Regardless of whether male or female, most university students are living on a budget. If not, they’re likely getting themselves into a cycle of debt. While neither is fun nor easy, you can become smarter about the way you spend your money. Bearing in mind that the key to financial success is being aware of how you spend your money.

However, as a young woman, it even gets more interesting as you have more to worry about than your male counterparts. But don’t fret, you can still be the boss of your finances, you just have to follow some guidelines, not to the letter though, you can mix and match as it fits your lifestyle. Without further ado, let’s take a look at few of the guidelines.

1. Save and Invest

Becoming financially free takes time and practice. Start early by saving and investing even as a teenager. Don’t only save to buy fancy clothes, shoes and phones. In fact, did you know you can actually own those nice things i.e. slay on a budget and still invest your savings in assets like landed property, real estate, mutual funds, stocks, treasury bills, government bonds etc.?

It’s very possible. It all depends on the percentage you invest in each one.

2. Start a side-gig

Starting a business is one of the fastest ways to multiply money. To become a rich business person in the near future, develop your entrepreneurship muscles and skills by practicing early.

3. Learn a skill

Learn a skill and become a service provider through that skill. When you provide excellent services to people, they would be willing to part with their hard earned money to patronize you.

4. Budgets are a girl’s best friend

Always draw up a budget or a spending plan and stick strictly to it. Avoid impulsive unplanned purchases.

5. Never owe

By all means avoid debt. Borrowing and begging for money are anti-prosperity habits. Whatever you cannot afford for now, it may be that you don’t really need it.

6. Set those goals and smash them.

Set unusual financial goals for yourself. For instance you could decide to build your first house before buying your first car. And always keep on increasing your financial intelligence by seeking financial knowledge.

7. Get a part time job.

Try to always have a part time job (even as a student) and build your savings/investment account from the returns of the job.

8. Never give in to quick-money schemes

Avoid schemes that promise quick-money. Money gotten through such get-rich-quick schemes do not last. Be honest in all your dealings, work hard and you’ll acquire wealth that’ll endure and won’t send you to an early grave.

Schooling and living on a budget can be very uncomfortable, but learning the basics when it comes to money management now means you don’t have to grapple with living within your means when you are finally in the real world. Laying the groundwork for smart budgeting and spending habits while in school enables you to handle responsibility and learn the value of accountability – lessons that are just as important as microeconomic theory.