As you are entering your “adult stage” as a student, it is so important to think about what you spend your money on and how you manage your finances.
There are so many extra finances, and vital things to spend your money on. Understanding the importance of budgeting and how to save money so you can spend it on valuable things will really benefit you in the future and has a huge learning curve to it.
Keep your receipts and record all your savings and spendings.
It is very meticulous and tedious however it really pays off when you look back and wonder…where did my money go?
Make a list of things you want versus things you need! This could be from as simple as grocery runs to big purchases. We often think we must have the newest thing, but that is absolutely not true. Live a minimalist life so that small things become special.
Start a side hustle! Is there anything you are passionate about or interested in? Being creative is such a great way to express yourself, and has a big impact on your mental health as well. You can make money doing things you would never think of!
File your taxes! This is not a huge deal to some students but makes a HUGE difference to those who are independent.
Start by creating a list of money coming in, and money going out. You can do this in a spreadsheet and keep it all online. Titles like expenses, income, extras and tips could be super helpful. You don’t necessarily need to track and record every time you spend, but you can look at your bank statements after you pay.
Make sure to apply for cards to start building your credit score, this is a great way to navigate credit and even start paying off debt or loans. Start with small numbers and work up to the bigger things. Most use theirs for gas and/or grocery shop runs.
Finances are a tricky topic and not always the most fun to talk about but if you take control now, it will be natural to you when it becomes necessary for everyday life.
Some say money is the root of all evil but it is so important to understand it rather than avoid it. Having a materialistic view of the world is no way to live life, however, being understanding of your future and the steps you need to take to be successful is so beneficial.
None of this is fun, but taking small steps to financial success each day is a great way to mature and gain independence. Your future self and family will thank you.