Personal Finance Management for KBSU Students: Expert Life Hacks

Financial literacy is an important skill for a modern person. It helps to plan a budget, manage savings, use financial instruments and make informed decisions. Lack of knowledge leads to debts and problems, while literacy provides stability and confidence in the future.

Student life is full of expenses: textbooks, travel, food and leisure — all this can significantly hit the wallet. Therefore, it is important to choose financial instruments that will help not only save, but also increase funds.

The head of the Regional Center for Financial Literacy of the Kabardino-Balkarian Republic, operating on the basis of KBSU, PhD in Economics, Associate Professor of the Department of Economics and Accounting and Analytical Information Systems of the Kabardino-Balkarian State University named after H. M. Berbekova Rita Kushbokova and manager of the Kabardino-Balkarian branch of Sberbank Zalina Beytuganova.

“When students have a good understanding of issues related to budget planning, it is easier for them to control their money and make more rational decisions. Knowing the principles of lending and investing will help to avoid debts and plan large purchases. The earlier you master financial literacy, the easier it will be to solve any financial problems,” Rita Kushbokova is sure.
Head of the Kabardino-Balkarian branch of Sber Zalina Beytuganova presented various profitable banking products that may be interesting and useful for students.

Social loan

A striking example is the social loan for students from Sber, subsidized by the state. Its key advantage is the minimal financial burden during studies: the state covers a significant part of the interest, and the student pays only a small interest payment, comparable to the cost of a cup of coffee. The principal debt is repaid after graduation, with a grace period for finding a job, and the repayment period can be up to 15 years. Early repayment is also possible.

“A social loan creates real financial obligations and a framework in which a student learns to plan income and expenses, meet payment deadlines, and understand financial products — all this contributes to the development of responsibility and discipline,” explained Zalina Beytuganova.

Educational loan

Sberbank’s educational loan has favorable terms: a grace period for repayment and a reduced interest rate. This loan is suitable for paying for tuition at any Russian university or college that has a license and accreditation, whether it is higher or secondary vocational education. Key benefits include a low interest rate, a convenient repayment schedule (minimum payments during studies and 9 months after it), as well as a minimum package of documents. Such flexibility allows students to fully focus on their studies, without being distracted by part-time jobs to repay the debt. Full repayment of the loan is possible within 15 years after completing studies. You can apply for a loan yourself (for adults) or with the help of your parents (for people under 18) through the bank’s app or at a branch.

Credit card

Young people aged 18 to 25 who need quick financial assistance can get the necessary amount for their needs from Sberbank without a credit history and with a loan rate 2 percentage points lower.

«When applying for a loan, it is important to understand your obligations to banks, carefully assess the need for a loan and be sure to consult with bank specialists. We support young people in any financial matters, strive to ensure a positive credit history and select the best conditions for achieving their financial stability,» the manager emphasized.

Zalina Beytuganova advised students to use credit cards wisely, which means paying off debt before the end of the grace period, avoiding cash withdrawals and transfers, and keeping track of their expenses. Otherwise, if used irresponsibly, a credit card can cause serious debts.

«We recommend that students start with small credit limits and use the card as a kind of «spare wallet» rather than as a replacement for their main income. It is important to realize that by using a credit card, you are essentially borrowing money from the bank,» the expert noted. Experts are confident that properly selected banking products can become a reliable support in student life. Social and educational loans offer minimal burden during the period of study and flexible repayment terms, and a credit card, if used consciously, is a convenient tool for unforeseen expenses. The main thing is to plan a budget, know your obligations and use loans as a tool, not a replacement for income.