5 Student Finance Tips You Wish You Knew Earlier
What is finance?
Finance is the process of managing money that you want to start or support a business
You cannot do any type of business; work also runs your life without knowing how finance works and having a financial plan. Understanding money management helps in the future to pay college fees
Also, make you independent towards your expense.
1. Make a Budget
Budget making is the process of evaluating in moving forward the expenses which are expected to be experienced in the future. It makes it necessary to prepare in detail, how much expense is hoped for in the future. It is highly commonsensical for students to prepare a category-wise budget like travel budget, food budget, Entertainment budget, shopping budget, etc.
Also One of the most straightforward financial tips for students is simply to be aware of how you spend money by checking by financial management application or Excel. Many find that this financial help for students offers excellent insight into how to cut unwanted expenses (like hanging out and shopping), help funds last longer, or start to save.
2. Checking the amount of money borrowed from Friends
Borrowing money is very common among students. most of the time, it happens that a student has borrowed money from a friend and when that friend asks for that money back they don’t have money to give it back to him.
So keep a track of your incrimination and be capable to pay them back. Always separate your Income or Pocket Money from the amount that you have lent from friends as you don’t have to give back your pocket money but you always have to give back the amount you have lent from Friends
3. Separate money wants from the need
You have to classify all your expenses into expenses on essentials and expenses on luxuries. The essential expenses have to be transacted in any case but the luxury expenses can be postponed depending on your cash position.
4. Investor yourself
The Investments that give the maximum returns are not the investments that you invest in others but the investments that you put on yourself. Making Investments in yourself refers to learning a soft skills course, or a Course on Improving your behavior and Skills, or attending some seminar or conference.
These investments may not give instant returns but will help you get better salary pay packages and more clients for your start-up. Also investing in yourself makes you confident and improves your communication skills and many more that helps you in future
5. Buy cheaper or discount products
The product sold on the online website is cheaper in comparison to the product sold in-store and in malls. This is because many stores have to pay their rent for the land which is not in the online product or an e-commerce website The product sold online on e-commerce sites are most of the time cheaper than the products sold in stores.
As the cost of handling an e-commerce store are lesser than compared of a physical store, the products sold in an e-commerce store are most of the time cheaper than in physical stores.
You have to manage your expenses and track your money where you invest and what you buy. Also where you spend your most of money.
You need to make a budget and cut off unnecessary expense that is not productive for your future.
You can invest your money in yourself as well as in your future by learning some skills and improving your skill
Students need to prepare a category-wise budget like Food Budget, Telephone Budget, Travel Budget, etc. Any person needs to know where the money is coming from and where it is going. Keeping a track of your budget expense will help you identify your over-spend and wasteful spending areas.