Managing finances while being a student is actually not too difficult, you know. It is easy indeed if we are still given pocket money by our parents to fulfill our daily needs.
However, for those who live alone or migrate and are separated from their parents, the name of finances must be managed properly.
Because if you don’t, you will be stuck in various kinds of financial difficulties, such as having difficulty paying semester fees or paying for books, for example.
Actually, how do you manage a good allowance for students? This is where it is important that you learn to manage your finances well. Come on, see tips on how to manage finances well for students below.
1. Start Saving Discipline
By starting to learn to be disciplined in saving, of course, it will be very useful for us in the future. Always prioritize savings when we receive pocket money, be it from parents or other relatives.
Savings that we do regularly and discipline can be used for small investments, such as buying a laptop or printer which are some of the necessities in making college assignments as students.
2. Take advantage of sources of income
Take advantage of other sources of income apart from your parents’ pocket money. Among them are doing small businesses to side work such as freelance or part-time work.
Try to find a side job that has flexible working hours so that it doesn’t take up too much of your study and study time.
3. Shop as Needed
Consumptive and hedonic lifestyles force us to always look perfect. To avoid this, you need to make a list of the various types of needs that you really need for one month.
By having a shopping list for a month of life, you will only focus on the things you need. Remember, prioritize necessities, not wants.
4. Take care of your health and diet
If you are a student who is in the boarding house , it is very important for you to take care of your health and maintain your diet.
Besides no one can care for and take care of you when you are sick, your assignments and college activities will be neglected later. Not to mention you have to check with a doctor at a cost that is not cheap.
To prevent unwanted things from happening, it’s a good idea to take care of your health by always paying attention to your diet and not snacking carelessly. Don’t forget to exercise regularly at least three times a week so that your body is always healthy and fit.
5. Record All Expenses
After all your income including pocket money is used, don’t forget to record every expense you spend within a month.
Prioritize recording expenses that you must prioritize, such as paying for boarding fees (if you are boarding ), transportation fees, tuition fees, book fees, food fees, etc. Don’t forget to take notes in detail and try not to miss anything.
6. Make a Financial Budget Plan
After understanding the important points above, the next thing you have to do is make a monthly routine financial budget plan.
Arrange it well so that it doesn’t become “bigger a peg than a pole” aka too much expenditure compared to income.
But if in fact your expenses are greater, you can cut expenses that are not really important. Keep evaluating your expenses every month on a regular basis.
There are still many students who underestimate financial management which ultimately makes the situation of running out of pocket money unavoidable.
From now on, let’s practice to manage finances from income to expenses that you routinely use every month. So that your financial condition remains healthy and does not ask for additional pocket money from your parents.