1. Create a Budget
Few things will cause more financial difficulties than spending money recklessly. Creating a realistic budget based on your income will help you avoid financial pitfalls. First, identify your income. How much money do you make in a month? Next, write down your expenses (phone bill, fuel, food, etc.). Round down just to be safe.
As you look at your budget, look for items you can cut out as they relate to your spending. Instead of going to the movies every week, just go once a month. Rather than eating out frequently, put some money in an envelope that is specifically for a night on the town. Once you’ve created your budget, stick to it, and mark down your spending so you know exactly where you are when it comes to your money.
2. Save - No Matter What
Chances are you’re probably not making much money, if any, as a student. Your primary goals in life at this time are to get an education and develop skills to use when you eventually set out on your career path. If you do work, you may not log too many hours, which may make you think saving any of it is out of the question. Wrong! Save, regardless of how much money you’re bringing in. Even if you can only put away $10 each time you receive a check or stipend, your savings will add up over time and come in handy when you need it.
Identify ways that you can save more. Do you eat out frequently? Plan out your meals for the week and use a shopping list when you go to the store. Eating out is expensive and only lasts for one meal. Instead of splurging on a nice dinner, use the money you would have spent on your breakfast items for the week. You can save more money than you think this way.
3. Buy Used
There are plenty of gently used items out there available for a bargain. Instead of shopping at a department store on clothes that are brand new, consider going to a secondhand store. The same goes for household appliances or furniture. Online auctions are another way to save, especially on textbooks and other necessary school materials.
If you can’t find what you’re looking for used, try using coupons. Also, many retail stores and websites will honor competitor’s discount prices, so be on the lookout for the best possible deal for all of your purchases.
4. Use Public Transportation
If available, public transportation is one of the easiest ways to save money. Having a vehicle of your own is certainly convenient, but the expenses add up quick. If you take the bus or subway, you don’t have to worry about paying for gas, insurance, parking, or maintenance costs.
In addition to public transportation, consider riding your bike. A used bicycle can be purchased relatively cheap and it’s a great way to get exercise and travel efficiently, especially around your campus.
Monday, May 16, 2016
3 COMMON STUDENT LOAN/SCHOLARSHIP OFFER BY BANK OR OTHER FINANCIAL INSTITUTION
PTPTN
The National Higher Education Fund Corporation (PTPTN) was established under the National Higher Education Fund Act 1997 (Act 566). PTPTN’s objective is to ensure that no student should be denied access to higher education because of financial reasons.
Read more here: PTPTN – A complete guide
Eligibility:
- Admission into approved courses at local public or private universities or colleges must be gained.
- Students are eligible irrespective of the academic performance or financial background.
Loan amount:
RM5,000 per year for a Diploma course and RM16,000 per year for a Degree course
How to apply?
- Ensure that you meet all the eligibility requirements as stated by PTPTN
- Open a bank account with BSN/BIMB/Public Bank/CIMB/Bank Muamalat Malaysia Bhd. To view list of banks, visit http://www.ptptn.gov.my/web/english/ipta
- Purchase a PTPTN number at any branch of Bank Simpanan Nasional (BSN)
- Register and apply online (print online application)
- Submit supporting documents to PTPTN officer of your college/university
Address:
PERBADANAN TABUNG PENDIDIKAN TINGGI NASIONAL
Lot G2, Tingkat Bawah,
Wisma Chase Perdana,
Off Jalan Semantan,
Damansara Heights,
50490 Kuala Lumpur.
www.ptptn.gov.my
RM5,000 per year for a Diploma course and RM16,000 per year for a Degree course
PERBADANAN TABUNG PENDIDIKAN TINGGI NASIONAL
Lot G2, Tingkat Bawah,
Wisma Chase Perdana,
Off Jalan Semantan,
Damansara Heights,
50490 Kuala Lumpur.
www.ptptn.gov.my
MARA
MARA Study Loan Programmes or Skim Pinjaman Pelajaran (SPiP) were introduced in 1966 when Majlis Amanah Rakyat (MARA) was formed. Students have to apply to the respective institutions before applying for the loan.
Types:
- SPiP Program Khas (Special Programme)
For excellent SPM leavers who wish to take pre-university courses such as (but not limited to) ADFP, A-Levels, International Baccalaureate (IB) and Australia Matriculation (AUSMAT).
- SPiP Pinjaman Terbuka (Open Loan)
This loan is typically given to qualified Bumiputera students to continue their studies in Institut Pengajian MARA (IPMa) and local private Higher Education Institutions (IPTS).
Eligibility:
- General requirements require that you are a Malaysian citizen with bumiputera status and acquired at least credits in Bahasa Melayu at SPM/SPMV level.
- Never been sponsored by any scholarship bodies at the same education level.
- Institutions of higher learning are recognized by Malaysian Government or private institutions of higher learning are recognized by Private Education Division, Ministry of Education.
- Currently undergoing/enrolled in courses that are of great importance to MARA.
- The socio-economic status of the family where the annual taxable joint income of the parents or spouses must not exceed RM80,000.
Loan amount:
Loan covers tuition fees and allowance while also depending on the student’s financial background.
How to apply?
- Visit http://eduloan.mara.gov.my/ and input your details (the website is currently under maintenance)
- Visit the MARA Headquarters
- Attend the MARA Education Carnivals.
Contact info:
Tel: 03-26915377
Loan covers tuition fees and allowance while also depending on the student’s financial background.
Tel: 03-26915377
JPA Program Ijazah Dalam Negara (PIDN) 2016
MANAGING MONEY
Many students wonder how they’ll afford everything during their studies. There’s a lot to handle – from tuition fees and accommodation, to food, course materials and a social life.
How to manage your money during your studies
Choose a good student bank account
They all have different benefits, and a few things to be wary of too, so do some research to find out which bank account is right for you.
Figure out a budget
Making your money last through each semester can be hard, so here you can find a budgeting checklist so you’ll know how much money you can spend.
Balance your work and studies
If you work part-time during your studies, here’s how to find a good balance between work and study; plus how you can find a job through your course provider.
Manage debts
Many of us have debts one way or another, but rather than panicking about them,the important thing is to find a way to make them manageable.
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