Money is a limited resource, If you did not know, you will find out very soon.
First - is to check your money mindset. How do you see money and how do you use it.
Spending habits tend to have to do with personality. Some are serious and to the point, others are monkeying around with money and spending mindlessly only to be in real trouble later. Another one is fluctuating between handling it well and occasionally getting into debt and later recover after learning from their mistakes.
If you want a really good tip, take aside 9% of your money and lock it away in the bank.
Do this with every monthly amount that you get. Stash it away like squirrels do in summer and fall.
Say you get $1,000 -
Out of the 91% - Pay rent first - The school tuition - Transportation - Books and others school materials -
make sure to pay them first, even if you have to use 70% of this budget.
Here you should have 21% (should be $210) from this you have to buy food first and drinks ( Eat smart and do not indulge) Eat healthy and do not buy junk. Eat to live and do not Live to eat.
if you really have to go out and party, do it at friends place and enjoy a movie there, go to the pool, take a hike, bbq at your place and invite friends.
Go out only about once or twice a month, and balance out what other down time you have.
I would enjoy my time in college or university, it creates great memories. Do it responsibly,
and do not spend college money or time on going out.
You have a goal, and this is a good chance to learn to manage money.
This professional recommends the following next steps:
- Create a pie-chart to see where your money goes. Although, most banks do it automatically anyways.
- Write it down! I cannot stress this enough. Tabulate all your expenses and income. Record every penny you spend. Do this everyday and do it consistently. At the end of the week, review your spending and see where you went amiss!
- Let me know if this helps and how it's all going for you. OK?