As a student with the current economic crisis of raw materials, food and transportation, it is hard to be financially prepared in these various circumstances. Being a student can be seen as glamorous as students in social media portray as studying in cafes with their latte using Macbook and iPhone to do assignments and work. Although there is nothing wrong to study like that but a student must budget their daily expenses from the moment they wake up to sleep. 

1. Income

As a student, you must determine where your income is from. Is it from FAMA (father and mother), scholarships, savings or doing work? Say, FAMA or scholarship does not provide adequate income for your daily expenses. Cut off a few things from your expenses such as entertainment to once a month. However, if cutting off a few things does not do it for you, you might consider a part-time job that does not interrupt your study. The part-time job is only applicable to local students such as working at the ice cream shop, boutique retails or any retails that can pay you a minimum wage of RM10 per hour. Any minimum wage that is lesser than that, you want to avoid at all costs because, in today's economy, you need to make at least RM10 minimum wage with 30 hours total work hours in a week. 

 

2. Determine your outcome

Once you already have your income, you might want to determine your outcome. To where does your money going? Rent, phone bills, accommodation bills, utilities and transportation should be last on your budget list and put yourself first. Fulfil your own budget first such as food and toiletries. Once you already have your own budget, then only you may pay for your rent and etc. Cut your nonessential purchase such as Grabfood, Food Panda, tea live, or Uncle Bob. Unless, in the end of the month, you have disposable income to spend, you are more than welcome to spend on nonessential purchases. 

Let's say that you have expensive phone bills and internet bills, you might need to opt for the cheaper option. Prepaid mobile is much cheaper than postpaid. Internet bills can be also expensive and can be switched to other internet services.

 

3. Calculate your weekly budget

Once you've got all your expenses laid out before you, it's time to break it down into a weekly budget. Brace yourself, as this is where it starts to get real

a. Work out your total income for a term at the university 

b. Minus your essential expenses for the same period 

c. Divide the number you're left with by the number of weeks in a term.

It is easier to set a budget weekly than monthly. Sometimes, it is easier to go overboard monthly. 

 

4. Set yourself some goals

You might plan to buy the new shoes that you have been aiming for or go on a short staycation in KL, treat yourself at the end of the month or after a few months to activities that you like to fulfil. 

 

Tarikh Input: 31/05/2022 | Kemaskini: 31/05/2022 | sitiafiqah