
As we grow older, our responsibilities also keep increasing. It is better to start making smart financial decisions at an early age! Having a solid plan will not only help with your savings in the present but also build financial goals for the future. If you are a student wondering what are the steps involved in the financial planning process, keep reading! Let’s get into a student-friendly guide on how to plan your finances.
Setting Financial Goals
Every student needs to have some short-term and long-term goals in mind. Short-term goals can be achieved within a few months or up to a year, meanwhile, long-term goals are related to your life after graduation. This could be anything like getting a car, paying for your tuition fees, setting up a savings account, etc. You need to ask yourself what are your most important financial and lifestyle goals for the future. Once you have established those, you will have a clear idea of how much you need to save and earn. In fact, research in the UK showed that when you have set financial goals, you start saving more!
Paying For Your Tuition Fees
One of the most crucial steps in financial planning is figuring out how to pay for your university tuition fees. In many households, the parents usually cover all the costs. However, if that is not your case then don’t worry! Firstly, you must figure out what your total tuition fees are. This can be done by going to the university’s official website and calculating the net fee. Then, you can start applying for scholarships that your university may offer.
In Pakistan, almost every university has its own scholarship criteria through which you can figure out how many scholarships you can get. If you have an impressive academic record, you will easily be eligible for a merit scholarship. Otherwise, you can also obtain grants based on outstanding extracurriculars and sports! There are many need-based financial aids as well that you can apply for.

Finding Jobs For Students
Once you have an idea about how you are going to fund your studies, you can move on to finding a part-time job. In this day and age, it is easier than ever to find online jobs for students so that you can work from the comfort of your home! You can simply go to sites like LinkedIn and search for remote jobs in Pakistan. If you don't possess any skills, you can start learning them. For example, many typing and writing jobs don't require a degree or technical skills.
The reason why it is important to have a part-time job alongside your studies is because you can gain experience as you go! Once you graduate, you will have a rich resume of experience and it will be easier to find a full-time job after graduating.
get to know more 👇🏻
/https://www.savethestudent.org/
Setting Up A Bank Account
After you find a suitable part-time job, you need to set up a savings account. It is very rare to see a student with a savings account since they don't consider it necessary. But, that couldn't be further from the truth! Most companies have an option where you can set up a 401(k). Through this, a sum of money will automatically be transferred to your investment account. You can use this as a student emergency fund or a retirement fund. The key is to start planning ahead so that you are not burdened suddenly in the future.
If you are not comfortable with a savings account, you can always opt for an online app to track your funds. click below to access a suitable and easy finance planner:
/https://www.moneyhelper.org.uk/en/everyday-money/budgeting/budget-planner

Pro-tip: Get A Credit Card Instead Of a Debit Card!
Availing a credit card over a debit card has so many advantages. For context, having a credit card means that you will have to pay off all your expenses for the entire month at the end of the month. This means that whenever you make a purchase, you will think twice about it since now you will start calculating every little expense. We all know how easy it is to waste money! Debit cards don't regulate your finances as much as credit cards do. In fact, you can also build your credit score as a student. Be smart and opt for a credit card!
Budgeting As A Student
One of the most crucial parts of financial planning is to do budgeting at the end of every month. You must be wondering why budgeting is important. Well, when you know how much money is being spent vs earned, you can find ways to cut down costs or avoid any useless expenditure. There are many budgeting apps nowadays that you can utilize. Even a simple Excel spreadsheet will do the job.
Investment
People normally don't start investing until much later in life when they have a hefty amount of savings. But, in recent years cryptocurrency, stocks, trading, and eCommerce have taken the world of investments by storm! Not everyone has millions to invest, that's why avenues like dropshipping come in handy - where you can earn profit through a business while sitting at home. Think of it as an online job. You can research in-depth on these ideas and find a suitable match that aligns with the amount of savings you have and your long-term goals!

End Line
To sum it up, there are many things you need to consider as a student in terms of financial planning. Don't waste your time! Instead, put yourself out there and find better opportunities. Let's work to make ourselves financially stable and live a fruitful life!
For more saving hacks and student finance programs watch this:
/https://www.youtube.com/watch?v=0JMYs4KDuRM&ab_channel=UniversityofGlasgow
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Zainab Amir
This is Zainab, a passionate content writer with a love for crafting engaging stories and articles. She draws inspiration from personal experiences in her writing. During her free time, Zainab enjoys unwinding with Netflix and expressing creativity through art!
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