Hello!
An allowance can be an excellent tool for teaching student how to manage
their own money with confidence and self-discipline. Mostly, students are
facing with the problem to manage their monthly allowance from college/parents.
As a student, facing a lack of money while you are studying far away from home
is a major case. How will you survive if you do not have money? you cannot depends
on your friends,nor yourself. so what
will you do to manage your allowance?
Here are 4 tips on how to manage your allowance:
1. Create a budget.
This is incredibly important. List
monthly income sources, including savings, wages and parental allowances, and
then write down estimated expenses for the month. It isn't easy to identify
college living expenses in advance, but you should try. Take costs such as
school supplies, food outside your meal plan, personal care items and laundry
into account. Then, try managing your budget and tracking expenses using an
online personal finance management tool like Mint.com, which helps you easily
create and stick to a budget.
2. Separate wants from needs.
Is $30 per week for gas a "need" or a "want?" How
much should you budget for non-meal plan food? How much will laundry cost?
After a few months on campus and tracking expenses, it becomes easier to
distinguish wants from needs and put a plan into action. Some students give
themselves a weekly cash allowance rather than carry a debit card, and when
that week's allowance is gone, they wait until next week for more
"wants."
3. Shop smart for textbooks.
Textbooks are one of the biggest
college expenses – a brand new edition of a biology book can cost upward of $300.
Bypassing the campus bookstore at the start of each semester is an easy way for
college students to save an abundant amount of money. Invest in a Kindle or
iPad and download your books – they are less expensive that way. Or look for
books in used bookstores or online. Even with shipping costs, the price can
turn out to be significantly cheaper.
4.Set up a checking account.
Banks usually cater to college students by
offering free checking and saving accounts, which allows students to avoid fees
on withdrawals or fund transfers. Shop around to find a bank with convenient
ATMs near campus to eliminate out-of-network charges. And keep in mind that
when an out-of-state check arrives (say, from grandma), it may take a few days
to clear, so keep an eye on the account balance before spending against it.
Goodluck!
students with allowance be like--
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