Wednesday, February 18, 2009
"Managing money"-the toughest job for students
Are you a student of university or doing any other crash course? If yes then all the best for your future. Now by future i am not meaning a good career only, i am also hoping you are taking care
of your money as well. If this answer is no then stop here and take a deep breath because now you need to learn to take care of your financial condition as well. this is a very crucial time when we need to understand our responsibilities and this is the reason why universities also teaches us about money management. Read the points given below which i have written after lot of study and research specially for students and i am sure you will find out your suitable way of saving money.
i) Do not make any decisions based on incentives - never do this mistake of living based on your incentive and freebies. It make things difficult and harder and not a smart money saving tip at all, instead research out some best overdraft deals to survive.
ii) Budget and stick to it - make plans and budget today according to your income and total expenditure obviously keeping some as savings and promise yourself to stick to it no matter what happens.
iii) Use your student loan wisely - use your instalment of loan wisely and dont blow up cash quickly in excitement of being at university. Trust me it is never a fun having no money. So take time as much as you need to think and then spend.
iv) Protect yourself - learn to take your own responsibility. Do not ask your friend to use your ATM card and PIN number to withdraw cash for you, dispose all your financial documents in proper place, invest in a shredder for better security. Living in shared accommodation leaves a high chance for identity theft, hence give your correspondence address as your parent's address.
v) Buy insurance - not many students would like to follow but trust me theft do happen on campus, so do it for your own benefit. Companies are there who provide great student insurance rates as a university welcome pack. So take full advantage of it.
I know you have already made your choice of saving money as per your suitability from the above given points. So what are you waiting for? start doing it from now