Is it possible to manage your student finances while establishing your start-up?

So, you’ve got an incredible idea for a start-up that you want to bring to life.

You Genius! Source: Giphy

The problem is, the idea has come while you’re at university drowning in student debt.

While the student loans company expects you to start paying back as soon as you start a full-time job, you dream about owning your own enterprise and transforming your business dreams into realities.

So, what do you do? Is it really possible to single-handedly start your own company while juggling university lectures, social sessions and the maintenance of a healthy bank balance?

According to Business Insider, it’s possible.

As highlighted in their recent article, a student named Aaron found a way to organise his monthly spending habits in an attempt to pursue his creative visions.

I’m a 27-year-old trying to launch a side hustle and pay back $25,000 in student loans — here’s how I spend my money during a typical week https://t.co/VuC0mLS9RQ

— Business Insider (@businessinsider) September 14, 2018

Instead of allowing financial pressures to restrict him from fulfilling his goals, this student has turned his start-up into a ‘side-hustle’ that grows alongside his studies. By keeping both his education and enterprise work flowing, Aaron has the freedom to use both in his future plans.

As he explains in the article, “For the most part, I’ve managed to keep my monthly expenses close to the commonly recommended benchmarks for spending- around 30% on housing and 10-15% on either food or transportation.

“Now my challenge is bringing my side hustle to life. Since I want to avoid business debt and keep my monthly business expenses, I get to practice what I preach- by spending less than I earn and being resourceful with what I have”, he adds.

Balance your finances and your start-up will survive. Source: Giphy

How else can I fund my start-up?

Ever thought about using online crowdfunding websites? By publishing your idea for the whole world to see and explaining your current financial situation, generous strangers can grace your bank account with extra dollars to keep your start-up dream going!

Here are a few examples of great crowd-funding websites:

– GoFundMe

–Indiegogo

–Kickstarter

Or, if you’d rather not use these websites and want to stick to what you know, you can always talk to your university careers service and get free student finance support.

By teaching you how to save and spend money in an effective manner, you’ll spend less time worrying about money and more time conquering the world with your incredible start-up venture!

Liked this? Then you’ll love…

Should universities be concerned about students hacking their networks?

#YouareWelcomeHere: 57 US Colleges to offer scholarships to international students