Not only finance ministers prepare budgets
As in all stages in life, during college and university you have to learn what you really need and what you can do without. As a student it’s easy to get complacent when you don’t have a home loan to pay, children to feed, or other significant money worries. The problem is that during your scholastic years you will often have a limited income and if you don’t record your spending carefully it’s easy to waste money on things that you could otherwise save.
You may create a simple budget. It doesn’t take long. But we know you're terribly busy. So we have prepared an online budget calculator which you are most welcome to use (click here).
If you take the time to analyse your income and on what you’re spending it, you can get a better idea of where your money is going and where you can cut back. More importantly however, is having the discipline to stick to your budget. After all, if you end up spending more money than you have coming in you’re likely to end up with the problems above of getting into debt and possibly ruining your credit. So make sure to keep track of your finances.
Get into the habit of analyzing your bank statements and look through all the payments that have left your account. If you see a payment which you don’t recognise, you should call you bank immediately to have it investigated.
More on Saving and BudgetingLast updated: Sep 07, 2016