Fundamentals of Student Budget Management
On November 7, 2025, a tutorial session on student budget management was conducted with the second-year students majoring in “Translation Studies (Western Languages)”. The choice of topic was determined by its high relevance for the student audience, as the skill of competent personal financial planning is one of the essential competencies of a modern person.
The event began with a discussion of why the ability to manage money is particularly important for students. The students actively engaged in the conversation and noted themselves that many of them were facing the necessity of managing funds independently for the first time, whether it be a scholarship or money provided by their parents. Some students shared that financial difficulties often arise by the end of the month, and they do not always understand where their money goes.
During the conversation, we analyzed in detail what sources typically form a student’s budget. In addition to scholarships and parental support, we discussed part-time job opportunities that do not interfere with studies, as well as various grants and scholarship programs that many were not even aware existed. Students showed great interest in information about additional opportunities for financing their education.
Next, we proceeded to analyze student expenses. Together we compiled a list of main categories where money is spent: food, transportation, educational materials, communication, clothing, and entertainment. Students were surprised when they calculated approximate amounts for each category and saw the overall picture. A particularly lively discussion unfolded around the topic of impulse purchases and unplanned expenses, which, as it turned out, constitute a significant portion of many students' budgets.
The central part of the meeting was an introduction to the principles of financial planning. Students discussed a simple and understandable rule for budget allocation: directing half of the funds toward essential needs, spending about a third on desired items, and saving the remaining money. Of course, for students this rule needs to be adapted taking into account their actual capabilities, but the principle itself of planning and creating a financial safety cushion was received with interest.
The practical value of the meeting increased significantly when we moved on to specific saving tips. Students learned about various discounts and benefits that are available specifically to them. We discussed how to save on food without sacrificing quality and health, how to plan clothing purchases wisely, and how to use library resources instead of buying expensive textbooks. The students were particularly interested in the idea of pooling resources for joint purchases or rental of necessary items.
To consolidate the acquired knowledge in practice, students were asked to divide into small groups and create an approximate monthly budget. The assignment elicited an enthusiastic response, and the groups set to work with vigor. During the completion of the assignment, students actively debated, argued about priorities, and shared personal experiences. When the groups presented their budget options, a substantive discussion emerged about different approaches to expense planning.
