School seasons starting within these months, students should equipped themselves with comprehensive money management skills. Even it is just starting out to learn, these skills are essentials for all of them.
Lets reviews the 10 money management tips for students.
1 – Keep track of your daily / monthly spending
Use a notebook, or use any financial software. Good money spending records will prevent you from getting overdrawn at the bank thus encourage you to over spend beyond your budget. This habit also allows you to specify your monthly spending patterns.
2 – Estimate and plan for budget
This can be done at the beginning of the month, estimate how much money we have and plan ahead of the future spending. Remember: you do not need to spend out everything you have.
3 – Keep your purchasing receipt
You’ll need to be able to compare them at the end of the month. Details of goods that you purchased such as discounted item and others.
4 – Make up saving habit first
If you decide you must have that gadgets that you ever wanted such as PlayStation 2, try to save enough money for it and pay the full amount in cash when you buy it later.
5 – Avoid non-academic debt
Sometimes it might seem like a good idea to use your parents credit card to purchase the latest gadgets, but it is not appropriate to do so. Focus on developing good money skills with good cash flows only we can manage the credit card debt later.
6 – Buy used textbooks
Used text book will have good value price. After the courses had been completed, you can still sell out the book to other students for some cash back as well.
7 – Avoid joining big spenders group
Hanging out with friends who have good spending habit, they can lead you to spend more effectively on daily requirements.
8 – Join campus activities
Attend and join school activities such as fund-raising event to encourage yourself for learning and managing finance particulars.
9 – Do you really need the stuff?
Before you buy anything, please ask yourself do you really need it. It is advisable to list down the stuffs that you wish to buy on a paper. Only buy the extra stuff if you have extra budget left for it.
10 – Practice good habits
Some college students love to have beer and cigarettes although the price are expensive. They also harmful to body and mind also. Choose healthy lifestyle while maintaining the good financial status that you have now.