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.