Many young adults discover in college that newfound independence can be costly. They might end up spending their allowances on non-essentials like junk food and end up shorting their own wallet. If this is your or someone you know, the good news is managing your finances is a habit anybody can learn. Here are following things you can do to start being financially secure while staying in school according to Garry Y. Itkin.
 |
| Image source: bestow.com |
The first thing you need to learn is categorizing items into needs versus wants. When we say need, it’s something essential to living like food, clothing, or housing. As for wants, these are things that are nice to have but are ultimately things you can do without like a Netflix subscription. Once you know what those are, you can start zeroing on things that you must absolutely have room for in your budget according to Garry Y. Itkin.
Now you need to make an actual budget which is a laundry list of items you need to spend on for a particular period of time alongside their costs. This will help you ensure you’ve covered all your bases while tracking how much money you have left. This will show you if you’re financially healthy or you have to tighten your belt until you get your next round of finances as per Garry Y. Itkin.
 |
Image
source: secureservercdn.net |
Of course, it won’t be all roses all the time. If you’re working with less money that you really need, will need to sacrifice spending on luxury items like eating out or subscribing to video streaming services. You’ll have to make sure you stop spending and recalculate your finances accordingly. Just divide your money and mindfully live according to your daily limits.
Budgeting can be difficult but if you have a lot of self-discipline, you’ll get by and manage.
