The smart ways for students to dominate money like elites

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By: Phil Bradford
on 4th Oct,2017

Here are the worst money draining habits that students should avoid. With this, you will be able to handle money like a pro and save more.
The smart ways for students to dominate money like elites


Children and money, both are difficult to understand.

Children with money? Hmm.. worst case scenario.

“But a soldier is grown, not born”- Tom Clancy.

Today we shall try to renovate the spending habits of students and children.

Students tend to thrive in a mere world of fantasy. They need time to get grounded in the soil of reality and finance. They need to be instilled with ideas of expenditure and income.

They have just started to venture out in search of experience.

We must hence from a very early age teach the young students to understand the flow of money, and how to regulate it purposefully.

Students are the most important tool for the society. They should be raised proper to deliver duties and leadership qualities in the future. It is like watering that small plant which will shower fruits in time.

So, here we will discuss about the worst money draining habits that students should avoid that make them overspender, and also know how to regulate that spending in life.

What drains out too much money:

Reckless lifestyle:

Regulation and order seem to never exist in student life. This is the first program we need to debug. Too much carelessness leads to mismanagement. Such lifestyle can only cause you harm. You value only things for the moment. When you are done with its usage, you seem to have no interest in them.

Items treated for momentary good are clothing, books, school backpacks, pens, even for some, joysticks, laptops, and so on. You come back from school, throw your bags and books for the day. Dump your clothes in the walk in wardrobe. When done playing with your joystick and laptop; you keep all of them strewn around. And the strange fact, they are costly as hell man.

This won't do. You must learn to value objects first.

Competition:

This is where the game gets dirty. Friends, cousins, neighbours and siblings they all seem to be in a race. A race of fashion, habits and what not.

Some school goers even discuss about pocket money among each other, and without thinking once, they even blame their parents for their low cash in hand.

Hope you are not one of them. Even if you are one, mend your way. Your parents work hard all day long. They are already doing enough raising you. Be glad for that.

This strange behavior of keeping up with the Joneses is weird. This compels you to spend more to show off. But let me tell you, you are too young to do that.

Even if it's $1 you get as pocket money, be thankful. Stop this inadequate utopian comparison among your fellow mates.

Frequent hangouts:

Enjoyment seems to never end in the student life. For hangouts you prefer cafes, bistros, expensive restaurants and shopping malls, where a single pick will cost you more than 10 bucks. Why make things so shiny?

Go to a park, or the local ground, have fun talking , playing whatsoever.

Call your friends to your home for a stay over, or you go instead. This will help you save a lot of money. No buying foods, no extra costs.

Say no to dope and smoke:

High school and college is the beginning of this dark world. So before you lose your way in this death valley of substance abuse, learn to hold the rail. This will suck money like nothing else. This is the worst money draining habit a student should avoid. Smoking, heavy drinking and other things not to be named, are both injurious financially and physically.

Think about your parent’s hard earned cash. You don't want to use them to bring tears in their eyes. Do you?

Learn saving now:

You must start keeping aside money for future use. Cash you receive as pocket money, gifts from family members, or even from your little income if you make any, must be used carefully.

There is this small rule called 50-20-30 budgeting method; try to follow it wisely. Save 20% of your total monthly cash, and 50% for the things you practically need. The rest 30% you can spend it for your leisure and luxury.

If you are a college goer who earns little from any job, try investments like IRA’s and fixed deposits whenever you get the chance.

Say no to too much credit card use:

Credit cards are devils in disguise. Practically with every swipe, you spend more than the actual price. There are interests you have to pay monthly or annually, if you can’t repay the balance at every billing cycle.

Always try to use cash. You tend to save more this way. There is this emotional sentiment related to hard cash than with plastic cards.

Instead of swiping your credit card, when you see $100 going out of pocket for a rock and roll merchandise, you will understand how much you are spending.

Credit cards are the breeding nests of debt. Once you fall into this trap, it takes years of costly management to get out.

Discussions with parents:

You are in that age, where your parents are your best counselors, be it even finance. Before making big and expensive decisions, have a detailed discussion, about the expense you are about to do, with your parents.

Their suggestion in financial needs and crises will be most useful for you. They know what is the best for you. Always try to pay attention to what they say. Their words are golden.

More tips to follow for a successful financial life:

  • Spend within your limits.
  • Dont spend too much on items you dont need so much.
  • Avoid frequent eating outs.
  • Start saving at least a good amount for your student loan.
  • Choose cheap and convenient cell phone plans.
  • Go easy on gadget spending. Try not to pay much. Electronics have low retail values.
  • Use public transports to save gas and travel economically.
  • Avoid advertisements - they are entitled to tickle the hungry devil inside us.
  • Take care of things to their best utility.
  • Track your record of monthly savings and expenditure. First save, then spend from what's left.
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