Student life is tough and pretty challenging. There is so much that you have to worry about during those years even though people assume these as the “care free days.”
Even when they are definitely the best days of our lives, students who earn and study together can have a real financial struggles.
Learning to manage your money is the key to having one less thing to worry about when it comes to juggling between studying and having enough money to pay for the basics. It is the difference between eating a good meal every so often or existing on macaroni & cheese and ramen every night.
If you are willing to learn some tips to manage money better then you are at the right place. Let’s get started!
1. Use technology to get smarter:
Budgeting is different for everyone. You cannot expect your best friend’s budgeting style to suit yours. Thus, you need to think and evaluate it on your own what kind of budgeting would work for you. There are many great apps out there that can help you figure that out. For example, there are many “Daily Budget” apps that can help you without you having to write everything down. It tracks your income and sorts out all the details for you as to how much you should be spending per day or per week.
2. Put 10% of your money into savings:
Being able to save something, even when it is as little as $20 dollars, is an achievement in itself. Take 10% of the money you make – be it a gig or a part time job – and put it away into a savings account. Once it is in there, budget the rest of the money around your needs. By doing this you will get into the habit of saving – a habit that will have long term benefits. You’ll be surprised how quickly, even a few dollars, will add up over time.
3. Sort out your wish lists of needs versus wants:
There are things you will need, like paying your telephone bill, groceries, and transport. Then there are those thing that you want. When you are out with your friends, it is easy to get caught up and indulge into shopping on things that you don’t really need. Before you know it, you have spent half of your monthly money on a dress or a pair of shoes that you really didn’t need.
Budgeting can be a challenge – but look at it as a fun challenge that you can, and will, master. Try these 3 simple tips for money management and you will see how this discipline will carry over into the rest of your life.