Complaints about money seem to be the national anthem of many students. The issue isn’t about making the money; it is knowing how to put it to good use. Even if you earn an income as a student, without knowing how to manage it you’ll still be singing this anthem.
Here are some tips to help you manage your money and use it effectively :
Buy foodstuff in bulk: One of the things students do is picking their foodstuff one by one. You want salt, you rush out and buy; rice, you get two cups everytime you want to cook. It may seem wise but in the long run, it leads to more expenses. Buying your foodstuff in bulk reduces the extra cost and also gives you something to fall back on when you don’t have any cash at hand.
Reduce impulse buying to the barest minimum : Most times, we want to buy everything we see even when they are things we don’t really need. In as much as this is human, it can get out of hand especially when you’re on a budget. So, before you make that impulse buy today, ask yourself “Do I really need this?”
Rank your needs according to order of importance : Make a list, then work your way down. Get those things which are of extreme importance first.
Whenever you go out to make purchases, make sure you have a list. It’ll help keep you focused on what you came to buy.
Drop some expensive habits E.g smoking, drinking and clubbing.
Save : Try to save at least 10% of any income you make. It may not seem much, but over time you’ll be glad you did.
Sometimes, instead of spending money on bikes etc, walk to certain places if you have the time to spare.
If you put some or all of the above tips to use, the rate at which you sing this “national anthem” will be greatly reduced if not eradicated entirely.