Financial management is tricky and not easy, as well as being a student. Often, if not controlled properly, this can leave you suddenly running out of money and having no reserves. Finally, dry bags at the end of the month become a natural thing for students.
During the pandemic, students are accustom to online lectures. Even so, managing finances also still needs even though studying from home. Especially if you take employee classes while working. Finances need to arrange in such a way that they do not run out of money and can still save. Here are five tips for managing finances for students that you can apply.
Make a monthly spending plan
Financial management with making a monthly spending plan is very important, although not easy. You have to understand and look back, all this time what you routinely buy every month. For example, shopping for household needs, such as soap, shampoo, detergent, and others, do you do twice a month with what budget, how much for food per day, or if you cook yourself what is your weekly shopping budget. Prepare details regarding the budget for all your monthly expenses. Take notes and make a spending plan, so you can see how much you spend this month.
Record expenses regularly
Then, financial management with record expenses regularly after making plans and budgets. Expenditures must be there every day, so make daily and monthly records of your expenses. From this diary, you can calculate your expenses in a week and finally a month. After that, you can re-plan your monthly expenses and be wiser in using your money. Currently, there are many daily, weekly, and monthly expense record formats available on the internet. You can copy it there.
Prioritize needs over wants
Sharing yourself with healing or traveling is important for financial management, but being wise in managing your finances is also important. Prioritize your primary needs before any other needs, including having fun or satisfying a want. For example, you already have a budget to buy clothes this month, but it turns out that there is also a sudden need to buy college books. Prioritize buying books first.
Don’t let you end up buying clothes and don’t have the money to buy books. In the end, you have to cut your food money so you can buy books or don’t buy them at all. Many students spend a lot of money because they are hungry and end up running out of money at the end of the month. Hold on and prioritize your needs over wants.
Put some money into savings
Monthly money from parents or from work, for you students in employee class or other online classes, is certainly limited for financial management . Wise on spending not only uses all the money well, but can also set aside for savings. This savings can be an emergency fund when times are critical or there is a sudden need. Especially for those of you with a tight monthly budget to the point that you can’t have an emergency budget.
In addition, by saving, you can also collect money which you can later use for many other things. For example, for traveling, making small projects, or even buying things like cellphones. You can also invest in buying gold or stocks and mutual funds. Saving is one example of wise in managing finances.
Start learning to invest
Your financial management is well if you are a student. Because lectures are conducted online and fees can be adjusted according to the number of courses taken. The monthly spending budget as an employee class student or online undergraduate course is also of course more economical than face-to-face. You can save on transportation costs, eating out, as well as boarding costs. So you can allocate your money for many other things such as investments.
Those are five tips for managing finances for students that you can try to apply while studying, both face-to-face and online by taking employee classes. Make sure you are always aware when using the money you have. Prepare an emergency fund to prepare “pads” when things go wrong.