Learning how to manage money takes time and is an important skill to have as a young adult. Do you know where your money is going every week or month? One way to start is by keeping track of your spending. If you’re a tech savvy person, I would recommend using apps such as Mint, Truebill, or Digit which makes budgeting, saving, and tracking easy. These apps can be used on both android and iOS devices.
If you are someone who prefers to write things out, you can start by keeping a list of everything you purchased in one week. Analyze your weekly spending and put them in categories like essentials and non-essentials. If you notice unnecessary spending, make some goals to change your habits.
Steps to making a budget:
- Know your monthly income.
- List your essential expenses
- Compare income vs expenses
- Set two specific amounts of money that you will have for spending and saving
Another tip, set money aside for an emergency fund. Try putting aside at least $500 by the end of the semester. That way when unexpected expenses come up, like parking tickets or an unexpected trip home, you won’t break the bank.
If your current monthly income is low, consider a part-time job on campus. There are plenty of positions available to SSU students. https://www.salemstate.edu/offices-and-services/human-resources-and-equal-opportunity/student-employment-office/campus-student-employment-positions
Hopefully these useful tips and information will guide you in managing your finances better!
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