How can you manage the money you are given monthly to help you through the month?
It is an entirely different ball game at school. You live an independent life with little or no control because your parents are not there to keep their eyes on you.
It is only the school authority that has limited control over you, which makes it possible for you to do anything without being questioned.
It also means you decide how you spend your money at school which means you are responsible for your own personal finances and financial decisions without your parent’s intervention.
So how can you manage your money while at school? Here are 5 ways you can manage your money at school
1. Create a budget
Creating a budget is the most important part of managing your money and funds.
With the monthly allowance given to you by your parent’s, you should pen down your estimated expenses for the month.
It might be difficult to have a regular and particular expense while at school but you could try to be sure what you know you spend money on.
The important things to consider in your school budget are your school needs, your daily meal and your personal care items. The rest can come after all the important ones have been sorted. You can also remove the less important ones from your budget.
Work and stick with your budget and also track your budget to improve on it each month.
2. Have a savings
While you are at school, you should make saving a major priority when it comes to your personal finance. Cultivate the good money habit of saving while at school, it would definitely help you when you are out of school.
Instead of having to depend on your parent’s for all your needs, your savings would help you cover your personal wants.
3. Separate wants from needs
What are wants and needs and how can you differentiate between the both?
Your needs are more important than your wants.
If you put your wants before your needs then you might have always be in bad financial situations.
Your needs are the expenses you can’t do without and are very important at that exact period but your wants are the expenses you don’t need but you desire to get.
Tracking your expenses make it easier for you to differentiate between your needs and wants.
4. Shop smart
While you are at school, make sure you shop smart and find other alternatives when shopping.
An example of shopping smart is buying textbooks. Textbooks are one of the important things in schools which you can’t do without and can be quite expensive.
Instead of buying new textbooks, look for a place where old books are sold and buy your textbooks there, it would be far cheaper instead of buying new ones.
5. Find a job or create a side hustle
If you know how to balance school stress and work stress, you can get a job while at school.
If you can cope with such stress, you can create a side hustle for yourself while at school and do it at your own convenient time.
The good thing about getting a job or having a side hustle is not only the fact that you have extra cash which is added to your monthly allowance but you get to gain some work experience and entrepreneurial skills which would be useful when you are out of school.