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    How Students Can Manage Their Money

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    Melody Chan
    Students need to manage their money wisely for several important reasons. They should create a budget that accounts for all income and expenses to keep track of spending. Applications and spreadsheets can help monitor costs. Students can also save money by choosing used items, cooking meals at home, and taking advantage of student discounts. It's important to distinguish between needs and wants to control spending and avoid unnecessary purchases. Proper money management allows students to pay off loans faster with less interest, prepare for emergencies, and feel secure in their financial situation.

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    How Students Can Manage Their Money

    Uploaded by

    Melody Chan
    69 views2 pages
    Students need to manage their money wisely for several important reasons. They should create a budget that accounts for all income and expenses to keep track of spending. Applications and spreadsheets can help monitor costs. Students can also save money by choosing used items, cooking meals at home, and taking advantage of student discounts. It's important to distinguish between needs and wants to control spending and avoid unnecessary purchases. Proper money management allows students to pay off loans faster with less interest, prepare for emergencies, and feel secure in their financial situation.

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    How_Students_Can_Manage_Their_Money

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    Students need to manage their money wisely for several important reasons. They should create a budget that accounts for all income and expenses to keep track of spending. Applications and spreadsheets can help monitor costs. Students can also save money by choosing used items, cooking meals at home, and taking advantage of student discounts. It's important to distinguish between needs and wants to control spending and avoid unnecessary purchases. Proper money management allows students to pay off loans faster with less interest, prepare for emergencies, and feel secure in their financial situation.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    69 views2 pages

    How Students Can Manage Their Money

    Uploaded by

    Melody Chan
    Students need to manage their money wisely for several important reasons. They should create a budget that accounts for all income and expenses to keep track of spending. Applications and spreadsheets can help monitor costs. Students can also save money by choosing used items, cooking meals at home, and taking advantage of student discounts. It's important to distinguish between needs and wants to control spending and avoid unnecessary purchases. Proper money management allows students to pay off loans faster with less interest, prepare for emergencies, and feel secure in their financial situation.

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    How Students Can Manage Their Money

    What is money? Based on the Cambridge Dictionary, money is defined as ‘coins or notes that are
    used to buy things.’ In other words, money is something that we can exchange for items that we
    wanted. We use money every day for our daily consumptions of food, petrol, utilities and any other
    subscriptions. As for the students who are studying in a college or in a university, they have to be
    aware about their finance to avoid exhausting their wallet and savings. Thus, the students should
    manage their money wisely. There are several methods students can manage their money.

    First and foremost, students can manage their money by creating a budget that includes everything.
    Students should list out the source of income, such as parents’ allowance, part-time job, study loans
    or any grants. Then, they can map out the estimated expenses for a week or a month including
    expenses like food, travel, school supplies, and laundry. As the result, they will have a better picture
    of their spending amount per month. Also, there are applications like Mint and Spendee to assist them
    in keeping tabs on their online spending amount by linking their bank account to these applications. At
    the end of each month, a summary of the monthly spending amount will be shown on these
    applications. On another hand, students can use spreadsheets to record their spending if they prefer
    the conventional method. Nevertheless, students should spend according to the budget planned
    beforehand or it would be ineffective.

    Furthermore, student can minimize the spending amount to manage money efficiently. Instead of
    buying a brand new, students can opt for second-hand items to reduce their spending amount.
    Students can buy school supplies like books from their senior or from specific websites that sells used
    textbooks. Also, students are able to save money if they cook their meals themselves besides of
    enjoying healthier food. They can purchase groceries from a nearby supermarket with a fair price and
    serve meals for themselves. For those who is unfamiliar with cooking, there are various simple and
    easy recipes on the Internet. In addition, students can cut down cost by knowing students’ discounts.
    Some products or services such as movie tickets and books, offer student price, and the students can
    enjoy a day out without upsetting their wallet.

    Moreover, students should control their spending habit to manage their money. The vital part in
    managing money is to differentiate what you need and what you desire. They should restraint their
    desire to shop the unnecessary and luxurious items. They can select the products with a lower price
    rather than the most expensive item on the store’s display. For instance, a student is looking for a
    phone, rather than the newest iPhone that cost much higher than other phones, he or she can buy a
    cheaper phone with specifications that is adequate for studies. In addition, the student should think
    twice before they buy, and compare the price between different stores to obtain the most reasonable
    price. Thus, saving money along the way.

    From another point of view, why students need to manage their money wisely? The students should
    manage their finances well to pay back their education loan. The primary source of financing for the
    fees of tertiary education is the National Higher Education Fund Corporation (PTPTN) in Malaysia.
    Besides PTPTN, there are other financial institutions that offer study loans too. The students also
    have to bear the interest when they are repaying the loan. Thus, the longer the repayment load
    period, the more money the student need to pay back. If the students manage their money well and
    have savings, they can pay back the loan in a shorter time, and thus, less interest will be charged.

    Another importance of managing money is the students can prepare for emergencies. Sometimes not
    all of them were recruited straight away after their graduation. Therefore, this is when their savings
    come in handy, they can still stay afloat by living off their savings until they find a job. Also,
    emergencies such as car breaking down or fallen ill require the students to pay more than their
    anticipated budget. Students that have a good financial management have no worries about the
    unforeseen circumstances.

    Finally, students that manage money wisely can have more financial security. The students can feel
    secure about their financial status, knowing that they have resources from their accumulated savings
    to encounter with unexpected expenses. The student will not find himself or herself at the edge of
    bankruptcy. In addition, the student will not feel stress-out at end of every month to fulfil the utilities
    bills and rent.

    In a nutshell, there are many ways of money management. A student should practice good money
    management skills such as budgeting, controlling and minimizing spending amount. Also, a student
    should stick to his or her budget so that he or she will reduce the risk of overspending.

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