Being a student is an exciting time full of new experiences, opportunities, and personal growth. It’s also the perfect chance to kickstart smart financial habits that will benefit you for years to come. Managing your money responsibly doesn’t have to be stressful—in fact, it can be empowering and rewarding. Whether you’re tackling student loans or trying to stretch your budget, these tips will guide you on your journey to financial success.
1. Start with a Student-Friendly Bank
One of the first steps in your financial journey is choosing a bank that understands your needs as a student. You want a bank that’s not just convenient but also offers features that make managing your money easier and more enjoyable.
For example, bunq is a great option for students. We’re a mobile bank designed for people who want to effortlessly stay in control of their finances. With bunq, you can create multiple sub-accounts for different purposes, like saving for a trip with friends or setting aside money for rent. Plus, our app offers real-time insights into your spending, helping you make smart decisions on the go.
2. Make Budgeting a Positive Experience
Budgeting doesn’t have to be restrictive; it’s actually a tool that gives you freedom and control over your money. By creating a budget, you’re ensuring that your money goes towards things that truly matter to you—whether it’s saving for a big goal, or simply feeling secure.
Start by listing all your sources of income, like part-time job earnings, allowances, or your DUO loan. Then, plan your expenses, making sure to allocate some money for fun activities. With a clear budget in place, you can enjoy your student life without constantly worrying about your finances. Apps like bunq make it possible to create Easy Budgeting accounts, set spending categories, and track your progress—all with just a few taps. Once you set it, you can forget about it, let us help you stay within your budget.
3. Embrace the Power of Saving
Saving money, even in small amounts, can be incredibly satisfying. It’s about building a financial cushion that gives you peace of mind and allows you to pursue your dreams without hesitation. Start by setting aside a little each month—whether it’s €10 or €50—and watch your savings grow over time.
With bunq’s AutoSave feature, you don’t even have to think about it. It automatically rounds up your everyday purchases to the nearest euro and saves the difference. It’s a simple way to build your savings without even noticing, and every cent counts!
4. Use Your Loan Wisely and Confidently
If you’re receiving a student loan to help cover your education costs, you’re already taking a proactive step toward your future. The key is to use this loan smartly so that it works for you, not against you.
Only borrow what you truly need, and use your budget to figure out the right amount. Remember, this money is an investment in your education, and by managing it wisely, you’re setting yourself up for financial success after graduation. Consider making small payments towards the interest as soon as possible—this can help reduce the amount you’ll owe later, giving you a head start on financial independence.
Right now, bunq is offering their Easy Bank Pro plan for free to students who receive student finance from DUO in the Dutch government.
5. Maximize Your Student Discounts
Being a student comes with plenty of perks, including discounts on everything from transportation and software to restaurants and entertainment. Whether it’s a discount at your local bookstore, affordable gym memberships, or savings on a new laptop, these discounts are there to help you save money while still enjoying life. Take advantage of them whenever you can.
Websites like Student Beans, StudentenKorting, UNiDAYS, and the International Student Identity Card (ISIC) offer a treasure trove of deals online. When you’re out and about, always carry your student ID and keep an eye out for deals that can help stretch your budget even further.
6. Explore Part-Time Work
Consider finding a part-time job. It’s a great way to earn extra income and gain valuable work experience. Look for flexible, student-friendly jobs that fit your schedule so they don’t interfere with your studies. A good place to start is your university's job board. You can also consider food delivery jobs, which offer the flexibility to set your own hours.
7. Enjoy Spending Mindfully
Managing your finances doesn’t mean you have to say no to the things you enjoy—it’s about finding a balance that allows you to have fun without breaking the bank. Practice mindful spending by thinking about whether a purchase truly adds value to your life and if you really need it. If it does, go for it! If not, consider saving that money for something more meaningful.
One effective method is the “24-hour rule”: if you’re tempted by an impulse purchase, wait a day before buying it. This gives you time to decide if it’s something you really want or if you’d rather save the money for something else.
8. Leverage Financial Tools to Stay on Track
In the digital age, managing your finances can be both easy and engaging. Apps like bunq offer a range of tools that help you stay on top of your spending, savings, and budgeting—all from your smartphone. These tools are designed to make life easier, allowing you to focus on what really matters.
Conclusion
Being financially responsible as a student is all about making choices that empower you to live your best life—now and in the future. By choosing a student-friendly bank like bunq, creating a budget that works for you, embracing saving, and using your student loan wisely, you’re setting yourself up for financial success.
Remember, managing your money well isn’t just about surviving as a student; it’s about thriving and enjoying every moment with confidence and peace of mind. If you’re ready to take control of your finances and make the most of your student years, start today. Take advantage of the resources and tools available to you, and don’t hesitate to seek advice when needed. Your future self will thank you!
