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In order for children to become financially wise, their parents need to be the same. Having financial wisdom makes it easier to pass this knowledge on to your children.
Financial wisdom can be:
Going to university, especially when attending one in another city and living alone for the first time requires financial planning. Even when not paying a tuition fee.
Studies will consume most of the student’s day, making it difficult to have a full-time job. Even though Estonian universities do not generally have a tuition fee, studying comes with significant expenses.
Attending a university does not come with just study-related but also other living expenses, e.g. accommodation, transportation, food, entertainment.
To get a better overview of the student’s expenses, it is advisable to compile an example budget: include the expenses, the student’s income and whether and to what extent their parents support them. More on compiling a budget.
Additional reading on how to manage finances as a student
If your expenses exceed your financial resources, you should focus on finding additional employment even before the semester starts.
Keep an eye on job advertisements using the following pages:
In addition to a half- or a full-time job, short-term employment (e.g. replacement during vacations, helping out during busier days) may also be helpful. Have a look at short-term employment at Goworkabit. Another useful source for finding a job is the phone app MeetFrank. Don’t forget to make a LinkedIn account.
Get practical and valuable tips on supporting a student or financing the study period from the financial wisdom Facebook group #Kogumispäevik and Instagram account @Kogumispäevik.
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