Managing money is an art. The earlier you start, the better it is. When studying abroad, it can be even harder, so no matter where the students come from, they should know how to manage their weekly or monthly allowance.  Practicing money management, when started early, can do wonders. It is a warm-up before life’s real finances take hold. If you are a spendthrift student and have a hard time saving money, here are a few tips for you to follow:

Practice First

The students must practice managing their budget. There are many games that teach students money management early in life. Many mobile applications also assist in learning to manage their monthly budget. Practicing inspires careful expenditure and gives a feeling of achieving your goals once you start saving.

Save Money

Saving habits are very important. Spend only where it is required. It starts with small things like saving for a new football or saving to buy new shoes. The sense of saving is very important to instill.

Inexpensive entertainment

When studying English abroad most of our money goes to sources of entertainment. It’s the same for students. They get influenced by peer pressure and spend more than expected. Students should opt for more inexpensive source of entertainment like going to the park, reading a good book, picking up a hobby, or just strolling the school campus with friends. Entertainment and enjoyment don’t have to have a price tag.

Transport

Choose local transportation options like buses, subways, and trains, rather than calling a taxi. Taxis are not only expensive, but time-consuming if stuck in traffic. Public transportation offers a cheaper option, saving a lot of time and money. Some cities offer more public transportation than others. Our schools in Newark and Long Branch in New Jersey as well as Los Angeles, California schools have ample public transportation while in Orlando students may have to consider a cheap car. Shop around before buying.

Set Financial Goals

Start setting financial goals to save weekly allowance. It can be a simple target for saving $10 every week. You will be surprised to know that reaching such goals will motivate you to manage your money efficiently and save more. Make sure you pick a bank that doesn’t charge monthly fees, or opt for a Savings account.

Fix a Budget

Set your priorities right and know what the important expenses are and what expenses can be avoided. It is important to buy a course book, but you can always avoid spending on a hotdog. Set a budget for things like books, stationary, food, traveling, and other day-to-day expenditures. This way, you will never have to cut down on one part and spend extra on the other.

Money management is a self-disciplinary art.  With a strong financial outlook, students can conquer tomorrow’s world and work efficiently to achieve their future goals.