How to (well) manage your budget?.
Most students end the months with financial difficulties. To overcome this problem, we give you the 5 golden rules to manage its budget well.
Rule No. 1: SE OR-GA-NI-SER
To manage your budget well, you first need to know how to organize. The word organization can scare a lot of students. But this is the key to no longer finish the month in the Red! And it's very simple! All you have to do is make a list of all the monthly expenses: rent, electricity, Internet subscription and others. This method will let you know how much money is directly withdrawn from your account, and how much you have left.
Rule number 2: anticipate your expenses
Then, depending on the remaining budget, you can allocate this money according to your monthly variable expenses: errands, University expenses, outings… So you're partitioning your budget so you know how much money you have left at the end of the month.
Rule number three: think about putting money aside.
When you become aware of your monthly expenses, whether they are variable or fixed, you can see if you have any money left or not. If Yes, you can schedule an automatic transfer to a savings account. This will allow you to enjoy yourself, or to fill an unforeseen expense, such as repairing your car or your housing tax.
Rule number four: Farewell to the overdrafts!
This new organization will allow you, in addition to managing your budget well, to avoid overdrafts. Indeed, having overdrafts can become a vicious circle. For example, if you have €100 discovered in month N, your cash back from month N + 1 will be immediately reduced by €100, and you may increase your overdraft over the months. In addition, in case of overdraft, you may pay an additional fee to your bank.
Rule number five: stop blaming yourself.
The last rule, not the least, is not to feel guilty. Want to buy the latest trendy sneakers? Would you like to go on a weekend to change your air? Don't blame yourself! By organizing yourself as explained in the previous rules, you will have the opportunity to indulge yourself, even more if you put money aside! Of course, do not spend everything, but pleasures from time to time will not hurt your bank account, let alone your morale!