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Importance of money management for students

Importance of money management - Managing finances as a student is actually not that difficult.

It's easy if we are still given pocket money by our parents to meet our daily needs.

However, to live alone or to migrate and separate from parents, whose name is finances must be managed properly.

Because if you don't, you will be stuck in various kinds of financial difficulties, such as having trouble paying semester fees or paying for books, for example.

Actually, how to manage a good allowance for students? This is where it is important for you to learn to manage finances well. Let's look at the following tips for managing finances well for students.

Here is a Importance of money management for students

1. Start Saving Discipline

By starting to learn to save, of course, it will be very useful for us in the future. Always prioritize savings when we receive pocket money, be it from parents or other relatives.

Discipline and routine savings that we do can be used for small investments, such as buying a laptop or printer which are some of the items needed in making college assignments as students.

2. Take advantage of sources of income

Take advantage of other sources of income besides parental benefits. Among them are doing small businesses for side jobs such as freelance or part-time jobs.

To find a side job that has flexible working hours so you don't spend too much time studying and studying.

3. Shop as Needed

Consumptive and hedonic lifestyles force us to always look perfect. To avoid this, you need to make a list of the different types of necessities that you actually order for a month.

By having a shopping list to live for for a month, then you will only focus on the items you order. Remember, prioritize needs, not wants.

4. Take care of your health and diet

If you are a student in a boarding house, it is very important for you to maintain your health and maintain a healthy diet. Besides no one can take care of you and take care of you when you are sick, your assignments and college activities will be neglected later.

Not to mention you have to go to the doctor at a cost that is not cheap. To prevent unwanted things from happening, take care of your health by always paying attention to your diet and not eating snacks. Don't forget to exercise regularly at least three times a week to keep your body healthy and fit.

5. Record All Expenses

After all your income including pocket money is used, don't forget to record every expense you spend within one month.

Prioritize the costs of the events that you need to prioritize, such as paying for boarding fees (if you are boarding), transportation costs, tuition fees, book fees, food costs, etc.

6. Create a Financial Budget Plan

After understanding the important points above, the next thing you have to do is make a monthly routine financial budget plan. Manage it well so that it is not "biger than big" aka spending too much compared to income.

But in reality, if your expenses are greater, you can spend expenses that are not too important. Continue to evaluate the competition every month on a regular basis.

There are still many students who underestimate financial management which eventually makes them run out of pocket money. From now on, let's practice managing finances from expenses to routine expenses every month.

So that your financial condition remains healthy and does not ask for additional pocket money from parents.