Breanna Hill, News Editor
College students know better than anybody about the struggle of money management. Young adults are often confused on how to separate their wants from their needs, and that issue alone can determine the severity of their money management situation.
Luckily, there are a few tips and tricks to help everyone establish a well-thought out plan on how to manage your money efficiently.
One of the number one rules to follow in order to manage your money wisely is to create and stand by your budget. This is key when it comes to your money management plan. Having a budget will ensure that you save a portion of your money every month. Set up categories for your budget. Such as a certain amount will be set aside for eating out, and a certain amount for coffee runs, things like that.
Another money-saving tip is to put a portion of your paycheck away in savings, and don’t touch it! Savings builds up slowly but surely. Putting away $20 or more each time you get paid will be a lifesaver in the future if you’re ever in a bind.
Last, but certainly not least, another tip to always follow is to make sure you get your needs taken care of before you even think about your wants. This is one of the biggest issues facing young adults when it comes to money. They’ll try and get the desired items first, and by the time they get to the necessities, the money for the month is gone.
Try following these three tips in order to manage your money a bit better. The outcome will be not only refreshing but beneficial as well.