06 January 2015

Money Management Tips For Students-Why & How?

Student's Money Management Tips

The most important tip for students is to keep track of their daily expenses. Keeping records of all the expenses that you make will help you have a decent bank balance. This will also help you to realize the places where you could cut down on unnecessary expenses. It is also important that every student makes up a plan regarding his future expenses. You need to remember that it is not necessary that you spend every single penny that you have at your disposal. You will also need to save up money for any emergencies in the near future.
Track daily expenses

Every time you purchase something you should ask for a receipt. This might not be always possible especially in the case of edibles but you should make a note of such expenses. This receipt will not only be used as a personal record but could save you money if the item gets spoilt. If you are planning on buying a cellular phone or a PlayStation for that matter it is very important that you save enough money to pay for it in full and avoid payment in installments.

It is important that every student avoid any debt other than academic debt which sometimes cannot be avoided. It is important that you do not make many purchases only because you are in possession of your parent's credit card. This may seem a good idea but it will definitely be better for you to save up and then only purchase any gadgets you may want to. Another way for a student to save money is to buy used textbooks. Second hand textbooks which are not in a bad condition are a good option as it will cost only half of what a brand new textbook would have cost.

When you are in college it is better if you avoid hanging out with a group that tends to spend a lot of money. Hanging out in a group where all the kids are from extremely wealthy families isn't the best option. This will only mean that you too will have to spend exorbitant amounts money every month just to match the lavish lifestyle of your group. You should avoid joining a group that go for party's everyday especially if you are not in a very good financial position. You should also volunteer to organize cultural as well as sport activities. Organizing such activities will teach you a couple of lessons in money management. It will also give you the necessary exposure that you may need later on in life.

Another important tip would be to ask yourself whether you really need to buy a particular item before actually buying that item. Only after you have asked yourself this question will you realize that you could actually do without that item. You should only purchase it if you have planned an extra budget for this item. Smoking and drinking are very bad habits that should be avoided by students. Not only are these practices addictive but they cost money. They even cause harm top ones health which could lead to a lot of medical expenses in the future. A healthy life is always better.

So, remember the words in red color and  be happy!

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