Obtaining a diploma should not be the only goal of students. If you develop strong financial management skills, you will be capable of making wise investments and boosting your income in the future. You will lay the groundwork that enables people to fulfill their dreams and attain financial independence. Here are some good money management tips and strategies for students.
Build Financial Awareness
Look at where you usually spend your money. Examine your monthly expenses and see what usually drains your money. Knowing where your cash goes will help you gain control over your financial situation. Many times, students end up asking themselves where their money went. Once you know how you spend your cash, it will be easy to tell yourself NO when you have the urge to head off for impulsive shopping.
Take Advantage of Student Discounts
Carrying around your Student ID at all times will definitely save you a lot of cash. When going to the movies, traveling to another location, or ordering food at the restaurant, check if they offer discounts and take advantage of them.
Pay with Cash as Often as You Can
Plan a Personal Budget
Make a list with all sources of cash you have and plan a budget for it. Obtain student loans to pay for your tuition and other school-related expenses. Never spend the loan on personal purchases. Use what you get from your parents to cover necessities, such as groceries. Make sure you give yourself a reasonable allowance to cover your basic needs. If you have extra cash, pamper yourself without overdoing. Stick to the budget and check it on a weekly or bi-weekly basis to see where your money goes.
Create an Emergency Fund
An emergency fund is really handy under circumstances that require quick cash. The best way to do that is to open a savings account and deposit a certain amount of money at least every two weeks, if not every week.
Use a Money Calendar
A money calendar is a good tool to help you track your finances. Mark the dates when payments become due, together with all upcoming events that require cash and the dates when you are going to get cash. This will definitely help you plan and prepare the required cash.
Take Advantage of the Best Deals
When purchasing school supplies, books, and other materials needed for school or personal use, make sure you look for discounted items offered in bookstores, supermarkets, and department stores. It is always a good idea to compare the prices of items online. Check out eBay as well. It is nice to spend time looking for great bargains.