If you follow these recommendations, you will be able to optimize your expenses and make responsible use of your money a lifestyle. Javier Enrique Delgado, director of the Department of Economics, gives us 10 keys to responsible money management at the University.
If you follow these recommendations, you will be able to optimize your expenses and make responsible use of your money a lifestyle. Javier Enrique Delgado, director of the Department of Economics, gives us 10 keys to responsible money management at the University.
1. Create your budget do this, the following aspects are important:
Know what your main source of income is.
Plan a weekly or monthly budget, depending on your situation.
Project your actual expenses.
If you don’t have a budget, you’ll be like a sailor without a route; that’s why you should plan your finances and by doing so, you’ll know what your income, expenses, and savings capacity are.
2. Consider your expenses
It is essential to make a list of essential expenses. Generally, for a student, the most important things are transportation, food, and academic expenses such as photocopies, books, and supplies, among others.
3. Analyze your income
The goal here is to optimize your budget so that it covers your expenses; therefore, it is a good idea to look for an alternative source of income such as tutoring, academic advice, and jobs that do not interfere with your university duties.
4. You have to be cautious
Don’t forget to include a savings item on your spending list; by doing so, you’ll be able to plan for the unpredictable (cell phone theft, loss of wallet, damage to college supplies, or other unexpected expenses).
It is recommended that you save at least 10% of your budget; this money will help you cover future expenses (travel, technology purchases, investments, etc.).
With these applications that you can find on the Internet, you can optimize your savings capacity:
Bonoteca allows you to purchase vouchers and use them in Bogotá and Medellín, without having to print them.
Lemon Wallet: is a virtual wallet that allows you to scan receipts and keep track of expenses.
Money Saber: is another tool for recording and controlling expenses.
Google Shopper: allows you to specify how much money you save in certain periods.5. Credit management
It is now very easy for students to have access to credit cards. However, it is important that if you acquire one, you commit to using it responsibly; the key is to evaluate when and for what you are going to use it, as well as the installments you can assume, according to your budget… remember that a purchase deferred over several months represents the same number of management installments and more interest.
6. Avoid excess liquidity
Having a lot of cash in your pocket is often synonymous with waste; therefore, it is better to carry only what is necessary to avoid cravings or temptations that invite you to spend more. If you already know what your monthly budget is, you can easily calculate your daily expenses.
7. Optimize spending
Find ways to meet your needs in a way that will have the least impact on your budget; for example, if you want to buy a bike and you have savings but prefer to use your credit card, that long-term investment will minimize your monthly transportation expense.
When you optimize your expenses, you are smoothing out your income. That’s what moms call economizing.
8. Collaborative economy
Information and communications technologies allow you to optimize your income; for example, if you make a package of photocopies in a group and distribute them so that each member of the group can read a chapter.
9. Change of habits
Being aware of the dynamics of your daily life and the impact they will have on your habits is another way to optimize your budget. This includes the expenses that you have to spend with your partner and friends, as well as entertainment and going to the gym, among other social and cultural activities.
10. Enjoy
University is an ideal time to learn, enjoy, and have fun. Therefore, the final message is to take care of your finances. May the five, six, or more years that you will be here serve as training to strengthen your ability to save and to know how to manage your money when you become a professional. Good luck!