Solving the student finance riddle with Solo Expenses
Away from home for the first time, students starting at University or College can find money management one of the toughest lessons they have to learn. But it doesn’t have to be so hard – Solo Expenses Personal Use offers the best-value solution for expense management; here’s why…
If Thursday is the new Friday, and brown is the new black, can less ever be more?
In spite of the question sounding very much like a riddle that Gollum might have come up with in The Hobbit, the answer is, well, it very probably could be.
We’re talking students here; young people who, having left home for the first time, are living independently and managing their own finances for the very first time too.
It’s not easy; those of us who are, ahem, more senior in years probably can’t remember it, but the temptation to rush out and spend a student loan in the first couple of weeks of term must be huge. It’s not a deliberate squandering of resources; more than likely the sums they have to work with are smaller than they’ve been used to when living at home, and when someone else was responsible for filling the fridge and making sure there was food on the table.
And that’s the key; being a good expense manager is about understanding a budget and working within in, which is why students have to make less become more.
We’re noticing more and more students coming over to the Solo Expenses Personal Use way of thinking – and that’s happening around the world, we have clients in dozens of countries.
Why it goes wrong – and how to prevent it
Expense management goes wrong because of a failure to work out how long the money has to last, and that calls for astute budgeting – always more important when dealing with small sums; less critical with larger ones. For a start, Solo Expenses is free to download for individual users – so it stands apart from a lot of other money management apps. Free stuff is a great bonus for students.
It’s then possible to work out how much money is available every week, and use the app to record every penny spent against a monthly or weekly target.
And that’s the next good thing about Solo Expenses Personal Use. Being a smartphone app, using its intuitive features will come as second nature to students, for whom the phone has usually become a must-have accessory long before they’ve even thought about a University course.
Why Solo Expenses is so useful
Any student who lives with a phone in their hand is instantly ready to record the money they’ve spent – and here’s another key element – at the moment of spending it. There’s no need to hang onto receipts, or remember the cost of something hours or days later. A few clicks on the keypad, or even a quick picture of the receipt (the app has that feature built in) means an expense is captured and added to the list to be compared to the pre-determined budget.
And that means they can see, day by day, that their spending is on track. That knowledge is powerful in mastery over personal money.
We’ve even heard of students who are eating more healthily because of Solo Expenses Personal Use. Having diligently recorded their spending, and checked the graphs the app can produce, they’ve discovered a spending spike on take-way food, and cut back on it significantly. The result is that their money stretches further, and they’re discovering healthier meal choices. Whoever heard of a money management app reducing cholesterol? Until now we hadn’t, but cutting back on take-away food and replacing it with fruit and vegetables must be helping to do that!
Why we can afford to give it away
There really is no catch with individual use of Solo Expenses Personal Use. To be fair, we designed it as the only expense manager app to be used by sole traders, but its simplicity and versatility have captured the imagination of a number of other groups, amongst whom students figure as significantly. We can afford to make the app free (you can download it here now) because thousands of business users in scores of countries are happy to pay to make month-on-month savings of cash and time because of the efficiencies it delivers to their businesses. They can’t all be wrong; their investment in our software, and its big brother Expense on Demand, pays for itself in savings of time and money.
And there’s another benefit
Students also have the option, once they’ve found out how effective our app can be, to encourage others to use it. If they do, and the others subscribe to it, we’ll reward that marketing with a commission payment too. Find out more about our ‘refer and earn’ offer on the benefits page.
Our ethical approach
And that means we’re happy to offer a helping hand to people such as students, who need it at a particularly important time in their lives. What’s more, we also put money into worthy causes every month because our business ethos is one of caring a sharing; of supporting people who have far less than even the average student, of who enrich lives in other ways. Check them out at our Giving Back pages.
Take a tour of our app’s benefits here – once you’ve seen them, you’ll wonder how you managed without this powerful little expense manager app.