UM Surabaya Lecturer Shares Tips on Financial Management for New Students

• 12 Sep
• 2022

Ilustrasi gambar mahasiswa UM Surabaya (Dok: Humas)

UM Surabaya Lecturer Shares Tips on Financial Management for New Students

• Article
• By Uswah Sahal
• Economy
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Being a freshman is a transition to true maturity. Especially for students who originally came from villages and migrated to cities far from their parents, so students are required to be independent starting from self-management to managing finances.

UM Surabaya Economics Lecturer Fatkur Huda explained that being a boarding house student must be good at managing finances. According to him, if it is not managed properly, it can impact the consumption of instant noodles at the end of each month.

According to Fatkur, the first thing to do is to determine financial sources. Most of the financial sources for students are the support provided by their parents. This means that most new students who enter without going through the scholarship route still rely on one source of funding, namely from their parents.

“In conditions like this, students must be able to make good use of these sources of income. Start learning to do business or work sideways that don't take up college time, such as freelancing or part time," explained Fatkur Monday (12/9/22)

Second, determine the expense item. Determining needs items in each month so that you can determine which ones are needs and which ones will only be wants.

For example, the main needs that must be recorded as an expense item are paying for boarding houses, tuition fees, meal allowances, data packages, transportation fees, lecture needs such as books and materials duplication.

Third, make a financial budget. Budget is a reliable strategy in managing finances. With this budgeting, students will be able to know where the money is being spent as well as be able to analyze needs that require large items, and evaluate expenses that can be reduced.

“Fulfillment of the balance between the needs of education and entertainment must be considered. That everything can be achieved by paying attention to the budget that has been determined so that there is no lost budget," he said again.

Fourth, make a savings post. Saving will provide benefits in the future, as a new student, of course, prioritize your needs. Leave the funds you have for saving so that you have a reserve fund in the future. Saving consistently will become a space for small investments which in the future can be used as support for completing college assignments until graduation.

The fifth governs desire. As a new student, of course there will be many needs, of course the needs to be met must be made based on their urgency, don't buy goods based solely on desire without considering aspects of how much you need these items.

For example, what often happens is when new students are from an area far from urban areas. Of course, differences in lifestyle, especially in terms of fashion, will be a factor in the formation of Social Costs (costs to meet prestige that occur in the social environment), so this should not be a trigger for students to become a shock culture.