Financial management is an important aspect where we must refrain from making unnecessary purchases. It has been observed that the majority of Generation Z tends to buy things just for the fear of missing out, entertainment, or purely to satisfy wants rather than fulfill needs. Financial management may seem easy to some, but in reality, it requires considerable skill given the challenges it presents in curbing the urge to spend frivolously. These financial management skills should be nurtured by every college student; if adopted from the university level itself, these prudent habits can be carried forward to all subsequent stages of life and into family life as well.

Here are some tips that students can do to manage their finances well during college:

1. Make a Budget Every Month

Setting a budget each month should be a top priority for students. The budget in question refers to student income and expenses every month. Student income usually consists of pocket money or additional income from part-time or freelance jobs. Basic expenses for students generally include tuition fees, food, transportation, books, entertainment, housing costs, and other costs. It is crucial for college students to effectively map their monthly income against expenses, ensuring that total expenses do not exceed total income.

2. Always Record Expenses

Maintaining the habit of meticulously recording expenses can help college students to consistently monitor their monthly expenses. This habit serves to minimize unnecessary spending in the following months, implying that careful recording of expenses can help college students to keep a close eye on their spending and also foster prudent financial behavior among college students.

3. Prioritize Needs over Wants

To manage finances effectively, it is important for college students to prioritize primary needs over other expenses, let alone temporary wants. Efficient financial planning should also involve putting aside things that are considered non-urgent to avoid instances where necessary items cannot be purchased when they are really needed.

4. Avoid Debt for Consumptive Things

Owing should not be done by students especially for consumptive things. Students are better off not getting into debt for any reason, if it is related to lecture payments it would be nice to discuss in advance with the family in order to get a way out. Also avoid using credit cards to finance your lifestyle as a student. Credit card debt with high interest rates can be a heavy financial burden in the future.

5. Look for Additional Income

Part time or freelancer can be one way that students can do to prevent lack of money during college. Students can take advantage of their time off to look for additional income so that pocket money can be allocated for other needs and additional income can be a student's guide during college holidays. Looking for additional income also should not interfere with lectures so that they can graduate on time so that the cost of lectures incurred is not so much.

6. Plan for the Future

Planning for the future as a student is important to ensure success in the path that will be taken after a student graduates. One of them is by taking the opportunity to do an internship during vacations or spare semesters. Internships can provide valuable insights into the world of work, expand your professional network, and increase your chances of getting a job after graduation. You can also attend seminars, workshops, or networking events to gain insight into various professions.

7. Save

The practice of saving is key to ensuring financial stability and achieving short-term and long-term financial goals. It is very important to cultivate the habit of saving from an early age, making it easier for you to allocate a portion of your income to save once you graduate and start earning.

With the hope of a better understanding of financial management, especially as a student, Dian Nusantara University (UNDIRA) can provide insight through one of the existing Study Programs at UNDIRA. UNDIRA Accounting Study Program has several concentrations such as Management Accounting, Public Sector Accounting, Auditing and Taxation. UNDIRA students can learn basic things about economics such as Microeconomics, Macroeconomics, Introduction to Management, Introduction to Business and Business Mathematics. Accounting-related courses include Introduction to Accounting, Tax Accounting, Public Sector Accounting, Auditing, Accounting Information Systems, Accounting Theory, Cost Accounting, Management Accounting, and Financial Accounting.

Broadly speaking, financial management proves to be very important. With a better understanding of basic economic sciences such as Accounting in the university environment (including UNDIRA), understanding related to managing finances properly will be easier to implement. Through careful future planning done as a student, you can build a strong foundation for future success, regardless of the amount of income you have.

(Sekar Ayu Putri / HUMAS UNDIRA)

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