10 Ways to Manage your Expenses

Wonder where all that monthly savings are disappearing of to? Hint: Could it be all the fast food? Read this guide learn how to manage your monthly expenses and possible save a little for a rainy day! 

  • Make a list:

It helps a lot if you prepare a list of what you usually spend on and how frequently. This can be done at the beginning of the month and that becomes your budget. This allows you to decide how much you will approximately need during the month and on what. 

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  • Jot down all your expenses:

Make sure to record all your expenses on an app that way you can quickly jot down any expenses you incur after shopping. This will help you keep track of all your expenses and avoid overspending.

 

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  • Check for discounts:

It doesn’t hurt to check for discounts, especially when most of the retail outlets offer student discounts. It is your right, and over time, you can save more money.

 

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  • Be Realistic:

Before placing that gorgeous but pricey dress in that shopping cart, ask yourself, “Do I really need it?” If you don’t need it, then you probably shouldn’t buy it. Remember, it is not wise to blow up money on things you won’t use as much. 

 

  • Use Cash:

Using cash is better than credit. Do not spend on credit unless you absolutely have to. Credit is nothing but deferring your current expenses for the future, and soon enough, it’ll collect and grow into a huge debt. Along with the interest expenses, itll get even worse.
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  • Get a Job

Try taking up a job where you’ll be paid. This is great for getting work experience during summer, and the best part is that you’re making money out of it. Many internships are also paid, so it helps to take them up instead of sleeping all summer.

 

  • Decide on a monthly savings goal:

With your monthly budget, there is nothing greater than happiness when you find you have spare cash at the end of the month. Decide on how much you’d like to save each month and collect the money. Buy a sealed tin box to put in all your saved cash as motivation to save more.

 

  • Make your own meals:

Also, stop buying snacks and soft drinks. Instead, preparing them at home saves a lot of cash in the long run. Use your budget and list to find out how much you spend on food and you’ll be astonished.

 

  • Have fun the old school way:

Going out with friends is a lot of fun, until it increases your expenses and hurts your savings. Instead, why not organise a hang out at home where you can binge watch movies, tv, and play board games, or have a walk at the park. None of these require money.

 

  • Invest your money in a savings account:

Make sure your bank offers you the best return rate possible. That way, all your saved money will grow over time, instead of remaining stagnant.

With these simple tips, you’ll soon learn how to get control of your expenses and even grow your savings. Good luck!

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