Starting college is like finding yourself in a completely new reality! Yo
In both cases, this is probably the first time you need to start managing your own finances – and we’re not just talking about spending money on Netflix, going out with friends, and kebabs!
Suddenly, there are bills philipines phone number to pay: rent, internet, phone, and maybe even tuitionnew situation requires a new approach!
Find out how to take financial responsibility on your chest, have money for what's important to you and not be left with an empty wallet at the end of the month!
Check where your money is
You think you have a good income, but for some reason at the end of the month you still have to switch to potato pancakes and instant soups, and instead of going to the city with friends you go home to buy jars? Maybe you don't even have enough for important bills and/or emergency expenses?
To control your wallet, you need to know how much money you have and what exactly you spend it on – without a budget, nothing will happen!
To organize your finances, you can use an Excel spreadsheet (create it yourself or download a ready-made template from the web ), a dedicated phone app, or the old-school method of taking notes in a notebook.
Start by noting down all your monthly income (e.g. scholarship, job, part-time job, extra money from parents) and your monthly fixed expenses (e.g. housing, phone plan, city card, etc.). The amount that is left is what you have at your disposal - you spend on food and cleaning products, other needs and pleasures.
To keep your budget in check, you don’t have to keep detailed records of every bill – just put the amounts you spend into separate categories, such as:
Health – Don't forget about this category, because it can eat up a large part of your monthly budget! Supplements, tests, doctor visits and medications fit here.
You may feel the need to add additional branches or break one of the categories into smaller ones – for example, if you spend a lot on development, you can make it a separate category to see how much money you are putting into self-improvement.
The second step is to plan how much money you want to spend on each category and the hardest part: sticking to the plan. heck whether you are not getting closer to the planned amount as the month goes by!
Remember that each month can be different – in January you will probably spend more money on heating and energy, and in July you may need extra money for a trip.
According to the report Student's Portfolio. Edition VIII September 2023 , the average monthly expenses during studies, including tuition, apartment rental and typical living expenses, are PLN 3,867.06 (calculated for an example student from Łódź - you can compare the exact values of individual categories in the report).
Plan your budget, check your intentions in practice and compare your expenses with previous months!
And once you know what your revenues and costs are, put the most important rule into practice:
Only spend your OWN money
In other words: don't be in the red! Don't borrow from friends, don't use loans, payday loans or credit card limits. And if you have to use the overdraft on your card, keep an eye on the debt repayment date!
Easier said than done? Good financial habits will help you:
Don't live beyond your means - if your friends have a higher income than you, suggest that not every meeting has to take place in a trendy club or popular pub. After all, it doesn't matter where - it matters who!
Pay in cash - it's easier to control the cash register that's in front of you. Last hundred left? I'm slowing down with spending!
Use the envelope method – divide your monthly budget into four (physical or virtual) buckets and try to survive on one of them each week. If you take a few tenners from the pool for the next few days, do what you can to even it out in the following weeks.
Make necessary changes when planning your budget – check which category of expenses you spend the most money on and consider whether you can make any changes. Eating out less, a temporary ban on extra purchases, or maybe unsubscribing to streaming services you don't have time for anyway? Find the culprit and cut your costs!
If you still have moments below the line, consider whether the problem isn’t unexpected expenses – a dentist, a present for a friend’s birthday, or a date you don’t want to postpone? You need savings to manage them!