Student guide to managing money - What is the secret? Becoming a student and entering a new world may seem to be the most exciting part of your life change, such as showcasing your independent spirit, growing as an individual thus becoming more mature and taking accountability for your own actions and most importantly, managing money.
Once you identify that you can spend your monthly budget in a week, which results from having takeaways, going to the pub, nightclubs etc. You soon come to realise that the money you spent was on nothing necessary.
Majority of students will quickly understand how important managing your money really is. The question is, how will you explain to your parents where all you money went? If you want to learn how to efficiently manage your money keep reading for some worthwhile tips.
1. Keep track of your expenses
According to meratas.com, calculating your weekly pay or agreeing on a weekly/monthly budget with your parents, you should learn how to manage that money wisely.
Keeping a dairy of how much you earn, how much you spend, and expenses to be paid (E.g. Rent), you will quickly understand where you are going wrong. Keeping track of your money will show you each week how much money you can afford to spend on your social life, leaving you stress free.
2. Cooking meals in advance
Having ready made meals every week will help your urge of turning to takeaways. Most students tell themselves "I'm too tired to cook lets get takeaway" or "There is no food in the fridge we may as well get takeaway". Well, no more excuses! It is a guarantee that these ready made meals will help you save and have more money left over for necessary items.
3. Setting up a direct debit with your local Credit Union
It is important to acknowledge saving accounts for future loans in order to build up a positive credit rating regardless of the amount you assign per week. So, instead of spending that 5 euro on cheesy chips, eat that ready made meal, put that money away and avoid unnecessary spending!
Accomplishing this task will not happen over night. So, keep working on these useful tips every week and soon you will become a pro at managing money as a student. After all it may be easier than what you think to manage your money.