TARGETjobs writes for Compare The Uni: University Skills- Budgeting. What can money teach you?

University Skills- What can money teach you?

Budgeting your student loan can teach you vital job skills.

Organisation

If this is the first time you have a large amount of money at your disposal it will be very tempting to spend, spend spend. However a few tricks will ensure you don’t go hungry at the end of the month and teach you how to be more organised by:

-        Creating a weekly budget

-        Taking into consideration what activities you have planned so you can prioritise which weeks you should set aside more money for

-        Setting an emergency money pot

On an even more important note you may want to consider opening two different bank accounts; one for important bills and direct debits and one for the beer money. This way if you accidentally over spend on a particular night out you still know that your bills will be paid on time. Just make sure you transfer your money when you first get your loan before you get too carried away. And now with online banking and phone apps, like Barcalys PingIt transferring money has never been easier.

Employers value organisation skills as it shows that you can prioritise, work efficiently and productively.  And using technology to manage your money shows employers that you are aware of how technology is increasingly becoming a valuable tool behind being efficiently organised.

Prioritising

Prioritising purchases shows that you have the ability to evaluate the pros and cons of a situation and to make a final decision. This skill is valued by employers as it shows you can manage multiple projects, judge the importance of tasks and manage your time more wisely.

Problem solving

No doubt you will be faced with money problems from time to time at uni. Don’t shake in your boots – this is your chance to learn how to tackle problems in a mature manner. Employers will be really interested in this. Do you ask you friends or family to bail you out or give tips on re-budgeting (tip: employers prefer the latter)? Do you start a part-time job? Or do you think outside the box, eg sell some items on Ebay?

How you deal with problems will let an employer know more about your personality and how you handle stress levels. These are important as they show you can:

-        Identify issues, preferably in advance

-        Choose the best course of action to correct the situation

-        Do the action and ensure the problem won’t reoccur

If you do all the above you’ll develop valued job skills and you can start to define whether your style of work is logical or creative – helpful in matching your personality to the right area of work.

Next month:  how joining societies and taking part in extra-curricular activities develops your time-management skills.

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