HOW TO MANAGE YOUR BUDGET AS A STUDENT.
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| be able to manage money as a student. |
Creating a student budget plan is an important step every student can take to assess his or her financial wellness. A college student budget can help you keep track of your expenses, analyse your assets and income and set financial goals for yourself. And whether those goals are short- medium or long-term goals, a personal budget plan will help you reach them. The champion for the KZN-FLA, financial MEC Ina Cronje, was encouraging young people to make a budget, she said " many children grow to adulthood without knowing how to handle money." As young people we think that drawing up a budget and learning how to handle money seems to be something for parents only.
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| she is stressed......, |
To Gather all information that shows the inflows and outflows of your income. The easiest way to obtain this information is from bank statements. It would be helpful to have at least two to three months of bank statements to see an average amount of your expenditures. I know that student like to buy unnecessary thing, you should buy thing that you really need and avoid buying wants. Do not buy thing that you did not include in your budget because that will cost you and avoid to eat fast food. Plan, Create anticipated spending amounts for each area of expenditure by reviewing past expenditures on your banking statement. Take note of areas where you are spending more than needed and decide how to eliminate the unnecessary spending.
The following are examples of common areas of expenditures:
- Rent
- Utilities
- Food
- Credit Card Bills
- Cell Phone
- Clothing
- Personal Care Items
- School Related Expenses
Monitor Your Spending: http://www.pearbudget.com/
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Keep written records of all your purchases and payments. Save all receipts and track all transactions in a notebook or computerized budget using Excel, Quicken, or Microsoft Money. There are a variety of downloadable budgets on the web. this wiil help you to see were you have overspend.
Budget is a big issue that stress us as student.We are not able to do a list when we go shopping we just buy watever and before the month end we go broke. We must learn to budget every cent we spent.Thank you for the advice.
ReplyDeleteWhether you are a student or not you need to draft yourself a budget for everymonth, by so doing you will be able to avoid buying unnecessary stuff and start saving.
ReplyDeletefor me i only know budget if i want someting,but i can not say that is my permanent budget because i take it slowly and end up with nothing,so what can i do to run away from this problem?
ReplyDeleteYou have to write down what you need put it in your budget.
Deletethank you for the tips and ways to monitor how we spend money as students,although this is going to be hard for most of us students but we need to try and push ourselves to do this.
ReplyDeleteGood advise, everyone not only students really find it hard to budget. I sometimes go into a shopping store with the list of everything that I need but when i get out, I have added on somethings that i did not actually budget for. Then at the end of the day I am broke again.
ReplyDelete