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Saving Your Money Effectively: Money Management and Planning

Person with Money

Sometimes it is problematical to be a student, isn’t it? Studying, a constant wish to develop oneself, to be in trend, to buy books, a lot of books, to spend time with friends... You’re running through your life and wondering: «Where are your money running out too?!» So let’s think out about how to manage your money and not to lose the opportunity to live a full life!

«Pay Yourself First! »

It is well-known phrase in personal finance planning that means that you have to organize your budget in such a way that you highlight the priorities regarding how to spend your paycheck or scholarship when you receive it. Consequently, it helps you avoid some extra nonscheduled purchases and save your money for really important costs. The algorithm of «paying yourself first» is simple: you need to arrange your financial goals for some definite period of life, then after getting money you should separate some money for achieving these goals (or at least for approaching to it) and then you can freely spend the rest of money for some current needs.

Several Rules of «Adult Piggy Bank»

All we can save money effectively and set at least some little sums for our wishes or for our «financial pillow of safety» each time when we receive money. There is a superstition that we can’t do it if we get some little scholarship, but it isn’t true, we can do and easily learn how to do it correctly. Because we should do it in special way in order not to create difficulties in our financial state. How to economize without any problems? So, let’s discover some ways and get the opportunity to choose the most suitable ways.

  1. At first, we can put 10% aside from each income.
  2. During a day your wallet is being filled up with a lot of coins. So why not to gather them?
  3. There is such sum which you can get rid of and you won’t feel a «financial discomfort». It is called «emotionally slight sum», and we can put it aside every day.
  4. Sometimes we come across pleasant sale. It is an efficient idea in financial planning to put aside approximately 50% of this sale.
  5. Has your income increased? Or, maybe, have you received some extra money? So, you can save approximately 50% of the increase of the income!

There rules are general and you can make them suitable for your needs, so feel free to regulate the percent and to create the new ways to put aside some little sums!

Piggy Bank

Money Has to Work: the Assets and Liabilities

Of course, the best way to make your money work is to create your own business. But you may not have your own profitable business, and this isn’t a disaster. The assets are our property that doesn’t «suck out» money. The liabilities are your commitments on which you have to spend the money. For example, a car is a passive asset because it needs constant topping-up and spending money for it. If your asset brings you the income, it means it is a real asset. It doesn’t mean that the assets can be only material because it can be even our knowledge, so it means that we are the assets because our knowledge can bring us the money! Consequently, it is a great idea to define our assets and liabilities and also to conduct a «personal monetization» – that means to understand what useful knowledge you have got and how much money you can receive while selling them in different ways.

Effective financial planning helps us economize and organize out budget. With these important skills working for us we can put aside some money for our personal needs and goals without any discomfort!

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