Managing money wisely is one of the most important skills for students.
Personal finance is not just about saving money, but about building
habits that lead to financial stability and independence.
(2-minute read)
Start by listing your monthly income and expenses. Include rent, food, transportation, entertainment, and savings.
Once you know where your money goes, you can decide what to reduce.
The 50/30/20 rule:
- 50% for needs
- 30% for wants and
- 20% for savings or debt repayment
Use apps like Mint or a simple notebook to record your spending. Seeing how much you spend on coffee or subscriptions can help you make smarter choices.
Use credit cards wisely. Pay in full each month, never miss payments, and build a positive history.
Life is unpredictable. Try to keep at least three months of expenses in an emergency fund. Even small amounts add up over time.
Investing and saving for the future is not just for adults. Learning how to manage money now will give you freedom and confidence later in life.
Please email us at uhmcbls@gmail.com
To become a UHMC BLS member, please subscribe to our mailing list.
If mail subscription page is down, please email us.