Financial Management For Student

    Hello readers. today I'm going to share with you guys how to manage your financial in daily life.A healthy financial structure is an important factor in student organization success and sustainability.  I, as a student of matriculation Pahang, have faced many problem to manage my money. I believe most of you had this problem ever. The problem can be solve by yourself and no one can control your money except u.

    My mom always told me to safe my budget. if i over my budget. my mom will yelling at me.so i need something to do to control my knot.  u can do many way to save money.  such as make a list that things u buy and write day/date at the top of the corner of the book to make sure u remember the date/ day u has spent your money. do not save what is left after spending, but spend what is left after saving.

 1. create 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

IIs $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. 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. 

4. Use, don't abuse,credit cards.

 In 2012, 70 percent of undergraduate students had at least one credit card, according to the International Journal of Business and Social Science. College is a great time to start building credit (which is crucial for leasing an apartment, purchasing a vehicle and even landing a job post-graduation), but it's easy for many to amass a large amount of debt while in school. It's important to understand the difference between credit building and overextending. If you don't know, visit a business professor during                                  office hours and ask!

5. Do your homework on loans and financial aid.

 College graduates tend to have a difficult time balancing ever-growing student loan payments against declining wages. Understand what the exact size of your student loan debt will be upon graduation, and come up with a plan for how you will pay it back. Even if it involves moving back home for a bit (to preserve your sanity, give yourself a specific timeline for when you plan on moving out), it will be worth it in the end.

6. 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.