Although the title specifies that the following methods to prevent overspending apply only to students, I actually believe that anyone can make use of the incoming advice. It’s just that it’s all coming from a student’s perspective, with a low allowance and who has only dealt with savings accounts her whole life. I’ve never even used a credit card although people my age or even younger already started to do so. Therefore, the advice might be limited… (and probably too extreme if you are earning a monthly full-time job salary) but it’s still worth a read 😉
And here we go:
1. Record your transactions.
The first thing that my father told me before he left me to be on my own in Malaysia was to note down my expenses thoroughly in a notebook. To sit down every night and put everything in ink. Then, review the total amount of money spent at the end of each week and compare it to the already set budget that my parents had advised me to keep.
I believe this is a great way to control keep track of what you spend on and how much you spend. I did do it… for a semester. Unfortunately it does require quite a lot of effort and often I would just forget.
Continue reading “6 Ways To NOT Overspend—As A Student”
*Nope, this post has not been sponsored by Monefy or anything (unfortunately? haha); this is just my personal opinion.*
For many university students, living on your own is the first big step to adulthood, which comes with being independent, learning to enjoy your sole company, taking into account mundane tasks such as doing the laundry… and managing your finances. And unless you have been well-educated about the subject, this can be quite a challenge especially with such a small allowance, which ends up mostly in rent, utilities and food. And sometimes, even that RM1 daily coffee can accumulate to a lot at the end of the month, which will make you wonder: “Where did my money go?”
If you have no choice but to learn the art of budgeting on your own, by trial and error, like me, the dexterity of dividing your allowance, however small, effectively, then I’d strongly recommend you to try out Monefy! 🙂 It’s a simple and colourful money-tracking app that I’ve been in love with and been using for the past few months.
There is a much better app in the US called Mint, which is a money-tracking app which connects to your bank accounts, but I’m unfortunately in Malaysia, so every night, I sit down on my bed, receipts of the day around me, manually keying the information of my expenses in the app.
Continue reading “‘Where Did My Money Go?’ How I Track My Finances With Monefy”