How to Manage Your Money
Saving money has been my only resolution for this New Year. While I have been struggling financially for
the first two years of my job, I have lately realized that saving money is a habit, that needs to be developed
by working upon it, consistently. has its own benefits and it is not a dull idea to spend some months living
frugally, managing finances and trying to save some money. If you're wondering 'how to manage your
money wisely, then here are some time tested principles of the art of saving money.
How to Manage Your Money in College
During college years, students have to survive on a minimum monthly financial funding and so, learning is
essential. Some in college are as follows.
Plan your budget well before in advance. It is essential to set aside some money that you will keep for any
urgent requirement. You must know your basic expenses and so you should try to ensure that any extra
penny is saved for the next month.
If you have a , don't spend all the money splurging. While you must enjoy spending your hard-earned
money, try to deposit a significant portion to some savings account or a piggy bank.
If you can't resist the temptation to spend your saved money, give it to your parents for keeps sake. You can
take the money, later from them, if required.
Invest more, in things that are necessary and important for your career. If you have to choose between going
to a movie and buying a book, choose the later, as it is a priority for you right now, in your career.
To learn on how to manage your money, put a check on spending habits like eating outside frequently and
shopping even when you don't necessarily need things. Ways to Manage Your Money
Chalk out an action plan, allocating some specific budget to each of your expenses like cell phones,
restaurant bills, traveling, vehicle fuel etc. You can be a bit flexible in as sometimes, the allocated budget
Try to limit the use of . Purchasing through credit cards is although easier, it can lead to debt, if you're
unable to keep a record of where you're spending the money.
Invest in sources where there is a possibility of profitable returns. This may include anything like a savings
banks account, fixed deposit account, stocks and shares, mutual funds and other forms of investments.
Using energy wisely can be one of the greatest lessons you can learn about saving money. Right from
electricity to fuel bills, everything leads to high budget, so ensure you use them wisely and save money.
Although, we don't realize that we spend a lot on eating outside, it is an integral component of learning how
to manage money. Put a break on habits of eating outside and eat food cooked at home.This can drastically
cut short your expenses and is also beneficial for your health.
Whenever you get hold of any , do make it a point to note them down. It will help you in making more
effective money saving strategies.
In case, your house is over stuffed with things and unnecessary furniture, sofas that you don't use, it is good
to sell them, to make some money. Many people keep two to three cars, even when there is no use of it. By
selling the old cars in auctions etc, one can earn a decent sum of money. These are some simple tips on .
Remember that managing your money is your own responsibility and therefore, if you're not working
towards saving, you may not be able to secure your financial future. One of the most important tips on how
to manage your money is to maintain a log book in which one should record daily expenses. This will give
an individual a clear idea on how to manage money wisely.