HOW I BUDGET MY MONEY AS A STUDENT

Hello everyone, welcome to another week of the month. It's week 28:-Edition 01 contest of hive learners community and the topic is budgeting.

Have you ever received a huge amount of money from someone, or there was a time you have excess money in your bank account, and maybe some days after you spend everything you can't explain how you did, or what you spent the money on? All this happen because you didn't budget the money.

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The process of creating a plan, to spend your money is budgeting. It allows you to spend wisely and not lavishly on things that are not necessary.

I have been a university student for three years now, and thankfully, it has taught me how to budget money, before I was a university student I don't know how to😢. I was used to spending all the money with me, and not caring if I should save some, because I was with my parents, and everything is always available at home🙂.

But when I get to school, I get to know how to budget money on my own, which I am glad I do. And to be sincere budgeting is a skill because it's something you have to learn.

My budgeting tips as a student are:
•seperating my wants from needs: whenever I got money from home, it's my habit to get all the foodstuffs and provisions I will need for the semester because they are essential requirements (Wants)and stock them in my cupboard😁. Then kept the money for my wants aside😁, you know😉I might want to get myself drinks or treat myself out later.

•Making a plan: I plan out everything I will need in a semester like textbooks, department dues, group assignment fees, etc in a jotter and how much everything will cost me. With this, I will know how I am going to spend the money with me, and how much will be left.

•Emergency money: I save up money in case any emergency may arise in school which I might need money for.

•Analyzing my spending: I calculate how much money I have spent in a week, by checking out my debit alert on my phone, and the things I spent it on.

After all this, then I commit to my budget, by focusing on my budget plans, and not missing any out.

What did I consider before budgeting?
•I don't want to go broke: being broke is bad, and I don't like experiencing it. So to avoid that, I plan out my money well and I don't spend it lavishly.

With all these factors in my mind, I have been able to balance my budget. If you don't know how to budget, please do, it's really helpful.

 Thanks for reading.