If there’s ever a parallel students can draw, it’s that money is tight for the most part. It’s tough to cover the basics, not to mention outlying cases of wanderlust.
Save the Student reports that 80% of surveyed students have said that money-related woes stay on their mind for the duration of their studies at colleges/universities.
The resource also states that the reason for this is the fact that more than 30% of students have never had a budget plan. As a result, young people do not know how to keep tabs on their funds. The problem becomes way more prevalent during travels.
But do not fret, this whole issue can be amended somewhat. If doing some hands-on accounting is not to your liking, you can still plan your expenses and manage funds with the help of some easy to use mobile apps. With these apps, students can keep track of their expenditures, analyze common traps findings, and get tips as to how to save money for their future trips.
“It’s better for students to see the world, rather than spend their money on trivial things,” says Margot Perry, a former co-worker of mine from EssayClick. Words to live by.
So, what apps should young people use these days to plan their budget? This is a rundown of some of the best ones that can be applied to your travels.
This application’s starting to gain a lot of popularity. Even tech savvy people find it fascinating, and for a good reason. It’s quite accessible and has a robust functionality set, even the most discernible and frugal user will find all they need.
The company claims that by using this app on a regular basis it’s possible to save up to $3,300 in a nine month period. Even though such a time frame is unlikely while traveling, there is still merit to the idea of long-term savings. Sometimes planning ahead is the best way to accrue the funds you need.
The unique feature of this app lies in its ability to connect with bank accounts directly. Therefore, all the transactions can be seen immediately which makes budget planning and management really simple and efficient.
One of the goals the devs pursued was making sure that keeping tabs on funds was an easy and straightforward process. The user can see exactly how much money they have right now in their savings, how much was spent, and other notable statements. Reviews tend to agree with the fact that this is an essential tool when it comes to finding ways in which to cut expenses.
The principle behind this app is quite straightforward. It suggests to divide your expenses into “envelops.” Each envelope serves the purpose of saving money for different purposes.
By creating a special “traveling” envelope you get to save up some money for the occasion specifically. Besides, you get to analyze what you spend the most funds on and adjust your spending accordingly.
Every month you get to take your paycheck/allowance/scholarship and divide it into “envelopes” so you won’t be caught off-guard whenever time comes for the trip.
This tool requires the user to do a lot of manual operations, but it also puts you in total control of your financial situation. There’s a subscription fee, but it allows users to use the app across several devices.
There is a slight learning curve, so be ready. However there’s benefit in its complexity, it gives you an opportunity to be fully in control of your finances at every stage. If you are a tech savvy student, try it out.
So there you have it. Being a student is not without its financial drawbacks, but it’s hard to argue that pinching pennies can be an effective tool to save up some money. Give these a try, see what works and what doesn’t, analyze trends and use them in the future. The devil’s in the detail, and it’s the little things that make your budget. Organization and planning are the way to go. Now that you’re armed with this knowledge, I sincerely hope you won’t be among those 80% of students who have to worry about money.
About the Author:
John Obstander is a writer/blogger constantly dreaming of unseen locations. In his spare time he watches movies, explores marketing practices and enjoys being an all-around nice guy. John, alongside ProAcademicWriters, is in the process of releasing an amazing solution for students all over the globe. Be ready!