Budgeting is key to figuring out your expenses and keeping tabs on your money. Knowing how much money you are spending and identifying expenses will help you with your financial stability while increasing your financial literacy skills. Take these things into account when you start:
What is your average student income? And how can you use it to calculate your expenses? Understand how much you will be required to pay, especially regarding essential student expenses such as: course tuition, housing, bills, transportation, personal expenses, course materials and groceries.
Also, consider other costs that aren’t vital. Entertainment, nights out, gym memberships and money spent on hobbies
Work out your outgoing expenses and create a weekly budget plan. By making such plans, for example, such as your week’s worth of grocery bills and transportation costs, you will notice that you have more control of your finances and will be able to much more easily see where the money is being spent. You will also have fewer figures to work with which will make managing expenses easier.
Set goals. Whether this is through keeping a journal of your expenses, using budgeting apps or using other financial tools - these are great to help you review your monthly income, assort different expenses and take charge of your finances.
