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Learn how to do Financial Planning in University

University is an exciting and difficult time for most students. Students in Phnom Penh are usually away from their parents, others want to experience adulthood and move away or rent a house with friends. So, making our own decisions and managing our finances is a problem if not handled properly. When there is a problem with money, stress could occur, but if we have a plan in place then it is manageable. Here's how we can build a strong financial foundation during our years in university:

1. Creating a Budget

This is a simple plan for knowing exactly how much we will spend each month. We can start by making a list for fixed expenses like rent, school fee, books, utilities and food. Then we can create another list for other expenses such as clothing and entertainment. By adding these expenses and subtracting our income, we will have a basic budget. Our income can be the money we earn from work, support from scholarships and pocket money from parents.

2. Learning to live within our capability

A budget helps us to see clearly how much we’re spending, so we can avoid getting into debt. As a university student, we tend to forget important expenses such as food, university fee, etc but we would prefer spending our money on electronics, traveling with friends, and eating out at expensive restaurants. The lesson here is that, look at your savings before you start spending.

3. Try avoiding getting into debts

Debts can follow us for years, not just when we’re studying. We can keep a credit card for emergencies, but we shouldn’t use it unless it's a must. If we have to use a credit card, we should spend it on what we can pay off in full each month. This can help us avoid paying interest and get a good credit rating, which can be useful in the future when we need to apply for a loan to buy a car or a house.

Do you plan your finance during university? Chat with us to know how you can make your own financial planning.

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