mismanagement with their money. This issue concerning financial management cannot be treated lightly as it will jeopardise their future.

Everyone needs to learn to be smart when dealing with their money. The knowledge must be learnt at an early age. As such, students in school and university must be exposed to these matters so that they will be more responsible with their money.

Experience has shown that many students find they are broke by the middle of the semester due to the mismanagement of their money.

To avoid becoming broke, students are advised to have a budget. This must be done at the start of the semester. Students need to know where and how they are spending their money. They must spend based on their needs. There is no need to buy many books as they can borrow these from the university library. Check for second hand books if there is a need to buy or borrow from someone else. Check for free e-books available online.

Many shops as well as public transportation services offer discounts to students if presented with an official student identification card. Students should ask for discounts too when they shop for expensive items like a laptop or mobile phone. Remember a penny saved is a penny earned.

Students should also consider part-time jobs if it does not affect their studies. Besides gaining some work experience, it is also a great way to earn pocket money.

Students should also limit the number of times they eat out or order food from outside. It’s better to prepare the food themselves. They should also utilise the services offered by the university.

They should open savings accounts to save. Avoid any suspicious schemes like get rich quick that are risky and dangerous.

Universities must organise talks on money management for their students. Lecturer must also advise their students and create awareness on the importance of saving smartly.

DR MUZAFFAR SYAH MALLOW

Senior Lecturer

Faculty of Syariah & Law

Universiti Sains Islam Malaysia

 

We welcome letters on issues related to education.

Send to [e-mail].