Mastering money management in university

A group of Saudi university graduates.

Starting university is an exciting chapter filled with new experiences and opportunities. Amidst the thrill of independence and learning, one crucial aspect that often gets overlooked is money management. Proper financial habits during university can set the stage for a secure financial future. Here’s a comprehensive guide to help you navigate the realm of money management while pursuing higher education.

1. Creating a budget: The foundation of financial control

The cornerstone of effective money management is creating a budget. List your sources of income, whether it’s from part-time jobs, scholarships, or parental support.

Next, outline your essential expenses like tuition, housing, utilities, and groceries. Allocate a reasonable amount for discretionary spending on fun activities and entertainment.

Tracking your spending against this budget on apps like FataFeat will empower you to make informed financial decisions.

2. Live within your means: avoid the temptation of lifestyle inflation

Once you’ve set your budget, try to stick to it as best as you can. It’s easy to fall into the trap of lifestyle inflation, where increased income leads to increased spending. Instead, aim to live within or below your means. This practice allows you to save for the future, build an emergency fund, and avoid unnecessary debt. Remember, the habits you form in university will carry over into your post-graduation life.

3. Utilize student discounts and resources

A great part of being a student is the perks of getting student discounts. Many stores offer student discounts on everything from public transportation to software subscriptions. Additionally, explore your campus resources such as career services, free workshops, and academic assistance. These can potentially save you money and enhance your skills at the same time.

4. Cook at home: a double win for your health and wallet

Eating out frequently can drain your finances really fast especially if you are not keeping track. Consider preparing meals at home or with roommates. Not only is it cost-effective, but it also gives you more control over your diet and can foster a sense of community among your peers.

5. Avoid credit card traps

Credit cards can be helpful for building credit, but they can also lead to debit if not used responsibly. If you have a credit card, pay off the balance in full each month to avoid high charges. Only use credit cards for planned expenses that fit within your budget.

6. Plan ahead for large expenses

Anticipate major expenses, such as textbooks, medical costs, or unexpected emergencies. Setting up a separate savings account specifically for these expenses can help you avoid financial stress when they arise.

7. Prioritize saving and investing

Even with a tight budget, strive to save a portion of your income. As you accumulate savings, consider investing in low-risk options like a savings account or a conservative investment fund. The earlier you start, the more time your money has to grow.

8. Seek financial education

Take advantage of available financial literacy resources. Attend workshops, read books on personal finance, and stay informed about economic trends. A strong foundation in financial knowledge will serve you well throughout your life.


Entering university marks a significant transition, and developing sound money management skills is an essential part of adulting. By creating a budget, living within your means, and making informed financial decisions, you can set yourself up for a future of financial stability and success. Remember that the choices you make today will shape your financial reality tomorrow.

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