Saturday, 18 May 2019

How To Manage Your Finances As A Student



1. Have a Monthly Budget
This is very important in managing your finances. If you set yourself an allocated amount to spend each month, then you will be able to track how much you are spending per year. This will help you to plan how much money you need to live and will enable you to find out if you can keep to this monthly budget. The best part is that if you under spend per month than your fixed budget allows you to, then you will be saving money for you to use elsewhere!

2. Keep Emergency money 
Having Emergency money is a highly rated tip which we recommend. It’s always good to have emergency cash which is not part of your budget. This way, if you ever have any issues or emergency situations, then you have that allocated amount to help you through your situation. On the other hand, you would be saving this allocated amount if you don’t spend it!

3. Have a Student Bank Account
Student bank accounts are a great way of managing your student finances. Your overdraft is there to help you manage how much extra money you may need in an emergency situation. The actual account is great to see how much you are spending as you can go into your bank to get a statement of how much you have spent. From this statement, you can see if you are spending too much money.

4. Write Down Your Costs
Writing down your costs is a great way of tracking your finances. Simply writing down how much you have spent will enable you to work out if you are spending too much money.

5. Review Your Bank Statements
Reviewing your bank statements every week will enable you to work out how much you are spending per month. This then allows you to decide on whether you want to increase your spending or whether you want to decrease your spending. Either way, this will help you manage your finances properly.

Source: Studentnaija

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