5 Ways to Manage Student Finances Wisely

 A student is required to be smart in managing money. Separate personal needs and college needs.

We may often encounter students whose monthly budgets are smaller, but are able to manage their finances better than those whose monthly budgets may be larger.

This of course depends on each individual in managing his finances as well as possible.

For those of you who are currently a student and want to get used to managing finances well, there's nothing wrong with listening to the following tips:

How to Manage Student Finances Well

1. Monitor your finances

Record all your financial activities. No need to be complicated, just provide a notebook and start recording the income and expenses that occur. Also collect any proof of expenses that have been made, such as shopping receipts or payment receipts.

Thus, you can more easily monitor and evaluate your financial situation for one month. If something goes wrong and seems pointless, you can flag it and try to fix it next month.

In addition, if you get used to this routine, it can form a positive character in managing your finances in the future.

2. Plan a budget for your expenses

Every month there must be income that goes into your account. However, have you planned the expenses? This planning is very important. At the beginning of the month, try to map out your expenses such as eating, paying rent, doing chores and so on.

Tips for managing finances by planning expenses have quite good benefits. This means you will avoid spending too much that sometimes goes unnoticed.

3. Do not combine personal accounts and other accounts

In this day and age, having a bank account is the duty of every student. This is useful for making it easier to send, store, and store money.

Well, for you students who are busy, in this case busy organizing or doing business. In addition, you are the treasurer of the organization. So, never keep personal and organizational money in one account.

This is very ineffective. You will be confused in managing money. The worst case is that the organization's money can be used accidentally.

4. Distinguish between needs and wants

It is undeniable, the beginning of the month is the time when you will hold quite a lot of money. At the same time, consumerism tends to overwhelm you. The urge to buy this and that seems hard to resist.

To get around this, try making a priority list. Prioritize the most pressing and most important needs. 

5. Don't forget to save

We all know that a student does have many needs. However, do not let the many needs make you forget to save.

Every month you receive money, there must be a small profit. Avoid using extra money for things that are less useful. Start saving it in savings. Remember, saving is a very profitable activity.