How can a student learn to manage a budget

Analyze expenses and income

The first thing to start with is analyzing income and expenses.Get in the habit of writing down how much money you get per month.You can use the free version of one of the applications - for example, it is convenient to keep a budget in CoinKeeper.

Create icons at the top for each source of income.Below is for basic monthly costs.You can start with the main sections: subscription payments (fees for mobile communications, internet, utilities), food, transport, health, entertainment.Be sure to create a section "Unforeseen expenses".At the end of the month, analyze what costs can be reduced and make a rough plan for the next 30 days.

Be sure to add small purchases to the application, because it is the insignificant expenses at the end of the month that can add up to an impressive amount.

Build an airbag

Let your first financial goal be to create an airbag - the amount that in case of unforeseen circumstances you can live for several months...Reached the first goal - move on to the next.

Save at least 10% monthly

If you spend any amount you get, then it's time to rethink your relationship with finances.Create a savings account, to which you will transfer at least 10% after each receipt of money.Decide immediately where you are saving money to avoid the temptation to spend it impulsively.

Make Shopping Lists

One of the best ways not to spend an impressive amount on one trip to the store is to make a list of groceries or any other necessary purchases in advance...You can take notes in a notebook or use a special application - for example, it is convenient to take notes inGoogle Keep .In it, you can create reminders of what and when to buy, give access to records to relatives and friends so that they complement your lists.Also, the lists inThis application is convenient to sort by different criteria.

Use the “4 envelopes” method

After you have received the money, immediately set aside the amount for subscription payments.After that, distribute the remaining money in four envelopes - the amount in each of them should be enough for one week.If you manage to save money and there is money in the envelope on Sunday, you can either postpone it or spend it on long-planned purchases.

Take courses on financial literacy

Try not to make large purchases at once - think about them for several days, compare offers in different stores, sell unnecessary things, use cards with cashback to return part of the money spent.Don't forget to share your tips in the comments for this article.