Being a student comes with a lot of responsibilities, such as studying and deciding on a career that will be worth the hard work that we put in, and we also have to consider our future.
It makes no difference whether your parents are good or bad; students must eventually make their own lives and stop relying on their parents.
So, if you’re a student who wants to learn how to manage money and become more independent and less reliant on your parents, keep reading.
Budget it out
If you work or even if you don’t work and still want to save money, then when you get your pocket money or whatever money you have, you should first plan how you will spend it at the beginning of the month.
You will not have many responsibilities on which you will have to spend money as a student; instead, you should prioritise your studies, such as your books and stationery, and if you are a college student, your travel expenses.
Then you should move on to your clothes and the rest of your essentials. Set aside some money for going out on occasion. The remainder of the funds should be saved. If you want to know your student’s spending and saving ratio, it can be 60%-40% or 50%-50%.
Differentiate between needs and wants
We, as human beings, want everything at all times. Our desires are never satisfied, and I don’t believe they will ever be, even if we have the things we don’t want.
You need to distinguish and divide a budget between what you really need as a student and what you want. Your needs are to be fulfilled first and foremost, and you should keep your wants away if you want to save money.
Start working
If you are a college student looking to save money, earn money, and be self-sufficient, now is the time to start working. You can begin by doing small intervals of internship at some company, freelancing, starting a small business, or whatever you want.
This is actually the ideal age to begin working and gaining experience so that when your studies are finished, you will be left with a wealth of knowledge that will serve you well in the future.
Control your emotions
Students are still not mature enough to be able to control their feelings and emotions when they desire something. Take this as a challenge to save at least a certain amount each month and try to complete it by the end of the month.
Control your emotions and don’t let the materialistic things in your life take over. Saving and distributing money is a good thing to do, and now is a good time to start because the road ahead is long and difficult.
