School is here again! Yes, vacation is over and you’re back once again with the routine you had last school year. Mom is yelling because you don’t like to rise from bed. You curse your professors because you don’t like them. But if you’re one of the few that wanted to move forward and be an achiever you’ll find some articles in the internet to make yourself better. Then you’ll find some readings that would discuss time management and better study habits. Thus, the bottom line here is changing that bad habits and attitude into good ones.
As a student, we rarely discuss money matters since most of us receive allowances and least of us are working students. Money is not our top priority but our studies. However, we must put in mind that our parents work hard for every penny that they give us. It’s the fruit of their labor and it should be spent wisely.
So, here are some tips on how to spend that allowance wisely:
1. Create a budget plan. This is a written plan where you can keep a record of the expected expenses for the day, week or month. This includes your food, fare, school projects and even cellphone load. In this way, you will be able to see if you have enough money for the coming days and you will be able to control your expenses so you will not fall short.
2. Save then spend. Always remember that aside from spending, money is also used for saving. After you identify your regular expenses it is also important that you save part of your allowance as your savings. You do not need to save a big amount because that small amount will increase and become bigger as time goes by. Once you’re done putting aside your regular expenses and you’re done saving it is the right time to spend anything that’s left from your allowance.
3. Be strict and stick to it. Controlling yourself on spending is the hardest part of this drill. Friends may invite you to try a new fast food chain, watch a movie or you may want to buy a new pair of shoes because you just feel like buying it. Whatever temptations there are, always remember, if you don’t need it don’t buy it.
4. Use your skills and get pay from it. There are times when you encounter unexpected expenses like group contributions or photocopy expenses that you experience a budget deficit no matter how you stretch your allowance. This is when your skills come into picture. Since you’re not staying in school 24/7 you can use your free time in tutorial services on the subjects you really excel. If you’re good in crafts like accessory-making you may sell the finished products through social networking sites for a bigger market.
5. Share it. After spending and saving, it’s time to share a portion of your allowance. A piece of lollipop or a cotton candy for younger siblings or a handkerchief for the older ones is sweet enough to tell them that they matter most. Giving your parents a pint of ice cream and a free hug from you will be remembered. As the song says, “it’s not about the money, money, money” because the cliché proves “it’s the thought that counts”.
These five easy tips serve as a guideline and you must not get frustrated if you are not able to follow it the first time. Taking baby steps will make it easier for you to adjust on the changes on your spending habits. Making this habit as part of your personality will help you in the future when you land your first job.