A big trouble for students is the fact that taking care of their money becomes solely their responsibility. After the carefree days in high school when mom or dad could give you a little financial aid, comes the harsh reality of studenthood, with its expensive books and not enough income. Some students just shut off and refuse to accept the reality of growing up, spending whatever money they get, or, on the contrary, working for nothing. What you need to do instead, is learn the prices of goods, and the money you could earn with your skills. It is high time for you to manage your finances wisely!
Quality before Quantity
Smart people understand the value of money. Cheap things may seem like a bargain, but keep in mind that you need to invest in your future. Why to buy an economical pair of shoes, if they are bound to get ruined after a heavy rainfall? The same goes for food: instant ramen can be a savior on some nights, but your health is more valuable in the long haul. Every time you buy suspiciously low-cost goods, ask yourself this question: “Will it be worth my money later?”
Manage Your Expenses
Develop the habit of recording your expenditures and income. Keep the numbers in the two columns balanced: do not overspend on unnecessary things. Not only should you beware of yourself, but also beware of others. Especially during your student years, a lot of people will come up to you asking to lend them a few bucks. It may seem like not a big deal, but not everyone is trustworthy or has a good memory, so always write down the sum they owe you. Having a clear idea of what goes on inside your wallet will help you get a clear idea of how you are living your life.
Save Up Everyday
With every wage you get, plan your expenses. Promise yourself to save up 20% of your salary and in a year that will become a reasonable sum. Gathering motivation for saving up is having a clear goal: a long-expected vacation by the beach, an expensive gadget, a trip to a theme park. When you do such a small experiment during your freshman year at college and it turns out to be successful, you can level up to more serious things, like your own apartment or a new car. Make small steps towards your big dream!
Trying to become rich by winning the lottery is the same as trying to become famous by singing in the street. It is a chance in a million, and the risk is not worth it. Anything that promises you money later for your money now, is enough at least to raise your eyebrow at. The bitter truth is that nobody is that lucky, and free money is a myth, especially when you need it. The same goes for credits and other alluring financial traps. Remember: the people providing them also want to get some fast money!