- Analyze Monthly Expenses and Monthly Spending
For those of you new students, it’s good to start learning to manage finances. An important point in managing finances is to record all expenses and expenses in a month. For income, usually new students have earned monthly allocation from their parents.
Little things like coffee, hanging out with friends, and some other less important things begin to take notes and analysis. As long as these little things are beneficial, do so. If there are not many benefits, just remove those things to save costs. To facilitate the analysis, you can use the financial regulator app for android smartphone.
This simple formula helps people to manage finances. With this formula, you will know where and where to use your money. For many budget experts recommend this formula.
You may have heard of it before. For simplicity, this formula puts your budget into three simple categories:
-Approximately 50% is spent on primary needs covering all basic needs, such as boarding fees, daily meals, and other bills such as mobile phone credit, tuition, and so forth.
– Approximately 20% saved or to pay off the loan (if any).
– About 30% for personal needs beyond basic needs, such as internet charges, occasional meals with friends, or other minor needs.
3. Find Cheap boarding Facility
For a student, living in a boardinghouse is not to seek freedom or luxury. Do not let these boarding fees take a significant portion and drain your budget. Many financial experts recommend to spend money on personal use of no more than 30% of the parent’s shipping allowance for just the cost of a boarding house or a home contract.
4. Consider to share room with other student
Boarding place with a double room can save student rental fee. This is common in many campuses.
Of course this cost is much lighter than paying own cost of boarding. Maybe the first time trying will feel in an awkward situation. However, for those who are used to, the two together just make you easy to get along and have many friends.
5. Reduce the Cost of Eating Outside
Food is a necessity, but often going out to eat can cost a lot. Especially you are a student who relies on parent posts. If you have to eat out with college friends, you should pay alone and in a place that the price is affordable. It should be done only during the weekend. For daily meals, you should look for food at the frugal stores around boarding. Better yet if you can cook yourself.
6. Take advantage of what is owned
the temptation of students usually comes from the lifestyle of his friends. Starting from the smallest like a new mobile phone to the latest motorcycle. If you already have mobile phones and motorcycles that are still feasible to use, better utilized only. No need to be tempted with a brand new that you do not necessarily need in addition to just following a trendy lifestyle.
7. Look for Free Entertainment
His name is also a student, it is natural that what is sought is a low price and if it can be free, including in enjoying the entertainment. Sometimes the name of the hobby to make yourself dark eyes. Remember, in every paid hobby, there is always a way to get free ones.
8. Find Additional Income
Indeed as a student, your primary obligation is to gain knowledge on campus as well as possible. For the issue of money for daily needs, as a student would not need to bother thinking about it.
Because parents will still bear the full. However, the problem is that the allowance provided by parents is often insufficient for monthly needs. This is where you are required to be independent.
Therefore, you need to try your own to increase the purse of money in the wallet. The easiest and most practical way is to work part-time as a freelancer. A lot of freelance work, such as being a private tutor, being a screenwriter, or working on an online project based on skills and areas learned such as graphic design or computer programming.
That way, you do not need to get out of the room and spend on transportation costs. In fact, you can earn extra income from the freelance job.
Begin Save and Find Additional Income
the description above illustrates how you can become more autonomously independent of the needs, especially if your status is still a student who relies on parent fee submissions.
In addition to frugality, you actually can also be more creative with additional income. There are many ways to supplement the income that a student can make. The key, you must be creative and have a strong determination.