Heya! I've just been counting my monies and my spendings these past few weeks. Since my course in college is Accountancy, I should be able to balance my personal finance. Luckily, I don't have credit cards and checkbooks. And I don't think I'll ever want any of those for personal use only.
I'll buy what I want when I have the cash money to buy it. Saving certain amount every month (or every week, in my case as a student) is better than paying monthly installments for goods that often manage to look worn down before they're completely paid. Whew!
As a student with a fix allowance and fixed expenditures, I have learned that there are 3 very simple ways to save your neck from getting strangled with debts.
#1: If you have credit card debts, always double or even triple your monthly payments. This advice has been told a million times but still very, very sound. Coming from a credit card non-user, the best tip that I can give - never use plastic if paper is available. Hmm, does it sound wise? What about debit cards? Hmm, again. lol
#2: Take note of every expense you make. Use a small notebook to jot down every thing - fare, drinks, foods, and even candies. I need just 2 columns to balance my meager funds. Since I have no utility bills yet, my expenses are all personal. Tracking helps a lot to have clear understanding during auditing time, especially when the monies are all gone.
#3: Feed your piggy first. I don't like the phrase 'paying myself first' because I tend to put the money into my wallet and I always end up spending it. LOL. Seriously, I use an old tea pot as a hiding place for my 'wish-to-buy' money. Sometimes I receive my school allowance weekly; but oftentimes, it is on a daily basis. I always abide to the '10 percent' saving rule; but I often push it up to 50 to 75 percent. I will eat a heavy breakfast or lunch before leaving home so my only expense would be the transportation.
Beware: scrimping is often followed by a binge. So whenever I have this sudden urge to buy myself a cup of thick and syrupy (and oh-so expensive latte), I wait for at least 3 days before I succumb. I always manage to last that long when I tell myself that fasting will do good for both the pocket and the diet.
These 3 simple tips had worked for me because, after only 2 weeks, I was able to buy the 3 t-shirts that I'd been dreaming about - without asking for a loan from my parents. ;)
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