Managing your expenditures while in university or college seems to be easier theoretically than practically. Overdependence on parents to pay most of your bills contributes to this. Thus, a larger percentage of money is left at your disposal.
However, problems start arising when your peers begin pressuring you to spend beyond your means.
One critical question you have to ask yourself before spending money is "I'm I spending money with my friends because I can afford or because I feel I have to?".
This is because many students spend money in the quest to boost their reputation and this, in turn, causes financial problems. However, if you strictly follow these simple tricks you will learn to manage your finances.
3) Keep a record
Try recording the amount of money you receive and the date you received it for at least one week or one month. Write down the items you bought and how much they cost. This will help you know whether you are spending your money on important things or not.
2) Adjust your habits
At times you realise you are spending more than what you anticipated on items which are not necessary thus accumulating debts. Just pay off your debts and control your spending to avoid unnecessary borrowing.
3) Make a budget
This is very important. List down all income you expect to receive in a month, also list how you plan to spend it. As the month progresses, write down the amount you spent on each of the planned items. Don't forget to record all the unplanned expenditures.