My Perfect Strategy for Money Management in the University

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Good day CampusConnect fam, it's Rasheed once again and today we will be looking at a crucial part of student life. As Students, most of us rely on our parents for most of the expenses carried out on the school grounds and our parents go through alot to make that money. Most often we have several siblings whose needs are tended to by said parents. This leaves alot of their plates so they are forced to ration the amount of money they give each of their children. This brings us to our current question "What would one do to effectively manage the money he or she is given?"

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In the world today especially developing countries like Nigeria the prices of good and service are on the rise everyday and the cost of being a Student is also getting higher as we make expenses on books, assignments, projects, food and provisions, housing and electrical expenses just to mention a few. Attimes no matter how much we manage the money still gets finished. Let me give y'all an insight on how I manage my money in school.

1. Manage your data to the best of your abilities

As Students, information is power. What greater way to get information than on the internet. Social media apps like Snapchat, Instagram, Whatsapp, Facebook and other apps Tiktok and online games are the major consumers of one's data and data is one of the major things that finish Students' data. Now at times like this I pick a suitable data plan that would fit like needs and I manage based on that plan. If I happen to finish the plan before the time of expiry then I would find an alternative to subscribing again. It would be tempting to spend the whole day on youtube and tiktok but we have to resist such temptation and use our data for what is more important to us as Students.

2. Prioritize your spending

In Economics, there is something called Scale of preference. Here they arrange their wants from the most important to the least in ascending order. This also applies to Students as there are many things that need us to spend our money but there are some that take priority over others so we should spend on the most important ones first then if we have some change to spare we can spend on the other things in the list. Let's say you have some money and you have to choose between buying a couple of books to help you study for your upcoming examinations or treating yourself to some pizza because it's been long you had some. Obviously the books take priority so you spend on the books and postpone the pizza this is like a summary of what this point is trying to explain.

3. Avoid extravagant spending especially if you don't have that kind of money.

Now as humans in this generation, I don't know about everyone but there is this tendency one has to spend based on those living around them. It's part of human nature to want to live up to the norms around or even above. Let me give an example; All your friends are going to ShopRite for Children's day and you can't afford to do same but since they are going, you decide to spend all your money/savings or even borrow just to feel among and you end up facing the consequences the next day. Another example of extravagant spending is when you buy things you don't even need with money you don't have enough of. I want to use myself as example, I crave Munch it and Nutri-milk and I make sure to buy and consume them everyday. I didn't necessarily need these things, neither did I have enough money to afford to buy them every day but because I crave them I don't care and keep buying them. This is also classified as extravagant spending.

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I hope I was able to educate any reader out there on the ways they can manage their money as Students. There are many more ways but I will do my research on them and experiment on them before making a post about them but just expect a part 2. To all my readers: Don't forget to steem harder than ever