By Researcher and reporter: Shama Sultana Isfaqul Kabir
Although it’s a major concern in life, money can be difficult to manage, particularly for those in school. To prevent financial stress in the future, every student should understand how to handle their money and set themselves up financially. To use the terminology of the book, this financial accounting is referred to as money management.
Through a variety of strategies and tactics, people use this process to accomplish their financial stability or a specific objective. straightforward as this may seem, not everyone is as successful at preserving their finances in real life. Most people’s ignorance of the concept of money management is the primary cause of this. Even when parents are aware of this, it is frequently difficult for them to impart it to their kids. They lack an extensive knowledge of the topic, which explains why. Too many individuals confuse financial management with saving money.
Effective strategies for money management in student life. | Photo: Collected
Too many people confuse money management with saving money.
It is commonly held among particular households in our society that discussing money with boys and girls is inappropriate. On the other hand, a University of Georgia study reveals that kids from households with higher financial discourse levels are typically better money managers. Thus, today let’s check some money management pointers or recommendations that we may use in our everyday lives as students.
Tip 1: Set aside money for everything
Keeping a thorough record of their monthly income and expenses is the first step towards learning how to budget for this trip. Before any sector’s monthly expenditure, a financial plan should be developed. Every expense, including tiny ones like tea and meals, should have a corresponding budget, even for large bills like rent. You’ll be able to keep on track because you’ll have a clear understanding of your expenditures. Your monthly savings will increase thanks to these budgets.
Tip 2 – Student Discount
You can occasionally get discounts solely for being a student at several locations.
Such include purchasing tickets to watch sports in stadiums, different movie theaters, different life insurance providers, dining establishments, and retail centers. Students can purchase everything they need at this advantageous time.
Nevertheless, be conscious that you are overspending in the hopes of receiving a 10% discount on pointless items. Your money will be lost in 90% of cases like this.
Tip 3: Conserve automatically or systematically
A specific amount of money from family or other sources of income should be kept apart and treated as though it never existed. For the bank to retain 20% of your funds as savings, you might enlist their assistance in this endeavor. Alternatively, you may try your hand at mobile banking.
Tip 4: Make it a habit of eating meals cooked at home
Occasionally we all indeed eat out, but if you do it frequently, you can end up in debt at the end of the month. For this, master home cooking. You will eventually learn how to cook well and the cost will go down.
Tip 5: Look for ways to make extra cash
Discover creative ways to make extra cash. | Photo: Collected
Try not to let the job interfere with your study as much as possible. There are lots of jobs available these days for students to work on in addition to their coursework. and help you become independent. Friends who are also attempting to make additional money can assist you in your endeavor. For a limited time, Momo or Fuska can have a little stand with pals on the sidewalk. If, however, you would rather not perform such labor, you can still earn money by getting tutoring or writing from home for other periodicals.
Tip 6: Differentiating needs across wants
You must recognize the distinction between needs and wants. It is only at that point that you can reduce the amount of money you waste. If you rent a house, for instance, you cannot survive without it. However, you have the option of paying for apps like Netflix or Spotify. Therefore, it makes sense for everyone to be aware of the distinction between these two problems, as doing so will prevent you from having to make additional purchases.
Tip 7: Using credit cards wisely
Many students are unaware of how to use credit cards responsibly. They are ensnared in debt so frequently. Students should consider where to apply for this card and whether they truly need it in this regard. The credit card can be set to a certain amount if preferred. To decide whether credit cards for four children are truly necessary for this student circumstance, parents need to be aware of this. If needed, parents should be instructed in proper usage.
The application process for scholarships and bursaries is just one of the numerous different ways that students can cut their costs. The aforementioned advice, however, will help students become more adept at managing their finances. His financial management skills will consequently improve.
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