4. MONEY MANAGEMENT FOR STUDENTS
One of the most important life skills that college students should acquire early in their academic careers is effective money management. The basis for long-term financial stability and well-being can be laid during the formative years of education by learning responsible money management skills.
Making and following a budget is the first step in money management. Identify spending patterns, keep track of all sources of income and classify expenses. You may prioritise your spending and make sure that necessary expenses are paid for before money toward flexible products, by learning to distinguish between needs and wants.
An essential part of any student’s financial plan should be saving. Over time, even modest, consistent contributions to a savings account can build up and offer a safety net for unforeseen expenses or future ambitions. Regardless of how much money you get from allowances, scholarships, or part-time work, you should try to set aside some of it for savings.
A student budget can be further stretched with the use of frugal spending practices. Using student discounts, purchasing old textbooks, preparing meals at home rather than going out to eat, and locating free or inexpensive entertainment choices are a few examples of how to do this. Future financial hardship can also be avoided by using credit cards responsibly and avoiding needless debt.
Lastly, having specific financial objectives might help to focus and motivate money management activities. Whether the goal is to start investing for the future, save for a study abroad program, or create an emergency fund, having specific goals can add significance and satisfaction to financial discipline.
Thank you very much for your time.
This is Jack Lookman signing off. Ire o (I wish you blessings)
Ire kabiti (I wish you loads of blessings).
Thank you for your contribution: Rita Nnamani
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