MoneyManagement #Budgeting #FinancialTips
Hey there! 🌟 First off, it’s awesome that you’re already thinking about how to manage your money effectively at such a young age. Here are a few tips that might help you navigate your finances:
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Track your expenses: Make a detailed list of all your income and expenses. This will give you a clear picture of where your money is going each month.
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Create a budget: Allocate specific amounts for necessities like bills, food, and transportation. Don’t forget to include savings and investments in your budget as well.
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Prioritize debts: Start by paying off high-interest debts first to avoid accumulating more interest. Consider consolidating your debts to make them more manageable.
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Emergency fund: Aim to save at least 3-6 months’ worth of expenses in an emergency fund. This will give you peace of mind in case of unexpected financial setbacks.
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Investing: Research different investment options like the S&P 500 and consider diversifying your portfolio for long-term growth.
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Cut unnecessary expenses: Evaluate your subscriptions and see if there are any you can live without. Every penny saved counts!
- Increase income: Explore opportunities to increase your income, whether it’s through side hustles, freelance work, or asking for a raise at your job.
Remember, financial stability is a journey, not a destination. Stay committed to your goals and adjust your plan as needed. Best of luck on your financial journey! 💸💪
Let me know if you have any more questions or need further advice. Happy to help! 😊
Post on Moveysavingexpert forums, they have a lot of good advice. On first glance your mobile payments are too high – buy a phone and get a cheap monthly sim only deal – i pay giffgaff £10 a month. Get signed up to student bank accounts that max your benefits and look at switching a dummy account to get bank sign up (just put 2 £1 dd to charities in place to qualify).
£20-30 a WEEK for breakfast and lunch?? What on earth are you buying out of curiosity?
If you find yourself struggling down the line, you’ve got some things that you could temporary cut back on like PS plus and Spotify. I’m a bit surprised your food bill is that high without having to manage dinner too.
People will say “follow the flowchart” but you’ve got less of a ‘finance’ question and more of a ‘life question’ – what are you prepared to prioritise saving/investing instead of? When I was a student I didn’t have a gym membership, Spotify, PS plus. My food bill was about £40 a month for all meals. I didn’t borrow money and pay interest rates, I either had the time to save up the cash or I couldn’t afford it. Subsequently I was able to make a decent start towards a house deposit that I’m now adding to a lot more with a full time job. I also didn’t go on a single holiday and only bought clothes when old ones needed replacing. Most people don’t want to live like that and that’s ok. You’re living with your mum so I’m presuming stable and reliable accommodation, what sort of emergencies do you need to be prepared for? Car breaking down? Is your car essential for work etc or just a runaround? These sort of questions will inform how much you MUST save, and how much it would be nice to save compared to compromising in other areas. Have a think, and good luck with uni! Enjoy it!
You’re only 20 once, enjoy yourself.
Good luck for your degree.
Follow the flowchart, read the wiki look at moneysavingexpert.com
In all honesty you want to be concentrating or your degree, yes it is good to save money etc but you will under enough stress as it is.
Relax, study hard and save people’s life.