Being at University, “all by yourself,” not knowing how to take care of your money. Your parents are not advising or controlling your money intake. You might realise you spend over $300 in a week. That’s why I learnt this rule called the 50/30/20 rule.
50% should go to your needs e.g housing, groceries, utilities.
30% should go to your wants e.g shopping, dining out, hobbies.
20% should go to your savings/ financial goals e.g retirements, debts payments.
As an example, let us say you’re given or you make $400 a month,
50% of 400= 200usd
With the 200 dollars, you can use them to buy groceries or pay utilities/bills.
30% of 400= 120usd
With 120 dollars you can use to dine out with friends, go to an amusement park, or go shopping.
20% of 400= 80 USD
The remaining 80 dollars, save them reinvest it. In the future, you will be glad you saved money.
With this rule, I have been able to be vigilant in how I spend my money.