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How to manage expenses and save money fast


How to manage expenses and save money fast

Prices are now increasing for different things, and it can get progressively difficult to manage your finances and expenses.

Cutting down is a great option, but managing your spending habits can keep more things stocked up for late night studying and generally getting those nutrients your body needs!

This article discusses great tips that have been proven to work for myself and others in the past.

1. Apply the 30 days rule, where you defer all your non-essential purchases and impulses for a whole 30 days. New habits can start forming at just 18 days of doing something new, so doing this as a minimum of 30 days will implement this awareness, and it'll lead to saving up for when you need something necessary!

2. Make a schedule, even if it doesn't sound too fitting! Having a weekly menu allows you to shop for groceries and be realistic about how much you'll be spending so long as you stick to the schedule.

3. If you've got a part time job, make sure 80% of your money goes into savings or for spending on only necessary things like bills, and weekly shopping. The other 20% is for yourself, perhaps for going out for a meal with friends. Of course, you can pick, so it could be a 90:10 or even 70:30 ratio rather than 80:20. There are lots of fun things you could do for free, like visiting the art gallery or getting involved in sports with some friends!

This article demolishes the ongoing perception that you need to spend money to have some fun!

The listed are there to get you into the mindset of saving up so it is easier in future for you to manage your budget!


By Nimra Mahmood - First Year student Psychology Bsc

How to manage expenses and save money fast

Tags

#money-matters
#student-finance

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