Money and you - do you manage it or does it manage you? As a student, managing your money can be a challenge. This may be your first time handling monthly household expenses and recurring bills. Successfully dealing with life on the limited financial resources of a student means wise planning and careful spending. With this in mind, check out the information provided below and use it to help you better manage your finances.
It may be true that creating a budget will show you where your money goes, but it is not the whole picture when it comes to managing your finances. It's important to recognize your spending habits and understand 'true need' over a 'simple want'. To make budgeting bearable, a budget should be goal-oriented. Attaching a goal to your budgeting is much more motivating than simply crunching numbers. Ask yourself, "What are my goals? Does this financial decision work with my overall plan?" Remembering that 'sacrificing now, can lead to a desired goal later' lends purpose to your budgeting activity. Your budget is your way to the future.
Don't get caught in the credit card trap - an outstanding balance that rolls over to the next month, month after month, incurring an interest charge on the previous months balance, a balance that also includes previously incurred interest charges. If you do charge, make it a practice to not charge more than you can pay off before your next bill. If you are not able to pay your bill in full each month, always pay more than the minimum. Pay off your highest interest rate credit accounts first. If you have a problem making a payment or with your credit in general, don't ignore it; seek help right away.