Money Matters

Broke Again? – How to Manage Your Money

By November 19, 2013 No Comments
how to manage money

how to manage money

Does it feel like you’re broke all the time, even though you work at a part-time job and try not to spend too much?

Most students are always broke, and you shouldn’t stress too much about money while you’re still at varsity, but with a few simple steps you can make your money last longer and avoid those sketchy days at the end of each month!

Why am I always broke?

If you ask yourself this question all the time, guess what – you’re not alone! Most students live on a tight budget, and unless you’re lucky to have parents who keep the cash flowing, you’ll have to get used to living on a smaller budget for the next few years.

 

Students study during the day (and some evenings too), while working peeps are earning their salaries, which means that there just isn’t time to earn all that money – but just wait until you finish varsity, then things will change!

Learning to budget as a student

A lot of working people get into major trouble because they never learned to manage their money from the beginning.

As a student, you know that your income isn’t that large, but if you learn to live on it and stay out of debt during your student years, you’ll pile up the cash extra fast when you start working. Here are some quick ideas to help you budget better:

  • Write everything down – how much money comes into your account each month, and how much do you spend? Write down your income and expenses and you’ll be ready to start budgeting
  • What do you spend your money on? Do you party your cash away on the first weekend of the month, or are those cappuccinos at the varsity coffee shop taking a huge bite out of your budget? By writing down what you spend your money on, you’ll see where it’s going each month.

Cut down and you won’t be broke. Hey, nobody said you can’t enjoy life, but if you cut out an expense or two that you don’t really need, you’ll have some spare cash at the end of the month – find ways to get the same thing at a lower price or cut it out if you think it’s  not worth it.

photo credit: thisisbossi

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