LoanMe Sri Lanka: Tips for Sri Lankan Students to Avoid Building Up Student Debt
For many Sri Lankan students, getting a good education is a top priority. However, pursuing higher education can also be an expensive endeavor with costs that include tuition fees, accommodation, technology expenses, transport, and entertainment. These expenses coupled with the rising cost of living in Sri Lanka can be overwhelming and may lead to students building up student debt.
To help Sri Lankan students avoid building up student debt, we’ve put together a guide that covers some useful tips to help you manage your finances effectively.
Understand why Sri Lankan students get into debt
Building up debt as a student in Sri Lanka can seem almost inevitable. The cost of higher education is continually on the rise, making it a financial challenge for many families to provide education for their children. Beyond tuition fees, there are other significant expenses that students have to incur such as accommodation, transport, technology expenses, and entertainment. However, it is important to keep in mind that building up massive amounts of debt is avoidable. Being savvy with your spending and managing your finances properly can help you avoid building up large debts while working on developing your education and career. Understanding the main reasons Sri Lankan students accumulate debt is the first step towards avoiding debt.
Be cautious with credit cards and don’t spend more than you can repay
Credit cards can be a quick way to access money, especially in emergencies. However, they are also an easy temptation for students who wish to purchase things that are not a necessity. Credit card companies often lure customers into debt through minimum payments and compound interest. To avoid debt, you should only spend what you can afford to repay. If you already have credit card debts, prioritize paying them off to avoid accruing more interest and debt. Remember to always make repayments on time to maintain a good credit rating.
Build an emergency fund to help avoid debt
Creating an emergency savings fund is an effective way to help prevent debt. Many students fall into debt due to unexpected expenses such as medical bills, car repairs, or other unforeseen situations that require immediate expenses. By setting aside some cash every month and not touching it unless it’s genuinely an emergency, students can create an emergency fund to cover such unforeseen expenses. Keep building the fund until you have at least six months’ worth of essential expenses covered.
Manage your budget strategically
Managing your budget strategically is one of the most effective and practical ways to avoid debt. Start by assessing your income and expenses, such as movie tickets, fees for loans, and groceries. With this information, create a practical budget that takes into account all your expenses. It is also essential to realistically estimate the amount of money you will be earning in the future as this can help you make informed financial decisions. Focusing on your budget will help you stay on track and achieve your financial goals. Spend within your goals and targets when managing your budget, and cut expenses elsewhere to avoid debt.
About Loanme LK
If you’re struggling to finance your education or find yourself in debt, Loanme.lk can help. They provide online loans using the latest financial technology and can assess your loan eligibility quickly. If approved, they can release funds to you within 48 hours. With fast and affordable interest rates, applying for a loan from Loanme is an excellent option for students who wish to finance their education. By exploring loan options from Loanme, students can avoid building up excessive debt, and focus on achieving their career goals.
Conclusion
Building a strong financial foundation and keeping track of your spending is critical to avoiding debt as a Sri Lankan student. Paying attention to expenses, setting financial goals, and utilizing resources like Loanme can help you stay on track and achieve long-term financial success. With discipline, good money management skills, and a clear understanding of how to avoid building up student debt, Sri Lankan students can graduate with a sound financial footing.
ශ්රී ලංකාවේ අඩු පොලී අනුපාතයක් සහිත හොඳම ඔන්ලයින් ණය
Loan type
Short termFor a period of
30 daysRate ()
1.00% / dayLoan amount
40000 €Approval in
5 minutesFirst loan free
no
Loan type
Short termFor a period of
122 daysRate (ARP)
12.00% / yearLoan amount
40000 $Approval in
15 minutesFirst loan free
no
Loan type
Short termFor a period of
28 daysRate ()
0.04% / dayLoan amount
60000 $Approval in
0 minutesFirst loan free
yes