Manage your Money

Money money money – can’t get enough of it!

The life of a student often revolves around juggling schoolwork, relationships, up keeping your home and perhaps on top of the list for most, making ends meet. Money makes the world go round and the lack of it, can bring adversity to our lives, and in extreme cases, can leave us in dire straits.

To avoid getting yourself in hot financial soup, here are some tips on how to better manage your money-

• Spend less than you earn. This is the first and the most obvious advise anyone can give any student about money. Whether you are a part-time working student, or a full time one living on scholarship, or financially dependent on your parents, the basic thing to remember is to write down how much money you have coming in monthly, and how much you can afford to spend, and discipline yourself to stick with it.
• Open a savings account. Once you have put aside how much money you will need for daily expenses, figure out how much to save. Make sure this money is extra income and that you are comfortable with the sum, so that once it is put into your savings account you will not need to withdraw any of it months down the road. It is strictly for emergency only!
• Be a smart shopper. Are you buying products that are value for money, or are you paying extra for the brand name they carry? Sometimes we need to be more practical with our choices in buying products in terms of our affordability. Do not give in to peer pressure!
• Pay your bills on time. A lot of us spend more than we should on late payment fees, fines and penalties incurred due to our lack of discipline. Being a student, every dollar goes a long way so train yourself to pay bills before they are due to avoid late charges. Just imagine that money could have gone to your savings!

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